Summary
Here’s a summary of what happened today:
Donald Trump announced two huge tariff proposals this morning: A 50% tariff on all EU imports and a 25% tariff on Apple smartphones produced outside the United States.
Trump later clarified all smartphones, including those manufactured by Samsung, will also be subject to tariffs.
Trump said that trade talks with the EU had been “difficult”, while he criticized Apple for shoring up manufacturing in India.
US trade secretary Scott Bessent told Fox News on Friday that Trump is trying to change “the EU’s pace” in negotiations, and that a 50% tariff would “light a fire under the EU”.
US and European markets tumbled Friday afternoon off news of the tariffs, with Germany’s DAX down 1.6% for the day, and the Dow closed 2.2% down for the week. Apple stock has tumbled over 6% this week.
Trump also announced a partnership between US Steel and Nippon Steel, saying that US Steel will still be based in Pittsburgh, after Joe Biden blocked a merger between the two companies in early January.
Shares of US Steel soared 21% as investors interpreted the post on Truth Social to mean Nippon Steel’s takeover of US Steel was nearing completion, having cleared the last major hurdle with Trump’s apparent approval.
“This will be a planned partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy,” Trump said in a post on Truth Social.
Trump said the bulk of that investment would occur in the next 14 months. He added he would hold a rally at US Steel in Pittsburgh next Friday.
The two companies did not immediately respond to a request for comment. The White House did not immediately reply to questions about the announcement.
Reuters reported this week that if the merger is approved, Nippon Steel has said it would invest $14bn into US Steel’s operations including up to $4bn in a new steel mill.
The justice department has reached a deal with Boeing that will allow the airplane giant to avoid criminal prosecution for allegedly misleading US regulators about the 737 Max jetliner before two of the planes crashed and killed 346 people, according to court papers filed on Friday.
Under the “agreement in principle” that still needs to be finalized, Boeing would pay and invest more than $1.1bn, including an additional $445m for the crash victims’ families, the justice department said. In return, the department would dismiss the fraud charge in the criminal case against the aircraft manufacturer.
“Ultimately, in applying the facts, the law, and Department policy, we are confident that this resolution is the most just outcome with practical benefits,” a justice department spokesperson said in a statement.
“Nothing will diminish the victims’ losses, but this resolution holds Boeing financially accountable, provides finality and compensation for the families and makes an impact for the safety of future air travelers.”
Shares of nuclear power companies closed higher on Friday after Donald Trump signed executive orders seeking to jumpstart the industry.
The orders direct the nation’s independent nuclear regulatory commission to cut down on regulations and fast-track new licenses for reactors and power plants.
US power consumption is estimated to reach record highs in 2025 and 2026, after stagnating for nearly two decades, as power-hungry data centers dedicated to artificial intelligence and crypto miners plug into the grid.
Shares of uranium mining companies Uranium Energy, Energy Fuels and Centrus Energy jumped between 19.6% and 24.2%. Canadian miner Cameco was up nearly 10%.
The Global X Uranium ETF, which invests in a broad range of uranium-linked stocks, rose more than 11.6%. Nuclear utilities Constellation Energy, Vistra , GE Vernova all added more than 1.2%.
Nuclear energy has garnered renewed interest from investors and companies, as it is considered to be a cleaner source of fuel and more reliable than wind or solar energy.
The industry is also expected to benefit from Trump’s sweeping tax and spending bill, which rolled back many green-energy subsidies but preserved tax credits for nuclear energy.
Nano Nuclear Energy led the gains for companies involved in developing new nuclear technology, with its shares surging more than 30%. Sam Altman-backed nuclear startup Oklo gained 23.1%, while NuScale Power soared 19.6%.
Trading has just closed, capping off yet another tumultuous day on Wall Street amid Donald Trump’s trade wars.
The major indexes are all down for the week after Trump’s announcement of 50% tariffs on EU after trade talks broke down and a 25% tariff on smartphones.
The Dow closed at 2.2% down for the week.
The S&P is down 1.7% for the week
Nasdaq Composite is down 1.06%
It is unclear when Trump plans on enacting the tariffs, though the White House is preparing to enact the smartphone tariffs in June.
Apple stock unsurprisingly took the biggest hit Friday, dropping over 4% at opening today, with shares down over 6% for the entire week.
Trump announces Nippon Steel and US Steel partnership
After a $14.9bn merger between Japanese steel company Nippon and Pittsburgh-based US Steel was blocked by the Biden administration earlier this year, Donald Trump announced on social media Friday that the two companies will form a “partnership”.
The terms of the partnership steel remain unclear, but Trump said that US Steel will remain in Pittsburgh and that it “will create at least 70,000 jobs and add $14 Billion Dollars to the US Economy” over the next 14 months.
What happened between the Apple CEO Tim Cook and Donald Trump? It all seems to come down to what Cook said during an Apple’s earnings call earlier this month.
Cook joined a small group of business leaders who have started spoken out about the impact that tariffs could have on their prices. Walmart CEO Doug McMillon said the company would likely have to raise prices. Barbie-maker Mattel said that it would have to do the same.
“Assuming the current global tariff rates, policies and applications do not change… we estimate the impact to add $900m to our costs,” Cook said. He also said the company would continue to shift production to China and India, defying Trump’s stated purpose of his tariffs: to bring manufacturing back to the US.
While Cook never explicitly said that the company would have to raise prices, it would be nearly impossible for Apple to absorb the entire costs of tariffs.
A few weeks later, Trump said that he had “a little problem with Tim Cook yesterday” after he spoke with the CEO at the White House.
“I don’t want you building in India,” Trump said he told Cook. “We want you to build here.”
Trump appears very sensitive to how CEOs frame his tariffs. After reports said that Amazon was floating the idea of displaying how much a tariff is adding onto the prices of goods on its marketplace, the White House called it a “hostile and political act by Amazon”.
The major tech CEOs have spent much of the last year trying to get on Trump’s good side – Cook was even present at Trump’s inauguration ceremony in January – but it’s clear that the president’s goodwill has steep limits.
Trump says EU tariffs to start 1 June and he's not looking for a deal
Trump says he’s not looking for a trade deal with the EU – who he announced earlier today will be slapped with 50% tariffs from 1 June.
