Donald Trump requires UK to chop taxes on North Sea oilAmerican President Donald Trump enjoying golf at Turnberry Golf Membership, which he owns, in Scotland on Sunday. {Photograph}: Hugo Philpott/UPI/ShutterstockDonald Trump is within the UK, and by the appears to be like of it he has been speaking to somebody with an curiosity within the oil trade: he has stated the UK’s taxes on North Sea oil “make no sense”.The US president wrote on the social community he owns, Fact Social, that the UK ought to “incentivize the drillers” and that there was “A VAST FORTUNE TO BE MADE for the UK, and much decrease vitality prices for the individuals”.Trump made the feedback on a visit to a number of golf programs he owns, the place he met European Fee chief Ursula von der Leyen in addition to Keir Starmer. It’s the newest instance of the blending of his private monetary pursuits with official diplomacy.Trump has lengthy been supported by the US fossil gas trade, and he made “Drill, child, drill” considered one of his election mantras. But he has not normally been involved with different international locations’ oil manufacturing efforts – certainly, his commerce offers, together with this week’s with the EU – have targeted on getting buying and selling companions to purchase extra vitality merchandise from the US.The UK is planning to wind down North Sea oil manufacturing, as a result of it could battle with its obligation to attempt to attain web zero carbon emissions by 2050. The Conservative authorities imposed a “windfall tax” on the North Sea in 2022 after vitality costs soared within the wake of Russia’s invasion of Ukraine.The UK authorities has argued that growing drilling within the North Sea wouldn’t have an considerable impact on decreasing vitality costs, as a result of any oil and fuel could be bought into the worldwide market.Right here is Trump’s put up:A Donald Trump Fact Social put up studying: “North Sea Oil is a TREASURE CHEST for the UK. The taxes are so excessive, nevertheless, that it is senseless. They’ve primarily informed drillers and oil firms that, “we don’t need you.” Incentivize the drillers, FAST. A VAST FORTUNE TO BE MADE for the UK, and much decrease vitality prices for the individuals!” {Photograph}: Fact Social/@realDonaldTrumpShareKey eventsShow key occasions onlyPlease activate JavaScript to make use of this featureBoeing 737 MAX airplanes are proven on the meeting line throughout a media tour on the Boeing facility in Renton, Washington in 2024. {Photograph}: Jennifer Buchanan/APBoeing narrowed its losses within the second quarter of 2025 as America’s planemaking champion elevated the speed of manufacturing of its bestselling 737 Max.The Seattle-based firm reported a web lack of $612m between April and June, in contrast with a $1.4bn loss in the identical interval final yr.The producer is attempting to show itself round after years of disaster triggered by two deadly crashes of the 737 Max, adopted by the coronavirus pandemic and a mid-air door panel blow-out final yr that reignited controversy across the firm’s security report.The corporate is now producing 38 737 Max planes every month. Europe’s Airbus, Boeing’s bitter rival, is aiming to provide 75 of its A320 planes a month.Kelly Ortberg, Boeing’s chief govt, stated:
Our basic modifications to strengthen security and high quality are producing improved outcomes as we stabilise our operations and ship higher-quality airplanes, services and products to our clients.
As we glance to the second half of the yr, we stay targeted on restoring belief and making continued progress in our restoration whereas working in a dynamic world atmosphere.
Boeing booked 625 web orders of recent plane after cancellations and conversions.ShareTariffs will value Stellantis €1.5bn in 2025A Stellantis meeting employee walks between two 2021 Jeep Grand Cherokee L autos on the meeting line on the Detroit Meeting Advanced in Michigan in 2021. {Photograph}: Rebecca Prepare dinner/ReutersThe maker of the Fiat, Jeep and Vauxhall automotive manufacturers has stated that it expects a €1.5bn hit from tariffs this yr.Stellantis, the world’s fifth-largest carmaker by gross sales, combines operations in France, Italy and Detroit (in addition to a smaller operation within the UK producing vans), making it weak to modifications in commerce circumstances.It stated the 2025 web tariff influence could be roughly €1.5bn, of which solely €300m was incurred within the first half of the yr.The corporate is attempting to recuperate from a gross sales droop – notably within the US – that resulted within the ousting of former chief govt Carlos Tavares. He was changed by Antonio Filosa, an organization veteran. Filosa stated:
2025 is popping out to be a troublesome yr, but additionally considered one of gradual enchancment. Indicators of progress are evident when evaluating H1 2025 to H2 2024, within the type of improved volumes, Internet revenues, and adjusted working earnings, regardless of intensifying exterior headwinds.
