A day after Donald Trump announced plans for fresh tariffs on Canada, Mexico and China, policymakers around the world are digesting the consequences of “Tariff Man” Trump returning to the White House.
A deputy governor at the Bank of England, Clare Lombardelli, has warned that the president-elect’s proposed trade tariff would pose a risk to economic growth in countries including the UK.
Speaking to the Financial Times, Lombardelli said that Trump’s trade policies could hit growth in the short-term, while long-term productivity also suffers from increased trade frictions.
She said: “I don’t want to speculate on the specifics but we know barriers to trade are not a good thing, whether they are tariffs or regulatory or others.
“Whether you are an economic historian, an economic theorist or a data-driven economist, the impact is clear in terms of its direction. In terms of its size, that depends on the circumstances.”
Trump rattled the financial markets yesterday by announcing he would impose 25% tariffs on Canada and Mexico, and an extra 10% on China.
Trade experts fear that Trump could spark a global trade war, if other countries retaliate with their own tariffs in response.
The budget airline easyJet has swelled its profits, despite the turmoil in the Middle East hitting demand. EasyJet has reported a pre-tax profit of £602m for the year to 30 September, £170m than the previous year.
This earnings surge was driven by strong demand over the summer; easyJet had made a loss of £350m in the six months to 31 March, as conflict in the Middle East led to flight cancellations, extra costs and revenues.
We will get a full-body health check on the US economy today, with a flurry of economic data – from GDP to trade and jobless claims – being rushed out before the Thanksgiving holiday tomorrow. The agenda • 9.30am GMT: GfK survey of German consumer confidence • Noon GMT: US weekly mortgage approvals data • 1.30pm GMT: US Q3 GDP report (second reading) • 1.30pm GMT: US durable goods orders for October • 1.30pm GMT: US weekly jobless claims data • 1.30pm GMT: US trade balance for October • 3pm GMT: US PCE inflation measure for October
The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Newsletters may contain info about charities, online ads, and content funded by outside parties
Increase sales + conversions with trusted payment partner.
As the festive season approaches, business owners are racing to prepare for the rush. To meet demand and increase conversions, they need efficient and secure solutions - especially for payments. Customers expect flexible options they know and love to make their shopping easy.
PayPal is a streamlined payment solution that has you covered so you can focus on your next sale. The comprehensive solution offers trusted, secure and flexible payment methods your shoppers will love. With PayPal, small businesses can focus on maximising sales and delivering a seamless experience, keeping the festive season merry and bright for your customers.
You are receiving this email because you are a subscriber to Business Today. Guardian News & Media Limited - a member of Guardian Media Group PLC. Registered Office: Kings Place, 90 York Way, London, N1 9GU. Registered in England No. 908396
Will Labour’s 2030 green energy goal cost more than 2035? They should come clean 
