Rolling economic and financial news, including new UK unemployment figures and the latest trade war action
- Introduction: Trump threatens China again
- Fears more tariffs could cause a recession
- Coming up: UK unemployment report
Donald Trump taste for trade conflict could even extend to French wine.
“You know, France charges us a lot for the wine and yet we charge them little for French wine,” Trump said.
The president claimed that winemakers in California complained to him that French wine can be imported at little cost, but that they have to pay high duties to export their products into France.
Donald Trump’s threat to impose tariffs on all Chinese goods is worrying US businesses.
Gary Shapiro from the Consumer Technology Association fears they could drive the US economy into a “Trump recession”.
“They are taxes, they hurt consumers, they hurt American companies.”
More China tariffs could push the US into a ‘Trump recession,’ CEO says https://t.co/YBEWU5UHHN
The U.S. added 75,000 workers to nonfarm payrolls in May for a total of 151.1 million jobs. Results for prior two months were revised lower by a net of 75,000 https://t.co/6H24rv4E6Y pic.twitter.com/cYP5cfsIcn
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
“The China deal is going to work out. You know why? Because of tariffs.
Right now, China is getting absolutely decimated by companies that are leaving China, going to other countries, including our own, because they don’t want to pay the tariffs.”
President Trump saying he would expand the tariffs list against China (an estimated $300 billion more) if President Xi doesn’t show up at the G20 meeting can be taken as a ‘show up or else’ diplomatic demand. China has not historically responded well to such ultimatums
Having seen manufacturing activity fall sharply in April there is a concern that wage growth could start to go the same way as the economy slows.
Having come in at 3.3% for the last three months there is a sense we could start to slip back, with expectations of a softening to 3.1%, for the three months to April. The unemployment rate is expected to remain unchanged at 3.8%.