He says the EU is “too slow-moving” and “if they build their plants [in the US] then they have no tariff at all”.
I’m not looking for a deal. We’ve set the deal, it’s at 50%. But there’s no tariff if they build their plant here … If somebody wants to build a plant here I can talk to them about a little bit of a delay, while they’re building their plant, which is something that might be appropriate, maybe.
Samsung and other smartphone manufacturers will also be subject to 25% tariff
Speaking to reporters in the Oval Office Friday afternoon, Donald Trump said that he will also target Samsung, which is based in South Korea, and “any other company that makes” with a 25% tariff.
“Or it would not be fair,” he said, adding that the White House will “appropriately have that done by the end of June”.
“When they build their plant here, there’s no tariffs. So they’re going to be building plants here,” he said.
When Trump first announced the tariff Friday morning, he targeted Apple CEO Tim Cook, who said recently that the company was shoring up manufacturing in India.
“I said that’s okay to go to India, but not going to sell into here without tariffs,” Trump said.
Updated
How would a 25% tariff on iPhones effect prices?
Keep in mind that iPhones are largely manufactured outside of the United States, particularly in China, which has been a major hub for Apple production. The company has also been expanding production in India, where 10% to 15% of iPhones are manufactured.
One analysis in April that looked at the possible impact of 54% tariffs on China said that the cost of producing iPhones could rise 43%. If Apple were to pass that cost entirely onto customers, that would mean the cheapest iPhone 16 model, which is currently $799, would cost $1,142, according to projections from Rosenblatt Securities – about a $343 increase.
A lower tariff would mean the cost increase would be smaller, and it all depends on how much of the tariff Apple is willing to absorb, but analysts say a cost increase would be difficult for Apple to avoid, given how dependent the company is on manufacturing outside the US.
Trump has been undeterred by warnings from the Federal Reserve that tariffs would inject instability into the economy that would be hard to control with monetary policy.
The Fed has the power to set interest rates, which dictates the price of borrowing money for mortgages or other types of loans.
Earlier in May, Fed officials – who are known for reticence in public remarks and statements – cautioned that “the risks of higher nemployment and higher inflation have risen” and, without naming Trump’s tariffs as the reason, said that uncertainty in the economy has increased.
Trump has suggested he has power over the Fed, at one point saying he would fire Fed chair Jerome Powell if the central bank didn’t lower interest rates. The president eventually walked back on the threats, particularly after negative reaction from the stock market.
It now seems that the courts could provide the Fed, which has historically be nonpartisan and independent from the executive branch, with protection from the White House. Earlier this week, the Supreme Court suggested that the Fed is uniquely protected from overreach from the White House in a ruling over the firing of two officials who were on the National Labor Relations Board.
“The Federal Reserve is a uniquely structured, quasi-private entity that follows in distinct historical tradition of the First and Second Banks,” justices wrote in a majority opinion for the Supreme Court.
Updated
US treasury secretary Scott Bessent said on Friday that he expects the US and China to continue in-person trade negotiations soon.
The US and China held talks in Switzerland earlier this month that lead to a deal rolling back the bulk of tariffs and other countermeasures imposed by the two countries.
Speaking on Bloomberg TV, Bessent said he expects several large deals to be announced in the coming weeks. He did not provide further details.
President Donald Trump’s 50% tariff threat is just another step in the on-going trade negotiations between the European Union and the United States, Polish deputy economy minister Michal Baranowski told reporters on Friday.
“I am sure we will get a good deal. I see this … as another step in our negotiations that in the end, I truly hope, will result in a good agreement that is balanced and fair for both sides”, he said.
US treasury secretary Scott Bessent said on Friday the Trump administration’s previously announced sovereign wealth fund plans have been paused.
President Donald Trump ordered the creation of the fund in February and has previously said revenue earned from tariffs on US imports could form the basis for a wealth fund.
“I think (the) president’s decided that it’s on pause while we work on everything else that we’re doing now,” Bessent said during an interview with Bloomberg TV.
Chicago Fed president Austan Goolsbee said Friday that president Donald Trump’s new tariff threats have complicated monetary policy and likely delayed interest rate changes.
In a CNBC interview, he reaffirmed his view that rates will eventually move lower but said the Fed will pause for now amid trade uncertainty.
“Everything’s always on the table. But I feel like the bar for me is a little higher for action in any direction while we’re waiting to get some clarity,” Goolsbee told Squawk Box. He warned that tariffs with a “stagflationary impact” would be “the central bank’s worst situation.”
“So I think we’ll have to see how big the impacts on prices are,” he added. “I know people hate inflation.”
Reform UK has promised to reverse the government’s ban on fresh North Sea oil and gas drilling as a “day one” priority if elected to power, with the taxpayer taking a stake in the projects.
Richard Tice, the party’s deputy leader, has met with senior UK oil executives in recent weeks to pledge the party’s support for the industry, which has been hit hard by the government’s windfall tax and moves to block fresh North Sea exploration licences.
Tice told the energy bosses to expect a reversal of the government’s ban alongside billions of pounds of public investment in their projects if the party comes to power in the 2029 election.
The public investments would effectively hand taxpayers an equity stake in North Sea fossil fuel developments, which have stalled in recent months after Labour swept to power with a manifesto that promised to end fresh exploration licences for new oil and gas fields.
“As long as there’s oil in the North Sea, we should be drilling for it,” a spokesperson for Reform UK said. “There are clear benefits for securing jobs and energy independence.”
A senior cognac industry official slammed on Friday US president Donald Trump’s latest tariffs proposal for the European Union (EU), saying it would put the cognac industry in an untenable position, Reuters reported.
On Friday, Trump recommended a 50% tariff on European Union goods starting 1 June.
“The 50 percent tariffs proposed by president Trump would mean we will no longer be able to sell our products in the United States, which is our biggest market, representing more than 50 percent of cognac sales in terms of volumes”, said the official.
European markets close
Donald Trump’s threat of a 50% tariff on EU imports have led to losses on the major European indices today.
Germany’s DAX has closed for the week, down 1.6% today, with carmakers BMW (-3.7%) and Mercedes-Benz (-4%) among the fallers.
France’s CAC share index shed 1.65% and Italy’s FTSE MIB dropped by almost 2%.
