Trump tariffs: president signs order on metal imports – as it happened
All the day's economic and financial news, as Trump presses on with tariffs despite criticism and fears of a trade war
11.50pm GMT
And finally, the Guardian points out that Donald Trump shouldn't be solely blamed for the problems in global trade.
In an ideal world, trade would be governed by the doctrines of Adam Smith and David Ricardo. International specialisation and comparative advantage would lead to more efficient production, stronger growth and higher living standards. Countries would unilaterally tear down the barriers to trade.
But this is not the way the world actually works. Trade is managed rather than free. Politicians - Mr Trump excepted - talk the language of Smith and Ricardo but act like Alexander Hamilton, whose life has found fame in the hit musical today but is also the original 18th-century architect of US protectionism. Not everybody gains from trade, and some gain a lot more than others. So if there is a trade war Mr Trump will be not the only one to blame. Those who trumpeted the benefits of globalisation said the benefits would be fairly shared. They have not been. They said there would be help for those who lost well-paying jobs. It never arrived.
Related: The Guardian view on Trump's tariffs: more smoke than fire | Editorial
11.29pm GMT
Liam Fox, Britain's secretary of state for trade, has also criticised Donald Trump's steel tariffs.
Speaking on the BBC's Question Time current affairs programme, Fox says the US is approaching the problems in the steel industry in the wrong way, by claiming it is a national security issue.
It is doubly absurd that we should be caught in an investigation in national security.
"The way that the United States is going about this is wrong"@LiamFox says it makes no sense for President Trump to impose heavy tariffs on steel and aluminium #bbcqt pic.twitter.com/22wu9OtiFR
11.24pm GMT
Here's our US business editor Dominic Rushe on the tariffs news:
Donald Trump pushed forward with plans to impose tariffs on steel and aluminium imports on Thursday, arguing the levies were necessary for national security and to stop the "assault on our country".
Flanked by steel and aluminium workers and key staff, Trump said he had to act to stop the "decimation of entire communities" and insisted there would be a very fair process as the administration used the next 15 days to negotiate exemptions with allies. Canada and Mexico will be exempted.
Related: Donald Trump signs order for metals tariff plan, prompting fears of trade war
11.20pm GMT
The first market reaction to the tariff announcement has come in Australia where the ASX200 benchmark is up 0.13%, or 8 points, to 5,946 in the first few minutes of trading.
Australia is one of the countries hoping to be granted an exemption from the levies, although US steel imports from the land down under accounts for only 1% of the total and are worth around US$200m.
Trading in the Asia Pacific region today will likely range from quiet to listless. Despite the announcement of new tariff protection for US industry the real intent of the sanctions, and their impact, is not clear. Markets will await further details and important data due tonight.
11.11pm GMT
European Aluminium, a trade body, fear that Europe will suffer from these tariffs, even if European exports into America are ultimately excluded.
That's because more excess capacity could be dumped on Europe's r side of the Atlantic.
"The US measures hit us where it hurts most. The European aluminium value chain is already under enormous pressure due to unsustainable Chinese overcapacities. The imposed tariff and influx of additional non-European aluminium could have severe economic consequences for SME's in countries such as Germany, Italy, France, Spain, Sweden and Central and East European countries."
"Unilateral measures such as the US tariffs will not effectively address Chinese overcapacities. This global challenge can only be managed effectively through a global and long-term solution based on multilateral rules and common enforcement like a Global Aluminium Forum within G20,"
10.52pm GMT
I neglected to mention earlier, sorry, but Wall Street ended the day higher after Donald Trump's announcement.
10.51pm GMT
These tariffs create a new test for Britain's fabled Special Relationship. If Mexico and Canada can get a free pass, surely the UK deserves one too?
The Unite union is pushing Theresa May to act fast to protect jobs.
"While Mexico and Canada have secured exemptions it appears the UK has not. Steel workers and manufacturing communities who have battled to save the British steel industry over recent years will be looking to prime minister Theresa May to vigorously fight their corner and ensure job destroying tariffs are not slapped on UK steel in the coming weeks. Anything less would be a betrayal to steel workers and their families and deprive US manufacturers of specialist UK steel.
10.42pm GMT
France's finance minister, Bruno Le Maire, says Europe will agree an 'appropriate response' to these tariffs.
Yesterday, the EC singled out US peanut butter, orange juice and bourbon as likely candidates for retaliatory tariffs....
