Donald Trump has admitted the United States will face “transition costs” as a result of his global tariffs, while threatening to reimpose the full rate of his “reciprocal” levies if countries fail to strike a deal with him within 90 days.
London’s FTSE 100 closed 3 per cent higher as it rebounded somewhat alongside other European markets in Thursday’s trading, but Wall Street’s pain continued despite Mr Trump announcing the three-month pause in which most of his so-called “reciprocal” tariffs will remain at a blanket 10 per cent.
Although his threats continued on Thursday, the US president also signalled that he could be open to extending the pause, telling reporters: “We’ll have to see what happens at that time.”
But in what may be a blow to Sir Keir Starmer, Mr Trump’s trade adviser Kevin Hassett warned that the lower rate was likely to remain for most of Washington’s trading partners, telling CNBC: “It is going to take some kind of extraordinary deal for the president to go below [that].”
Mr Trump escalated his trade war with China further on Thursday, imposing tariffs of 145 per cent, while the European Union put its retaliatory measures on hold for 90 days to “give negotiations a chance”.
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Key points
- Donald Trump warns that tariffs will return in 90 days if no deals struck
- Trump concedes US will face ‘transition costs’ of his policy
- White House escalates trade war with 145% tariff on China
- Blow to Starmer as Trump trade adviser warns ‘extraordinary’ deal needed to remove 10% tariffs
- EU agrees 90-day pause on counter-measures against US tariffs, von der Leyen says
- UK’s FTSE 100 up 3% as stock markets close in London
- US close to deals with up to 15 countries, says Trump aide
Watch: Trump brags to racing drivers that his friend made $2bn from stock market chaos
22:31
,
Andy Gregory
Markets ‘don’t know what the end game is’ with Trump tariffs, says analyst
21:52
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Andy Gregory
The stock markets “don’t know what the end game is” with Donald Trump’s tariffs, an analyst has warned, as Wall Street closed with all three major indexes down in today’s trading despite the US president’s climbdown on Wednesday.
“Investors are still uncomfortable with it, because they don't know what the end game is,” Paul Nolte, a senior wealth advisor at Illinois-based firm Murphy & Sylvest, told Reuters. “"I think what we're seeing, still, is investor concern about tariffs and that is pretty much front and center for everything.”
“It’s hard for investors to feel comfortable about buying stocks with volatility so high,” Mr Nolte added.
Wall Street closes sharply lower as tariff risks send investors fleeing
21:33
,
Andy Gregory
All three major US stock indexes once again suffered steep losses today, forfeiting much of the previous session’s gains as growing concerns over the escalating Washington-Beijing trade face-off dampened optimism over upbeat economic data and US-Europe trade negotiations.
According to preliminary data, the S&P 500 closed 3.45 per cent lower, while the Nasdaq Composite was down 4.31 per cent, and the Dow Jones Industrial Average was 2.54 per cent lower at the close of trading today.
Big Tech came under pressure once again, with each of the so-called Magnificent Seven group of artificial intelligence-related momentum ending with steep losses.
Analysis | Trump’s first cabinet meeting after tariffs climbdown might as well have been held in Moscow
21:11
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Andy Gregory
The Independent’s senior US correspondent Richard Hall writes:
Donald Trump has made no secret of his affinity for Russian president Vladimir Putin’s leadership style, and he got to experience it first-hand Thursday in a cabinet meeting that has been described as “Kremlin-esque.”
Just a day after President Trump backtracked on a disastrous tariff policy that sent global markets into turmoil, cabinet members lined up to massage the president’s ego with sycophantic language that would make North Korean newsreaders blush. Trump sat stony-faced through each tribute, occasionally offering commentary when they were done.
After Trump’s cabinet had finished giving their updates, Trump spoke at length in response to questions from a White House pool that had been carefully selected and bolstered by friendly outlets, as it is in Moscow.
He described the rebound from his self-induced downturn as “the biggest day in history” and warned there would be “transition difficulty.”
The president appeared eager to move on from his attempt to impose tighter government control over the economy, and with it isolation from the global market, perhaps looking forward to a giant military parade that is rumoured to be in the works for this summer – all to celebrate his birthday. Sound familiar?
Dollar hits 10-year low against Swiss franc as markets digest trade war drama
20:46
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Andy Gregory
The US dollar has hit a 10-year low against the safe-haven Swiss franc, as markets digested Donald Trump's dramatic reversal on tariffs.