The London stock market got away lightly, with the FTSE 100 only dropping by 21 points or 0.24% to 8,718 points, its lowest closing level since Monday.
Kate Leaman, chief market analyst at AvaTrade, reports that investors are uneasy.
“President Trump’s latest tariff threats have once again put the markets on edge, reminding investors just how quickly geopolitical risks can resurface.
The proposal to slap 50% duties on European imports and 25% tariffs on iPhones not made in the U.S. has jolted sentiment, and sparked a broad selloff that saw U.S. stocks slide around 1% on Friday. At the heart of the reaction is the fear escalating trade tensions are once again back in play and the reaction that this could have on inflation, corporate earnings, and also global supply chains.
Updated
Wall Street’s main indexes slumped on Friday after U.S. President Donald Trump recommended 50% tariffs on the European Union, while Apple tumbled after he warned it would have to pay tariffs if iPhones were not manufactured in the United States.
“The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with,” Trump said in a post on Truth Social.
Apple touched a two-week low and was down 2.5% after Trump said in a separate post before this that the iPhone-maker would be subject to 25% tariffs if its phones sold in the U.S. were not made within the country’s borders.
At 11.18am ET, the Dow Jones industrial average fell 330.17 points, or 0.79%, to 41,526.96, the S&P 500 lost 54.98 points, or 0.94%, to 5,787.03, and the Nasdaq Composite lost 229.40 points, or 1.20%, to 18,697.82.
Wall Street’s “fear gauge”, the CBOE Volatility Index , spiked to a more than two-week high and was last at 22.14 points. Ten of the 11 S&P sub-sectors fell, with consumer discretionary and information technology being the worst hit.
Most megacap and growth stocks dropped, with Amazon and Nvidia declining more than 1% each. A gauge for semiconductor stocks fell more than 2%, while carriers including American Airlines shed about 2%.
Deckers Outdoor slumped almost 20% after the maker of UGG boots forecast first-quarter net sales below estimates and said it would not provide annual targets. Sportswear giant Nike also dropped, falling 2.2%.
Here are some more responses to Trump threatening once again to ramp up his trade war, recommending a 50% tariff on European Union goods starting 1 June …
US distillers welcomed the EU’s decision to hold off on steep whiskey tariffs. Chris Swonger, president and CEO of the Distilled Spirits Council of the United States (Discus) said:
US distillers recently breathed a huge sigh of relief when the EU chose not to impose a 50% tariff on American whiskey in the steel and aluminium dispute.
The EU’s action gave US distillers a glimmer of hope that the US and EU could find common ground and avoid any additional tariff escalation.
Meanwhile, the French cosmetics sector urged a swift and balanced EU-US trade agreement. In a statement, the French Cosmetic Industry Association (FEBEA) said:
The cosmetics industry is calling for a balanced agreement with the United States.
We remain calm and trust European negotiators to quickly conclude a EU-US agreement, as this is, above all, a European issue. The American market is our largest export market outside the European Union.
Germany’s chemical industry remains cautiously optimistic about transatlantic trade progress. Wolfgang Grosse Entrup, managing director at Germany’s Chemical Industry Association said:
The German chemical-pharmaceutical industry remains hopeful that the US and the EU will agree on a reduction of barriers in transatlantic trade.
At the same time, it is clear: the situation remains fragile and uncertainty is high. In addition to successful negotiations with the US, strengthening the European industry, the EU internal market, and deepening relations with other regions must therefore be given high priority.
The chief executive of Thames Water has been ordered to tell MPs whether any executives have received payments from a controversial bonus package taken from a £3bn loan.
Britain’s biggest water company admitted last week that senior managers were in line for “substantial” bonuses linked to an emergency £3bn loan. Thames claimed the payouts were vital to retain staff and prevent rival companies from “picking off” its best employees. The disclosure provoked fury as the company has said its finances are “hair-raising” and that it had come “very close to running out of money entirely” last year.
On Tuesday, the environment secretary, Steve Reed, announced the bonuses had been withdrawn by the water company after the Guardian revealed the chair of Thames Water had wrongly claimed they were insisted upon by creditors. The company later said the bonus payments had been “paused”.
However, the Liberal Democrat MP Alistair Carmichael, the chair of the environment, food and rural affairs (Efra) select committee, has raised concerns that part of the bonus package may already have been paid.
Amid escalating tensions between the United States and the European Union, German economy minister Katharina Reiche emphasised the importance of dialogue and cooperation.
Speaking to Reuters, she said:
Trade conflicts have no winners. We must do everything to ensure that the European Commission reaches a negotiated solution with the United States.
Tariffs harm both the US and the EU equally. We need more trade, not less. We are in intensive contact with the European Commission on this matter.
Volvo Cars CEO Hakan Samuelsson told Reuters in an interview that he believes there will be deal between the US and the EU “soon”.
Samuelsson said a 50% tariff would limit the ability of Volvo Cars to sell its Belgium-made EX30 electric vehicle in the United States.
“I believe there will be a deal soon. It could not be in the interest of Europe or the US to shut down trade between them.”
Updated
The postal regulator has launched an investigation into Royal Mail for missing its annual delivery targets, with almost a quarter of first-class mail arriving late.
The company, which has been fined more than £16m in the last two years for failing to meet the delivery targets set by Ofcom, said 23.5% of first-class mail failed to arrive on time in the year to the end of March.
This is a slight improvement on the previous year, when more than a quarter of first-class mail failed to arrive within the one working day target set by the regulator.
Under the watchdog’s rules, 93% of first-class mail must be delivered within one working day of collection, excluding Christmas.
The latest delivery figures published by Royal Mail on Friday showed that it managed to deliver 92.2% of second-class mail within the three-working-day limit set by Ofcom.
Shares are recovering some ground in London in afternoon trading, as investors digest today’s trade war flare ups.
The FTSE 100 index is now only down 36 points, or -0.4%, at 8702 points, having briefly flirted with a triple-digit fall after Trump’s dual tariff threats directed at the EU and Apple.
So, what is the European trade proposal that has failed to impress Donald Trump?
Bloomberg reported earlier this week that the EU had shared a revised trade proposal with the US which included proposals on international labor rights, environmental standards, economic security and gradually reducing tariffs to zero on both sides for non-sensitive agricultural products as well as industrial goods.
