A day after Donald Trump announced plans for fresh tariffs on Canada, Mexico and China, policymakers around the world are digesting the consequences of “Tariff Man” Trump returning to the White House. A deputy governor at the Bank of England, Clare Lombardelli, has warned that the president-elect’s proposed trade tariff would pose a risk to economic growth in countries including the UK. Speaking to the Financial Times, Lombardelli said that Trump’s trade policies could hit growth in the short-term, while long-term productivity also suffers from increased trade frictions. She said: “I don’t want to speculate on the specifics but we know barriers to trade are not a good thing, whether they are tariffs or regulatory or others. “Whether you are an economic historian, an economic theorist or a data-driven economist, the impact is clear in terms of its direction. In terms of its size, that depends on the circumstances.” Trump rattled the financial markets yesterday by announcing he would impose 25% tariffs on Canada and Mexico, and an extra 10% on China. Trade experts fear that Trump could spark a global trade war, if other countries retaliate with their own tariffs in response. The budget airline easyJet has swelled its profits, despite the turmoil in the Middle East hitting demand. EasyJet has reported a pre-tax profit of £602m for the year to 30 September, £170m than the previous year. This earnings surge was driven by strong demand over the summer; easyJet had made a loss of £350m in the six months to 31 March, as conflict in the Middle East led to flight cancellations, extra costs and revenues. We will get a full-body health check on the US economy today, with a flurry of economic data – from GDP to trade and jobless claims – being rushed out before the Thanksgiving holiday tomorrow.
The agenda • 9.30am GMT: GfK survey of German consumer confidence • Noon GMT: US weekly mortgage approvals data • 1.30pm GMT: US Q3 GDP report (second reading) • 1.30pm GMT: US durable goods orders for October • 1.30pm GMT: US weekly jobless claims data • 1.30pm GMT: US trade balance for October • 3pm GMT: US PCE inflation measure for October We’ll be tracking all the main events throughout the day ...
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