France regrets announcements of @realDonaldTrump on steel & aluminum tariffs.
There are only losers in a trade war.
With our EU partners, we will assess consequences on our industries and agree appropriate response.
10.25pm GMT
The proclamation on steel and aluminium tariffs makes the front page of Friday's Financial Times.
They focus on the last-minute softening of the move, to exempt Mexico and Canada.
Donald Trump formally adopted new tariffs on steel and aluminium imports on Thursday while allowing US allies to apply for exemptions, a sign of growing concern in Washington that the president was alienating America's closest international partners.
FT: Trump offers exemptions on steel tariffs to 'real friends' @tomorrowspaperstoday pic.twitter.com/ZPq0Gisv2q
10.18pm GMT
US commerce secretary Wilbur Ross has told CNBC that America needs to impose broad tariffs, to prevent China circumventing them.
Ross claimed:
"China has been very clever at transshipping products through other countries and dislodging domestic demand in other countries, which causes their producers to dump on us."
"So the reason we have to go on a broader basis is to deal with the problems of transshipment and the problems of displacement."
ON NOW: U.S. Commerce Secretary Wilbur Ross pic.twitter.com/Nnhcoa0pAf
10.07pm GMT
Senator John McCain has also criticised the tariffs, saying they will cost jobs, hurt the economy and damage relations with America's allies.
McCain also disputes the 'national security' justification, saying it isn't backed up by evidence.
According to the Department of Defense, U.S. military requirements for steel and aluminum each represent only about three percent of U.S. production. The Department of Defense assesses that its programs are able to acquire all the steel and aluminum necessary to meet national defense requirements.
In fact, by potentially triggering significant increases in the price of steel and aluminum, President Trump's new tariffs could harm our national defense by raising the cost of production for critical military systems needed to sustain the United States' comparative military advantage against our adversaries, from ships, to armored vehicles, to fighter aircraft.
President Trump's decision to impose steep tariffs on steel & aluminum imports will not protect America. They will harm the American economy, hurt American workers & damage relations with America's allies & partners. https://t.co/ywBjMX9jKT
9.52pm GMT
There is some relief that Donald Trump has softened his stance on tariffs, by giving Canada and Mexico a free pass.
This could calm worries of a full-blown trade war breaking out.
Trump confirms tariffs of 10% on al, 25% on steel w Can & Mex excluded (pending NAFTA renegotiation) & scope for other allies to apply for exclusions. Lessens risk of global trade war.Another case of Trumps bark worse than his bite..but still more to go on this issue, eg China IP
9.46pm GMT
Top Republican Paul Ryan, the speaker of the House of Representatives, has criticised the decision to impose tariffs on US imports of steel and aluminum.
There are unquestionably bad trade practices by nations like China, but the better approach is targeted enforcement of those bad practices. Our economy and our national security are strengthened by fostering free trade with our allies. pic.twitter.com/Ne0S4glcCx
9.40pm GMT
Donald Trump has given his strongest hint yet that Australia will be exempt from the US tariffs on steel and aluminium imports, but did not outline any details.
During the formal announcement of the tariffs, he made strong hints that Australia would be given special consideration.
"We're are going to be very fair, we're going to be very flexible, but we're going to protect the American worker," he said, adding:
"We're negotiating with Mexico, we're negotiating with Canada. We have a very close relationship with Australia. We have a trade surplus with Australia. Great country, long-term partner. We'll be doing something with them. We'll be doing something with some other countries."
9.34pm GMT
In the UK, union leaders are pushing the British government to ask for an exemptions to these tariffs.
Gareth Stace, UK Steel Director, says:
It is of course promising to note that flexibility may be provided by the US administration to grant national exemptions on national security grounds and it is vital that the EU and UK authorities now do all they can to deliver this.
We must ensure our market is not now destabilised by millions of tonnes of steel diverted away from the US to the EU. We trust and hope that the UK Government will support such measures in due course."
9.30pm GMT
Now for the backlash!
Republican Senator Jeff Flake of Arizona has announced he will introduce a law to undo these tariffs.
US Republican Senator Jeff Flake said on Thursday he would introduce a law to nullify President Donald Trump's aluminum and steel tariffs, which Trump finalized in a proclamation earlier in the day.
The Republican chairman of the Senate Finance Committee, Orrin Hatch, also criticized the tariffs but said he would work with the White House to "mitigate the damage."
9.25pm GMT
President Trump has one last message for Beijing, as he leaves the room.