Sent to officials in Washington earlier this week, the paper also outlines mutual investments and strategic procurement in energy, artificial intelligence and digital connectivity, Bloomberg added.
More here.
The International Chamber of Commerce, which represents businesses around the world, are critical of Donald Trump’s proposed 50% tariff on EU imports.
John Denton, secretary general of the International Chamber of Commerce, is calling on both sides to ‘de-escalate’ the situation:
“The proposed tariff hike on EU imports introduces major uncertainty into one of the most stable and integrated trade relationships in the world. The immediate effect — for businesses on both sides of the Atlantic — will be to further chill investment decisions, disrupt essential supply chains and undermine market confidence.
“The transatlantic relationship is not only of immense economic importance — it is, in many ways, the cornerstone of the rules-based global trading system. For decades, EU-U.S. trade has set an important standard for openness, reliability and shared prosperity. A sharp escalation in tariffs between two central pillars of the global economy risks sending shockwaves through the global business community at a time when stability is at an absolute premium.
“We call on the U.S. and EU to redouble ongoing efforts to renew their trade relationship. A swift and coordinated de-escalation is essential to preserve the trust and stability that underpin international commerce, business investment and job creation.”
Professor: No winners in Trump’s irrational trade wars.
A “random” tariff rate of 50% on the European Union will harm everyone, points out Professor Costas Milas, of the University of Liverpool’s management school.
He tells us:
Initially, Trump imposed a “reciprocal” (sic) tariff rate of 20% on EU imports. The idea was that through “adult” bargaining and economic reasoning, this very tariff rate would be pushed down. Now, Trump threatens a tariff rate of 50% on EU imports.
What he has certainly managed (again) is to “hit” the weekend headlines of all newspapers and economic broadcasters. Policymakers around the world can either ignore yet another “economic tantrum” of the U.S. President or ask their economic analysts to re-run their quantitative models to find out that a 50% tariff rate will hit both U.S. and EU economic output. Policymakers and analysts do not have to rerun their models.
It is obvious that by imposing, even for a very short period of time, “random” tariff rates of 50% or higher, economic uncertainty will make businesses invest less and consumers spend less. That is, there will be no winner out of Trump’s irrational trade wars.
If trade talks were a game of tennis, then Trump has put the ball firmly back in Europe’s court.
The bloc must now choose whether to retaliate with counter-tariffs or accede to US demands to make concessions, points out the Financial Times, adding:
Member states have approved a €21bn package of up to 50 per cent tariffs on items such as maize, wheat, motorcycles and clothing — measures that at present are not due to take effect until July 14 but could be quickly deployed.
The European Commission is still consulting on a bigger €95bn list of possible measures, which includes Boeing aircraft, cars and bourbon whiskey.
The Russell 2000 index, which tracks the share prices of small US companies, has dropped by 1% on the back of Donald Trump’s new tariff threats.
Bessent: Trump tariff threat may light a fire under EU in trade talks
Treasury Secretary Scott Bessent has claimed that the EU is failing to match other trading partners, in its negotiations with the US.
Speaking to Fox News, Bessent says that Donald Trump believes the EU proposals for a trade deal have not been of the same quality as other trade partners.
Countries in Asia have “moved forward with some very interesting proposals”, and are negotiating in good faith, since Trump paused his new tariffs on trading partners for 90 days, Bessent says, adding:
“I think this is in reponse just to the EU’s pace.”
Bessent adds that he hopes Trump’s threat of a 50% tariff would “light a fire under the EU”.
He claims that the EU has a “collective action problem”, as 27 countries are being represented by one group in Brussels.
Some of those countries don’t even know what the EU is negotiating on their behalf, Bessent suggests.
50% TARRIF ON E.U.🚨
— Townhall.com (@townhallcom) May 23, 2025
🔥Scott Bessent explains the jump: "This is in response to the E.U.'s pace."
"E.U. has a collective action problem...it's 27 countries but they're being represented by 1 group in Brussels. The underlying countries don’t even know what the E.U. is… pic.twitter.com/2tv5v3tAu7
Apple is leading the fallers on the Dow Jones Industrial Average in early trading, down by 2.3% after Donald Trump threatened the iPhone maker with 25% tariffs on products made abroad.
Wall Street has opened with a bump, as news of Donald Trump’s fresh tariff threats against the European Union worry investors.
The Dow Jones industrial average, which tracks 30 large US companies, has dropped by 366 points, or 0.87%, in early trading to 41,492 points.
Today (8:32 CST), the best performer in the DJIA is United Health Group Inc. UNH @CQGInc pic.twitter.com/8Ssbf97cwm
— Thom Hartle (@CQGThom) May 23, 2025
The broader S&P 500 index of US stocks is down 0.9%, while the tech-focused Nasdaq index has lost 1.2%.
Apple may need to change its strategy as Donald Trump threatens new tariffs on iPhones made overseas, suggsts Ben Barringer, global technology analyst at investment manager Quilter Cheviot:
“Apple has been at the eye of the tariff storm ever since Donald Trump announced his intentions on global trade. The tech giant has a deeply ingrained supply chain in Asia, and that is going to be very difficult for it to extricate itself from. Indeed, Apple hoped it could get around the worst of the tariffs by shipping iPhone products to the US from India and Vietnam. Unsurprisingly the US administration has not looked kindly on such tactics and is now threatening new tariffs.
“Given the deal with China, Apple will have been hoping that tensions with the US government would begin to ease, but this has appeared to be a false dawn. To date, Apple have said it is not seeing any stockpiling or pull forward of sales, as well as no change to its pricing strategy. Given the renewed rhetoric coming from Trump, this position may need to change, and greater consideration given to either upping prices, moving supply chains or ultimately both.”
President Trump’s threat of a 50% tariff on EU imports from 1 June may well turn out to be a negotiating tactic, suggests consultancy Capital Economics.
They suggest it is “very unlikely” to be where tariffs settle over the long run, but add:
If it were implemented it could result in a substantial fall in GDP in Germany and potentially even higher in Ireland if pharmaceuticals were included.
XTB: Trump ramps up tariff threats once more
The stock market rally is over as we head into the long weekend, report Kathleen Brooks, research director at XTB.
She reports:
President Trump has proposed a 50% tariff on all EU imports from June 1st, which leaves just over a week for the EU and the US to reach an agreement to avert this devastating levy on the EU.
