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The president of the European Commission Ursula von der Leyen has vowed Europe will stand together in response to US tariffs, warning of further countermeasures if negotiations fail. Von der Leyen also spoke of the "immense consequences," of the tariffs, labelling them as a "major blow" to the world economy. She said there was “no clear path through the complexity and chaos that is being created as all US trading partners are hit,” but she insisted the EU’s unity “is our strength” and the bloc would be prepared to respond with calibrated countermeasures. Italian prime minister Giorgia Meloni called the introduction of US tariffs “wrong” as she vowed to “do everything we can to work towards an agreement with the United States, with the aim of avoiding a trade war that would inevitably weaken the West in favour of other global players.”

 

BBC News

Euronews

The Guardian

British companies and business groups have expressed concern over US President Donald Trump's 10% tariff on UK goods entering the US. Confederation of British Industry chief executive Rain Newton-Smith said the plans are "deeply troubling for businesses," while the Federation of Small Businesses (FSB) said the tariffs were "a major blow" to SMEs, as 59% of small UK exporters sell to the US. The FSB's policy chair, Tina McKenzie, said the charges "will cause untold damage to small businesses trying to trade their way into profit while the domestic economy remains flat," adding that "the fallout will stifle growth." Meanwhile, industry body Make UK said the 25% tariffs on cars, steel and aluminium would be devastating for UK manufacturing. The Society of Motor Manufacturers and Traders said the taxes were a "deeply disappointing and potentially damaging measure."

 

Sky News

Switzerland has flagged the importance of respecting international law after US President Donald Trump imposed higher tariffs on the country than the European Union. Trump said the US would apply a 31% tariff on imports from Switzerland compared with 20% on goods from the EU and 10% from the UK. "The country's long-term economic interests are paramount. Adherence to international law and free trade remain core values," Swiss President Karin Keller-Sutter wrote on social media. The US is Switzerland's single-biggest export market.

 

Reuters

According to the Bank of England's Decision Maker Panel, British businesses' expectations for wages and employment remained stable in March. Companies anticipate modest employment growth of just 0.1% over the next year, unchanged from previous months and significantly lower than the 1% forecasted last October. Additionally, businesses expect wage growth to be 3.9% in the coming year, consistent with earlier predictions.

 

Daily Mail

BP has disbanded its low-carbon mobility team, indicating a significant shift away from green energy initiatives. The oil company, which is under pressure from activist investor Elliott, is refocusing its strategy on oil and gas. The team, which comprised nine members working on hydrogen and liquefied natural gas projects, will see its functions integrated into BP's broader operations.

 

The Times

Shein's planned £50bn listing in London is facing significant challenges due to the new tariffs imposed by President Trump. The company, which generated approximately £25bn in revenue in 2023, is particularly vulnerable because the US is its largest market. From May 2, imports will incur a 30% duty or $25 per item, impacting Shein's pricing strategy. Donald Tang, Shein's boss, has previously said: "We're about customers. We're not about customs policy," but the new tariffs could undermine this approach. Zaki Farooq, Chief Technology Officer of PAYFUTURE, highlighted the scale of the issue, noting that Shein and rival Temu account for nearly 600,000 daily US-bound parcels under the previous de minimis rule. Investors are reportedly urging Shein to lower its valuation to secure the listing.

 

The Sun

The European Banking Authority says almost a quarter of European banks with sizeable US exposures do not have enough dollar funding to cover them at a time of rising geopolitical tensions.

 

Financial Times

Unions have warned that British Steel's Scunthorpe plant may be forced to shut within weeks because the plant's Chinese owner, Jingye, has yet to secure the raw materials to keep it in operation. Alasdair McDiarmid, assistant general secretary of the union Community, said: "The situation is extremely concerning, and it would be an abject disaster if the business was allowed to close by default due to a lack of raw materials." Charlotte Brumpton-Childs, the GMB's national officer, said a union meeting with workers had shown that ''Jingye has no intention of running the plant responsibly," and that "nationalisation is now the only option to save UK steel-making." British Steel last week launched a consultation on the proposed closure of its two blast furnaces at Scunthorpe, putting up to 2,700 jobs at risk.

 

BBC News

A proposed 5% digital services tax (DST) in the European Union could generate up to €37.5bn ($40.5bn), according to a study by the Centre for European Policy Studies. The report, sponsored by the Greens/European Free Alliance group in the European Parliament, highlights the DST's potential to be a significant revenue source for the EU amid increasing fiscal pressures. The study also suggests that policymakers explore alternatives such as a digital permanent establishment tax, a destination-based cash-flow tax, and expanding VAT on digital transactions.

 

Bloomberg Tax

MHA is struggling to meet its £125m fundraising target for a planned flotation on the London Stock Exchange. As of mid-week, the firm had secured commitments for approximately £100m, valuing the company at about £275m. Despite the challenges, insiders are said to remain "bullish" about the IPO proceeding.

 

Sky News

Whistleblowing reports increased by 16% year-on-year in 2024, according to Safecall, an agency specialising in reporting. The data shows that one in five (19%) reports were related to dishonest behaviour, marking a record high. Joanna Lewis, managing director of Safecall, described the findings as both "positive and negative," saying: "The higher levels of whistleblowing may indicate that there is increased wrongdoing - but it also indicates that there is higher levels of reporting confidence, which is good." Separate analysis from the Financial Conduct Authority recently revealed that 2024 was a record year for receiving whistleblowing complaints.

 

FT Adviser

The climate crisis poses a significant threat to capitalism, warns Günther Thallinger, a board member of Allianz. He says that the financial sector is nearing a point where insurers may no longer provide coverage for various climate risks, saying: "The math breaks down: the premiums required exceed what people or companies can pay." With global carbon emissions rising, Thallinger predicts that a 3C increase in warming would see the financial sector struggle to function, leading to a "climate-induced credit crunch."

 

The Guardian