Starmer admits UK will face Trump tariffs this week amid global recession fears: Live updates

No 10 aims to "Make Brussels Boring Again" by avoiding terms like ‘single market’ and ‘freedom of movement.’ Labour MPs are urging Starmer to support a youth mobility scheme amid a reset in EU trade relations. The mention of complex trade topics such as veterinary agreements and “Canada-plus” has become uninteresting to many, reflecting a shift in focus that No 10 hopes will continue, moving away from the intense scrutiny of past debates. Full Article

Over 60 new Labour MPs have urged leader Keir Starmer to implement time-limited visas for 18- to 30-year-olds, allowing young Europeans to live and work in the UK, which could facilitate a more ambitious trade relationship with Brussels. Chancellor Rachel Reeves indicated that discussions regarding this potential scheme are "ongoing," suggesting the government is considering a deal. Starmer's strategic alignment with Europe is expected to be subtle yet significant in response to this pressure from...

China is set to lift sanctions on several European lawmakers, aiming to revive an investment deal with the EU after losing significant access to the US market due to tariffs imposed during Donald Trump's presidency. The sanctions were originally implemented in 2021 following EU actions against China over human rights violations in Xinjiang, which halted ratification of the Comprehensive Agreement on Investment (CAI). Despite hopes for improved trade ties, EU officials express skepticism about a...

SummaryChancellor Rachel Reeves has indicated a potential reduction in tariffs on US car imports to the UK as part of trade negotiations, emphasizing that this will not compromise Britain’s food and car safety standards. While discussing the challenges of securing a deal with US Treasury Secretary Scott Bessent, Reeves affirmed that tariffs must be mutually beneficial, and the UK will not rush negotiations to ensure they align with national interests. The UK government remains firm...

The European Commission has imposed fines of €500 million on Apple and €200 million on Meta for violating competition and user choice regulations under the Digital Markets Act (DMA), marking the first penalties under this significant EU legislation. The DMA aims to promote fair business practices among tech companies and is expected to escalate tensions with the Trump administration, which has been critical of Europe's internet regulations. These actions highlight the EU's commitment to enforcing...

SummaryBusiness confidence in the Eurozone fell sharply in April, reaching its lowest level since November 2022, amidst rising trade tensions from Donald Trump's tariff announcements. The Hamburg Commercial Bank's composite Purchasing Managers' Index (PMI) dropped to 50.1, indicating stagnation, with Germany's PMI falling to 49.7, signaling contraction. The European Central Bank's continued interest rate cuts reflect the deteriorating economic outlook, compounded by a slowdown in the service sector, despite unexpected strength in manufacturing. Full Article