Is the President using tariffs as another negotiating tactic, to force the EU to cede to his demands? Or is this a sign that negotiations since mid-April have failed, and we should expect tit for tat threats from the EU later today? We expect it is a mixture of both. The EU is one of Trump’s least favourite regions, and he does not seem to have good relations with its leaders, which increases the chance of a prolonged trade war between the two.
The immediate market reaction has been a nosedive in stocks. The Eurostoxx 50 is down 2.3%, the Dax is down nearly 2% and the Cac is lower by 2.2%. This lurch to the downside has pushed European indices into a losing streak for this week, and European indices are currently underperforming US stocks.
The FTSE 100 is the outperformer so far on Friday, it is down by 1%, as the UK/ US trade agreement acts as a protection against US trade aggression.
Here’s some snap reaction to Donald Trump’s threat to impose a 50% tariff on EU imports, starting with BBC economics editor Faisal Islam…
This will obviously be v bad for the world economy, incredible to think that within days China could be on 10% and the EU on 50%… but it also puts the UK in a strong position, relatively speaking… even just avoiding all this random uncertainty…. pic.twitter.com/zzEWSd8A3H
— Faisal Islam (@faisalislam) May 23, 2025
….economics professor Justin Wolfers…
The single most reliable economic fact of the Trump presidency is that when he raises tariffs, markets tank. When he backs off, they rise.
— Justin Wolfers (@JustinWolfers) May 23, 2025
This matters because markets are assessing the future profitability of American business and any tariffs benefits are downstream of boosting… pic.twitter.com/UkAKAC0MJj
… analyst Ian Bremmer…
destroying the economy has reentered the chat pic.twitter.com/xD4c0DLxfj
— ian bremmer (@ianbremmer) May 23, 2025
…and hedge fund manager Benn Eifert…
Get in losers, we're doing this again pic.twitter.com/02GYl63SlF
— Benn Eifert 🥷🏴☠️ (@bennpeifert) May 23, 2025
True alpha: a real time Bessent-Lutnick-Navarro tracking device series so you can tell when Bessent is in Trump's office without Navarro convincing him to tweet about how he won the trade war and doesn't need 50% tariffs on the EU anymore
— Benn Eifert 🥷🏴☠️ (@bennpeifert) May 23, 2025
Wall Street is set to slump when trading begins.
The Dow Jones industrial average is down 1.5% in premarket trading, with the tech-focused Nasdaq on track for a 1.9% drop,
Futures just tanked pic.twitter.com/dwZCFfPscC
— Joe Weisenthal (@TheStalwart) May 23, 2025
Guess what time Trump posted his 50% threat? pic.twitter.com/GpTOrUGMuu
— Joe Lynam (@JoeBLynam) May 23, 2025
The EU Commission has declined to comment on U.S. President Donald Trump’s recommendation to put a 50% tariff on goods from the European Union from 1 June, Reuters reports.
The Commission said it would wait until for a phone call between EU trade chief Maros Sefcovic and his U.S. counterpart Jamieson Greer to take place at 15:00 GMT.
EU COMMISSION DECLINES TO COMMENT ON U.S. TRADE TARIFFS UNTIL CALL BETWEEN EU TRADE CHIEF AND U.S. TRADE REPRESENTATIVE
— PiQ (@PiQSuite) May 23, 2025
Brussels may well be surprised by Trump’s move today, as we’re only halfway through the three-month pause on all the “reciprocal” tariffs which the US president announced in early April (after his “Liberation Day” tariff announcement sent markets sliding).
That pause means EU goods currently only incur the new US ‘baseline’ tariff.
The oil price has hit a two-week low after Donald Trump threatened hefty new tariffs on imports from the European Union.
Brent crude, the international benchmark, has fallen by 1.5% to as low as $63.32 per barrel. Traders will be calculating that a US-EU trade war will hurt the global economy, leading to lower demand for energy.
Trump’s tariffs threats have created a sea of red across European stock markets:
Analyst: Trump triggers new plunge in equities
Donald Trump’s two-pronged attack on the European Union, and on Apple, has swiftly destroyed hopes that the trade war was cooling.
There’s been a period of calm in the last couple of weeks, after the US and China agreed a 90-day pause and the elimination of most of the tariffs imposed on each other during April.
The threat of 25% tariffs on iPhones made abroad, and 50% on imports from the EU into America, has brought an end to the peace.
Fawad Razaqzada, market analyst at City Index and FOREX.com, says “all the optimism over trade deals [has been] wiped out in minutes – seconds, even”, explaining:
US index futures and Apple shares tumbled in premarket as Trump warned the company of 25% tariffs if manufacturing of iPhones is not moved to the United States.
He then triggered an even bigger after recommending 50% tariffs on EU starting June 1. The German DAX dropped over 500 points and similar moves were seen in US index futures
Markets fall after Trump threatens 50% tariff on EU imports
European stock markets are sliding after Donald Trump threatened the EU with a 50% tariff on its goods from the start of June (see previous post).
Germany’s DAX has fallen by 1.9% as investors digest Trump’s announcement, while Italy’s FTSE MIB has lost 2%.
The Stoxx 600 Banks Index, which tracks bank shares in Europe, is down 1.7%.
In London, the FTSE 100 index of blue chip shares has now dropped by 101 points, or 1.1%, as trade war fears sweep the City again. Bank stocks are among the big fallers.
Trump: I'm recommending a 50% tariff on the EU
Newsflash: Donald Trump has just announced he is recommending a 50% tariff on goods from the Europen Union, from the start of next month.
Ratcheting up the trade war, Trump has claimed in a Truth Social post that the EU has been ‘very difficult’ to deal with, and that the current US trade in goods deficit is “totally unacceptable”.
Trump also claims that the EU was set up to take advantage of the US on trade.
He says:
The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with.
Their powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans Companies, and more, have led to a Trade Deficit with the U.S. of more than $250,000,000 a year, a number which is totally unacceptable. Our discussions with them are going nowhere!
Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025. There is no Tariff if the product is built or manufactured in the United States. Thank you for your attention to this matter!
UPDATE: Donald Trump’s claim that the US has a trade deficit with the EU of “more than $250,000,000 a year” actually understates the situation. The president may have his millions and billions mixed up.
