The White House has said its agreements with the U.K. and China are starting points, but so far the Trump administration has given up more than it has gained.

Progress toward reducing trade barriers has been made but uncertainty from U.S. trade policy will lead to weaker growth and continued lower inflation in the U.K., Lombardelli said.

An alumnus of the first Trump White House assessed that, of Trump’s Cabinet, Bessent seems to be the “most serious person in the room.”

The EU is weighing a temporary return to its pre-war trade agreement with Ukraine if a renegotiated deal is not ready to take effect when war-related tariff suspensions expire on June 5, EU diplomats said on Wednesday.

The result has been a raft of trade wars between Washington and other governments, Beijing foremost among them. Trump’s disruptions to the global economy are serious, and they may feel novel. But today’s situation is hardly without precedent.

China criticized the trade agreement reached between the U.S. and the U.K. last week as it could potentially push Chinese products out of British supply chains.

When President Trump ended a tariff exemption for small packages from China and Hong Kong, e-commerce companies Shein and Temu lost a big advantage as they became exposed to Trump’s new sky-hig