The greenback rebounded against the Swiss franc and Japanese yen on Wednesday, while Wall Street’s main stock indexes leaped as Mr Trump’s tariff climbdown brought some relief to investors.
But traders were readjusting their positions today, with the dollar dropping 2 per cent to 144.795 yen and 3.6 per cent versus the Swiss franc to 0.82635.
The dollar has fallen 3.46 per cent against the yen and nearly 6.5 per cent against the Swiss franc so far this month. It is on track for the biggest one-day loss against the franc since January 2015.
Trump-Truss comparisons are fair, says her ex-chancellor
20:17
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Jane Dalton
Kwasi Kwarteng, who was chancellor under Liz Truss’s short-lived premiership, says comparisons between Donald Trump's tariffs and her actions are fair.
Asked about comparisons on Sky News, he said: "I think they are fair.
"I think he's gone full maximus in the way that we did, and what he's trying to do is essentially reshape the world order, and he has taken the view... to just do everything at once, to create maximum disruption.
"And now he's rowed back."
He said, as in his experience under Truss, the bond markets "are the key".
"That's what's going to be pushing up mortgage rates for his base," he says.
"I think the yields were critical, because I don't think he minds about the stock markets in the way that he would about the bond market."
Mr Kwarteng said a "full-scale" trade war between the US and China would have an adverse effect on the global economy, adding it would "drag Europe down, and possibly us as well".
Watch: Trump says he hasn’t seen today’s stock market slump
19:30
,
Andy Gregory
US and Vietnam to begin formal talks on trade, Washington says
19:18
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Andy Gregory
The United States and Vietnam have agreed to begin formal discussions on reciprocal trade, Donald Trump’s Treasury secretary Scott Bessent has said, following a meeting with the Vietnamese deputy prime minister Duc Phoc.
In a statement, the US Treasury said: “During their talks, Secretary Bessent emphasised the importance of continued engagement with trade partners, and the need for quick, demonstrable progress to resolve outstanding issues.”
Vietnam was initially hit with a huge 46 per cent tariff on exports to the US – its largest export market – as part of Mr Trump’s so-called “Liberation Day” announcement, before the US president relented yesterday to reduce the levy to 10 per cent for 90 days.
Trump claims he could make ‘every deal in a day if I wanted’
18:56
,
Andy Gregory
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.”
Trump says there will be ‘transition cost’ to tariffs policy
18:43
,
Andy Gregory
Donald Trump has claimed that “everybody wants to come and make a deal” with the United States, as he conceded there will be a “transition cost” to his tariffs policy.
Speaking after a cabinet meeting, the US president told reporters: “We have Scott [Bessent] here and Howard [Lutnick] and some of the people that are working on deals, and the biggest problem they have is they don’t have enough time in the day. Everybody wants to come and make a deal.
“We’re working with a lot of different countries, and it’s all going to work out very well. I think it’s going to work out all really very well. But we’re in good shape. There’s no inflation. There’s very little inflation. And I went four years without inflation. And tariffs. I took in hundreds of billions of dollars from China and others, taxes in China ... and we had no inflation, essentially.
“So we think we’re in very good shape, we think we’re doing very well. Again, there’ll be a transition cost. And transition problems, but in the end it’s going to be a beautiful thing.”
EU and China commence talks on lifting tariffs on Chinese electric vehicles, report says
18:27
,
Andy Gregory
The European Union and China have begun negotiations on the abolition of EU tariffs on imports of Chinese electric cars, German newspaper Handelsblatt reports.
EU trade commissioner Maros Sefcovic met China commerce minister Wang Wentao during a visit to Beijing at the end of March and both sides agreed to resolve a dispute over EU tariffs through negotiations, according to the report.
The EU imposed tariffs on Chinese-made electric vehicles late last year, saying they were needed to counter cheap loans, land and raw materials and other subsidies and the goal was a level playing field, not shutting Chinese car makers out.
The European Commission has said it is willing to continue negotiating an alternative to tariffs with China.
Since imposing his so-called “Liberation Day” tariffs, Donald Trump and his team have sought to boast that the move has pushed America’s trading partners to seek closer ties with Washington at the expense of Beijing.
Don't worry if your pension value has dropped
18:20
,
Jane Dalton
Trump says yesterday was ‘the biggest day in history’ after brief market turnaround
18:03
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Andy Gregory
Donald Trump has claimed yesterday was “the biggest day in history” in an apparent reference to the market reaction to his decision to relent on his global trade tariffs.
