Key points

“Regardless of how the external environment changes, China will remain confident, stay focused, and concentrate on managing its own affairs well.”

Keir Starmer admits he has not spoken to Donald Trump since tariffs were unveiled

09:40 , Barney Davis

Sir Keir Starmer has admitted he has not spoken to Donald Trump since before he imposed his sweeping tariffs, despite Downing Street insisting that they are making good progress towards a trade deal with the US.

While the prime minister denied that the US president is refusing his calls, there are growing questions over why the pair hasn’t spoken since the trade taxes were slapped on Britain.

Political Correspondent Millie Cooke reports:

Starmer admits he has not spoken to Trump since tariffs were unveiled

China files complaint to WTO over Trump’s tariffs

09:39 , Barney Davis

China’s mission to the World Trade Organization said on Friday it had filed an additional complaint to the trade body over US tariffs.

“On 10 April, the United States issued the Executive Order, announcing a further increase of the so-called ‘reciprocal tariff’ on Chinese products.

“China filed a WTO complaint against the United States’ latest tariff measures,” the statement from China’s mission said, citing a ministry of commerce spokesperson.

It came as Beijing increased its tariffs on US imports to 125 per cent.

‘Developing countries worst hit by tariffs’

09:23 , Barney Davis

“Reciprocal tariffs” and countermeasures could have a catastrophic impact, even worse than foreign aid cuts, on developing countries, the director of the United Nation’s trade agency said on Friday.

Global trade could shrink by 3-7% and global GDP by 0.7%, with developing countries the worst affected, the International Trade Centre said.

China hits back to increase tariffs on US goods to 125 per cent up from 84 per ce

Beijing on Friday increased its tariffs on US imports to 125 per cent, hitting back against Donald Trump’s decision to hike duties on Chinese goods to 145 per cent, raising the stakes in a trade war that threatens to up-end global supply chains.

The hike will come into effect on Saturday.

“The US imposition of abnormally high tariffs on China seriously violates international and economic trade rules, basic economic laws and common sense and is completely unilateral bullying and coercion,” China’s Finance Ministry said in a statement

German finance minister: EU is ready to respond if trade talks with U.S. unsuccessful

The European Union will be ready to respond to tariffs if negotiations with the United States do not work, German Finance Minister Joerg Kukies said on Friday.

“The US side has to be aware that if negotiations do not work, then we will have another discussion around response mechanisms,” Kukies said in Warsaw ahead of a meeting of EU finance ministers.

Kukies also warned that Donald Trump’s decision to pause trade tariffs for dozens of countries for 90 days may add to uncertainty and keep markets and company executives on edge.

“What remains is the uncertainty, which no CEO likes,” the outgoing finance minister said in an interview in German newspaper Handelsblatt’s Friday edition.

“It potentially increases uncertainty even more. After all, there could be further escalation after 90 days,” he added.

Nigel Farage compares Donald Trump to Liz Truss

Reform UK leader Nigel Farage has compared good friend Donald Trump’s trade war to Liz Truss’s disastrous 49-day stint as prime minister.

“Do you know what, I think Trump did too much too soon, rather like Liz Truss did a couple of years ago,” he told LBC.

“I’ve never in my life before seen stock markets fall quickly and bond markets fall at the same time.

“As for the slugging it out with China, who’s going to win? Right now? I just don’t know.”

European market shows green shoots of recovery after Trump pauses tariffs

08:33 , Barney Davis

In Europe, both the CAC 40 in Paris and the DAX in Frankfurt are up too, around 0.6 per cent each, while Hong Kong’s Hang Seng is set to close shortly as remains up 1.5 per cent.

The latter was hard-hit at the start of the tariff worries, mind, so remains down eight per cent across the week and 11 per cent over a month.

On the Euro STOXX 50 this morning, the biggest riser is Dutch chipmaker ASML, showing a 2.7per cent change to the green as we head toward the weekend.

Spain’s PM visits China to boost ties amid tariff chaos

08:30 , Barney Davis

Spain’s Prime Minister Pedro Sanchez is visiting China on Friday, as his government seeks to boost investment from the Asian giant amid global economic uncertainty caused by a chaotic US tariff policy.

Mr Sanchez met with Chinese President Xi Jinping and was also expected to meet with business leaders from several Chinese companies, many of which produce electric batteries or renewable energy technologies.

“A trade war favours no one. We all will lose,” Mr Sanchez said after meeting with Vietnamese leaders in Hanoi before his trip.

Spain’s government spokeswoman Pilar Alegria said earlier this week that Mr Sanchez’s trip “has special importance” and is an opportunity to “diversify markets” – Spain could see as much as 80% of its exports to the US impacted by Trump’s tariffs.