According to the Office of the United States Trade Representative, the U.S. goods trade deficit with the European Union was $235.6bn in 2024, not over $250m as Trump suggests….
Updated
Apple shares drop in pre-market
Apple shares are falling in pre-market trading after Donald Trump threatened the company with new tariffs unless it shifts iPhone production to the US.
They’re currently on track to fall by around 3% when trading begins on Wall Street, in under two hour’s time.
BREAKING: Apple stock, $AAPL, falls -4% as President Trump says iPhones must be built in the US or they will face a tariff of at least 25%. pic.twitter.com/anyxsdNxjx
— The Kobeissi Letter (@KobeissiLetter) May 23, 2025
Trump threatens Apple with 25% tariffs if iPhones not made in US
Newsflash: Donald Trump has fired another shot at Apple in his trade wars, warning that the tech giant must pay a 25% tariff unless it manufactures its iPhones in the US.
Posting on his Truth Social website, Trump says:
“I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else.
“If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S. Thank your for your attention to this matter!”
This is the US president’s latest attempt to force Apple to move manufacturing to the US; last week, Trump said he had a “little problem” with Apple’s Tim Cook, after reports that the company is planning to switch assembly of handsets for the US market from China to India.
Sky News: Two-way race to buy Poundland
The battle to take control of UK discount chain Poundland has taken a twist.
Sky News are reporting that Poundland’s owner, Pepco Group, has shortlisted two rival firms to buy Poundland, which needs a capital injection of more than £50m to aid a turnaround plan.
A Pepco insider said on Friday that Hilco, the former owner of HMV and Homebase, and former Laura Ashley-owner Gordon Brothers were involved in a two-way race to buy the chain.
That means that Modella Capital, the investment firm which has agreed to buy WH Smith’s high street operations, has been eliminated from the auction.
Yesterday, Pepco cut its profit guidance for Poundland, due to “highly challenging trading conditions, which have been further impacted by clearance of old stock and product availability issues”.
UK private sector productivity drops below pre-Covid levels
Worryingly, productivity in the UK private sector has dropped below its levels before the Covid-19 pandemic.
New data from the Office for National Statistics this morning shows that multi-factor productivity – a measure of how efficiently resources are used in the economy – fell by 0.6% in 2024 and was 0.7% lower than in 2019.
That, the ONS points out, is rather worse than the trend growth in MFP of around 1.8% per year in the decade before the 2008 economic downturn.
The report shows that market sector gross value added (GVA) only increased by 1.3% in 2024, while hours worked rose by 1.8%.
Pound hits $1.35
Back in the financial markets, the pound has hit $1.35 against the US dollar for the first time since February 2022.
As flagged at 9.52am, the pound is benefiting from some optimism about the UK economic outlook, and worries about inflation, while the dollar is being dragged down by concerns that investors are losing faith in US government debt.
PwC: Energy price cap could rise later in the year
The UK energy price cap could rise again later this year, warns Benjamin Gough, Infrastructure & Regulatory Economics Leader at PwC UK.
Gough says:
“Today’s announcement by Ofgem of a reduction in the energy price cap is good news for domestic consumers, who will see an annual reduction in energy spend of £129 compared to the existing cap.
The decision follows a decline in UK natural gas futures, from a two-year peak of 141 p/th in February, with the downward trend driven in part by the UK experiencing a warmer start to spring and increasing volumes of LNG supply in Europe. Gas futures do remain higher than 2024 currently, leaving a possibility that the cap could still rise later in the year.
That would clearly be bad news for poorer households, especially as energy usage rises in the winter as the cold weather bites.
Cornwall Insight have predicted that the cap could rise to £1,727 per year, for a typical bill, in October-December, so only slightly higher than the £1,720/year set for July-September this morning.
[reminder: the cap applies to the cost of a unit of energy, not the total bill].
Independent Age, a charity providing support for older people facing financial hardship, has warned that too many people in later life living in financial hardship won’t be able to heat their homes, despite the drop in the price cap in July.
Independent Age chief executive Joanna Elson, CBE welcomed Keir Starmer’s u-turn on winter fuel payments, saying:
“The UK Government must use the warmer months to prepare for next winter. Older people on low incomes should be supported so that they have enough money to turn the heating on. We welcome plans announced this week to widen the eligibility criteria for the Winter Fuel Payment, linking it to Pension Credit saw far too many people in financial hardship miss out.
We heard dreadful accounts of people going to bed in hats and coats, limiting themselves to just one meal a day to save money, and having to visit public places to stay warm. We urge the UK Government to act quickly and provide clarity on who will be eligible for the next payment. Nobody should be left in the cold next winter.
In the long-term, the UK Government must implement policies that lift older people out of fuel poverty and ensure financial security. The UK Government should extend the Warm Home Discount beyond 2026, increase payments above the present £150 level, and introduce an energy social tariff.
Here’s a chart showing how UK energy bills will dip this summer, but remain rather higher than three years ago…
Pound hits three-year high vs US dollar
The pound has hit a new three-year high against the US dollar this morning.
Sterling is up around three-quarters of a cent to $1.3488, its highest level since February 2022.
The rally partly reflects relief that UK retail sales volumes jumped by 1.2% in April (see previous post), suggesting consumers are continuing to spend.
George Vessey, lead FX and macro strategist at Convera, says there are several positive factors supporting sterling.
Vessey cites:
Closer trade relations with both the US and EU, a string of positive UK economic data surprises and sticky inflation prompting a less dovish Bank of England (BoE) outlook and the de-dollarisation narrative.
The options market has turned more and more optimistic on the pound’s long-term outlook and hedge funds remain bullish, steadily increasing their long positions since January. This rising demand for sterling suggests further upside potential, especially if asset managers shift to overweight positions in the coming months.
The other side of the trade is that the dollar is falling, amid concerns that investors are shifting away from Us assets due to concerns over Donald Trump’s policies.
That has led to a sell-off in Treasury bonds this week, pushing up the interest rate on US debt.
Those worries mounted this week after the US House of Representatives approved a major bill that would enact Donald Trump’s tax and spending priorities and add trillions of dollars to the US debt (already $36trn and rising).