Speaking after a cabinet meeting, the US president told reporters: “We had a very good meeting, we’re talking about a lot of different things. Consumer prices have actually dropped. There’s very little inflation. Everybody predicted a lot of inflation. Very little inflation. Energy costs are down, interest rates are probably down. They scatter but they’re probably down.”
He added: “We had a big day yesterday. There will always be transition difficulty. But we had a – in history, it was the biggest day in history. The markets. So very happy with the way the country’s running.
“We’re trying to get the world to treat us fairly. This is something that should have been done 25 years ago and it wasn’t. It should have been done 40 years ago and it wasn’t. No president was willing to take it on. But you had to. It wasn’t sustainable.”
Today, the S&P 500 slid 4.9 per cent and the Dow Jones dropped 4.2 per cent amid a sell-off after a rally in the previous session.
Armed forces chief visits China
18:00
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Jane Dalton
The head of the British armed forces has visited China for the first time in a decade.
Admiral Sir Tony Radakin, below, discussed "issues of common concern" with China's military leadership when he visited Beijing, according to China's defence ministry.
General Liu Zhenli, a member of China's central military commission, was among those who held talks with Sir Tony on Wednesday.
"The two sides conducted in-depth exchanges on China-UK relations and mil-to-mil relations, international and regional situations and issues of common concern, and had communication on strengthening exchanges and co-operation between the two militaries," a readout of their meeting said.
The Chief of the Defence Staff also gave a speech to future Chinese military commanders, at the People's Liberation Army National Defence University in Beijing, according to The Times.
London’s FTSE 100 closes 3% higher on Thursday
17:58
,
Andy Gregory
London’s FTSE 100 share index was up 3.04 per cent as trading closed on Thursday, while the mid-cap FTSE 250 was up 3.5 per cent.
In Europe, Germany’s DAX index closed 4.5 per cent higher, while France’s CAC 40 was up 3.8 per cent and the Euronext 100 was 3.5 per cent higher.
Meanwhile, in the US, the S&P 500 slid 4.9 per cent and the Dow Jones dropped 4.2 per cent amid a sell-off after a rally in the previous session.
Starmer and Japan's Shigeru agree to work to lower trade barriers, says No 10
17:50
,
Andy Gregory
Sir Keir Starmer and his Japanese counterpart Shigeru Ishiba have agreed on the importance of working “closely together to lower trade barriers”, Downing Street has said.
Sharing details of a phone call this morning, a No 10 spokesperson said: “On trade, the leaders agreed that a trade war does not benefit anyone, and that now is the time for a cool, calm and pragmatic approach.
“They agreed on the importance of likeminded partners such as the UK and Japan to work closely together to lower trade barriers. Through trading blocs such as the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) and working bilaterally, there are many options to accelerate growth.
“The prime minister wished Prime Minister Ishiba success for the launch of the Osaka Expo next week, and they discussed the UK pavilion focussed on innovation, which underpins the UK-Japan bilateral relationship.”
Trump aide says 10% tariffs likely to remain without an ‘extraordinary’ deal
17:41
,
Andy Gregory
Donald Trump’s tariffs of 10 per cent are likely to remain in the absence of an “extraordinary” deal, the US president’s top trade adviser has said, in what could to be a blow to Britain’s hopes of removing the levy.
With chancellor Rachel Reeves saying she will seek to negotiate a trade deal with the US when she visits Washington at the end of April, Kevin Hassett told American broadcaster CNBC on Thursday that the US was “closing in on 20” countries who have offered Mr Trump a trade deal.
But the Trump aide said the 10 per cent tariff rate was likely to remain for most countries, saying: “It is going to take some kind of extraordinary deal for the president to go below [that].”
Mr Hassett said: “We had two deals almost closed as of last week. Getting them closed requires the lawyers to work forever and so on, and so getting them closed by yesterday was not quite going to happen.”
Starmer defends choice not to hit back at Trump
17:40
,
Jane Dalton
The UK's decision not to retaliate to US President Donald Trump's tariffs was not the wrong one, Prime Minister Sir Keir Starmer has insisted.
Even trade partners such as the EU, which had voted to retaliate against America, now face the same costs as the UK.
The Prime Minister denied the British approach to not retaliate to the US tariffs had resulted in no advantage for the UK.
He told reporters during a visit to Cambridgeshire: "I don't think having a strong relationship with the US has given us no advantage whatsoever.
"We have got a very strong relationship on defence, security, intelligence sharing.
"No two countries are as closely aligned as ours."
