UK's G7-Topping Growth Confirmed Before Taxes and Tariffs Hit
The Office for National Statistics said UK gross domestic product rose 0.7% in the first three months of the year, unrevised from the first estimate published in May. It was the strongest quarterly performance in a year and made Britain the fastest-growing of the Group-of-Seven economies.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
43 minutes ago
- Yahoo
Trump's EU deal averts disaster. But everyone's still annoyed
The United States and the European Union avoided the worst-case scenario: a damaging, all-out trade war between allies that threatened to raise prices on a large number of goods and slow two of the world's largest economies. The framework delivered a sense of relief for both sides – but few are cheering the arrangement itself. The agreement, which sets a 15% tariff on most European goods entering the United States, is higher than the 10% tariff Trump put in place on April 2 and significantly higher than the average of around 2% from before Trump's presidency. But it's significantly less than the enormous numbers Trump had been threatening if an agreement wasn't reached. A deal with the United States felt like an impossibility in late May. Frustrated by a lack of progress in negotiations with the 27-member European Union, Trump on May 24 told the world he was done talking to some of America's strongest allies. 'Our discussions with them are going nowhere!' Trump posted on Truth Social. 'I'm not looking for a deal,' he said later that day in the Oval Office. 'We've set the deal — it's at 50%.' The statement — and the shockingly high tariff threat — stunned European trade negotiators and rallied Europe's leaders into action. They quickly agreed to kick talks into high gear. Trump, who has taken a particular liking to European Commission President Ursula von der Leyen, was swayed after she called him to say the EU would commit to moving 'swiftly and decisively.' Trump soon backed off his threat and said negotiations would continue. But a deal between the United States and the European Union, one of America's top trading partners, had remained elusive for months. The two sides squabbled over America's insistence on high tariffs for steel and aluminum, looming tariffs on pharmaceuticals and the tariff floor for virtually all goods that the Trump administration appears set to raise to 15%. Negotiators were unable to come up with a resolution before the initial July 9 deadline — one of the reasons the Trump administration postponed the effective day for its 'reciprocal' tariffs to August 1. With just days to go before the extended deadline, while Trump was visiting Scotland, he met with van der Leyen and finalized a framework for an agreement — one that was thin on details, heavy on caveats, but was nevertheless a hard-sought relief for both sides. Avoiding the worst With the agreement in place, two of the world's largest economies avoided a potential economically crippling trade war. The United States held a 50% tariff threat over Europe's head, and Europe threatened America with strategic retaliatory tariffs that threatened to damage key US industries. Both sides appeared to embrace the fact that a deal was in place more than they celebrated it. 'We made it,' Trump said while announcing the deal with von der Leyen. 'It's going to work out really well.' 'I think we hit exactly the point we wanted to find,' von der Leyen said. 'Rebalance but enable trade on both sides. Which means good jobs on both sides of the Atlantic, means prosperity on both sides of the Atlantic and that was important for us.' Markets cheered, somewhat: Dow futures rose 150 points, or 0.3%, poised to open near record territory. S&P 500 futures gained 0.3% and Nasdaq futures were 0.4% higher. The United States and Europe 'seem to have avoided a self-destructive trade war for now in the biggest and deepest commercial and investment relationship the global economy knows,' said Jörn Fleck, senior director of the Atlantic Council's Europe Center. Nevertheless, the details remain murky. Europe will increase its investment in the United States by $600 billion and commit to buying $750 billion worth of US energy products. It eliminates tariffs on a variety of items, including aircraft and plane parts, semiconductors, generic drugs and some chemicals and agricultural products. Industries in the zero-tariff arrangement cheered. 'The zero-for-zero tariff regime will grow jobs, strengthen our economic security and provide a framework for U.S. leadership in manufacturing and safety,' Airlines for America said in a statement. But the 15% baseline tariff applies to most goods, so the EU member states – and American importers — will have to come to terms with the fact that higher tariffs will raise prices for European goods in America. 'Higher tariffs mean higher prices for US consumers—and that will seriously dent EU companies' bottom lines,' said Alex Altmann, vice president of the British Chamber of Commerce in Germany. 'EU companies aiming to stay competitive in the US market will think twice when deciding where to produce or assemble.' The agreement also deals another blow to Detroit automakers, which objected to a similar deal the Trump administration reached with Japan. The 15% auto tariff on EU cars imported to the United States undercuts the 25% tariff American automakers pay if their cars are built in Mexico. Although von der Leyen said pharmaceuticals were included in the early framework, she acknowledged that Trump may ultimately place higher tariffs on drugs imported to the United States, undercutting the agreement. Still, in the eyes of the hard-working negotiators — and for the sake of the global economy — a deal is better than no deal. Now comes the hard part: figuring out the details. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Washington Post
an hour ago
- Washington Post
US-EU trade deal wards off further escalation but will raise costs for companies, consumers
FRANKFURT, Germany — President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal that imposes 15% tariffs on most European goods, warding off Trump's threat of a 30% rate if no deal had been reached by Aug. 1. The tariffs, or import taxes, paid when Americans buy European products could raise prices for U.S. consumers and dent profits for European companies and their partners who bring goods into the country.
