Expect significant new tariffs on Chinese imports and moderate levies on goods from other nations , as President-elect Donald Trump rolls out his protectionist agenda. However, with his preference for chaotic policymaking and sudden shifts , there’s uncertainty on how soon these import taxes will actually hit. Dubbed “ Tariff Man ,” Trump aims to use tariffs both strategically and tactically . He’s mentioned taxing all Chinese goods up to 60% and potentially setting 10%-20% tariffs on imports globally , but details on these plans remain vague . Key players within Trump’s team are divided: Robert Lighthizer , a staunch tariff advocate, sees permanent duties as crucial to balance US trade , while others, like billionaires John Paulson and Scott Bessent , view tariffs as temporary leverage. Trump’s previous administration had mixed feelings, especially on national security-related trade limits , which he sometimes dismissed, favoring an “open for business” approach. High-profile busin
UK mortgage approvals remained steady in June, signaling a stable housing market despite the highest interest rates in 16 years.
Key Takeaways:
Mortgage Approvals: The Bank of England (BOE) reported that 60,000 new mortgages were approved in June, similar to the 60,100 approvals in May. This marks the strongest level in 1½ years.
Lending on Properties: Total lending secured on properties rose to £2.7 billion (RM16.17 billion) from £1.2 billion the previous month.
Market Stability: The UK property market has shown resilience, picking up pace in recent months after a slight dip last year. This stability defies forecasts of a sharp drop in prices expected due to increased mortgage costs.
Interest Rates and Home Buyer Confidence: The BOE is considering when to lower interest rates, which could further boost confidence among home buyers.
Industry Insights: Nathan Emerson, CEO of Propertymark, noted that the housing market's momentum has sustained itself. He expressed optimism that a newly elected government with an ambitious housing agenda could further increase market confidence. Additionally, a potential rate cut by the BOE could provide a further boost.
Upcoming Data: Nationwide Building Society is set to release house price data later this week, with economists expecting a third consecutive month of price increases in July.
The steady mortgage approvals and rising property lending indicate a stabilizing UK housing market, offering positive signs for both home buyers and the broader economy.
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