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Nomura analysts Andrzej Szczepaniak, George Buckley, Josie Anderson, David Seif, say that Trump is targeting Europe with his tariffs. They explain:

Gold has reached record highs of $3,148.8 this week as president Trump announced more tariffs, driving investors to the precious metal safe-haven.

Gold has continued to build over the last year as a result of many factors including geopolitical and economic uncertainties and it looks like these will continue for a significant time.

Rick Kanda, managing director at The Gold Bullion Company has shared insights into what he believes is in store for gold throughout 2025.

The UK government has drawn up a list of products that could be slapped with import taxes in retaliation against US president Donald Trump’s tariffs on British goods.

Business Secretary Jonathan Reynolds told MPs that businesses will be asked for their view on how any UK will hit them measures striking back at Mr Trump’s global trade policy.

The prime minister has acknowledged that the 10% import tariff on British goods entering the US will hit the UK economically.

Ministers have said they will keep working toward a trade deal with the US, but Sir Keir Starmer stressed that “nothing is off the table” regarding a response.

Addressing the Commons on Thursday, Mr Reynolds said: “It remains our belief that the best route to economic stability for working people is a negotiated deal with the US that builds on our shared strengths.

“However, we do reserve the right to take any action we deem necessary if a deal is not secured.

“To enable the UK to have every option open to us in future, I am today launching a request for input on the implications for British businesses of possible retaliatory action.

“This is a formal step, necessary for us to keep all options on the table.

US stocks nosedived on Thursday, with the Dow tumbling as much as 1,500 points as president Trump's surprisingly steep "Liberation Day" tariffs sent shockwaves through markets worldwide.

The tech-heavy Nasdaq Composite (^IXIC) led the sell-off, plummeting as much as 5.6%. The S&P 500 (^GSPC) dove 4.4%, while the Dow Jones Industrial Average (^DJI) tumbled more than 3.6%.

Among megacap techs, Apple (AAPL) shares fell over 8% amid concerns about disruption to its supply chain. China, the source of key iPhone components, was hit with additional US tariffs that raised its overall rate to 54%. Nvidia (NVDA) and other chip stocks also tumbled thanks to similar concerns.

Read more here

Keir Starmer has said that the UK is now entering a “new era” on trade just as it is on defence.

The PM said:

“We are acting in your absolute best interest. A trade war is bad for working people and bad for our businesses, but I don’t think we should jump into a trade war.

“I think it’s better if we try to negotiate a better outcome and that’s what we are trying to do.”

”Over the past few months we’ve been talking about a new era when it comes to defence and security, particularly defence and security, and recognising we are in a changing world and going into a new era and we have to act differently.

“And we’re at a similar point with the economy. This is not a short-term tactical exercise, it is the beginning of a new era… I’m very concerned that we get this argument out there because it means that we have to adapt in ways which go beyond the mere question of tariffs.

“And that’s why I’ve instructed my team to go further and faster in what we need to do, to put more resilience and more strength into our economy.”

Oil prices (BZ=F, CL=F) tumbled on Thursday morning, over fears as to what impact Trump's tariffs could have on the global economy and demand for fuel.

Brent crude futures dropped 3.2% to $72.56 a barrel at the time of writing, while US West Texas Intermediate (WTI) crude slid 3.3% to $69.32 a barrel.

While the White House said that imports of oil, gas and refined products would be exempt from the new tariffs, offering some relief to the sector, this appeared to be outweighed by investor concerns about the impact of the duties on the wider economy and fuel demand.

ING commodities strategists Warren Patterson and Ewa Manthey said:

"The scale of some of Trump’s tariffs will raise global demand concerns. There’s also increased uncertainty, with markets waiting to see how trading partners retaliate."

They also pointed out that the Organization of the Petroleum Exporting Countries Plus (OPEC+) is set to hold a call today to discuss the need for members to stick to production targets.

US employers announced 275,240 job cuts in March, driven by Elon Musk’s slashing of the Federal government.

Consultancy firm Challenger, Gray & Christmas revealed that job cut announcements rose 60% month-on-month, and were 205% higher than the previous March.

