Trump Deals Poised to Fall Short of Sweeping Global Trade Reform
With just 10 days to go until President Donald Trump's country-specific tariffs are set to resume, the White House appears poised to fall short of the sweeping global trade reforms it promised to achieve during the three months they were on hold.
Agreements with as many as a dozen of the US's largest trading partners are expected to be completed by the July 9 deadline, top Trump advisers said this week. But if Trump's only two other accords, with China and the UK, offer any indication, the pacts likely won't be fulsome deals that resolve core issues, but instead will address a limited set of topics and leave many specifics to be negotiated later.
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Yahoo
24 minutes ago
- Yahoo
The five things about to change if you are renting a home
Awaab's Law is set to come into force later this year - and it will change renters' lives. The legislation, which sets strict timeframes for landlords of social housing to fix and repair hazards, was voted through two years ago, but the full details have only just been published. It comes more than four years after the tragic death of Awaab Ishak in Rochdale. In late 2022, a coroner concluded that the two-year-old died due to 'prolonged exposure' to mould in his home at the Freehold estate. READ MORE: Friends left stunned at Manchester Airport after landing £24,000 in terminal READ MORE: 'People are moving here from places like Chorlton and Didsbury - and it's for a good reason' His family repeatedly reported the issue to their housing provider, but the problem persisted, ultimately leading to Awaab's death. The Manchester Evening News has been campaigning for Awaab's Law alongside the toddler's family for the last two and a half years. The legislation was passed in Parliament under the Tories in 2023 with Labour promising to eventually extend it to private renters too. This week, the government confirmed exactly what measures will come into force over three phases, starting from October this year. Awaab's family have welcomed the move. Responding to the news announced on Wednesday (June 27), the family's legal team, Kelly Darlington of Farleys and Christian Weaver of Garden Court North, said: 'On behalf of Awaab's parents, we are pleased that the regulations for Awaab's law have now been laid in by Parliament. This is a necessary and welcome step towards safer homes." So what difference will Awaab's Law make for renters? The law, which currently only applies to social housing, establishes strict and legally binding timeframes for landlords to act once they become aware of a potential hazard. From October 27 of this year, they will have act within 24 hours after any emergency hazards, such as gas leaks, broken boilers and total loss of water supply, as well as damp and mould, are reported. From 2026, hazards which caused a 'significant risk of harm', such as excess cold or heat, structural collapse or some electrical hazards, must be fully investigated within 10 working days. Any work required to fix these hazards must then start within five working days. And from 2027, all remaining hazards listed under the housing health and safety rating system (HHSRS), apart from overcrowding, will also be covered by the regulations too. If there's a material change relating to the hazard, for example if the tenant reports new or worsening symptoms, a new investigation is required and the timeframes reset. If the required repairs cannot be completed within the specific timeframes, landlords must secure suitable alternative accommodation at their expense until the work is done. Landlords must consider the suitability of this alternative accommodation, including whether it has adequate space, is close enough to the tenant's workplace or school and is accessible for those with disabilities. Renters can choose to decline offer of alternative accommodation, but if they choose to stay in their home, the landlord must provide information on actions they have taken to mitigate the risk. Following an investigation into a hazard, landlords must provide a written summary of findings to the named tenant within three working days of its conclusion, specifying if a hazard was identified, the required action and a target timeframe for the repairs. An exception applies if all required works are completed before the three-working-day period ends. Landlords must also keep the named tenant updated throughout the process regarding the timing and progress of the required work until the work is complete. Standard investigations can be carried out remotely. For example, if evidence such as photos or videos sufficiently establishes whether there is a significant or emergency hazard, it may be possible to complete the investigation without anyone visiting the property. However, under the regulations, tenants can specifically request an in-person investigation which the landlord must then carry out. Tenants are expected to cooperate with landlords to arrange suitable times for access, according to the government's guidance, but landlords should take 'all reasonable steps' to gain access, including multiple contact attempts and considering tenant needs. Awaab's Law sets out clear avenues for social housing tenants to take legal action if their landlord is not complying with the rules. Tenants are encouraged to complain to the landlord first before contacting the Housing Ombudsman or the Social Housing Regulator. 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Landlords should not make assumptions and fail to take action or investigate a hazard on this basis, according to the guidance which states that it is 'unavoidable' that everyday tasks such as cooking, washing and drying laundry will contribute to indoor moisture. The guidance also stipulates that landlords must consider the individual circumstances and vulnerabilities of the tenant, such as their age, health conditions or disabilities, when assessing the risk of harm from a hazard. However, tenants will still have certain responsibilities, with any damage caused by a breach of contract by the tenant not falling within the scope of Awaab's Law.
