Dan Hansen, Chief UK economist, dives into pressing economic issues faced by the UK. He discusses President Trump's proposed tariffs and their potential effects on global trade and UK markets. Hansen highlights the UK’s continuing GDP contraction and the challenges posed by Brexit and rising interest rates. The conversation sheds light on how these factors impact growth and productivity, reflecting on the government's attempts to stabilize the economy amidst a turbulent landscape.
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Trump's Global Tariff Threat Sends Shockwaves Through Markets
President Donald Trump threatens to impose a 35% tariff on some Canadian goods starting August 1st, a significant increase that targets products outside the USMCA trade agreement.
He also signals a plan to raise the global baseline tariff rate from 10% to 15-20%, escalating trade tensions and prompting market volatility. Stefan Hoffer, LGTBank's strategist, described this move as "uncharted territory" with complex economic impacts that are difficult to predict.
JP Morgan CEO Jamie Dimon warns of market complacency regarding these tariffs and highlights Europe's declining competitiveness compared to the US and China, citing sluggish growth and a diminished economic weight.
These tariff threats are part of a broader reshaping of global trade dynamics, with potential inflation and stock market consequences.
insights INSIGHT
Trump Eyes Higher Global Tariffs
US President Donald Trump plans to raise blanket tariffs to 15-20% on most trading partners, significantly above the current 10%.
This move marks a major shift in global trade policy with uncertain long-term impact.
insights INSIGHT
Dimon Warns Europe Is Losing
Jamie Dimon warns the EU is losing competitiveness to the US and China due to sluggish growth and internal market inefficiencies.
He suggests building a more effective internal market is crucial to reversing Europe's economic decline.
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On today's podcast:
(1) President Donald Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries, ramping up his trade rhetoric in comments that weighed on stocks and boosted the US dollar.
(2) Markets are complacent on tariffs planned by US President Donald Trump, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has warned.
(3) Keir Starmer sealed a “one in, one out” migrant returns trial with French President Emmanuel Macron that highlighted the limits for now of the UK Prime Minister’s efforts to reset relations with European nations five years after Brexit.
(4) Since arriving at Santander in 2016, Javier Garcia-Carranza has pushed through sweeping change: ousting managers, slashing costs and overhauling traditional ways of working to become one of Chair Ana Botin's closest allies.
(5) French Prime Minister Francois Bayrou called on the European Central Bank to do more to support the economy as his government struggles to contain its budget deficit and address slowing growth.
(6) President Donald Trump said he plans to make a “major statement” on Russia, as the US prepares to send more American weapons to Ukraine via purchases from NATO allies.
(7) Ukrainian President Volodymyr Zelenskiy said a meeting with US and European allies in Rome stoked optimism that Donald Trump’s administration will ramp up military aid to the war-battered country, including air defense.
Bloomberg Daybreak: Europe Edition