Trump tariffs

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href="/content/82e5a5c0-3e7b-419d-92f9-7b84475af2c9" data-trackable="heading-link" class="js-teaser-heading-link">US stocks soar as Donald Trump backs down in global trade war</a></div><p class="o-teaser__standfirst"><a href="/content/82e5a5c0-3e7b-419d-92f9-7b84475af2c9" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Washington scraps most tariffs against countries that have not retaliated but increases levies on China </a></p><div class="o-teaser__timestamp o-teaser__timestamp--updated"><span class="o-teaser__timestamp-prefix"> updated </span><time class="o-teaser__timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-4-hours" datetime="2025-04-09T21:42:13+0000"></time></div><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="82e5a5c0-3e7b-419d-92f9-7b84475af2c9" data-myft-ui="saved" action="/myft/save/82e5a5c0-3e7b-419d-92f9-7b84475af2c9" 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data-id="b192bb50-74a5-4a8c-91d5-93fadb516a27" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="b192bb50-74a5-4a8c-91d5-93fadb516a27"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/firstft" aria-label="Category: FirstFT">FirstFT</a></div><div class="o-teaser__heading"><a href="/content/b192bb50-74a5-4a8c-91d5-93fadb516a27" data-trackable="heading-link" class="js-teaser-heading-link">FirstFT: Wall Street stocks soar as Donald Trump backs down from global trade war</a></div><p class="o-teaser__standfirst"><a href="/content/b192bb50-74a5-4a8c-91d5-93fadb516a27" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Also in today’s newsletter, Apple leans on India to help ease Trump’s China tariffs, and Ukraine says more than 150 Chinese nationals fighting for Russia</a></p><div class="o-teaser__timestamp 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aria-label="Category: US Treasury bonds">US Treasury bonds</a></div><div class="o-teaser__heading"><a href="/content/905ca7f1-837c-49c7-ac2b-daef1e1309b4" data-trackable="heading-link" class="js-teaser-heading-link">An apology to the bond vigilantes</a></div><p class="o-teaser__standfirst"><a href="/content/905ca7f1-837c-49c7-ac2b-daef1e1309b4" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">And a thank you from FT Alphaville</a></p><div class="o-teaser__timestamp o-teaser__timestamp--"><time class="o-teaser__timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-4-hours" datetime="2025-04-09T20:36:40+0000">1 hour ago</time></div><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="905ca7f1-837c-49c7-ac2b-daef1e1309b4" data-myft-ui="saved" action="/myft/save/905ca7f1-837c-49c7-ac2b-daef1e1309b4" 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js-teaser" data-id="2c473393-35fb-479d-8bba-236a1a98087c"><div class="o-teaser__content"><div class="o-teaser__meta"></div><div class="o-teaser__heading"><a href="/content/2c473393-35fb-479d-8bba-236a1a98087c" data-trackable="heading-link" class="js-teaser-heading-link">Trump tracker: the latest data on US tariffs, trade and economy</a></div><p class="o-teaser__standfirst"><a href="/content/2c473393-35fb-479d-8bba-236a1a98087c" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">As the president launches a trade war, follow the latest on tariffs and executive orders</a></p><div class="o-teaser__timestamp o-teaser__timestamp--"><time class="o-teaser__timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-4-hours" datetime="2025-04-09T20:19:57+0000">1 hour ago</time></div><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="2c473393-35fb-479d-8bba-236a1a98087c" 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9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="51cd9673-d808-43de-a0e0-de8131912fe2" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="51cd9673-d808-43de-a0e0-de8131912fe2"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/global-trade" aria-label="Category: Global trade">Global trade</a></div><div class="o-teaser__heading"><a href="/content/51cd9673-d808-43de-a0e0-de8131912fe2" data-trackable="heading-link" class="js-teaser-heading-link">Markets calling off America’s Greatest Depression</a></div><p class="o-teaser__standfirst"><a href="/content/51cd9673-d808-43de-a0e0-de8131912fe2" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">For now, at least!