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FTSE 100 Live: Pound Rises After Best Week Since March
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Yahoo
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China's Stimulus Outlook Clouded by Surprise Economic Strength
(Bloomberg) -- China's economy surprised with signs of improvement even as deflationary pressures persisted and employment weakened, throwing fresh doubt over the likelihood of further monetary stimulus by Beijing in the face of higher US tariffs. Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares Squeezed by Crowds, the Roads of Central Park Are Being Reimagined Sao Paulo Pushes Out Favela Residents, Drug Users to Revive Its City Center Sprawl Is Still Not the Answer Mapping the Architectural History of New York's Chinatown Factory activity and construction had their strongest month of the second quarter in June, according to China's official purchasing managers' indexes released on Monday. The official manufacturing PMI remained in contraction but reached 49.7 from 49.5 in May — exceeding forecasts along with a measure of construction and services. Yet behind the headline figures was a more mixed picture of the world's second-biggest economy that left the market unsure of if and when policymakers might step up stimulus efforts. Traders dialed back bets on further monetary easing after the data release, with futures on 30-year government bonds falling as much as 0.6% — the most in a month. 'Overall, the better PMI data point to still decent momentum in the second quarter,' said Michelle Lam, Greater China economist at Societe Generale SA. 'But the weak employment indices put the sustainability of consumption recovery in doubt without more support later in the year.' A tariff truce with the US has led to a rebound in trade, contributing to a broad improvement in new orders for factories, builders and service providers. The latest PMI reading captured the first full month after Beijing and Washington agreed to a 90-day pause in their trade war. At the same time, sales prices are continuing to drop despite narrowing their decline across the sectors. What's more, manufacturing employment weakened, illustrating the weakness of domestic demand and the vulnerabilities still lurking in the labor market. What Bloomberg Economics Says ... 'Further employment shrinkage and the weakest confidence since the government's growth pivot last September highlight the lack of confidence beyond the immediate future. That's likely due to the mid-August expiration of the China-US trade truce. The government has continued to support the economy, as seen the acceleration in construction, but may hold back fresh stimulus until the latter part of 3Q.' — Chang Shu and David Qu. Click here to read the full report. With the People's Bank of China issuing a more optimistic assessment of the economy after its latest policy meeting, analysts are debating whether authorities will roll out fresh measures in support of growth in the coming three months. Some argue the urgency has decreased in the near term, as the pace of expansion stays on track to hit the official target of around 5% in the second quarter. Among factories, the new orders index expanded for the first time in three months, though a gauge of employment worsened again after a slight improvement in May. Among the 21 industries surveyed, more than half were in expansion territory, according to the National Bureau of Statistics. The Chinese economy has held up well over the past three months as it went through a rollercoaster ride of erratic decisions by President Donald Trump, who would hike tariffs only to have them suspended later. Exports kept growing, however, as overseas clients front-loaded orders, while a government subsidy program for consumer products pushed retail sales growth to the fastest since 2023. The Chinese government's earlier issuance of bonds this year also supported robust infrastructure investment and construction. Persistent deflation and weak consumer demand have shadowed the economy throughout the trade war. Property prices are struggling to bottom out, weighing on household wealth and confidence. The economic cross-currents are likely to complicate policymaking in the months ahead. The PBOC highlighted the recent improvement in its statement on Friday while also drawing attention to problems including insufficient demand and low consumer prices. The central bank vowed to use a flexible approach when deciding the pace of policies. It last cut interest rates and the reserve requirement ratio — which determines the amount of cash banks must set in reserves — in May. 'The economy shows a positive trend, and social confidence continues to increase,' the PBOC said. The central bank's view indicates 'a less dovish tone' compared with the previous quarterly meeting and 'signals limited appetite for significant easing in the near term,' Goldman Sachs Group Inc. economists wrote in a note on Saturday. They expect a 10-basis point policy rate cut and a reduction of half a percentage point in the RRR during the fourth quarter, when they anticipate a significant slowdown in economic growth. Others argue that the PBOC may ease monetary policy as soon as next quarter in order to ensure the economy stays on the right track. 'Policymakers might recognize that to sustain the growth momentum and counter subdued price levels, some modest easing might be needed,' said Jacqueline Rong, chief China economist at BNP Paribas, who expects the PBOC to cut the policy rate by 10 basis points in August. Societe Generale's Lam sees a possible window for additional stimulus in late third quarter, though it could be delayed to the subsequent three months. Apart from monetary easing, China could also make use of policy banks to inject new money for infrastructure. Authorities planned to let them raise 500 billion yuan ($70 billion) of capital to buy stakes in infrastructure projects, Bloomberg News reported in May. Additional fiscal stimulus is another possibility, though its shape is even less clear and will likely require a significant slowdown in growth. Economists at Morgan Stanley said Beijing may introduce 'a modest' supplementary fiscal infusion of up to 1 trillion yuan in the late third quarter or the start of the last three months of the year, 'when it sees two-three months of weaker hard data.' The strength of Chinese manufacturing in the rest of the year also remains in question given an unpredictable outlook for exports, with a more lasting trade deal still elusive. Economists surveyed by Bloomberg expect gross domestic product to expand 4.5% this year, significantly below the official target of around 5%. 'The question for policymakers are deflation and joblessness instead of growth,' said Raymond Yeung, chief economist for Greater China at Australia & New Zealand Banking Group Ltd. . 'I am not worried about China's GDP.' --With assistance from James Mayger and Wenjin Lv. (Updates throughouot.) America's Top Consumer-Sentiment Economist Is Worried How to Steal a House Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Apple Test-Drives Big-Screen Movie Strategy With F1 Does a Mamdani Victory and Bezos Blowback Mean Billionaires Beware? ©2025 Bloomberg L.P.