This was a fresh high for any March on record, and the third-highest monthly total ever recorded.

Of that total, 216,670 were due to “DOGE Actions” — Musk’s campaign to improve government efficiency by making drastic cuts to government bureaucracy.

Andrew Challenger, senior vice president and workplace expert for Challenger, Gray & Christmas, said:

There is a long list of potential losers from Trump’s tariffs, including consumer-facing companies that import goods into the US.

Dan Coatsworth, investment analyst at AJ Bell, said:

• Shoe seller Nike (NKE), discount store operator Five Below (FIVE) and fashion retailer Gap (GAP) were among the stocks slumping in pre-market trading in the US.

• JD Sports (JD.L) is increasingly US-focused and was among the biggest fallers on the FTSE 100 (^FTSE).

• Vietnam-related investment trusts slumped on the London market after Trump imposed a sky-high 46% tariff on goods coming from the Asian country into the US. That’s problematic for a lot of firms which have shifted manufacturing from China to Vietnam in recent years. Vietnam is a major producer of clothing, footwear, furniture and toys. Dr Martens (DOCS.L) is one of the many companies reliant on Vietnam for a lot of its products and it will now be looking hard at alternative sources.

Redbourn, a picturesque village in Hertfordshire located less than 30 miles from central London, has been named the best place to live in 2025 across England and Wales.

The village topped a ranking of over 1,400 communities across England and Wales, compiled by Garrington Property Finders.

Redbourn excelled in multiple categories, securing 11th place in natural beauty and performing well in heritage, schools, and jobs. Its attractive rural location, combined with a rich history dating back to Roman times and its status as the site of one of the first-ever cricket matches in 1666, contributed to its top ranking.

The village commands an average family home price of £767,501, which, although above the national average, has seen an 8.2% dip over the past year.

Read the full article here

The UK service sector was near its highest levels in two years in the run-up to Donald Trump’s tariff announcement.

According to the S&P Global UK Services PMI index, activity increased in March at its fastest pace since August last year.

However, S&P Global economics director Tim Moore said companies “reported a range of constraints on growth, including stretched household budgets, risk aversion among corporate clients and rising geopolitical uncertainty”.

UK households are on track to be £400 worse off this tax year amid rising taxes, increasing utility bills, and benefits that fail to keep up with inflation, the Resolution Foundation has warned.

The think tank said that the outlook for living standards is "historically bleak" as the new tax year begins this Sunday 6 April.

The most significant changes come from the long-standing freeze on personal tax thresholds, effectively increasing the tax burden across the pay distribution. Additionally, an increase in employer national insurance contributions (NICs) rate, alongside a reduced threshold for when these contributions kick in, will further weigh on household budgets. Together, these measures are expected to reduce incomes by £170 annually for the average household.

Families will also face rising utility bills and higher council tax along with tax hikes. The typical household will see council tax rise by £80 a year, with increases of 5% across most of England, 7% in Wales, and 9% in Scotland. These hikes come on top of previous above-inflation increases, meaning council tax is now at record highs in relation to GDP.

Water bills are also set to climb, with an average increase of £120 per year. For some customers, particularly those in the Southern Water region, this rise could be as high as 47%. The annual energy price cap increase is also set to push household budgets further. From 1 April, the cap will rise by £111, putting upward pressure on inflation. However, this impact should be limited, as only 16% of gas consumption typically occurs in the spring, and prices are expected to fall in July.

Read the full article here

Business secretary Jonathan Reynolds has said that the UK is in a “relatively better position” than the EU after Donald Trump unveiled his “liberation day” tariffs.

However he admitted that he still hoped to agree on an economic deal with the US which would not only remove the new tariffs but also get rid of pre-existing trade barriers between the two countries.

It comes as Donald Trump imposed 10% tariffs on the UK but 20% on the EU.

Reynolds told Sky News this morning:

The president of the European Commission (EC) has warned that Donald Trump’s tariffs are a “major blow” to the world economy.

