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High Drama and Big Impact: Trump’s Bold Tariff Plans and What to Expect

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
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UK Economic Growth Revised Down, Impacting Starmer's Agenda

The UK's economic growth for the second quarter of 2024 has been revised down to 0.5%, from an initial estimate of 0.6%, according to the Office for National Statistics. This suggests that the economic recovery is losing momentum as Labour, under Prime Minister Keir Starmer, took power. The downgrade follows 0.7% growth in the first quarter, with no revision expected by economists.

This revision is a setback for Starmer, who has promised to boost growth to 2.5%, far higher than the current levels and what forecasters predict in the near future. Further slowing is evident, with July output flatlining for the third time in four months, raising concerns about the economic outlook.

Chancellor Rachel Reeves is expected to announce tax rises and spending cuts in her October 30 budget, aiming to address a budget deficit inherited from the previous government. Surveys suggest the UK economy could slow to a quarterly growth rate of 0.3%.

While real disposable income per head rose 1% in the second quarter due to wages outpacing inflation, the saving ratio increased to 10%, indicating that consumers remain cautious about spending.

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