</a></p><div class="o-teaser__timestamp o-teaser__timestamp--"><time class="o-teaser__timestamp-date o-date" 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class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/e662dd49-f9f1-4f27-847c-e0c5b5a95ec2" aria-label="Category: US-UK relations">US-UK relations</a></div><div class="o-teaser__heading"><a href="/content/d3fc557f-dcda-44d9-962c-e5b8dc287ee7" data-trackable="heading-link" class="js-teaser-heading-link">Keir Starmer shifts focus in US trade talks to cutting 25% tariff on UK cars</a></div><p class="o-teaser__standfirst"><a href="/content/d3fc557f-dcda-44d9-962c-e5b8dc287ee7" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">PM admits he does not know if Trump can be persuaded to scrap 10 per cent levy on all imports</a></p><div class="o-teaser__timestamp o-teaser__timestamp--"><time class="o-teaser__timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-4-hours" datetime="2025-04-09T17:55:13+0000">3 hours ago</time></div><div class="o-teaser__action"><span> <form 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Europe"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T15:59:48.328Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="be8c7e1a-f1fe-47d2-9187-f8c9a955ebf6" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="be8c7e1a-f1fe-47d2-9187-f8c9a955ebf6"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Lex</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-retail" aria-label="Category: US retail">US retail</a></div><div class="o-teaser__heading"><a href="/content/be8c7e1a-f1fe-47d2-9187-f8c9a955ebf6" data-trackable="heading-link" class="js-teaser-heading-link">Grocers can provide shelter from tariff storm </a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/be8c7e1a-f1fe-47d2-9187-f8c9a955ebf6" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Investors on the lookout for havens may want to check out supermarket stocks</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="be8c7e1a-f1fe-47d2-9187-f8c9a955ebf6" data-myft-ui="saved" action="/myft/save/be8c7e1a-f1fe-47d2-9187-f8c9a955ebf6" data-js-action="/__myft/api/core/saved/content/be8c7e1a-f1fe-47d2-9187-f8c9a955ebf6?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." 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data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F923d3e87-21c7-428e-b0f7-f343487d94df.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A Walmart shop in Mexico City"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T15:40:39.953Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="6e8fafa9-2ceb-4ddc-a9f9-101bf65f45a2" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="6e8fafa9-2ceb-4ddc-a9f9-101bf65f45a2"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/4a210ea8-7a54-4681-8a3b-b4ed2b7f7038" aria-label="Category: Walmart Inc">Walmart Inc</a></div><div class="o-teaser__heading"><a href="/content/6e8fafa9-2ceb-4ddc-a9f9-101bf65f45a2" data-trackable="heading-link" class="js-teaser-heading-link">Walmart warns tariffs have made profit outlook less predictable </a></div><p class="o-teaser__standfirst"><a href="/content/6e8fafa9-2ceb-4ddc-a9f9-101bf65f45a2" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The largest US retailer is striving to keep prices low even as Donald Trump’s levies take effect</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="6e8fafa9-2ceb-4ddc-a9f9-101bf65f45a2" data-myft-ui="saved" action="/myft/save/6e8fafa9-2ceb-4ddc-a9f9-101bf65f45a2" data-js-action="/__myft/api/core/saved/content/6e8fafa9-2ceb-4ddc-a9f9-101bf65f45a2?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement 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class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fa8cac887-cd27-4d65-837e-4027412582e5.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Walmart signage"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T14:49:29.675Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="e5ba740e-93ca-4965-81e2-aa1e59686411" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="e5ba740e-93ca-4965-81e2-aa1e59686411"><div class="o-teaser__content"><div class="o-teaser__meta"></div><div class="o-teaser__heading"><a href="/content/e5ba740e-93ca-4965-81e2-aa1e59686411" data-trackable="heading-link" class="js-teaser-heading-link">China hits US imports with additional retaliatory tariff of 50%</a></div><p class="o-teaser__standfirst"><a href="/content/e5ba740e-93ca-4965-81e2-aa1e59686411" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Beijing to match new duties imposed by Donald Trump with effect from Thursday as trade war escalates</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="e5ba740e-93ca-4965-81e2-aa1e59686411" data-myft-ui="saved" action="/myft/save/e5ba740e-93ca-4965-81e2-aa1e59686411" data-js-action="/__myft/api/core/saved/content/e5ba740e-93ca-4965-81e2-aa1e59686411?