The UK market has opened higher this morning despite the looming threat of an all-out trade war between the US and China over Donald Trump’s tariffs.
London’s FTSE 100 has risen in the first few minutes of trading on Tuesday, as a sense of optimism returned to the financial markets after several days of heavy losses.
Trump has threatened China with an extra 50% tariff on goods imported into the America if Beijing does not withdraw its plans to retaliate.
But China’s Commerce Ministry said any further levies would trigger ‘countermeasures’ as it accused the Trump administration of blackmail and added China would ‘fight to the end’.
Live updates below
Poll: UK backs retaliatory tariffs against Trump
A new poll suggests voters are against Sir Keir Starmer’s plan to fight the 10 per cent tariff levied on UK exports to the US.
More than half of those polled by More in Common back retaliatory tariffs on US goods entering Britain.
It comes as the government insists the UK will keep a ‘cool head’ with no ‘knee-jerk response’ while pointing out ‘nothing is off the table’.
UK businesses have just over three weeks to give their views on possible retaliatory action before a consultation closes on May 1.
Health Secretary – NHS not for sale in any US-UK trade deal
The Health Secretary also insisted the NHS is not for any sale in any possible UK-US trade deal.
The Prime Minister said intense discussions had taken place between the two countries amid hopes an an agreement could soften the blow caused by tariff increases.
Speaking to BBC Breakfast, Mr Streeting said any sale of patient data was off the table but anyone who wants to use it for research purposes should pay for access.
The NHS is not for sale and our patients’ data is not for sale.
At the heart of that health beta research service are the values and the principles that underpin our National Health Service, which is our data should be… publicly owned, it belongs to all of us. That data should only be shared for research purposes with our consent.
Health Secretary warns of ‘challenge’ facing medicines
US tariffs provide ‘another layer of challenge’ for ensuring the supply of medicines, the Health Secretary warned this morning.
Wes Streeting told Sky News:
Until this trade war erupted, we’d already had issues with medicines production and supply internationally.
We are constantly watching and acting on this situation to try and get medicines into the country, to make sure we’ve got availability, to show some flexibility in terms of how medicines are dispensed, to deal with shortages.
But whether it’s medicines, whether it’s parts for manufacturing, whether it’s … the ability of businesses in this country to turn a profit, this is an extremely turbulent situation.
The steps the US has taken are ‘unprecedented in terms of global trade’, he said.
Watch: Starmer calls for calm after stock markets tumble
Here’s footage of Keir Starmer speaking yesterday as the Prime Minister called for calm and insisted the UK would remain ‘cool headed’ in its response to Donald Trump’s tariffs.
Stocks stage cautious recovery on hopes Trump will negotiate tariffs
by Mike Sheen
Global stocks rallied on Tuesday morning after another tariff-induced slump in the previous session, as cautious investors sought evidence the US may be willing to negotiate.
Optimism is being driven by news US Treasury Secretary Scott Bessent will lead trade negotiations with Tokyo, helping Japan’s Nikkei index to outperform peers in early trading.
But market sentiment remains frail, with the so-called ‘fear index’ – the Vix – spiking over the 60 mark overnight for only the second time since the pandemic.
Chinese official haves responded to additional 50 per cent levies announced last night by warning the world’s second largest economy would ‘fight to the end’ if the US insists on waging a trade and tariff war.
Read more here:
UK and Singapore to strengthen relations amid US tariffs
Keir Starmer spoke about the impact of US tariffs with his Singaporean counterpart in a phone call on Monday.
Giving a readout of the Prime Minister’s call with Lawrence Wong, a Downing Street spokesperson said:
The Prime Minister spoke to the Prime Minister of Singapore Lawrence Wong today. The leaders began by discussing the tariffs announced by the US last week and the impact on the global economy. They both agreed that there can be no winners in a trade war.
Free and open trade is fundamental, and the leaders agreed to strengthen collaboration between the UK and Singapore through bilateral agreements including the UK-Singapore Strategic Partnership, with ASEAN and through trading blocs such as the Comprehensive and Progressive Trans-Pacific Partnership.
The leaders are said to have committed to ‘further collaboration’ on technology, security and defence in the 60th year of bilateral relations between the UK and Singapore.
Stock markets rebound across Europe
European stock markets have slightly rebounded at the start of trading today.
It comes after similar recoveries for Asian equities that followed huge losses triggered by US President Donald Trump’s tariffs.
London’s benchmark FTSE 100 index won 1.3 percent, the Paris CAC 40 advanced 1.4 percent and Frankfurt’s DAX won 0.9 percent.
However, analysts have warned there could be further turmoil to come amid a looming trade war between China and the US.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said:
This should hardly be seen as the end of the trouble, especially with President Trump showing no signs of easing his stance on perceived trade imbalances, having doubled down on China.
Are China and US heading for a trade war? What happened yesterday
Donald Trump threatened to impose an additional 50% tariff on Chinese goods from Wednesday unless China withdrew the 34% retaliatory tariff announced by Beijing last week.
The US President had already imposed a 20% tariff on China before it was increased by a further 34% on his so-called Liberation Day last Wednesday – meaning the total tariff could reach 104%.
But China’s Commerce Ministry said it would respond with extra “countermeasures” targeting American goods if Trump followed through on his threat.
Accusing the Trump administration of blackmail, it said in a written statement that “if the US insists on this way, China will fight it to the end’.
Asian markets bounce after Monday’s slump
Some stock markets across Asia and the Pacific made gains this morning when trading opened following a dramatic slump yesterday.
However, they were still down in mainland China, Taiwan, and Singapore.
Let’s take a look at how Asia-Pacific major stock markets opened this morning:
Shanghai Composite (China) -0.2%
Nikkei 225 (Japan) +6.6%
Hang Seng (Hong Kong) +1.7%
Kospi (South Korea) +1.5%
ASX 200 (Australia) +1.5%
STI (Singapore) -2.2%
TWI (Taiwan) -3.8%
UK markets open as Trump’s tariff continue to cause turmoil
Good morning and welcome to MailOnline’s live coverage as Donald Trump’s tariff continue to cause economic turmoil across the world.
London’s FTSE 100 has risen in the first few minutes of trading on Tuesday, as a sense of optimism returned to the financial markets after several days of heavy losses.
The index, which tracks the UK’s top 100 listed companies, was up more than 1% shortly after markets opened on Tuesday.
All other indexes on the London Stock Exchange were also in the green.
It follows a more positive session for Asian markets, with some indexes making gains after suffering from steep falls in previous days.
Stick with us as we bring you the latest updates throughout the day
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