Sun brings biggest jump in British retail sales in four years
Sunny spring weather sent shoppers flocking to supermarkets and specialists such as butchers, bakers and alcohol outlets last month, fuelling the strongest quarterly increase in retail sales in Great Britain in almost four years.
Retail sales volumes soared 1.2% in April, well ahead of City economists’ forecasts of an increase of between 0.2% and 0.4%, marking the fourth straight month of sales growth.
The Office for National Statistics (ONS) said that over the three months to the end of April sales rose by 1.8%, compared with the November to January period, the largest quarterly rise since July 2021.
Updated
Martin Lewis: The Price Cap is still a Pants Cap
Martin Lewis, founder of MoneySavingExpert.com, has warned that the 7% cut in Britain’s energy price cap is “nothing to shout home about”.
Lewis, a regular critic of the price cap, points out that energy bills this July will still be 10% higher than at the same time last year.
He adds:
Compare that to the cheapest fixes on the market today, which are 18% below the current Cap, proving the Price Cap is a Pants Cap. It was only ever meant to be a back-stop tariff for those unable to switch, yet during the energy crisis it effectively became a regulated price, and still today, 65% of homes are on tariffs dictated by the Cap.
For all but those on pre-payment meters, where sadly there’s little choice, I’d urge people to get off the Cap, use a whole-of-market comparison site, like www.CheapEnergyClub.com to find their cheapest fix. That will instantly cut people’s bills, without any need to wait until July, and if analysts’ current Price Cap predictions prove true, would substantially undercut the Cap in every period for the next year.
Our recent analysis shows, that at every point over the last twelve months, grabbing the cheapest fix on the market would’ve saved you very substantially over the Price Cap.
Lewis also argues it’s incorrect for Ofgem to say that today’s reduction is a drop of £129 a year. He explains:
That’s not correct. The new Price Cap only lasts three months, so quoting an annualised price is meaningless, never mind an annualised price based on typical use.
Miliband welcomes cut to energy price cap
Back in the energy world, Ed Miliband has welcomed the 7% cut to household bills from July announced this morning.
However, the energy secretary also stressed that the Government will continue to work towards clean energy to get off the “rollercoaster of fossil fuel markets”.
Miliband says:
“This fall in energy bills is welcome news for families across the country and will mean that working people keep more of their money in the coming months.
However, we know that it is only through our mission for clean, homegrown power that we can get off the rollercoaster of fossil fuel markets controlled by dictators and petrostates - and give families and businesses energy security and bring down bills for good.
As we take back control, we are doing everything we can to support people - from consulting on expanding the £150 warm home discount to around six million households next winter, to upgrading thousands of homes so they are warmer and cost less to heat, to reforming our energy market so consumers are better protected.”
Telegraph to be sold to RedBird Capital in £500m deal
The future of the Telegraph newspaper appears to finally have been resolved.
The Telegraph is to be sold to a transatlantic consortium led by RedBird Capital Partners, the paper is reporting this morning, under a preliminary deal.
Gerry Cardinale, the founder of the US private equity firm, has reportedly signed an agreement in principle to acquire control of The Telegraph for £500m.
The Telegraph is being bought from RedBird IMI, an investment vehicle majority backed by the United Arab Emirates, who were blocked from taking full ownership of the group last year.
But this may not be the end of the story, as the Telegraph’s Chris Williams reports:
No final agreements are in place, however.
A rival is attempting to disrupt the sale too, and regulatory hurdles await.
Williams adds that Cardinale plans to target “an intelligent centre-Right readership which is not currently well-served”….
International Paper to close 5 sites in UK, putting 300 jobs at risk
Hundreds of packaging jobs are at risk at UK packaging firm DS Smith, following its takeover by rival International Paper earlier this year.
International Paper has announced this morning it is proposing to close five of its packaging sites in the UK. It is also considering relocating one site, and a “small headcount reduction” at two other sites.
International Paper says the plan will “improve efficiencies” and to respond to customer needs amid “tough trading conditions for the industry”. It is consulting with unions and workers.
International Paper, which took over DS Smith in a £5.8bn deal in January, expects the proposals would be implemented by the end of this calendar year and that approximately 300 roles may be affected.
German economy grew twice as fast as initially expected in Q1 2025
As well as cutting UK energy costs (see earlier), Donald Trump can also take credit for growing the German economy!
New GDP data this morning shows that Germany’s GDP rose by 0.4% in January-March, twice as fast as the first estimate of 0.2% growth in the quarter.
That’s the fastest quarterly growth since the third quarter of 2022.
Manufacturing output and exports grew faster in March than initially assumed, as companies scrambled to beat Trump’s announcement of new tariffs in April.
Ruth Brand, President of the Federal Statistical Office, says:
“The reason for the slightly higher growth compared to the initial estimate was the surprisingly positive economic development in March.”
“In particular, production in the manufacturing sector and exports performed better than initially expected.
Das #Bruttoinlandsprodukt ist im 1. Quartal 2025 gegenüber dem 4. Quartal 2024 –um 0,4 % gestiegen. Damit fiel das Wirtschaftswachstum um 0,2 Prozentpunkte höher aus als in der Schnellmeldung vom 30. April 2025 berichtet. Mehr Infos zu den Gründen: https://t.co/I3ZFGyalAf #BIP pic.twitter.com/eMi3WVDbgA
— Statistisches Bundesamt (@destatis) May 23, 2025
Carsten Brzeski, global head of macro at ING, says Trump is making “the German economy great again, for now”, adding:
The German economy had its best quarterly performance since the third quarter of 2022, and the reason for it seems to be Donald Trump. As a result of the announced tariffs and in anticipation of ‘Liberation Day,’ German industrial production and exports surged in March.
Net exports and private consumption drove economic activity in the first quarter, while government consumption and inventories dragged on growth.
The Unite union has warned that UK energy bills will still be ‘sky high’, despite the 7% cut to the price cap in July-September.
Unite general secretary Sharon Graham says:
“Ofgem has lowered its cap, but our bills are still sky high and nobody has any faith left in this regulator, which allows multinational companies to extract obscene profits from our energy system.
We urgently need to reverse the market madness and address the real causes of the lingering energy crisis.”
MoneySuperMarket: UK still faces some of the world’s highest energy bills
British energy bills will still be around 50% higher than six years ago, even after the cut to the price cap in July.