The FTSE 100 has started firmly in the gr

The FTSE 100 has opened 0.76 per cent up in early trading, easing any worries that it would follow last night’s S&P 500 into the red.

The US-based sell-off served ass a reminder that all is not fixed in terms of the tariffs and global trade, but it’s a fairly calm picture on the London Stock Exchange today so far with just nine companies in negative territory.

Mining is a strong early sector with each of Glencore, Endeavour and Fresnillo showing gains of more than two per cent – the latter almost double that number – and financials are generally strong across the board too.

UK economy grew by 0.5% in February in boost to Rachel Reeves

February’s boost followed several months of almost flatlining, but came before Donald Trump sparked market volatility by placing – and then delaying – tariffs on nations around the globe.

China urges EU to join forces in opposing Trump’s ‘unilateral bullying’

Chinese president Xi Jinping on Friday urged the EU to join Beijing in opposing “unilateral bullying” from the US on trade, state media reported, referring to the steep tariffs imposed by US president Donald Trump.

Mr Xi made the appeal to Europe a day after Australia refused to “join hands” with China amid escalating global trade tensions.

French president calls out ‘fragile’ pause in tariffs

French president Emmanuel Macron has described Donald Trump’s suspension of tariffs as merely a “fragile pause”.

In a post on X, Mr Macron wrote: “The partial suspension of American tariffs for 90 days sends out a signal and leaves the door open for talks. But this pause is a fragile one. Fragile, because the 25% tariffs on steel, aluminum and automobiles and the 10% tariffs on all other products are still in place.”

He added: “This 90-day pause means 90 days of uncertainty for all our businesses, on both sides of the Atlantic and beyond.”

Mr Macron said France and the EU would “stay strong” and maintain a united front in negotiations aimed at getting the tariffs removed.

The real reason why Trump had no option but to back down on tariffs

07:30 , Maroosha Muzaffar

The stock market is back, the bulls are back on the rampage, the dip-buyers are in, and the US president has walked back on (most of) his astronomical tariffs.

Tariffgate might be on pause for now, but there’s still uncertainty ahead over whether it’s in 90 days’ time or sooner than that, given the incredible frequency with which he has changed tack so far.

Here are three reasons outside the stock market that Donald Trump ultimately had to backtrack – two of them which applied pressure – but the third, once again, was the real deciding factor at play.

Read the full piece here:

The real reason why Trump had no option but to back down on tariffs

Has your pension value dropped due to Trump’s tariffs? Here’s why you shouldn’t worry

07:15 , Maroosha Muzaffar

If you’ve avoided the news over the past week surrounding stock markets plummeting and then phoenix-like rises, you’ve done well.

An immediate consequence of greater-than-expected tariffs put in place by US president Donald Trump was a rapid fall in global equities. Trillions was wiped off the combined value of companies around the world in a matter of days before a sharp rise across Wednesday night and Thursday, following the announcement of a 90-day pause.

However, those who have investments in an ISA or other share-dealing account, would likely have seen a significant drop compared to even a few weeks ago – and the same goes for those who don’t actively invest themselves, but have been casting a worried eye over their pensions.

Read the full piece here:

Has your pension value dropped? Here’s why you shouldn’t worry

Markets continue to slide despite Trump tariffs pause

07:13 , Maroosha Muzaffar

A week of turmoil triggered by US president Donald Trump’s tariffs showed few signs of abating on Friday, as markets continued to slide and foreign leaders grappled with how to respond to the unravelling of the global trade order.

President Trump’s 90-day pause on some tariffs has done little to calm markets or reduce global recession fears.

Despite US claims that 75 countries are seeking trade talks, financial markets continue to plunge, with the S&P 500 down 15 per cent from its peak.

Trump told reporters at the White House he thought the United States could make a deal with China, but he reiterated his argument that Beijing had “really taken advantage” of the US for a long time.

“I’m sure that we’ll be able to get along very well,” Trump said, adding that he respected Chinese President Xi Jinping.

“In a true sense he’s been a friend of mine for a long period of time, and I think that we’ll end up working out something that’s very good for both countries.”

China rejected what it called threats and blackmail from Washington and pledged to follow through to the end if the US persists, commerce ministry spokesperson He Yongqian told a press briefing on Thursday.

China’s door was open to dialogue, but this must be based on mutual respect, the ministry said.

Mapped: Which UK cities could be hit hardest by Trump’s tariffs?

07:00 , Maroosha Muzaffar

US tariffs are set to cause an “uneven storm” across the UK with Coventry expected to be the worst affected, a think tank has warned.

