Trade tensions in era of Trump tariffs create serious potential risk to global growth, warns Sir Mark Tucker Globalisation “may have now run its course” in its current form, according to the chair of HSBC, as geopolitical tensions and US tariffs threaten to upend existing global trade. Speaking at the bank’s global investment summit in Hong Kong on Tuesday, Sir Mark Tucker warned that trade tensions created uncertainty that posed a “serious potential risk to global growth”, in remarks reported by the Financial Times. He predicted stronger economic ties would develop between regional groups and ..read more

Labour MP and Lib Dem leader express concern social media companies could be let off hook just as benefits are cut Keir Starmer has been warned against “appeasing” Donald Trump as he considers reducing a major tax for US tech companies while cutting disability benefits and public sector jobs. His chancellor, Rachel Reeves, confirmed on Sunday that there were “ongoing” discussions about the UK’s £1bn-a-year digital services tax that affects companies from Meta to Amazon ..read more

In Germany, tariff-hit car factories are being repurposed for defence. In Britain, American academics are queueing up for jobs. The west will be different as a result of Trump – but will it be worse? The German ­electronics firm Hensoldt has a backlog of orders for its technology, ­including radars that protect Ukraine from Russian airstrikes. Meanwhile, Germany’s car industry is struggling with low European demand and competition from China. As Europe worries about how it can weather the economic and ­political turmoil unleashed by Donald Trump, executives from Munich and Düsseldorf say they ..read more

Congressman says ‘unwavering’ support remains for Aukus from US Congress, administration and navy Get our breaking news email, free app or daily news podcast Democratic congressman Joe Courtney believes Donald Trump may “back off” from some of his sweeping tariffs, saying several US industries are among those barracking against them to the president. Courtney, an outspoken advocate of Aukus in the US Congress, called the first round of 25% tariffs on steel and aluminium imports “madness”. Sign up for Guardian Australia’s breaking news email ..read more

Report co-authored by Irish government also finds tariffs could cause job losses and relocation of US multinationals Business live – latest updates A trade war between the US and the EU could cost Ireland more than €18bn (£15bn), trigger waves of job losses and cause US multinationals to relocate, according to a report co-authored by the Irish government. Ireland’s GDP could shrink by 3.7% over the next five to seven years under the worst-case scenario, in which Donald Trump imposed 25% tariffs on all exports on the EU and the EU retaliated with counter-tariffs, the study carried by the Econ ..read more

Tata and British Steel tell MPs their customers are seeking alternative suppliers or asking for compensation The UK’s two biggest steel companies have said they have already lost customers in the US and are bracing for a flood of cheap imports after Donald Trump imposed steep metals tariffs. The bosses of Tata Steel and British Steel on Tuesday told MPs on the Commons business and trade committee that customers were looking for alternative suppliers of products to avoid 25% tariffs on steel and aluminium that came into force last week ..read more

Warning lights are flashing on a dashboard of economic indicators as analysts grow alarmed about a ‘Trumpcession’ Prospects for the US economy have cooled significantly in a matter of months. After outperforming its international peers last year, warning lights are flashing on a dashboard of economic indicators as analysts warn that Donald Trump’s erratic approach is hitting the world’s largest economy. Fears of a US recession this year are growing, in what is being called a “Trumpcession”, amid a sharp decline in business and consumer confidence as the president threatens punitive import tari ..read more

Canadian PM stresses importance of ‘reliable allies’ in Paris before travelling to London where he was received by king Canada is the “most European of the non-European countries”, Mark Carney has said during his first overseas trip as prime minister to France and the UK, where he is seeking stronger alliances to deal with Donald Trump’s attacks on his country’s sovereignty and economy. Without mentioning the US president by name, Carney and the French president, Emmanuel Macron, made a joint appearance in Paris to show a united stance against what they said were economic and geopolitical cris ..read more

Economic organisation downgrades forecasts for growth in UK as well as US, Canada and Mexico due to tariffs Business live – latest updates Donald Trump’s trade wars are splintering the global economy and unpicking progress made to reboot growth and tackle inflation, the Organisation for Economic Co-operation and Development (OECD) has said. In its latest update on the health of the world economy, the leading Paris-based institution downgraded the prospects for global growth this year and next, including a sharp hit to activity in the US, Canada and Mexico ..read more

Voters reflect on their priorities and mood shifts in their communities before a crucial contest When the Canadian prime minister, Justin Trudeau, resigned in early January, after months of pressure to quit, the approval ratings of the progressive firebrand had dropped from their peak of 65% in September 2016 to 22%. At the end of last year, the Conservative leader, Pierre Poilievre, described by many as “Trump Lite”, was the clear favourite to win Canada’s next general election, and the top pick of 45% of Canadians for prime minister. At the time, the three biggest issues for voters were all ..read more