29 April 2025 7:40pm
7:40PM The latest comments from Donald Trump suggest India might be the first in line for a trade deal with the US.
Speaking to reporters outside the White House, the President said talks with India on tariffs were “coming along great”, adding that he thinks the two countries will reach a deal.
Trump also said he would plan to visit Africa. He said separately that he planned to speak with officials in Australia.
7:03PM Lutnick dismisses the market chaos in the wake of Trump’s tariffs, saying Wall Street doesn’t see the “big picture”.
But he also plays down the importance of financial markets.
“The President is just not focused on the markets. This term he’s trying to reset global trade,” he says.
“He’s going to protect the US economy. He’s going to be the greatest economic driver.”
6:57PM Howard Lutnick has said the US is going to “relentlessly” do trade deals around the world.
Asked about the row over Amazon’s reported plans to put tariff costs on receipts, the commerce secretary played down the impact of tariffs, suggesting they were simply a bargaining chip to secure trade agreements.
“What you’re going to see is us relentlessly do trade deals everywhere in the world,” he says. “This is how you get employment, this is how you get better lives. Donald Trump understands it… It’s going to be amazing.”
Lutnick goes on to claim that he’s already got a trade deal in place, but won’t give any details, saying it was still contingent on parliamentary approval in that country.
6:49PM The US commerce secretary Howard Lutnick is currently giving an interview on CNBC.
He’s arguing that Donald Trump’s tariffs are accelerating the construction of factories in the US, pointing to Taiwanese chip giant TSMC’s $100bn investment in new plants.
He said: “This is the point of the Trump tariff model, which is to bring advanced manufacturing to America.
“We need, for national security, to bring semiconductors home.”
6:03PM The US trade deficit in goods surged to a record high in March as businesses began stockpiling ahead of President Donald Trump’s sweeping tariffs.
The goods trade gap increased 9.6pc to $162.0bn, the highest on record, according to figures from the Commerce Department’s Census Bureau said.
Goods imports soared $16.3bn to an all-time high of $342.7bn, driven by a 27.5pc jump in imports of consumer goods. There were also solid increases in imports of automotive vehicles and capital goods.
But imports of industrial supplies, which had been boosted by non-monetary gold, declined 13.5pc. Food imports fell as did those of other goods.
The report prompted economists to sharply downgrade their GDP estimates for last quarter to show a steeper decline rather than growth just stalling.
Goldman Sachs now sees GDP contracting at a 0.8pc annualised rate while JPMorgan forecasts output declining at by 1.75pc.
5:35PM Shoppers are boycotting Coca-Cola amid a backlash over Donald Trump’s erratic foreign policy, Carlsberg has said.
The Danish brewer, which bottles the fizzy drink in its home country, said sales were “slightly down” as consumers protested against the US president.
Jacob Aarup-Andersen, the Carlsberg chief executive, said: “There is a level of consumer boycott around the US brands … and it’s the only market where we’re seeing that to a large extent.”
Mr Trump has ignited a global trade war and market chaos after slapping huge tariffs on scores of countries and industries.
He has sparked particular anger in Denmark after making repeated threats to seize control of Greenland, an autonomous Danish territory, either by buying the island or through military force.
4:47PM General Motors has become the latest major US company to feel the effects of Donald Trump’s tariffs.
In a highly unusual move, the car giant pulled its annual forecast, saying it wanted to wait before commenting on changes to tariff policy. The US President is expected to scale back his 25pc tariffs on the automotive sector later today.
Paul Jacobson, GM’s chief financial officer, said: “The future impact of tariffs could be significant. We’re telling folks not to rely on the prior guidance, and we’ll update when we have more information around tariffs.”
GM is also pausing its share buyback activity, pending more clarity on the economic situation. In February, it said it would repurchase $2bn of shares by the first half of this year.
Despite the uncertainty, the company’s revenues rose 2.3pc to $44bn in the first quarter, boosted by customers rushing to buy before prices rise.
4:28PM 
Tensions have been boiling over between Amazon and the White House today. Daniel Woolfson and Chris Price have the latest:
The White House has accused Amazon of a “hostile and political act” as Jeff Bezos’s online shopping giant prepares to display the cost of Donald Trump’s tariffs within order receipts.
Amazon will split out the cost of tariffs within overall costs, allowing customers to see exactly how much the levies are adding to the price of goods, according to Punchbowl, a US political website.
The report provoked an immediate backlash from the Trump administration. Karoline Leavitt, the White House press secretary, told reporters: “This is a hostile and political act by Amazon. Why didn’t Amazon do this when the Biden administration hiked inflation to the highest level in 40 years?
“This is another reason why Americans should buy American. It is another reason why we are on-shoring critical supply chains here at home to shore up our own political supply chain and boost our own manufacturing here.”
4:14PM Kraft Heinz has cut its earnings forecast for the year, citing a volatile environment.
The maker of food staples, including its eponymous ketchup and baked beans, forecasts annual sales to decline 1.5-3.5pc, down from an earlier projection of 0-2.5pc.
Carlos Abrams-Rivera, the chief executive, said: “In today’s uncertain times, we are committed to controlling the controllables and making the necessary investments to deliver quality, taste, and value to our consumers through our beloved brands.
“We’re closely monitoring the potential impacts from macro-economic pressures such as tariffs and inflation.”
The packaged foods company has posted six straight declines in total revenue, as it faces being squeezed by both budget and premium labels.
3:49PM US consumer confidence has fallen to its lowest level since the onset of the Covid-19 pandemic, according to survey data published on Tuesday, reflecting concerns about Donald Trump’s tariff plans.
The Conference Board’s gauge of confidence fell nearly 8 points to 86 in April, the research organisation announced, noting that mentions of tariffs in write-in responses had reached an “all-time high.”
It marked the fifth straight monthly decline, the longest such stretch since 2008.
Stephanie Guichard, senior economist at The Conference Board, said: “The three expectation components – business conditions, employment prospects, and future income – all deteriorated sharply, reflecting pervasive pessimism about the future.”
