Business

Trump’s 10% worldwide tariff kicks in as global stocks reel from crisis

The baseline tariff came into place as stock markets plummeted after Donald Trump's radical trade rules were announced on so-called “Liberation Day”.
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Mr Trump believes the tariffs will 'supercharge' the US economy. File pic: Reuters

Trump trade war escalation sparks global market sell-off

Investors around the world see only pain ahead as the big expansion of tariffs by the US president threatens a tit-for-tat trade war that could choke the global economy.
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US stock markets have witnessed intense volatility all week. Pic: AP

Analysis
Analysis
There were no winners from Trump’s tariff gameshow

The president's made-for-TV spectacle in the White House Rose Garden has led to jeopardy for all – the US included. The question now is how the rest of the world should respond.
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Pic: Reuters

Aussie giant Macquarie swoops for Metcor in £100m deal

Macquarie Capital has struck an agreement with Metcor's founders to invest in another provider of infrastructure services to British businesses, Sky News understands.

Last UK blast furnaces days from closure as Chinese owners cut off crucial supplies

Jingye, the Chinese company that bought British Steel out of receivership in 2020, rejected a £500 million offer of public money as talks with the government broke down.
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One of the two blast furnaces at British Steel's Scunthorpe operation

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These steel workers could soon be out of work

‘We will see closures’: The industries hit hardest by national insurance hike

People working in nurseries, retail, hospitality, small businesses and care have told Sky News of the tangible effects the increase will have on them.
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The Beckford Group's Dan Brod, Kate Rumsey from Rumsey's Chocolates and Chef Aktar Islam

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Joeli Brearley, founder of Pregnant Then Screwed, said parents are yet again having to pay the price for the government's actions. Pic: Pregnant Then Screwed

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Dan Brod, co-owner of The Beckford Group, said the government does not value hospitality as an industry. Pic: The Beckford Group

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Chef/owner Aktar Islam, who runs Opheem in Birmingham, said the rise will cost him up to £120,000 more this year. Pic: Opheem

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Big retailers have warned the NIC rise will lead to higher prices, job cuts and store closures. File pic: PA

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Kate Rumsey, who runs Rumsey's Chocolates in Buckinghamshire and Oxfordshi..

Santander UK lines up ex-Treasury chief Scholar as new chair

Sir Tom Scholar, who was sacked as the Treasury's permanent secretary by Liz Truss, is the preferred candidate to chair Britain's fifth-biggest high street bank, Sky News learns.
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Sir Tom Scholar was sacked by Kwasi Kwarteng and Liz Truss

Stock markets slump for second day running after Trump announces tariffs – in worst day for indexes since COVID

All three of the US's major indexes were down by more than 5% at market close on Friday, making for the worst day in American markets since the COVID-19 pandemic.
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US indexes had the worst day of trading since the COVID-19 pandemic. Pic: Reuters

Reform UK leader Nigel Farage attacks ‘woke virus’ in big companies after end of NatWest debanking battle

City editor Mark Kleinman reported on Wednesday that a deal had been reached nearly two years after the closure of Mr Farage’s accounts, which led to the resignation of the bank’s boss.
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Nigel Farage at the Reform UK local election campaign launch on Tuesday. Pic: PA

Boohoo’s Debenhams renaming at risk amid Ashley row

The online fashion retailer’s efforts to rename itself Debenhams Group could be thwarted by the billionaire at a shareholder meeting to be held on Friday, Sky News learns.
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Tycoon Mike Ashley. Pic: PA