Watch live: Trump holds cabinet meeting after 90-day pause on tariffs
17:25
,
Andy Gregory
You can watch live below as Donald Trump holds his first cabinet meeting since announcing a 90-day pause on many of his so-called “reciprocal” trade tariffs:
Why Trump had no option but to back down
17:20
,
Jane Dalton
Tariffs will curb economic growth, says Bank of England deputy chief
17:00
,
Jane Dalton
US President Donald Trump's tariffs are likely to hamper economic growth in the UK but it is "too early to call" their effect on inflation, a Bank of England policymaker says.
Sarah Breeden, the Bank's deputy governor for financial stability, said on Thursday that the trade tariffs "would be expected to weigh on UK activity".
But the impact on inflation is "not clear-cut", Ms Breeden said, adding that the hit to demand could bring downward pressure while supply chain disruptions could bring upward pressure to inflation.
"Given all of the uncertainties, I think it's too early to call the overall impact on inflation for the UK, and hence the appropriate monetary policy response at this stage," she said.
The tariffs had prompted increased bets that the Bank would cut interest rates at its next policy meeting in May.
Ms Breeden said the new levies marked "the most significant change in trade policy in a century".
UK manufacturer warns of profit hit from US tariffs
16:40
,
Jane Dalton
US hits China with 145% tariff, says White House
16:33
,
Jane Dalton
Breaking news: The White House has told CNBC that US tariffs on China now total 145 per cent after a latest hike.
Earlier, they had been raised to 125 per cent.
Starmer denies Trump not taking his calls
16:20
,
Jane Dalton
Donald Trump's tariffs on the UK are not temporary, the Prime Minister has said.
Asked whether he had spoken to the US president about the tariffs, Sir Keir Starmer told reporters: "My team are in contact with the president's team every day."
Asked whether President Trump "wasn't taking his calls", the Prime Minister said: "No not at all. You have to understand that for the UK and the US we're actually talking all the time."
He added: "At the same time, I'm clear that this is a change which isn't, in my view, temporary and therefore we've got to do the margins of making sure we turbocharge our own economy."
Beijing curbs Hollywood film imports in retaliation
16:00
,
Jane Dalton
China says it will immediately restrict imports of Hollywood films in retaliation for President Trump's escalation of US tariffs.
After three decades during which China annually imported 10 Hollywood films, its National Film Administration said Mr Trump's increase of tariffs on Chinese imports would further sour domestic demand for US cinema in China after years of decline.
"We will follow market rules, respect the audience's choices, and moderately reduce the number of American films imported," the NFA said on its website.
Chris Fenton, author of "Feeding the Dragon: Inside the Trillion Dollar Dilemma Facing Hollywood, the NBA, and American Business", said the move was a "super high-profile way to make a statement of retaliation with almost zero downside for China".
Hollywood studios once looked to China, and its giant film market, to help boost box office performance of movies. But domestic films increasingly have outperformed Hollywood’s fare in China.
Now, US films account for only 5% of the overall box office receipts in China's market. And worse for Hollywood, China taxes that small amount 50% before any revenues go back to the USA, Mr Fenton said.
Tariffgate: How trade war blew up in Trump’s face
15:40
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Jane Dalton
Why US stock markets are down again
15:20
,
Jane Dalton
US stock markets are down again today, with a mix of reasons likely at play, writes Karl Matchett.
First, the wild buying yesterday sent some equities up more than 20 per cent - so some profit-taking would not be unexpected, especially if investors had locked in losses in the previous days' falls.
Secondly, US inflation data is coming in and is surprisingly lower than expected; that, plus a slight restoration in markets, may change calls for cutting interest rates. Higher interest rates are (very broadly and basically) less-good for equities prices, so there's a balancing act there.
And finally, as AJ Bell's Russ Mould points out, is the actual question of whether share prices should be as high as they were or whether the tariff-induced sell-off just exaggerated something that was on its way anyway.
"There is an old market saying that stock market tops are a process, while bottoms are an event.
“The S&P 500 had been making heavy weather of it even before Donald Trump’s trade and tariff interventions and had already started to roll over in a classic example of that pattern, so the big issue now is whether Wednesday’s spike is a buy signal or simply a cruel bear trap for unwary bulls who are accustomed to ‘buy the dip'," he said.
Starmer urged to accelerate global trade deals
14:57
,
Jane Dalton
UK must change with the world, says prime minister
14:41
,
Jane Dalton
Britain must not just "sit back and hope" but "rise to the moment" in the face of uncertainty over Donald Trump's tariffs, Sir Keir Starmer has said.