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save China hits US imports with additional retaliatory tariff of 50% to myFT for later" aria-label="Save China hits US imports with additional retaliatory tariff of 50% to myFT for later" data-alternate-label="China hits US imports with additional retaliatory tariff of 50% is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="e5ba740e-93ca-4965-81e2-aa1e59686411" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/e5ba740e-93ca-4965-81e2-aa1e59686411" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F040840d5-b0b2-476d-9116-039b99c5aef6.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Shipping containers are seen at a port in Nanjing"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-teaser o-teaser--native-ad o-teaser--small o-teaser--stream-card" data-o-ads-name="PartnerContent--horizontal" data-o-ads-targeting="pos=native;format=horizontal" data-o-ads-formats="PartnerContent" data-o-ads-component="slot" ></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T14:41:20.546Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="7688a294-6ce6-4050-a5ea-a2497baec7d7" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="7688a294-6ce6-4050-a5ea-a2497baec7d7"><div class="o-teaser__content"><div class="o-teaser__meta"></div><div class="o-teaser__heading"><a href="/content/7688a294-6ce6-4050-a5ea-a2497baec7d7" data-trackable="heading-link" class="js-teaser-heading-link">Tariffs are coming for my . . . nuclear warheads?</a></div><p class="o-teaser__standfirst"><a href="/content/7688a294-6ce6-4050-a5ea-a2497baec7d7" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Imports boom</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="7688a294-6ce6-4050-a5ea-a2497baec7d7" data-myft-ui="saved" action="/myft/save/7688a294-6ce6-4050-a5ea-a2497baec7d7" data-js-action="/__myft/api/core/saved/content/7688a294-6ce6-4050-a5ea-a2497baec7d7?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Tariffs are coming for my . . . nuclear warheads? to myFT for later" aria-label="Save Tariffs are coming for my . . . nuclear warheads? to myFT for later" data-alternate-label="Tariffs are coming for my . . . nuclear warheads? is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="7688a294-6ce6-4050-a5ea-a2497baec7d7" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/7688a294-6ce6-4050-a5ea-a2497baec7d7" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.3333%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F69d038cf-d238-4ae4-a694-39bd3d9bea58.jpg?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T13:25:32.111Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="a5dda44b-a1ed-405c-9180-6af2ed4bd449" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="a5dda44b-a1ed-405c-9180-6af2ed4bd449"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Review</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/non-fiction" aria-label="Category: Non-Fiction">Non-Fiction</a></div><div class="o-teaser__heading"><a href="/content/a5dda44b-a1ed-405c-9180-6af2ed4bd449" data-trackable="heading-link" class="js-teaser-heading-link">Five books to boost your understanding of tariffs and trade wars</a></div><p class="o-teaser__standfirst"><a href="/content/a5dda44b-a1ed-405c-9180-6af2ed4bd449" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">As tariffs escalate, FT specialists recommend titles that explain the forces and ideas shaping trade policy in recent decades, including President Trump’s trade war</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="a5dda44b-a1ed-405c-9180-6af2ed4bd449" data-myft-ui="saved" action="/myft/save/a5dda44b-a1ed-405c-9180-6af2ed4bd449" data-js-action="/__myft/api/core/saved/content/a5dda44b-a1ed-405c-9180-6af2ed4bd449?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Five books to boost your understanding of tariffs and trade wars to myFT for later" aria-label="Save Five books to boost your understanding of tariffs and trade wars to myFT for later" data-alternate-label="Five books to boost your understanding of tariffs and trade wars is Saved 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L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-ads o-ads advert advert--instream" data-o-ads-targeting="pos=mid;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T12:00:56.182Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="e4c937a8-209c-449d-b7c0-82811e5c151b" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="e4c937a8-209c-449d-b7c0-82811e5c151b"><div class="o-teaser__content"><div class="o-teaser__meta"></div><div class="o-teaser__heading"><a href="/content/e4c937a8-209c-449d-b7c0-82811e5c151b" data-trackable="heading-link" class="js-teaser-heading-link">Has America discovered its ‘moron risk premium’?