Rolling coverage of the latest economic and financial news, as MPs quiz the Bank of England about interest rates, and trade wars
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UK will slump to 1% growth next year as Trump tariffs bite, says OECD
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US firms say Trump trade war is hitting production as dollar nears three-year low
The OECD also show how the United States’s effective tariff rate had risen to 15.4% by mid-May, up from just over 2% in 2024.
That’s the highest rate since 1938, after the Great Depression, when the Smoot-Hawley Tariff Act had significantly raised tariffs on imported goods in the US, in a failed attempt to support domestic industry.
Rolling coverage of the latest economic and financial news, as MPs quiz the Bank of England about interest rates, and trade warsUK will slump to 1% growth next year as Trump tariffs bite, says OECDUS firms say Trump trade war is hitting production as dollar nears three-year lowThe OECD also show how the United States’s effective tariff rate had risen to 15.4% by mid-May, up from just over 2% in 2024.That’s the highest rate since 1938, after the Great Depression, when the Smoot-Hawley Tariff Act had significantly raised tariffs on imported goods in the US, in a failed attempt to support domestic industry. Continue reading… Business, Economics, Stock markets, China, Manufacturing data, Bank of England Business | The Guardian