Our new management workforce, whereas sensible concerning the challenges, will proceed making the robust choices wanted to re-establish worthwhile progress and considerably improved outcomes.
Stellantis’s shares fell by 1.9% on Tuesday.ShareConsumer items maker Procter & Gamble has reported that tariffs took a chew out of its revenue margins within the final quarter.P&G stories that its gross margin in April-June fell by 50 foundation factors in contrast with the identical quarter a yr in the past.It explains:
The lower was pushed by 150 foundation factors of unfavorable product combine, 70 foundation factors of product/bundle reinvestments, 40 foundation factors of upper commodity prices, 40 foundation factors of upper prices from tariffs and 40 foundation factors of different miscellaneous gadgets and rounding.
However this squeeze on income was partly offset by 240 foundation factors of productiveness financial savings, whereas greater costs added 50 foundation factors to revenue margins.P&G, whose manufacturers embrace Pantene, Head & Shoulders, Pampers, Ariel and Fairy, additionally reported that web gross sales have been flat during the last yr.ShareThink tank: Trump tariffs will increase the price of meals for AmericansGraeme WeardenAmericans have been warned that Donald Trump’s tariffs are more likely to result in greater meals costs within the outlets.New evaluation from the Tax Basis, a assume tank, reveals that it’ll not be potential for US retailers to change to home producers to interchange an imported product as soon as it incurs a better tariff.They cite bananas, which the US has “a restricted potential to provide” and “Brazilian espresso”, which US producers can not merely make.Tax Basis clarify:
In 2024, the US imported about $221 billion in meals merchandise, 74 p.c of which ($163 billion) confronted the Trump tariffs. Whereas these imports presently face tariff charges starting from 10 p.c to 30 p.c, they are going to exceed 30 p.c for some international locations if the reciprocal tariffs go into impact on August 1.
The highest 5 exporters of meals merchandise to the US, so as, are Mexico, Canada, the EU, Brazil, and China, accounting for 62 p.c of complete US meals imports.
ShareUpdated at 07.05 EDTDonald Trump’s name for decrease taxes on North Sea oil was based mostly on the concept that it could be a “treasure chest” for the UK. That’s strongly disputed in some quarters.There’s little doubt that there’s cash to be made for oil firms – though a lot lower than within the North Sea’s heyday – the concept that it could reduce vitality costs is questionable. Oil is a worldwide market, so it’s unlikely that the comparatively small quantities left within the North Sea would influence costs. Another choice could be to drive the oil to be saved within the UK at a cheaper price – however that will characterize almost unprecedented state management of the trade.James Alexander, chief govt of UK Sustainable Funding and Finance (UKSIF), a foyer group for inexperienced traders, stated:
Traders have repeatedly expressed their need to assist the UK’s clear vitality transition, supplied the suitable coverage framework and indicators are in place.
Increasing drilling can have no influence on vitality payments, as crude oil is purchased and bought at worldwide costs. It could additionally undermine the UK’s inexperienced credentials with traders, which dangers driving funding, progress and jobs out of our nation.
The concept that North Sea oil is an untapped ‘treasure’ is simply one other false fantasy informed about our closely depleted reserves.