The West Midlands, the home of British car manufacturing, and Wales, which is a significant contributor to British steel, are likely to take the brunt of the economic impact caused by Donald Trump’s escalating trade war, a study by Centre for Cities shows.

The 10 per cent tariff on all imports will see the cost of UK goods rise across the Atlantic, from artisan cheese and beer to cars and machinery.

But the additional 25 per cent tariff on steel and aluminium is set to significantly impact car manufacturing and the British steel industry.

Coventry is the most exposed city, where more than 22 per cent of its total exports are estimated to be goods to the US.

Read the full story here:

Mapped: Which UK cities could be hit hardest by Trump’s tariffs?

Trump brags in Oval Office that his billionaire pals made a killing in stocks after he pulled the plug on tariffs

06:45 , Maroosha Muzaffar

President Donald Trump gleefully recounted how much money his billionaire pals made on the stock market after he suddenly suspended most of his worldwide tariffs.

Stocks zoomed Wednesday after Trump pulled the plug on the tariffs.

“THIS IS A GREAT TIME TO BUY!!!!” he urged on Truth Social shortly after the market opened and before he suspended the levies for 90 days just four hours later.

Stocks jumped more than 7 per cent Wednesday within minutes of his announcement suspending the tariff for 90 days. The market ultimately closed more than 9 per cent higher.

At the White House Oval Office that day, Trump pointed to a pair of billionaire visitors.

Read the full story here:

Trump brags that billionaire pals made a killing after he pulled the plug on tariffs

Indian rupee jumps higher on Friday

06:30 , Maroosha Muzaffar

The Indian rupee strengthened by 0.8 per cent to 86 against the US dollar on Friday, tracking gains in other Asian currencies as the dollar dropped to a near two-year low.

Traders expect continued volatility, with the rupee likely to consolidate between 85.70 and 86.70 in the short term.

Reuters quoted a trader at a state-run bank as saying that the rupee is currently in “the middle of its recent trading range and it could consolidate between 85.70 and 86.70 in the near term”.

Apple flew out 600 tons of iPhones from India to the US to ‘beat’ Trump’s tariff deadline

06:19 , Maroosha Muzaffar

Apple reportedly hurried 600 tons of iPhones — up to 1.5 million individual phones — out of India before President Donald Trump slapped the rest of the world with tariffs.

The tech behemoth chartered flights to India in order to snatch up as many phones as possible, likely to try to build up its US phone inventory.

Analysts have cautioned that the price of iPhone in the U.S. could spike as the tech company relies on Chinese-produced parts for its phones. Apple’s main manufacturing hub is in China, which is currently facing a 125 per cent tariff rate from Trump.

Indian imports face a 26 per cent tariff rate, but Trump announced a 90-day moratorium on the import tax after he tanked global stock markets with his “Liberation Day” announcement.

Trump faced severe backlash after imposing the tariffs, even from other conservatives. Even Tesla CEO and head of the Department of Government Efficiency Elon Musk — one of Trump’s biggest cheerleaders, and certainly the wealthiest — griped after he took a massive hit to his personal wealth due to the market reaction to the tariffs. Musk said he wanted to see the U.S. and Europe move toward a zero tariff policy, reportedly personally appealed to Trump to reverse the tariffs, and sniped at the president’s trade czar Peter Navarro on social media.

Read the full story here:

Apple has few incentives to start making iPhones in US, despite Trump’s trade war with China

President Donald Trump‘s administration has been predicting its barrage of tariffs targeting China will push Apple into manufacturing the iPhone in the United States for the first time.

But that’s an unlikely scenario even with US tariffs now standing at 145 per cent on products made in China — the country where Apple has manufactured most of its iPhones since the first model hit the market 18 years ago.

The disincentives for Apple shifting its production domestically include a complex supply chain that it began building in China during the 1990s. It would take several years and cost billions of dollars to build new plants in the US, and then confront Apple with economic forces that could triple the price of an iPhone, threatening to torpedo sales of its marquee product.

Gold prices hit record high amid US-China trade tensions

Gold prices soared nearly 3 per cent to a record high of $3,171.49 an ounce on Thursday, as a weakening US dollar and escalating trade tensions — driven by President Trump’s decision to raise tariffs on Chinese goods — pushed global investors toward the safe-haven metal.

Spot gold climbed 2.6 per cent to $3,160.82 an ounce at 1.54pm ET (1754 GMT), after hitting a record high of $3,171.49 earlier in the session.

US gold futures rose 3.2 per cent to settle at $3,177.5.

The dollar’s drop made gold more attractive to non-US buyers, while unexpectedly soft US inflation data and expectations of Federal Reserve rate cuts added momentum.

