Displaying items by tag: trade war

Keir Starmer has declared that 'all options are on the table' as Britain weighs its response to Donald Trump’s global tariffs on steel and aluminium. The EU has already imposed countermeasures, but the UK has taken a cautious approach, seeking an economic agreement rather than immediate retaliation. Trump administration insiders warn that a quick trade deal with the UK may hinge on abandoning online safety legislation - a demand Starmer is unlikely to meet. Additionally, US vice president JD Vance has prioritised free speech concerns in trade talks, challenging the UK’s regulations on tech companies. With the UK now outside both the EU and US trading blocs, businesses fear further economic strain. Steel industry leaders have urged the Government to take strong action, while some politicians argue that failing to respond will weaken the UK’s position. As tensions mount, prayers are needed for wisdom in leadership, economic stability, and fair trade agreements.  

Mark Carney, prime minister-designate, has expressed willingness to renegotiate a trade deal with Donald Trump, provided Canadian sovereignty is respected. His remarks came as Canada imposed C$29.8 billion (£16 billion) in retaliatory tariffs on US imports after Trump enacted 25% tariffs on steel and aluminium. Trump has justified the move as a national security measure, aiming to bolster domestic industries. However, Carney condemned the tariffs as ‘unjustified’, warning of economic instability. Canada, the largest foreign supplier of these metals to the USA, is heavily impacted. Ottawa’s retaliatory tariffs include steel, aluminium, and other goods, with more measures set to take effect. The Bank of Canada has cut interest rates to 2.75% to cushion the economic fallout. Meanwhile, the EU has taken strong retaliatory measures against Trump’s tariffs coming into effect: see

Donald Trump has imposed a 25% duty on imports from Canada and Mexico and doubled tariffs on Chinese goods to 20%. He says that all three countries have failed to do enough to stem the flow of the deadly opioid fentanyl. These measures could disrupt over $2.2 trillion in trade. China immediately retaliated, announcing new tariffs on US agricultural products and export restrictions on 25 American firms, including those linked to arms sales to Taiwan. Canada and Mexico also pledged countermeasures, with Canada targeting US goods such as beer, wine, and home appliances. Ontario premier Doug Ford even suggested halting nickel shipments and electricity exports to the USA. China, already facing heightened tariffs on semiconductors and electric vehicles, expressed frustration, accusing the US of violating trade agreements. With trade tensions escalating, global markets remain uncertain as major economies brace for economic fallout.

China has retaliated against new US tariffs by imposing 15% duties on certain energy imports and 10% tariffs on crude oil, vehicles, and machinery. It also announced export controls on key minerals like tungsten and added two firms to its ‘unreliable entities’ list. Additionally, China launched an antitrust investigation into Google. On 2 February Donald Trump had imposed 10% tariffs on Chinese goods, part of broader trade measures also targeting Mexico and Canada. He has briefly paused tariffs on those two nations following talks. China denounced the tariffs at the World Trade Organisation, warning of economic disruption. The dispute extends beyond tariffs, touching on security and fentanyl production. While Beijing aims to avoid an escalating trade war, China’s slowing economy adds pressure. Meanwhile, Trump has indicated that he might impose tariffs on other nations.