Trump’s new global tariffs kick in at 10% – business live

Rolling coverage of the latest economic and financial newsWilliam Bain, head of trade policy at the British Chambers of Commerce, warns that while the 10% tariff is not as bad as threats of a 15% rate, the changing policies are making it harder for businesses to plan ahead.He says:It is far from clear what will happen next, and whether a higher tariff rate is still on the way. Despite the immediate reprieve, there is fresh uncertainty for UK firms exporting goods to the US.This makes it very difficult for firms to understand the prices and margins they will be able to secure for their goods, currently under production, for export in several months’ time. Inevitably this will have an impact on their sales and hit the economy.While the supreme court did not address the issue of refunds, FedEx has taken necessary action to protect the company’s rights as an importer of record to seek duty refunds from US Customs and Border Protection. Continue reading...