Yahoo
an hour ago
- Yahoo
Car expert reveals which next-gen EVs are giving Tesla a run for its money in 2025: 'Competing automakers have caught up'
A car expert has revealed which electric vehicles could soon lap Tesla, whose reign as a tastemaker and EV pioneer has appeared to be on shaky ground over the first half of 2025. At the beginning of the year, InsideEVs' Andrei Nedelea broke down the best Tesla alternatives for consumers who are intrigued by the benefits of driving an EV. According to Nedelea, a competitive EV market may also pique the interest of drivers who already own a Tesla. "Although [Tesla's] EVs are still among the best, competing automakers have caught up and have even surpassed Tesla in some areas," Nedelea wrote. "Buying the best EV isn't as simple as just loading up the Tesla site and ordering one anymore." For drivers interested in a Model 3, Nedelea recommended considering the BMW i4, which features a range of up to 307 miles on a single battery charge. One downside, however, is that the BMW i4 is heavier than the Model 3, so its navigation on winding roads isn't as smooth. The aerodynamic Hyundai Ioniq 6 and the upgraded Polestar 2 are other options to look into. For Model Y enthusiasts, Nedelea suggested considering the Hyundai Ioniq 5, Kia EV6, Ford Mustang Mach-E, Chevrolet Equinox EV, and Polestar 4. Those interested in a Model S may appreciate the BMW i5, Audi A6 e-tron, and Lucid Air. Nedelea also listed pricier models such as the Porsche Taycan. Meanwhile, automakers such as Rivian, Polestar, BMW, Kia, and Ford offer alternatives for consumers interested in a Model X or a Cybertruck. Nedelea provided a more detailed breakdown of the pros and cons, but regardless of the EV brand, there are undeniable perks to saying goodbye to a gas-powered vehicle, including reduced maintenance and energy costs. Installing solar panels can further maximize these savings because charging with them at home is cheaper than using public stations or the grid. EnergySage can help homeowners compare quotes from trusted installers and save up to $10,000 on installation costs. There's an important caveat, though. The One Big Beautiful Bill Act, passed on July 4, is eliminating many green tax credits by the end of 2025, including the 30% savings on solar panels. Acting now could save you major money on solar in the long run. Yet while tax incentives for green home improvements are on the way out, the Home Electrification and Appliance Rebates program has remained intact. Would you be more likely to get an EV if it came with a free home charger? Definitely Depends what the car costs Depends how fast it charges Not really Click your choice to see results and speak your mind. For instance, you'll still have access to up to $840 off the cost of an induction range. These next-gen stovetops are gaining buzz among home cooks and professional chefs due to their faster cooking times, energy efficiency, safety features, and affordability — particularly when compared with gas stoves. If installing a full induction range isn't for you, you can still gain access to one with a plug-in induction burner, which is more along the lines of a hot plate. Some models start as low as $50. Regardless of how you choose to go green, ditching technologies that rely heavily on gas will contribute to healthier air quality and a cleaner future for all. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