He says America will hopefully have a great relationship with China, but something has to be done about the trade deficit.
9.16pm GMT
Trump then does the official signing...
9.15pm GMT
Oops!
There's a moment of levity, as the president of a local steel union, Scott Sarge, thanks president Trump for implementing these tariffs.
"I thank you for the opportunity for what you are doing," president of local steelworker union tells Pres. Trump.
"Your father, Herman, he's looking down and he's very proud of you right now," Pres. Trump replies.
"Oh, he's still alive." https://t.co/0imZ0NeDGE pic.twitter.com/dKWjXpiGsy
9.05pm GMT
We're now hearing from the US steel workers who are attending today's proclamations.
Dustin Stephens from Kentucky explains that his factory is only running at 40% capacity. He's confident that they can move back to full capacity.
Dustin Stevens, Superintendent at Century Aluminum Potline: "This gives us ability go back to 100 percent capacity" and bring back jobs.
9.00pm GMT
Some of the countries who treat America the worst on trade and military relationships like to say they are our allies, Trump says - a remark that might worry Europrean politicians.
8.59pm GMT
President Trump cites this tweet from technology entrepreneur Elon Musk, showing how China currently has higher tariffs than America:
For example, an American car going to China pays 25% import duty, but a Chinese car coming to the US only pays 2.5%, a tenfold difference
8.55pm GMT
Importantly, President Trump says he is open to modifying or removing the tariffs, as long as countries can prove that they don't threaten America's national security.
8.50pm GMT
Donald Trump says he is delivering on one of his most important campaign pledges.
Previous politicians have let people down, he says, by not protecting the US steel and aluminum industry. Factories were "left to rot and to rust", communities turned into ghost towns.
8.48pm GMT
Trump says that his tariffs are already having an effect.
He points out that US Steel yesterday announced it will reopen a steel furnace at its site at Granite City, Illinois.
8.45pm GMT
It's official. Donald Trump confirms that the US is taking action to correct the "travesty" of unfair steel and aluminum dumping on the American market.
He is, as expected, imposing a 25% tariff on steel imports, and 10% on aluminum.
'Buy American' says President Trump as he announces 25% tariffs on foreign steel #TradeWars
8.41pm GMT
Donald Trump has arrived. He pays tribute to the steel workers, saying they are the backbone of the US...and one of the reasons he's here in the White House.
Steel is steel, he continued. If you don't have steel, you don't have a country.
8.39pm GMT
A group is assembling in the White House, ready for the proclamation to be signed.
Treasury secretary Stephen Mnuchin and Commerce secretary Wilbur Ross are there, along with a group of US steel workers.
8.37pm GMT
A government official has confirmed to Reuters that Donald Trump's import tariffs on steel and aluminum will start in 15 days with initial exemptions for Canada and Mexico and the possibility of alternatives for other nations
8.26pm GMT
The Mexican stock market has jumped by almost 1% - on relief that Mexico will get an 'indefinite exemption' from the steel and aluminum tariffs (according to AP).
Canada's market is also rising, up 0.5%.
8.22pm GMT
UK MP Stephen Kinnock, whose constituency in South Wales includes Britain's Port Talbot steel works, argues that Donald Trump's tweets will hurt America's economy (and the UK).
The 2002 tariffs (smaller than Trump ones) cost America 200,000 jobs - more jobs lost in first 8 months in connected industries than there were jobs in US steel ind as a whole. These new tariffs be bad for UK steel ind, but even worse for American jobs. Self defeating stupidity https://t.co/qJ8qRNq5cc
8.18pm GMT
The US stock market is also pushing higher.
The Dow is up 73 points, or 0.3%, at 24,875, having fallen into the red earlier today.
8.11pm GMT
The Canadian dollar has jumped against the US dollar, shrugging off its earlier losses.
Traders are welcoming AP's report that Canada will be exempt from the tariffs.
8.00pm GMT
AP are also reporting that other countries can make their case to be spared these tariffs.
BREAKING: AP sources: All countries invited to negotiate exclusions from new US tariffs on steel, aluminum imports.
7.55pm GMT
Newsflash: Associated Press are reporting that Canada and Mexico have got an indefinite exemption on the new tariffs.
For other countries, they'll start in 15 days, apparently.
BREAKING: AP sources: Trump tariffs on steel, aluminum to take effect in 15 days; Mexico and Canada exempted indefinitely.