Ursula von der Leyen said the consequences of US president’s plan “will be dire for millions of people around the world”.

She is currently in Samarkand, Uzbekistan, where she will join the EU-Central Asia summit later today.

Markets believe a rate cut from the Bank of England (BoE) is now more likely following Trump's Liberation Day speech last night.

The chances of a rate cut in early May from Threadneedle Street has risen to 77%. The City has now priced in a 92% chance that the European Central Bank (ECB) cuts eurozone interest rates at its meeting later this month, up from 80% on Wednesday.

It comes as the UK has been hit with a 10% tariff on all of its goods being brought into the US, which Trump says is a retaliation to UK tariffs on American goods.

With global markets now facing the impact of these new tariffs, the BoE must navigate a delicate decision — continue cutting interest rates, or pause and wait for more clarity on how the situation with tariffs will unfold.

Newspage asked brokers if the US president has delivered a boost for the UK's borrowers, and here are some of the responses:

Daniel Hobbs, CEO at New Leaf Distribution, said:

Meanwhile, Riz Malik, independent financial adviser at R3 Wealth, said:

Gold prices (GC=F) surged ahead of Trump's announcement but had eased back on Thursday morning, though they were still hovering around record highs.

Gold futures fell 0.6% to $3,146 per ounce at the time of writing, while the spot price dipped 0.3% to $3,124.63 an ounce.

Investors have been flocking to gold amid concerns over tariffs, as it is considered to act as a hedge against inflation, with fears that duties will add to pricing pressures.

Victoria Hasler, head of fund research at Hargreaves Lansdown, said:

Volkswagen is set to introduce an “import fee” on vehicles affected by the 25% auto tariffs imposed by Donald Trump.

According to the Wall Street Journal, the German carmaker has temporarily halted rail shipments of vehicles from Mexico and will hold at port cars arriving by ship from Europe.

Germany’s Automotive Industry Association (VDA) has this morning called on the European Union to respond to Trump’s tariffs with “force”, declaring they “will only create losers”.

The body represents the German auto industry, for which the US is a key export market.

Dan Coatsworth, investment analyst at AJ Bell said:

The latest analysis from Yopa, the full-service estate agents, has revealed that whilst buying schemes designed to aid homebuyers onto the ladder are in high-demand, stock availability offering such initiatives is slim.

The research shows that: -

• Buying scheme availability is low in the current market. Across Britain as a whole, just 1.8% of homes listed for sale offer the additional boost of a buying scheme for homebuyers.

• Newcastle is home to the greatest number of opportunities for homebuyers, but homes offering a buying scheme boost still account for just 2.6% of all properties currently listed for sale. Plymouth and Portsmouth also rank highly at 2.4% and 2.2% respectively.

• In contrast, just 0.1% of homes listed for sale across Glasgow offer the additional benefit of a buying scheme.

• But whilst buying scheme availability may be sparse, additional analysis from Yopa suggests that this isn’t due to a lack of buyer appetites. Across Britain 34% of all homes offering the help of a buying scheme have already been snapped up by homebuyers.

• This level of demand climbs as high as 71.4% in Edinburgh, with Newcastle (67.9%) and Nottingham (65.5%) also home to some of the highest demand.

The pound (GBPUSD=X) surged to a six-month high against the dollar in early European trading, as the greenback sank following US president Donald Trump's announcement of global tariffs on Wednesday.

Sterling was up 0.9% at $1.3109 against the dollar at the time of writing, while the US dollar index (DX-Y.NYB) — which measures the greenback against a basket of six currencies — was down 1.4% to 102.42.

Trump announced a 10% baseline tariff on imports into the US, which will come into effect on 5 April. Additional tariff rates were announced on countries that the administration considered to be the "worst offenders", which will go into effect on 9 April.

The UK was included on the list of countries that would face the 10% baseline tariff rate. There will be a 20% levy on imports from the EU.

Lindsay James, investment strategist at Quilter, said:

In other currency moves, the pound was down 0.2% against the euro (GBPEUR=X) on Thursday morning, trading at €1.1968.