</a></div><p class="o-teaser__standfirst"><a href="/content/e4c937a8-209c-449d-b7c0-82811e5c151b" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Bond bombshell</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="e4c937a8-209c-449d-b7c0-82811e5c151b" data-myft-ui="saved" action="/myft/save/e4c937a8-209c-449d-b7c0-82811e5c151b" data-js-action="/__myft/api/core/saved/content/e4c937a8-209c-449d-b7c0-82811e5c151b?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." 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data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F4c0aeba8-cd22-4feb-b70a-057f27c86921.jpg?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T11:19:37.693Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="cc60e397-5646-4516-94eb-7bf0ab72c50d" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="cc60e397-5646-4516-94eb-7bf0ab72c50d"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/bank-of-england" aria-label="Category: Bank of England">Bank of England</a></div><div class="o-teaser__heading"><a href="/content/cc60e397-5646-4516-94eb-7bf0ab72c50d" data-trackable="heading-link" class="js-teaser-heading-link">BoE warns of possible ‘further sharp correction’ in markets after tariff turmoil</a></div><p class="o-teaser__standfirst"><a href="/content/cc60e397-5646-4516-94eb-7bf0ab72c50d" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Central bank warns UK economy is particularly exposed to volatility triggered by Donald Trump’s policies </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="cc60e397-5646-4516-94eb-7bf0ab72c50d" data-myft-ui="saved" action="/myft/save/cc60e397-5646-4516-94eb-7bf0ab72c50d" data-js-action="/__myft/api/core/saved/content/cc60e397-5646-4516-94eb-7bf0ab72c50d?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" 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class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/janan-ganesh" aria-label="Category: Janan Ganesh">Janan Ganesh</a></div><div class="o-teaser__heading"><a href="/content/0f3e2041-3665-4c0c-a2cb-a0d88165c88f" data-trackable="heading-link" class="js-teaser-heading-link">The hopeless search for Trump’s cunning plan</a></div><p class="o-teaser__standfirst"><a href="/content/0f3e2041-3665-4c0c-a2cb-a0d88165c88f" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Attempts to read grand strategy into the US president’s doings have run their course</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="0f3e2041-3665-4c0c-a2cb-a0d88165c88f" data-myft-ui="saved" action="/myft/save/0f3e2041-3665-4c0c-a2cb-a0d88165c88f" data-js-action="/__myft/api/core/saved/content/0f3e2041-3665-4c0c-a2cb-a0d88165c88f?method=put" data-myft-ui-save-config=""> 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data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2375%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F25def1ac-ce81-47d0-848a-f6a548056b9c.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Carl Godfrey illustration of Trump figure stuck on top of a weather vane, with his hand stretched and pointing his finger in the southern direction."/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T10:33:58.304Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="31194494-88bd-4066-a91f-5b94822f555e" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="31194494-88bd-4066-a91f-5b94822f555e"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/global-economy" aria-label="Category: Global Economy">Global Economy</a></div><div class="o-teaser__heading"><a href="/content/31194494-88bd-4066-a91f-5b94822f555e" data-trackable="heading-link" class="js-teaser-heading-link">Top ECB policymaker warns ‘worst-case scenarios’ are materialising</a></div><p class="o-teaser__standfirst"><a href="/content/31194494-88bd-4066-a91f-5b94822f555e" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Bank of Spain governor says global investors may reassess role of US dollar as haven currency </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="31194494-88bd-4066-a91f-5b94822f555e" data-myft-ui="saved" 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class="stream-item" data-id="f51a368a-ff9a-46d8-9ab5-58aa3ca7ecc4" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="f51a368a-ff9a-46d8-9ab5-58aa3ca7ecc4"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/uk-trade" aria-label="Category: UK trade">UK trade</a></div><div class="o-teaser__heading"><a href="/content/f51a368a-ff9a-46d8-9ab5-58aa3ca7ecc4" data-trackable="heading-link" class="js-teaser-heading-link">Trade war makes improved UK-EU relations ‘imperative’, says Reeves </a></div><p class="o-teaser__standfirst"><a href="/content/f51a368a-ff9a-46d8-9ab5-58aa3ca7ecc4" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Britain