The Prime Minister said the UK should "recognise where our future lies".
The 10% "baseline" levy on all goods entering America remains in place.
On a visit to Doncaster, Sir Keir said: "I'm not going to stand here and pretend that tariffs are good news. That is not true, and you wouldn't believe me if I said it, but just as we've seen recently on defence and security across Europe, and with Ukraine, they do make one thing very clear, and that is that the world is changing, and we as a country must change with it.
"In other words, we've got to rise to the moment here, recognise where our future lies, renew Britain and deliver security for working people."
Ministers still hope an economic deal with America can be reached.
Chancellor Rachel Reeves will seek to negotiate with the US when she visits Washington at the end of April for the International Monetary Fund's spring meeting of global finance ministers, she told the Financial Times.
She also said a UK-EU summit on May 19 would be a chance "to refresh our relationship and make it easier for businesses to trade".
Trump 'suspended tariffs because of victory over China'
14:17
,
Jane Dalton
Carsten Brzeski, Global Head of Macro at ING, said he believed Mr Trump’s U-turn was because he considered he had won against China.
He said: “US President Trump has decided on a 90-day reprieve for the "higher reciprocal tariffs" for countries that have not "retaliated" against his announcements from last week. That is, all countries except China.
“Apparently, this shift wasn't because of the financial market carnage we have been seeing, but Trump declaring "a victory".
“Given that next to Mexico and Canada, the most important trading partners of the US, China and the EU, have not gone into any negotiations, makes this ‘victory’ look like celebrating a big party when your favourite national soccer team just won against San Marino.
“In all honesty, the current situation is not only chaotic, it’s crazy.”
Euro rises against dollar
14:06
,
Jane Dalton
The euro has rallied against the US dollar following the suspension of tariffs, to stand at $1.11.
China tries to ally with other countries
13:58
,
Jane Dalton
China is reaching out to other nations as the US layers on more tariffs in what appears to be an attempt to form a united front to compel Washington to retreat.
Days into the effort, it's meeting only partial success with many countries unwilling to ally with it.
China has so far focused on Europe, with a phone call between Premier Li Qiang and European Commission President Ursula von der Leyen "sending a positive message to the outside world".
That was followed by a video conference between Chinese commerce minister Wang Wentao and EU Commissioner for Trade and Economic Security Maroš Šefčovič on Tuesday.
US close to deals with up to 15 countries, says Trump aide
13:39
,
Jane Dalton
The United States is considering offers from 15 countries on tariff agreements and is close to deals with some of them, White House economic adviser Kevin Hassett says.
The US Trade Representative has said around 15 countries have made explicit offers that “we're studying and considering and deciding whether they're good enough to present the president," Mr Hassett told reporters at the White House.
He said principals in the administration's trade policy would meet later today to "make sure that the countries that are most important for getting this to the finish line are the countries that we bring in first".
He said he expected a lot of movement on trade deals in the next three or four weeks. "This is a really, really fast process now that's not beginning today or yesterday. It began long before," he said.
"There's a big inventory of deals that are right close to the finish line," he told CNBC.
Global shares rise and bond sell-off eases
13:27
,
Jane Dalton
Global shares surged and a manic bond sell-off has eased.
"You've had a relief rally after the realisation that market pressure is something that resonates with the US president," said George Lagarias, chief economist at Forvis Mazars.
European shares pushed higher today. The pan-continental STOXX 600 index was last up 5.3%, on track for its biggest one-day gain since March 2020.
Major indexes in London, Paris and Frankfurt were up between 4.6% and 5.7%.
In Asia, Japan's Nikkei advanced more than 9%, while a broader gauge of Asia-Pacific stocks excluding Japan rose 4.5%.
German economy to stagnate even if Trump scraps 'reciprocal' tariffs, say forecasters
12:57
German economic institutes on Thursday cut their growth forecast for this year to 0.1 per cent from the 0.8 per cent expected in September, taking into consideration initial US tariffs on steel, aluminium and cars, confirming an earlier Reuters report.
Exports-dependent Germany is the only G7 economy that has contracted for the last two years.
The further "reciprocal" tariffs announced by US President Donald Trump on 2 April and suspended on Wednesday could still deal a major blow to Europe's biggest economy, the institutes said, possibly "doubling the negative effects".
This could put Germany on track for a third year of recession for the first time in post-war history.
