Markets

Parliament is about to go into recess for the Easter holiday and so – as is customary – Keir Starmer sat in front of the Liaison Committee this afternoon, where he was grilled on topics including tariffs, defence and welfare. This comes on the day when there has been a momentary reprieve in the markets, which experienced a modest bounce – most likely as a result of suggestions from Trump that he is willing to negotiate with China. Markets seem to have priced in that these tariffs could be negotiated down, but that is of course a big ‘if’. The question remains for Keir Starmer: what more can he do

The fallout from Trump’s tariffs continues. Last week, Donald Trump ended the free-trade era that has underpinned growth for decades (and potentially also heralded the end of globalisation). Markets around the world have taken a nosedive, prompting fears of a global recession. The only (brief) reprieve was when stock markets rallied because of a misunderstanding regarding comments made by Trump’s economic adviser. Once these had been clarified, the Nasdaq dipped once again. Republicans are starting to turn on Trump – including Elon Musk, who has been sending out some coded tweets. The strength of the reaction from the markets has drawn comparisons between Trump and Liz Truss, whose mini-Budget spooked

The Prime Minister has clashed with billionaire owner of ‘X’ Elon Musk over comments that Musk made claiming that – in light of the violent disorder across the country – the UK is heading for civil war. How long will this spat go on? And is this the start of Starmer being tough on the tech giants? Elsewhere, Rachel Reeves has been in North America this week attempting to bang the drum for Britain as ‘a stable place to do business’ … stable all expect for some significant market turmoil. What’s the update?  Oscar Edmondson speaks to Katy Balls and Kate Andrews.  Produced by Oscar Edmondson.