ShareChinese vice premier He Lifeng arrives at Rosenbad, Sweden, forward of the second day of commerce talks between the US and China on Tuesday. {Photograph}: Fredrik Sandberg/TT/ReutersUS and Chinese language officers have arrived in Sweden for the second day of commerce talks in an effort to avert a return to large tariffs on Chinese language items on 12 August.Photos from Sweden present the Chinese language delegation led by vice premier He Lifeng arriving on Tuesday.ShareDonald Trump requires UK to chop taxes on North Sea oilAmerican President Donald Trump enjoying golf at Turnberry Golf Membership, which he owns, in Scotland on Sunday. {Photograph}: Hugo Philpott/UPI/ShutterstockDonald Trump is within the UK, and by the appears to be like of it he has been speaking to somebody with an curiosity within the oil trade: he has stated the UK’s taxes on North Sea oil “make no sense”.The US president wrote on the social community he owns, Fact Social, that the UK ought to “incentivize the drillers” and that there was “A VAST FORTUNE TO BE MADE for the UK, and much decrease vitality prices for the individuals”.Trump made the feedback on a visit to a number of golf programs he owns, the place he met European Fee chief Ursula von der Leyen in addition to Keir Starmer. It’s the newest instance of the blending of his private monetary pursuits with official diplomacy.Trump has lengthy been supported by the US fossil gas trade, and he made “Drill, child, drill” considered one of his election mantras. But he has not normally been involved with different international locations’ oil manufacturing efforts – certainly, his commerce offers, together with this week’s with the EU – have targeted on getting buying and selling companions to purchase extra vitality merchandise from the US.The UK is planning to wind down North Sea oil manufacturing, as a result of it could battle with its obligation to attempt to attain web zero carbon emissions by 2050. The Conservative authorities imposed a “windfall tax” on the North Sea in 2022 after vitality costs soared within the wake of Russia’s invasion of Ukraine.The UK authorities has argued that growing drilling within the North Sea wouldn’t have an considerable impact on decreasing vitality costs, as a result of any oil and fuel could be bought into the worldwide market.Right here is Trump’s put up:A Donald Trump Fact Social put up studying: “North Sea Oil is a TREASURE CHEST for the UK. The taxes are so excessive, nevertheless, that it is senseless. They’ve primarily informed drillers and oil firms that, “we don’t need you.” Incentivize the drillers, FAST. A VAST FORTUNE TO BE MADE for the UK, and much decrease vitality prices for the individuals!” {Photograph}: Fact Social/@realDonaldTrumpShareDutch healthcare expertise firm Philips has lowered its estimated influence from import tariffs after the US and EU agreed a deal to restrict tariffs on European items to fifteen%.The tariffs will nonetheless value the corporate between €150m (£130m) and €200m “after substantial mitigations” it stated – however that’s decrease than the €250m to €300m that it had estimated earlier than.Revenue margins within the third quarter will likely be decrease than final yr, because of the tariffs, Philips stated.That virtually sums up plenty of the response to the EU-US commerce deal: it’s higher than the choice, however not that a lot better.ShareThe variety of UK home purchases dropped in April after patrons raced to beat a stamp obligation will increase. That wobble now seems to be firmly within the rear-view mirror, nevertheless.The variety of mortgages permitted by British banks rose to 64,200 in June, based on the Financial institution of England. That was up from 63,300 in Could, and 60,900 in April. It additionally beat economists’ expectations of a studying of 63,000.The whole web borrowing of mortgage debt by people elevated by £3.1bn to £5.3bn in June, the Financial institution stated.Shoppers additionally borrowed extra, with web borrowing as much as £1.4bn, from £0.9bn within the earlier month, the Financial institution stated. Bank card borrowing drove the rise.ShareBarclays beats estimates with income up by 28percentKalyeena MakortoffBarclays chief govt CS Venkatakrishnan speaks throughout a Barclays convention in New York in 2024. {Photograph}: Brendan McDermid/ReutersBarclays has reported robust second quarter outcomes this morning, permitting its chief govt CS Venkatakrishnan to announce one other £1.4bn in returns for shareholders. That features a £1bn share buyback and an interim dividend value 3p per share.It got here as second quarter income rose 28% to £2.5bn, beating consensus estimates for £2.2bn, because of greater earnings from its funding financial institution, in addition to hedging investments that are making up for falling rates of interest. The takeover of Tesco Financial institution proved to be a double edged sword this quarter, contributing to greater earnings for its UK enterprise, in addition to a 22% rise in credit score impairment prices and 4% enhance in prices.Financial uncertainty within the US was additionally partly guilty for the rise in impairments to £469m – which is the cash that the banks must put apart to guard themselves and canopy present and future defaults. Its authorized and conduct prices ballooned, rising to £76m from £7m final yr, with a hefty chunk arising from a £42m FCA effective for historic failures in its anti-money laundering controls, as revelaed earlier this month. Barclays can also be within the midst of quite a few authorized battles, together with a category motion lawsuit within the US over claims that Barclays and its chairman Nigel Higgs defrauded and misled traders over Staley’s relationship with the kid intercourse offender Jeffrey Epstein. The Barclays CEO additionally sidestepped quite a few questions throughout the media name this morning, together with from the Guardian, which requested whether or not the financial institution was reviewing any of its banking relationships for publicity to Israeli forces in mild of the humanitarian disaster in Gaza, which Israeli human rights organisations are actually calling a genocide.The CEO didn’t reply the query however stated:
That is now coming upon two years. We’ve stated many instances that we really feel nice disappointment for the lack of life, the struggling that’s going down at an unlimited scale, daily. We want for it to finish, and we are going to do our greatest to supply consolation to those that are struggling.