Trump's "aggressive trade policy [is] keeping the global economy on tenterhooks," said Klaus Weyerstrass of the Vienna-based research institute IHS, which contributed to the forecast.
"The additional trade barriers are a significant burden on the global economy ... especially because of their unpredictability," he said.
"Changes to tariffs can occur practically daily, which has increased economic policy uncertainty to an unprecedented degree."
Comment: Tariffgate – How Trump’s trade war blew up in his face
12:54
When, in 1974, President Richard Nixon was forced to resign after lying over a break-in involving planting listening devices at his Democrat rivals’ Watergate Hotel HQ during his re-election campaign, it became the biggest scandal in political history. Now, Donald Trump has found himself in the middle of a political storm that could prove as damaging: Tariffgate.
As markets opened on Wednesday, Trump posted on his TruthSocial platform: “THIS IS A GREAT TIME TO BUY!!!” Hours later, he issued an abrupt U-turn on the reciprocal tariffs he announced on his “Liberation Day” at the start of the month, declaring a “90-day pause” on tariffs for all countries except China.
Markets duly surged – as did social media, with accusations that the president’s “art of the deal” was, in fact, a reverse “pump and dump” whereby stock prices were hammered down and then bought before they rose. The Democrats are calling for an investigation into insider trading. Even Trump himself seemed muddled over when he decided to make this change, telling reporters in the same sentence that it was “over the last few days” and “fairly early this morning”.
Simon Walters writes:
Sweden's economic growth will be hit by tariffs, finance minister says
12:42
,
Tara Cobham
Sweden's economic growth will be negatively affected by the international conflict over trade tariffs, the country’s finance minister Elisabeth Svantesson has said.
"It's a given that the growth outlook must be revised down when the next forecast is presented," Svantesson told reporters after a meeting between government ministers, companies and labour unions on Thursday.
Bond market may have contributed to Trump's U-turn but 'did not cause panic move', Hassett insists
12:40
,
Tara Cobham
The bond market may have contributed to Donald Trump’s humiliating U-turn on tariffs, White House economic adviser Kevin Hassett has admitted.
However, in the interview with CNBC, Mr Hassett insisted it “did not cause a panic move”.
All countries should still expect to face 10% tariff, confirms White House economic adviser
12:37
,
Tara Cobham
All countries will still face what Donald Trump has called his "baseline" 10 per cent tariff, White House economic adviser Kevin Hassett has confirmed after the US President paused some of the duties.
When asked in an interview with CNBC if tariffs will be permanent, Mr Hassett responded: “Everyone expects 10 per cent tariffs to be the baseline.”
US close to trade deals with trading partners, White House's Hassett says
12:34
,
Tara Cobham
The US is talking to trading partners and is close to reaching agreements with some on tariffs, White House economic adviser Kevin Hassett has said after President Donald Trump paused some of the duties.
"There's a big inventory of deals that are right close to the finish line," Hassett said in an interview with CNBC on Thursday.
Badenoch accuses Labour of making UK 'more fragile' in face of US tariffs
12:34
,
Tara Cobham
Kemi Badenoch has accused the Labour Government's of making decisions since entering office that have "made us more fragile" in the face of US global tariffs.
"The biggest thing that Keir Starmer could do right now to make a difference is to get on with US-UK trade deal," the Tory leader told the BBC.
She said "making sure we get a deal that brings new benefits to the UK, not just make concessions to take us back to where we were last week" was vital.
"(We) absolutely must be cool and calm when issues of trade come up," Ms Badenoch said during a visit to Lancashire.
"It is about power, it is about our global relationships, it is about shaping the world.
"We need to be very careful not to just lurch into decision-making, but that requires having plans in place and knowing where you want to go.
"What we're seeing right now is that Labour is learning on the job. I am worried that a lot of the mistakes that they've made have made us less able to weather the storm of tariffs."
She said this included policies such as the rise in employer national insurance, changes to inheritance tax for farmers and means-testing the winter fuel allowance for pensioners.
"All of those things have made us more fragile," Ms Badenoch said.
EU-US negotiations 'likely, Ireland's deputy premier says
12:22
,
Tara Cobham
Negotiation with the US is "likely", Ireland's deputy premier has said, after President Donald Trump announced a 90-day pause in certain sweeping tariffs.
Simon Harris met with US commerce secretary Howard Lutnick, a key critic of Irish policies within the Trump administration, in Washington DC on Wednesday.
The engagement came after Mr Trump said he would be delaying tariffs on most nations for 90 days while raising
