Rolling coverage of the latest economic and financial news, as MPs quiz the Bank of England about interest rates, and trade wars
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UK will slump to 1% growth next year as Trump tariffs bite, says OECD
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US firms say Trump trade war is hitting production as dollar nears three-year low
The OECD also show how the United States’s effective tariff rate had risen to 15.4% by mid-May, up from just over 2% in 2024.
That’s the highest rate since 1938, after the Great Depression, when the Smoot-Hawley Tariff Act had significantly raised tariffs on imported goods in the US, in a failed attempt to support domestic industry.