Venkatakrishnan additionally declined to touch upon our report final week, that chancellor Rachel Reeves is contemplating utilizing laws to overrule the supreme court docket, as a way to assist defend lenders like Barclays from a £44bn compensation invoice over the automotive finance fee scandal. He stated:
We are going to take into account the choice of the Supreme Court docket when it comes out. We should always notice that we aren’t a celebration to that case, so I actually can’t touch upon it any additional presently.
ShareAnglian Water fined £62.8m over sewage leaksJoanna PartridgeAn Anglian Water crew attend a road sewer connection to residential property within the east of England. {Photograph}: Justin Kase z12z/AlamyAnglian Water has been ordered to pay £62.8m by the water regulator, Ofwat, over failures in managing its wastewater therapy works and community that meant it was unable to deal with sewage flows.The regulator discovered that the corporate, which provides water to 7 million clients throughout the east of England and Hartlepool, “didn’t function, preserve and improve its wastewater property adequately”, resulting in a breach of its authorized obligations.Anglian Water is considered one of six water firms – together with Thames Water, United Utilities and Yorkshire Water – which were banned from paying bonuses for the 2024-25 monetary yr to their chief executives and chief monetary officers.The Water (Particular Measures) Act 2025 introduced in by Labour prohibits performance-related funds to senior executives of water firms that repeatedly pollute English and Welsh waterways with sewage.You possibly can learn the total story right here:ShareLisa O’CarrollPharmaceutical exports from the EU to the US might be hit by 15% tariffs as quickly as Friday, based on the White Home.It printed a truth sheet summarising the cope with the EU that said pharma will likely be taxed on the base fee agreed in deal sealed at Donald Trump’s golf course in Scotland on Sunday.But it surely has brought about but extra confusion as a result of it comes lower than 24 hours after EU officers have been informed that pharma would stay duty-free till Trump’s “part 232” nationwide safety investigations into pharma and semiconductors concluded.As a part of President Trump’s technique to determine balanced commerce, EU exports to the US will likely be accountable for a tariff fee of 15%, together with on autos and auto components, prescription drugs, and semiconductors.Nevertheless, Trump had additionally stated earlier this month he was going to part in tariffs for pharma this week.The textual content additionally says that the EU has agreed to not introduce a tech tax. It stated:
America and the European Union intend to handle unjustified digital commerce boundaries. In that respect, the European Union confirms that it’ll not undertake or preserve community utilization charges. Moreover, the US and the European Union will preserve zero customs duties on digital transmissions.
ShareAstraZeneca chief govt Pascal Soriot reacts throughout a signing occasion in Washington for paperwork associated to a producing website funding in Virginia. {Photograph}: Ümit Bektaş/ReutersDrug firm AstraZeneca’s income jumped by 30% year-on-year within the second quarter of 2025 to $3.1bn (£2.3bn), as gross sales surged within the US.The most important UK-listed firm reported an 11% enhance in gross sales to $13.8bn, beating forecasts.AstraZeneca’s share value rose 1.9% on Tuesday morning, behind solely Video games Workshop on the FTSE 100.The robust gross sales include the pharmaceutical trade bracing for extra tariffs from Donald Trump’s US administration if, as anticipated, it finds that reliance on drug imports are a risk to nationwide safety.AstraZeneca has already pledged to extend spending within the US, together with final week’s announcement of a $50bn funding within the US to increase manufacturing within the state of Virginia.Pascal Soriot, AstraZeneca’s chief govt, stated:
Our robust momentum in income progress continued via the primary half of the yr and the supply from our broad and various pipeline has been glorious.
As we enter our subsequent part of progress, now we have pledged $50bn to proceed to develop within the US, which incorporates the biggest manufacturing funding in AstraZeneca’s historical past, set for Virginia. This landmark funding displays not solely America’s significance but additionally our confidence in our modern medicines to remodel world well being and energy AstraZeneca’s ambition to ship $80bn income by 2030.
