Donald Trump and his tariffs – or lack of them in the case of the UK – are in the headlines once again this morning. The UK-US trade deal has been signed and is “done”, the US president said as he met Keir Starmer at the G7 summit, reports Sky News. Trump told reporters in Canada: “We signed it, and it’s done. It’s a fair deal for both. It’ll produce a lot of jobs, a lot of income.” Starmer said the agreement “implements” the deal to cut tariffs on cars and aerospace, marking “a very good day for both of our countries”.
Downing Street dismissed suggestions the get-together had been a “Trump-handling” exercise to proof the summit against the US president’s unpredictability as leaders seek to put on a united front in the face of heightened global instability, reports The Standard.
The BBC quotes business and trade secretary Jonathan Reynolds saying: “We will update parliament on the implementation of quotas on US beef and ethanol, part of our commitment to the US under this deal.” US beef exports to the UK have historically been subject to a 20% tariff within a quota of 1,000 metric tons. The UK had agreed to scrap this tariff and raise the quota to 13,000 metric tonnes, according to terms shared last month.
Britain’s biggest producer of carbon dioxide for use in operating theatres and food and drink has threatened “imminent” closure as a result of the US-UK trade deal, reports The Times. German-owned Ensus is lobbying the government to provide tens of millions of pounds in taxpayer subsidy to prop up Britain’s bioethanol industry, including its plant on Teesside that produces high purity CO2 as a by-product.
The bioethanol plant will be forced to close “imminently” unless the government acts, according to its operator, the BBC says. Ensus, which runs the Redcar plant, said the recent UK-US tariff deal “fundamentally undermined its business position”, as it removed a 19% tariff on US ethanol imports.
Read The Grocer’s coverage of the threat to the Ensus plant.
Maybe Britain doesn’t need a bioethanol industry, says a comment piece in The Times, an assertion that might alarm many in the food and drink industry. Even so, if a government wants to kill off an industry, you’d think it would at least do it on purpose; This one seems to be doing it by accident, notes the opinion piece.
The UK’s cost of living crisis hangover is facing fresh pressure from the Israel-Iran conflict and growing tensions across the Middle East, says an explainer by Sky News. The Middle East accounts for a third of global oil output, while Iran is the second-largest supplier of natural gas, meaning any military action involving the latter has huge implications for the global economy at a time when a US-inspired global trade war is already playing out.
Poundland will halt rent payments at hundreds of its shops if a restructuring arrangement is approved by creditors later this summer, according to Sky News. Poundland’s new owner Gordon Brothers is proposing to halt all rent payments at so-called Category C shops across the country. According to a letter sent to creditors in the last few days, roughly 250 shops have been classed as Category C sites, with rent payments “reduced to nil”.
John Lewis has poached a key figure behind the transformation of Marks & Spencer, in a move that signals renewed ambition to win back the shoppers of middle England, according to The Times. John Lewis has appointed Anna Braithwaite, M&S’s former marketing director, as its new chief customer officer. She will join on 1 October, following the completion of a non-compete period.
Sadiq Khan has announced he will go ahead with plans to pedestrianise Oxford Street, reports The Financial Times. The Mayor of London said there had been “overwhelming public and business support” for removing traffic from the capital city’s main shopping street, which he has long advocated despite previous opposition from Westminster council.
More than 6,600 businesses, individuals and groups responded to the consultation on plans including the full pedestrianisation of a 0.7-mile strip west from Great Portland Street, allowing street cafés and outdoor events, says The Guardian. “It’s clear that the vast majority of Londoners and major businesses back our exciting plans, so I’m pleased to confirm that we will now be moving ahead as quickly as possible,” said Khan.
Angela Rayner is backing Khan’s plans, says Sky News. The secretary of state for housing, communities and local government said: “We want to see Oxford Street become the thriving place to be for tourists and Londoners alike, and that’s why we welcome the Mayor of London’s bold proposals to achieve that.”
Businesses plan to lay off staff and increase prices to deal with the £25 billion rise in payroll taxes announced by Rachel Reeves at the October budget, according to survey results reported by The Times. Of 500 owners of businesses with turnover above £5 million, 33% plan to reduce headcount in the coming year, according to a Censuswide survey conducted in April and May on behalf of accountancy firm S&W.
The Standard covers the same survey, saying many companies have also suggested they will cut back hours, freeze pay and hike prices in order to help cover increased tax payments.
Brand owners have rarely faced a more testing period, given the need to carefully navigate rapidly shifting political and cultural conventions to reach consumers who are increasingly polarised, says a Financial Times special report on Kantar’s ranking of the 100 most valuable brands. The four highest-rated brands have not changed since last year, showing the lasting brand appeal and economic importance of dominant tech giants Apple, Google, Microsoft and Amazon.
Amazon’s annual Prime Day event is scheduled for 8-11 July, extending to four days compared with two last year, according to Reuters. “We’re extending it to four days because our members have told us they just need more time to shop the deals,” said Jamil Ghani, Amazon vice president of worldwide Prime.
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