7.41pm GMT
At the today's cabinet meeting, Donald Trump told reporters that his steel and aluminum tariffs would be flexible.
The president explaines:
"I'm sticking with 10 and 25 (percent) initially. I'll have a right to go up or down, depending on the country, and I'll have a right to drop out countries or add countries."
7.35pm GMT
The president has tweeted some photos from his cabinet meeting:
Great meeting with @Cabinet at the @WhiteHouse today! #MAGA pic.twitter.com/InWj0QTosz
Happy #InternationalWomensDay
"First Lady Melania Trump to Present the 2018 International Women of Courage Award" https://t.co/EwYtFXGvn2
6.36pm GMT
It's on!
The White House has updated President Trump's daily schedule, adding that he "will sign the Section 232 Proclamations on Steel and Aluminum Imports at 3:30PM ET".
It's happening people. pic.twitter.com/aBJ1cQu70H
6.02pm GMT
Anticipation is building as we wait to see exactly what Donald Trump does in two and a half-hours time.
Despite the criticism, the president is expected to press on and announce new tariffs on steel and aluminum. metals imports. But he's already hinted that 'friends' will get special treatment.
Donald Trump on Thursday looked set to push forward with plans to impose tariffs on steel and aluminium imports, a plan that threatens to undermine decades of detente in international trade.
The president will meet metal industry executives and workers at the White House on Thursday afternoon to discuss the controversial levies. Officials from China and Europe have threatened retaliation if Trump goes ahead with his plan.
Related: Trump pushes metal tariff plan, prompting fears for international trade
5.10pm GMT
The London stock market has closed higher, as investors cling to hopes that a trade war can be averted.
The FTSE 100 index of top shares ended 45 points higher at 7,203, up 0.6%.
3.48pm GMT
Mario Draghi's trenchant criticism of unilateral trade actions has caused a stir.
Paul Hannon of the Wall Street Journal says it was a remarkable blunt comment from a central banker:
Not sure I've previously heard someone in Draghi's position give an unprompted critique of US regulatory policy. The upcoming G-20 fin mins meeting in BA may be very interesting indeed if the gloves are off all around.
"How very European. Mario Draghi's retort to Donald Trump's swaggering trade war rhetoric was a rhetorical question - if you slap tariffs on your friends, who are your enemies?
"The short answer, of course, is everyone. And the ECB chief was keen to stress that starting a trade war is a zero sum game. With no winners, only losers.
"If you put tariffs against your allies, one wonders who the enemies are" - Draghi is the grown-up in the room.
Suggests the whole thing could hurt the dollar too.
I kinda like this. None of the usual airy fairy 'oh well it's their business, I couldn't possibly express an opinion' https://t.co/soJEOuJnYf
3.24pm GMT
Mario Draghi ducked the question on what makes a good ECB president. But he could have cited the ability to talk down your currency.
The ECB president successfully downplayed the ECB's decision to drop its pledge to boost its asset-purchase scheme if needed, calling it a 'backward looking' and 'unanimous' move.
#Draghi still got it... #ECB pic.twitter.com/n41thMKOdP
2.46pm GMT
And finally...
Q: Should we throw away the old economics books and come up with a new way of measuring inflation?
2.38pm GMT
In what looks like another pop at Donald Trump, Mario Draghi has also warned that financial deregulation could be a threat to the world economy.
Draghi sees two risks for the economy - both coming from the US:
1) protectionism
2) financial deregulation
Wonder if @realDonaldTrump will react. Waiting for tweets.
2.33pm GMT
Q: As it's International Women's Day, isn't it a shame that the ECB is appointing a man, Spain's Luis de Guindos, as its new vice-president?
ECB chief Mario Draghi confirms that the governing council approved de Guindos's appointment today, saying he'll be a "very, very good colleague".
So we've got to do some work here.
Often there are unconscious biases that play a role, and that's why its necessary to ensure a much more significant presence of women on the recruitment panels.
Mario Draghi on #IWD: "The gender balance ought to be improved and this ought to happen at all levels"' As far as the ECB is concerned "we also are working on improving our gender situation." He says there will be a press release on targets... it's not 2 percent thankfully.
2.22pm GMT
Asked about support for eurosceptic parties in Italy, Draghi says that the euro is irreversible.
2.21pm GMT
ECB president Draghi also criticises politicians around the world for not doing more to tackle inequality.
If there is one aspect where policies, all over the world, have been insufficient, it was to take care of distributional consequences of polices that were positive for growth but not necessarily for equity.
