De Bruyne to leave Man City at end of season
Belgium international Kevin De Bruyne announces he will leave the Premier League champions.
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World on edge as Donald Trump prepares to unveil sweeping tariffs on global trade
President’s ‘Liberation Day’ announcement is expected to undo trade arrangements that have been in place since 1947
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Donald Trump will unveil sweeping tariffs on global trade on Thursday that are likely to lead to countermeasures from close US allies, sparking global economic uncertainty.
The US President’s "Liberation Day" announcement is expected to undo trade arrangements that have been in place since 1947.
Trump has kept the world guessing on the details ahead of a White House Rose Garden announcement ceremony scheduled for 9pm GMT.
A person familiar with the administration's deliberations told Reuters that the tariffs are expected to be significant and will hit a wide range of countries, including close allies.
The new tariffs, which are expected to hit the UK, are due to take effect immediately after Trump announces them.
"IT’S LIBERATION DAY IN AMERICA!" Trump wrote on his social media platform Truth Social.
Economists have warned that tariffs could slow the global economy, raise the risk of recession, and increase living costs for the average U.S. family by thousands of dollars. Businesses have complained that Trump's barrage of threats has made it difficult to plan their operations.
"I can't recall a situation where the stakes were this high and yet the outcome was so unpredictable," said Steve Sosnick, chief strategist at Interactive Brokers. "The devil is going to be in the details and nobody knows the details."
European stocks languished on Wednesday with investors “jittery” ahead of the tariff announcements, which have sent markets into a spin over recent weeks.
The prospect of further or higher tariffs, beyond those already announced, has raised fears about the consequences of an escalating global trade war.
In London, the FTSE 100 weakened with housebuilders among the day’s biggest fallers. The blue-chip index closed 26.32 points lower, or 0.3%, at 8,608.48 on Wednesday.
Chancellor Rachel Reeves said the UK would not jeopardise the possibility of an economic deal with Trump’s US by “posturing” in response to the president’s tariffs.
The Chancellor told MPs she had been speaking to exporters who did not want a rushed response.
She said: “We don’t want to be posturing here, the prize on offer is a good economic agreement between us and the United States”.
“We are not going to do anything to put that in jeopardy, we are not going to rush into action to get a quick headline.”
However, the European Union has threatened to push back against Trump’s tariffs and it retaliated against his trade taxes during his first term in the White House.
Ms Reeves told the Treasury Committee: “Let’s see how other countries and other trading blocs respond.” She added: “We are discussing with other countries and the EU about the appropriate response to whatever announcements are made later today.”