could exploit the chaos unleashed by Donald Trump, chancellor tells FT</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" 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data-o-ads-targeting="pos=mid1;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T08:48:19.556Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="209f766f-3e57-459e-beb9-1ff5e69090a7" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="209f766f-3e57-459e-beb9-1ff5e69090a7"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Lex</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/japanese-economy" aria-label="Category: Japanese economy">Japanese economy</a></div><div class="o-teaser__heading"><a href="/content/209f766f-3e57-459e-beb9-1ff5e69090a7" data-trackable="heading-link" class="js-teaser-heading-link">Japanese market walks a geopolitical tightrope</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/209f766f-3e57-459e-beb9-1ff5e69090a7" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Country finds itself caught precariously between two rivals, each demanding its loyalty</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="209f766f-3e57-459e-beb9-1ff5e69090a7" data-myft-ui="saved" action="/myft/save/209f766f-3e57-459e-beb9-1ff5e69090a7" 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class="o-teaser__image-container js-teaser-image-container"><a href="/content/209f766f-3e57-459e-beb9-1ff5e69090a7" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2625%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F5ef34e58-168b-41c1-95a2-69c8d31a0d65.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Japanese Prime Minister Shigeru Ishiba"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T07:52:31.065Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="81cbdcdf-aafa-411e-8458-4af2b2b186d0" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="81cbdcdf-aafa-411e-8458-4af2b2b186d0"><div class="o-teaser__content"><div class="o-teaser__meta"></div><div class="o-teaser__heading"><a href="/content/81cbdcdf-aafa-411e-8458-4af2b2b186d0" data-trackable="heading-link" class="js-teaser-heading-link">Donald Trump’s sweeping tariffs take effect</a></div><p class="o-teaser__standfirst"><a href="/content/81cbdcdf-aafa-411e-8458-4af2b2b186d0" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Investors reel as new levies on EU, China and other major trading partners come into force</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="81cbdcdf-aafa-411e-8458-4af2b2b186d0" data-myft-ui="saved" action="/myft/save/81cbdcdf-aafa-411e-8458-4af2b2b186d0" data-js-action="/__myft/api/core/saved/content/81cbdcdf-aafa-411e-8458-4af2b2b186d0?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Donald Trump’s sweeping tariffs take effect to myFT for later" aria-label="Save Donald Trump’s sweeping tariffs take effect to myFT for later" data-alternate-label="Donald Trump’s sweeping tariffs take effect is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="81cbdcdf-aafa-411e-8458-4af2b2b186d0" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/81cbdcdf-aafa-411e-8458-4af2b2b186d0" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F6afffd27-89c0-4d4f-ad2d-3a036e83261a.png?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T07:36:55.152Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="7b73b386-d517-4cab-9aa2-7bbf3cc3a7d6" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="7b73b386-d517-4cab-9aa2-7bbf3cc3a7d6"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Unhedged</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/robert-armstrong" aria-label="Category: Robert Armstrong">Robert Armstrong</a></div><div class="o-teaser__heading"><a href="/content/7b73b386-d517-4cab-9aa2-7bbf3cc3a7d6" data-trackable="heading-link" class="js-teaser-heading-link">Do Treasuries hedge stocks right now?</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/7b73b386-d517-4cab-9aa2-7bbf3cc3a7d6" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Tariffs and positive correlation </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="7b73b386-d517-4cab-9aa2-7bbf3cc3a7d6" data-myft-ui="saved" 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</span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/7b73b386-d517-4cab-9aa2-7bbf3cc3a7d6" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2375%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc32acf48-d02d-47e3-8b42-af7e0059092c.