“Gold regains its safe-haven appeal and gets back on track for new all-time highs,” Nikos Tzabouras, Senior Market Analyst at Tradu.com told Reuters.

“However, prospects of deals with trading partners pose a significant risk to gold’s upside potential, as they could renew pressure on the metal. Additionally, headwinds may arise from pared-back Fed rate cut bets that can strengthen the dollar.”

Vietnam hoping to negotiate tariffs to around 22-28%

Vietnam is trying to avoid harsh US tariffs by promising to crack down on Chinese goods that are being re-routed through its territory to evade American duties, according to a person familiar with the matter and a government document seen by Reuters.

This reportedly includes clamping down on transhipment fraud (where Chinese goods are falsely labelled as “Made in Vietnam”) and tightening control over sensitive exports to China, such as semiconductors.

Vietnam was recently hit with a 46 per cent tariff by the Trump administration, though it’s been suspended for 90 days pending trade talks.

Vietnam is hoping to negotiate this down to around 22-28 per cent, according to three people with knowledge of the matter, the outlet reported.

China’s yuan slips to 19-month low against trading partners

China’s yuan rebounded slightly against the US dollar on Friday after hitting its weakest level since 2007, but continued to slide against a basket of major trading partner currencies, reaching a 19-month low.

This comes amid rising US-China trade tensions, with US president Donald Trump increasing tariffs on Chinese goods to an effective 145 per cent, excluding China from a 90-day tariff pause given to other nations.

While a weaker yuan could help boost Chinese exports, the People’s Bank of China (PBOC) is cautiously managing its depreciation to avoid capital flight and financial instability, according to Reuters.

Despite loosening its grip slightly, the PBOC is actively working to stabilise the yuan, the outlet reported, instructing state banks to reduce dollar purchases.

Analysts say that devaluing the yuan relative to a broader currency basket — rather than just the dollar—may help China’s exports stay competitive in non-US markets.

Xi Jinping to visit southeast Asian countries amid escalating US-China trade tensions

Chinese president Xi Jinping will make his first official foreign trip of the year from Monday to Friday, visiting Vietnam, Malaysia, and Cambodia amid escalating US-China trade tensions.

Beijing said Mr Xi is visiting Vietnam at the invitation of president Luong Cuong, marking his first trip there since December 2023.

Mr Xi will visit Malaysia from 15-17 April. The communications minister, Fahmi Fadzil, said Mr Xi’s visit was “part of the government’s efforts … to see better trade relations with various countries including China”.

Mr Xi will travel to Cambodia on Thursday next week and Cambodia described it as a “milestone visit which will further cement the traditional relations of friendship built by successive leaders of both countries”.

Asian markets tumble after Trump acknowledges ‘transition cost and problems’

Asian markets are mostly trading lower today, dragged down by a wave of risk-off sentiment following Wall Street’s sharp decline.

Japan’s Nikkei 225 is leading the slump with a steep 4.5 per cent fall, while South Korea’s Kospi, Hong Kong’s Hang Seng, and Australia’s ASX 200 are also in the red.

Mainland China and Taiwan, however, are showing some resilience. The Shanghai Composite is up 0.1 per cent and Taiwan’s Taiex has gained 0.2 per cent, offering a slight contrast to the broader regional downturn.

Trump admits ‘transition problems’ as markets plunge again after tariffs pause

US president Donald Trump acknowledged potential “transition problems” following his decision to pause some tariffs for 90 days, amid another sharp market drop.

After initially celebrating a market rally, he took a more cautious tone, saying short-term difficulties are expected but long-term outcomes will be positive.

“There will always be transition difficulty – but in history, it was the biggest day in history, the markets. So we’re very, very happy with the way the country is running. We’re trying to get the world to treat us fairly,” Trump said in the Cabinet Room.

He continued: “We think we are in very good shape. We think we are doing very well. Again, there will be a transition cost and transition problems, but in the end, it’s going to be a beautiful thing.”

Trump claims he could make ‘every deal in a day if I wanted’

Donald Trump has claimed that he could make “every deal in one day if I wanted to” – and warned that his higher “reciprocal” tariffs rate could return once the 90-day period ends.

Speaking to reporters following a cabinet meeting, the US president said: “We have to have a deal that we like. We don’t want a deal that’s going to be a bad deal. I could make every deal in one day if I wanted to. I could do this all in one day – I could say: ‘here’s what we’ll do’.”

Asked if the higher tariffs will revert if deals cannot be reached in 90 days, Mr Trump said: “That’s what will happen. If we can’t make the deal that we want to make or have to make, or that’s good for both parties – it’s got to be good for both parties – and then we go back to where we were.”

Pressed on whether he would extend the pause, he replied: “We’ll have to see what happens at that time.”