2.18pm GMT
Asked about last Sunday's Italian elections, Draghi warns "protracted instability" could undermine confidence, and thus growth.
2.16pm GMT
Q: Should you make your guidance more explicit, to prevent a market panic similar to the one in the US recently?
Draghi says last month's market turmoil was triggered by unexpectedly strong wage data - which made traders rethink the likely pace of US interest rate rises. We don't have such robust wage growth in the eurozone, so there's not the same risk.
2.12pm GMT
Q: What has changed in the last seven weeks to lead the ECB to drop its easing bias today?
Draghi points to the latest (small) growth upgrade, which confirmed the ECB's existing confidence.
2.06pm GMT
Q: After six years in the job, what do you think are the most important skills to be ECB president?
Easy question, Draghi smiles. "I let others judge".
2.04pm GMT
Asked about the Italian economy, Draghi says that fiscal consolidations is particularly important in countries which have high debts (such as Italy)
2.03pm GMT
Mario Draghi says there are three questions when assessing the impact of Trump's tariffs
2.00pm GMT
Asked about trade, Mario Draghi explains that Donald Trump's tariff plans are a concern, for two reasons.
Draghi says that the immediate spillover effects of the trade measures won't be that big. But that's not the problem.
Whatever convictions one has about trade.... we are convinced that disputes should be discussed and resolved in a multilateral framework.
Unilateral decisions are dangerous.
If you put tariffs against your allies, one wonders who the enemies are.
1.53pm GMT
Victory cannot be declared yet on inflation, says Draghi, in response to another question.
1.52pm GMT
Q: Are the Latvian authorities infringing central bank independence, through their investigation into Latvia's central bank chief Ilmars Rimsevics (who was detained under a bribery probe last month)?
Draghi says the ECB is sending a letter to the European Court of Justice about the issue.
1.47pm GMT
On to questions.
Q: Why has the ECB dropped its promise to expand its asset-purchase scheme if needed?
1.43pm GMT
Draghi ends his statement by calling for the implementation of structural reforms in euro area countries to be substantially stepped up.
He also calls for 'specific and decisive' action to complete Europe's banking union.
Draghi: Deepening Economic and Monetary Union remains a priority. The Governing Council urges specific and decisive steps to complete the banking union and the capital markets union.
1.41pm GMT
The ECB has revised down its forecast for inflation in 2019, from 1.5% to 1.4%.
It still expects inflation to be just 1.4% in 2018, rising to 1.7% in 2020.
#ECB: Expected #inflation lowered to 1.4% for 2019... #behindthecurve? pic.twitter.com/KD4kTOSWZ5
1.38pm GMT
Encouragingly, Mario Draghi says that eurozone growth will growth will expand by a somewhat faster pace than earlier expected.
The ECB staff have revised up their growth forecasts for 2018, but they remain unchanged for 2019 and 2002.
1.34pm GMT
European Central Bank president Mario Draghi has arrived for his press conference to explain today's monetary policy decisions.
1.09pm GMT
The European Central Bank is moving towards ending its stimulus programme altogether, in around a year's time, says Danielle Haralambous of the Economist Intelligence Unit:
Streamlined monetary policy announcement from the #ECB today, which has chopped out the sentence on the possibility of expanding QE programme if the outlook worsens (the dovish bias). Edging towards ending monthly asset purchases, which we think will happen by early 2019. pic.twitter.com/5utY0stbLn
Crisis language was originally there to suggest ECB had a hair trigger for further intervention - reassuring when EZ was flirting with deflation perhaps, but no longer needed.
Seems hawks are gaining momentum or at least doves wanted to give impression that they care...#ECB
ECB guidance is still incredibly dovish
A. Who actually thought QE would increase this year?!
B. Guidance on rates is still exactly the same
C. QE will run as long as needed to hit inflation goal
1.00pm GMT
This is the phrase which has vanished from the European Central Bank's monetary policy statement:
If the outlook becomes less favourable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, the Governing Council stands ready to increase the asset purchase programme (APP) in terms of size and/or duration.
12.58pm GMT
Mike Bird of the Wall Street Journal has highlighted how the ECB has changed its position:
Full change comparison in ECB monetary policy language pic.twitter.com/btH5wwBuiJ
12.57pm GMT
The euro has jumped against the US dollar, clawing back its early losses:
EUR Intraday: pic.twitter.com/di4U2he14N
12.53pm GMT
BREAKING: The European Central Bank has left interest rates across the eurozone unchanged, as expected.