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="The US Treasury building"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T07:34:14.389Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="b76db3c7-ba1b-4097-ba0f-9b7fec46a12c" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="b76db3c7-ba1b-4097-ba0f-9b7fec46a12c"><div class="o-teaser__content"><div class="o-teaser__meta"></div><div class="o-teaser__heading"><a href="/content/b76db3c7-ba1b-4097-ba0f-9b7fec46a12c" data-trackable="heading-link" class="js-teaser-heading-link">Trump tracker: the latest data on US tariffs, trade and economy</a></div><p class="o-teaser__standfirst"><a href="/content/b76db3c7-ba1b-4097-ba0f-9b7fec46a12c" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">As the president launches a trade war, follow the latest data on how markets react and how the country’s economy is performing</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="b76db3c7-ba1b-4097-ba0f-9b7fec46a12c" data-myft-ui="saved" action="/myft/save/b76db3c7-ba1b-4097-ba0f-9b7fec46a12c" 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</button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/b76db3c7-ba1b-4097-ba0f-9b7fec46a12c" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F39b7aefa-ec9b-4370-a6ea-24a2ee709daf.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Montage of Donald Trump and a chart"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T04:01:04.951Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="4673ee43-6ecb-45e0-92c3-561a503b1f7f" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="4673ee43-6ecb-45e0-92c3-561a503b1f7f"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">News in-depth</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-politics-policy" aria-label="Category: US politics & policy">US politics & policy</a></div><div class="o-teaser__heading"><a href="/content/4673ee43-6ecb-45e0-92c3-561a503b1f7f" data-trackable="heading-link" class="js-teaser-heading-link">Falling share prices test bro-sphere’s bromance with Trump </a></div><p class="o-teaser__standfirst"><a href="/content/4673ee43-6ecb-45e0-92c3-561a503b1f7f" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Conservative podcasters who were key to US president’s election win are divided by tariff fallout</a></p><div class="o-teaser__action"><span> <form 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data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="4673ee43-6ecb-45e0-92c3-561a503b1f7f" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/4673ee43-6ecb-45e0-92c3-561a503b1f7f" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F964ac99f-18ea-4c75-b8b4-f48e8195336e.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A montage showing Joe Rogan, Donald Trump and Dave Portnoy in front of a red background and the New York Stock Exchange building"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T04:00:05.663Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="d07d4ebe-c903-4178-bee6-a577913d43de" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="d07d4ebe-c903-4178-bee6-a577913d43de"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">News in-depth</span></div><div class="o-teaser__heading"><a href="/content/d07d4ebe-c903-4178-bee6-a577913d43de" data-trackable="heading-link" class="js-teaser-heading-link">Trump’s ‘reshoring’ ambitions threatened by tariff chaos </a></div><p class="o-teaser__standfirst"><a href="/content/d07d4ebe-c903-4178-bee6-a577913d43de" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Companies have pledged to build factories in the US but are wary of committing long-term investment while trade policy is unclear</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="d07d4ebe-c903-4178-bee6-a577913d43de" data-myft-ui="saved" action="/myft/save/d07d4ebe-c903-4178-bee6-a577913d43de" data-js-action="/__myft/api/core/saved/content/d07d4ebe-c903-4178-bee6-a577913d43de?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Trump’s ‘reshoring’ ambitions threatened by tariff chaos to myFT for later" aria-label="Save Trump’s ‘reshoring’ ambitions threatened by tariff chaos to myFT for later" 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worker"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-09T04:00:05.653Z">Wednesday, 9 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="dca52e46-cd51-4325-8e79-6557cd601738" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="dca52e46-cd51-4325-8e79-6557cd601738"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/automobiles" aria-label="Category: Automobiles">Automobiles</a></div><div class="o-teaser__heading"><a href="/content/dca52e46-cd51-4325-8e79-6557cd601738" data-trackable="heading-link" class="js-teaser-heading-link">US tariffs cause car import pile-up at American ports </a></div><p 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