ShareThe UK has not reached ‘peak Greggs’ – chief executiveRoisin Currie, Greggs’s chief govt, stated the UK had not reached “peak Greggs”. {Photograph}: GreggsGreggs’s chief govt has stated the UK has not reached “peak Greggs”, after the bakery chain reported a dip in income that it blamed on decrease demand – and the new climate.The corporate, famed for its sausage rolls (and varied different foodstuffs wrapped in pastry), stated the primary half of the yr was “impacted by difficult market footfall, extra climate disruption than in 2024, and phasing of value headwinds”.Roisin Currie informed reporters that buying and selling in July “has nonetheless been fairly tender” – however hit again on the suggestion that the chain’s growth had reached its peak, Reuters reported.The corporate – a member of the FTSE 100 – stated it had opened 87 new outlets within the first half of 2025 with 56 closures, and it stated it had “continued growth of footprint past conventional excessive road areas”.The bakery’s pre-tax income dropped from £74m within the first half of final yr to £64m this yr, regardless of a rise in complete gross sales to over £1bn.ShareUpdated at 03.40 EDTTrading is open on European inventory markets, and it’s trying pretty quiet within the first trades.The FTSE 100 has gained 0.1%. The highest risers are playing firm Entain – up 2.1% after it was boosted by rival BetMGM elevating its full-year steerage – and Warhammer figurine maker Video games Workshop, up 1.5% after saying income jumped 30%.The Euro Stoxx index of Europe’s largest firms rose 0.2% within the early trades, whereas France’s Cac 40 was up 0.1% and Germany’s Dax rose 0.4%.ShareUS-China talks extension ‘possible’ as Trump targets ‘world tariff’Good morning, and welcome to our dwell protection of enterprise, economics and monetary markets.After the US and EU introduced the define of a commerce deal that will restrict tariffs to fifteen%, it appears to be like like talks with China might be the following on the agenda, with an extension of a truce within the commerce conflict “possible”, based on a high official within the Trump administration.US Treasury chief Scott Bessent arrived yesterday in Sweden, alongside China’s vice premier He Lifeng, based on Reuters. Again within the US, Howard Lutnick, the commerce secretary informed Fox Information {that a} delay to a better tariff deadline was possible:
Is {that a} possible end result? Positive, plainly manner, however let’s go away it to President Trump to determine.
Donald Trump triggered monetary market chaos after slapping tariffs at 145% on China. Nevertheless, in Could he introduced a 90-day pause, decreasing tariffs to (a nonetheless vital) 30%. That left a deadline of 12 August for the talks, however it isUS commerce consultant Jamieson Greer informed the CNBC information channel he didn’t count on “some sort of monumental breakthrough in the present day” on the talks in Stockholm, though he flagged {that a} deal final month to hurry up uncommon earth steel imports from China to the US could be on the agenda. He stated:
What I count on is sustained monitoring and checking in on the implementation of our settlement up to now, ensuring that key important minerals are flowing between the events and setting the groundwork for enhanced commerce and balanced commerce going ahead.
It got here after the US and EU introduced a deal to restrict tariffs to fifteen%. The top of market uncertainty seemed to be welcomed at first by markets on Monday – just for the temper to bitter considerably later within the day. The French prime minister, François Bayrou, stated the EU had capitulated to Donald Trump, and stated it was a “darkish day” for the EU.Trump on Monday steered that he may impose a “world tariff” on all the international locations that haven’t agreed a commerce deal. That tariff might be 15% or 20% – that means that, after all of the negotiating effort, the EU might be left with related phrases to the remainder of the world.US President Donald Trump and British Prime Minister Keir Starmer (left) take heed to a bagpipe band as they arrive on the Trump Worldwide Golf Hyperlinks course in Aberdeen, Scotland on 28 July 2025. {Photograph}: Chris Ratcliffe/EPAAt his golf course in Scotland yesterday, whereas visiting UK Prime Minister Keir Starmer, Trump stated:
I might say it’ll be someplace within the 15 to twenty% vary. Most likely a kind of two numbers.
On the prospects of Chinese language talks, Trump stated:
I’d like to see China open up their nation.
Again in Could, Trump had stated that China had already “agreed to open up” – however it seems there could also be extra work to be executed.The agenda
9:30am BST: Financial institution of England mortgage approvals (June; earlier: 63,032; consensus: 63,000)
9:30am BST: Financial institution of England shopper credit score (June; earlier: £859m; consensus: £1.2bn)
ShareUpdated at 03.00 EDT