That means the headline cost of borrowing stays at zero, a record low.
Regarding non-standard monetary policy measures, the Governing Council confirms that the net asset purchases, at the current monthly pace of a30 billion, are intended to run until the end of September 2018, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim.
12.48pm GMT
Breaking: It looks like Donald Trump will be signing the order to implement steel and aluminium tariffs later today:
Looking forward to 3:30 P.M. meeting today at the White House. We have to protect & build our Steel and Aluminum Industries while at the same time showing great flexibility and cooperation toward those that are real friends and treat us fairly on both trade and the military.
12.33pm GMT
Over in Westminster, the UK government's confidential Brexit impact assessment reports have been published (this is the report that leaked recently).
It outlines various scenarios for the UK's relationship with the EU and beyond after Brexit; worryingly, all scenarios shows an adverse effect on the UK economy, and damage to key industries.
From gvt confidential Brexit impact assessment - https://t.co/3d3eicURJ8 pic.twitter.com/VDWLlRaOIC
Chemicals - should be titled "why we want to stay in the EUropean Chemicals Agency"... pic.twitter.com/ReaRAjqjEB
Regional impact, as reported on Sky News last month - north East, West Midlands and Northern Ireland... pic.twitter.com/s7J5DvlP1c
11.58am GMT
If Jamie Dimon is right about Trump's tariffs creating a 'Pandora's box of problems', what might crawl out of it?
Salman Ahmed, chief investment strategist at Lombard Odier Investment Managers reckons there are two possible scenarios - one in which other countries let the US get away with, and one where they retaliate.
"So far, US economic policy under Trump has focused on growth-enhancing measures to decrease regulation and reduce taxes. This lurch towards populism is something we have seen before with promises of a border wall and Border Adjustment Tax - but which has never truly materialised despite the heavy rhetoric. The key is whether other countries take this as a one-off, crowd-pleasing move by Trump and do not participate to create a vicious cycle. Merkel's fourth term confirmation is a welcome development in this context, and China's stance will be equally important. If both of these key blocs do not over-react, there is a strong possibility that this ends with steel and aluminium. These are both insignificant when it comes to the state of the global economy, but still useful ammunition as an over-charged rhetoric."
"This scenario was last in play right after Trump's election in November 2016, when fears of a China-US trade war came into focus. At that time, the Trump administration did not follow up on its strong pre-election rhetoric and markets started focusing on his policy views around lower taxes and reduced regulations. However, with tariffs on steel and aluminium, we now have a concrete measure and the two worrying elements of this policy move are the domino effects of a tit-for-tat vicious cycle, coupled with negative signalling when it comes to US-China trade relations. What puts some additional weight to the probability of this scenario is the direct involvement of two trade hawks, Wilbur Ross and Peter Navarro, as the driving force behind this policy shift, which now seems to be offsetting the positives coming from the departure of Steve Bannon from the Trump administration."
11.47am GMT
Another front cover for Donald Trump's bathroom wall:
This week's cover. pic.twitter.com/sX7Bs4z7mZ
10.43am GMT
Here's our news story about the slump in profits at John Lewis:
Related: John Lewis cuts staff bonuses as profits dive 77%
Is the party over for @johnlewisretail & @waitrose ? Profits down whopping 77% as margins squeezed by higher costs and sales stagnant. Partner bonus of 5% lowest for over 60yrs
Strategy of absorbing higher costs at @johnlewisretail & @waitrose instead of passing on laudable (from consumer viewpoint) but backfired for profits and workers as sales barely rose
BREAKING: Shares in major British retailers slumped after John Lewis issued a profit warning https://t.co/MxvlrH91Fn pic.twitter.com/FVRTmWiThW
10.11am GMT
Bloomberg have helpfully created some video clips of Jamie Dimon discussing tariffs....
Exclusive: "We don't believe in these tariffs," JPMorgan's Jamie Dimon says of Trump's trade plan https://t.co/otlPc1JS85 pic.twitter.com/viFTSGSAIW
Exclusive: Gary Cohn's resignation from the White House is "terrible," JPMorgan's Jamie Dimon says https://t.co/otlPc1JS85 pic.twitter.com/41xIaTXBvV
10.00am GMT
Breaking: Jamie Dimon, the head of banking giant JP Morgan has criticised Donald Trump's plan to impose tariffs on steel and aluminium imports.
There are serious issues around trade. WTO needs to get its act together and get a little more ambitious about fixing some of these problems, but I think tariffs is the wrong way to go about it.
There may be more, there may be retaliations, it kinda opens up a whole Pandora's Box of additional problems....
9.53am GMT
Just in: Workers at UK retail chain John Lewis are getting their smallest bonus in decades, after profits slumped last year.
We expect trading to be volatile in 2018/19, with continuing economic uncertainty and no let up in competitive intensity. We therefore anticipate further pressure on profits.
9.40am GMT
It's a bad morning for Turkish assets, after Moody's slashed its credit rating last night.
Moody's cited the "loss of institutional strength" recently under President Erdogan, and the growing risk of an "external economic shock" due to Turkey's debts and current account deficit.
Goldman Sachs sees lira under pressure as #Turkey's current account deficit keeps widening. https://t.co/k6Cz9iMwzO pic.twitter.com/1meMU499Gk
Turkey 10 year yields hit highest this year. pic.twitter.com/B3fhBiI0lC
9.22am GMT
European stock markets are becalmed this morning, as traders wait for this afternoon's ECB meeting - and any fresh developments over trade.
In London the FTSE 100 is basically flat.
The company is paying dearly for the acquisitive growth that helped its shares climb 80% to peak at 700p just 12-months after its March 2013 IPO.
The problem is that the seemingly unbreakable UK housing market finds itself under increasing pressure with buyers deterred by economic uncertainty related to Brexit and the prospect of higher interest rates, letting investors hampered by both tax changes and rate hikes, clear slowing in house price growth and of course fierce competition from cheaper on-line selling alternatives.
9.10am GMT
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8.48am GMT
Shares rose on China's stock market, and beyond, as its strong export data cheered traders.
The CSI 300 index has closed 1% higher, while the Hong Kong Hang Seng index gained 1.5%.
8.08am GMT
China has also waded into the row over steel tariffs, warning that it will take a necessary response if America begins a trade war.
China's foreign minister Wang Yi said Beijing hopes to work in partnership with the US, and that a trade war would be a mistake.
Especially given today's globalisation, choosing a trade war is a mistaken prescription. The outcome will only be harmful.
"China would have to make a justified and necessary response.
Related: China promises 'necessary response' to US tariffs as trade war fears grow
8.01am GMT
Betty Wang, senior china economist at ANZ in Hong Kong, says China is benefitting from the strong global economy.
The broad-based recovery in China's major export markets could explain part of the reason why exports were still quite strong.
"Global demand remains robust and the economies of the U.S. and Europe are expanding, that's the biggest boost for Chinese exports.
"The risk of a trade war in which Trump increases tariffs for a broader scope of products seems to be rising."
7.53am GMT
China has spiced up the growing debate over trade wars by posting its biggest jump in exports in three years.
Chinese exports jumped by a blistering 44.5% in February, smashing forecasts of a 13% gain, and up from 11.1% in January. It's the biggest jump since early 2015.
Good #China v #Trump morning! China states trade wars are never a solution to problems after its exports skyrocket 44.5% YoY, biggest gain in three years... (ht @HaidiLun) pic.twitter.com/RXNLocNVHr
This morning's Chinese trade data are only likely to reinforce the US administration's perception of unfair trade as Chinese exports were seen to show a rise 44.5% in February, the best performance in over two years.
Rather than show that the global economy appears to be in fairly good health, they are likely to be used as further evidence by President Trump's trade hawks that his current policy is appropriate.
China trade: Exports surged 44.5% yoy. Imports slowed to 6.3% from revised 36.8% in Jan. Trade surplus = $33.7bn. Exports to US rose 46.1% with US-China trade surplus $20.96bn
RMB (=). Trade tensions to rise pic.twitter.com/F5sUar99ko
7.37am GMT
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
Today the focus will be on the European Central Bank rate decision and Mario Draghi's thoughts on the progress of the Euro area. Investors are eager to find out whether the head of the ECB is ready to start tweaking the bank's forward guidance and prepare market participants for the gradual unwinding of their QE program.
There's a debate between analysts on whether Draghi will want to introduce changes to his rhetoric today or instead hold off until early summer.
"There are potential carve-outs for Canada and Mexico based on national security, and possibly other countries as well".
Related: Trump tariffs: Canada and Mexico may be exempt from plan, White House says
Related: EU: We will retaliate to protection with tariffs on US imports
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