Ashton Berkhauer, energy expert at MoneySuperMarket points out that in 2019, the first year of the cap, a typical energy bill was £1,137 per year – this summer, it’ll be £1,720 per year.
Berkhauer says:
“The reduction in the energy price cap is welcome, if overdue, news for families across the country who have been battered by the cost-of-living crisis. However, even with this reduction, the price cap is still almost 50% higher than when it was first introduced in 20191.”
“For over half a decade, British households have been saddled with some of the highest energy bills of any developed country in the world. The average UK household currently pays around 27% more for their energy than their European neighbours. So, while this latest move from Ofgem is a step in the right direction, many households will still be feeling the impact of high energy bills.”
* UK energy price cap for a typical dual-fuel household paying by Direct Debit since its introduction in January 2019. From October 2022 to June 2023, the UK government implemented the Energy Price Guarantee (EPG), capping typical household bills at £2,500 per year.
Market turmoil after US tariffs helped push energy prices down
Donald Trump, surprisingly, can take some credit for the cut in UK energy bills this summer.
Cornwall Insight (the consultancy which correctly predicted today’s 7% cut to the price cap), says wholesale energy market prices fell following the announcement of US tariffs, prompting this morning’s cut to the price cap.
The fall in prices was also due to milder than average temperatures, and other calming influences on the market, such as the prospect of Europe easing its gas storage rules.
Dr Craig Lowrey, Principal Consultant at Cornwall Insight, says:
“This fall in the energy price cap is undoubtedly welcome news for households, offering a degree of relief at a time when many are grappling with high living costs, and rising inflation. Lower prices in the warmer months are helpful, but the real benefit could come in October. With energy use typically rising as we head into winter, any drop in bills later in the year would be especially valuable for families trying to manage the high costs in the lead up to the Christmas period.
“While it’s important to celebrate the small wins, the energy market remains unpredictable. We know recent declines in wholesale prices have helped bring the cap down, but global events - from geopolitical negotiations to shifts in trade and weather - can quickly reverse that trend. Plus, even with the cap coming down, bills are still higher than what we used to consider ‘normal’, so support is still very much needed. The outlook may be improving, but we’re not out of the woods yet, and energy affordability must remain a priority.”
Ofgem: Prices remain hgh despite price cut
Energy regulator Ofgem has also warned that prices ‘remain high’, despite the 7% cut to energy costs this summer which it just announced.
Tim Jarvis, Director General of Markets at Ofgem, says:
“A fall in the price cap will be welcome news for consumers, and reflects a reduction in the international price of wholesale gas. However, we’re acutely aware that prices remain high, and some continue to struggle with the cost of energy.
“The first thing I want to remind people is that you don’t have to pay the price cap – there are better deals out there so it’s important to shop around, and talk to your existing supplier about the best deal they can offer you. And changing your payment method to direct debit or smart pay as you go can save you up to £136.
“In the longer term, we need an energy system where prices are insulated from the volatile international gas market, and which ensures more stable prices and energy security. And we’re working closely with government to get the investment we need to reach our clean power and net zero targets as quickly as possible.
“We’re also doing everything we can to support consumers today and pushing ahead with more changes to help consumers. This includes working on ways to support those trapped in energy debt and bringing in reforms to standing charge tariffs for this winter.”
Table: the new energy price cap
Here’s the details of the new energy price cap, just announced:
Britain's energy price cap cut by 7% this summer
Newsflash: domestic gas and electricity prices for millions of households across Great Britain will fall by 7% from July – the first drop for a year.
Energy regulator Ofgem has announced that its quarterly cap on domestic gas and electricity charges would fall from July by the equivalent of £129 a year for the average home, due to the drop in wholesale energy prices in recent months.
This is the first cut to the quarterly price cap in a year.
The cut, to the maximum cost of a unit of electricity and gas, means a typical annual dual-fuel bill will drop to £1,720. But, there’s no cap on how high a bill can be.
You can see the details from Ofgem here.
Households which buy their energy through variable tariffs will see an impact on their bills when the cap takes effect in July. But bill payers could still face higher bills if they use more than the typical amount of energy.
However, prices would still be higher than a year earlier, and significantly above levels seen at the start of the decade.
Four years ago, for example, the price cap was set at £1,138 for an average household.
Reaction to follow….
Updated
Fuel Bank Foundation: poorest households facing a summer of hardship
Charities fear that many households will struggle to pay their energy bills, even once the price cap is lowered this summer (update: Ofgem has confirmed bills will fall 7% this summer, a cut worth £129 per year on an average annual bill).
Matthew Cole, CEO of Fuel Bank Foundation, warned this week:
“The drop in the energy price cap from July may sound like good news, but for many people already struggling to make ends meet, it won’t go far enough. Even in summer, when heating isn’t needed as much, energy is still essential; people need it to cook meals, run a washing machine, stay clean, and keep fridges and medical equipment running. These are basic needs, not luxuries.
“The cost of living is still incredibly high, and many people, especially those who are vulnerable or have low incomes, are dealing with energy debt built up over the last few years of sky-high bills.
“A slight drop in prices won’t fix that. People are still being forced to make tough choices — between topping up the meter or putting food on the table.
Updated
Today’s price cap announcement comes just two days after Prime Minister Sir Keir Starmer signalled a partial U-turn on cuts to pensioners’ winter fuel payments, after a backlash.
Ofgem to set latest energy price cap for household bills
Good morning. British households may learn today that energy bills will fall this summer, for the first time in a year.
Energy regulator Ofgem is poised to announce its latest price cap on bills in England, Scotland and Wales this morning, at 7am, and industry analysts predict it will be cut.
The cap limits how much firms can charge customers for units of gas and electricity, and is set every quarter.
This time, experts are forecasting the cap will be cut for the first time in a year, due to recent falls in the wholesale gas and oil prices. That would lower the energy bills of millions of households across Britain in July-September.
Earlier this week, consultancy Cornwall Insight predicted the cap will be cut by 7% – that would slash around £129 off the annual bill for a typical dual-fuel household this summer, from £1,849 under the current limits.
However, it’s important to note that the cap applies to the cost of a unit of energy – there’s no cap on how large a bill a family can run up.
And as Dr Craig Lowery, a consultant at Cornwall, pointed out on Monday, energy bills were still too high for many.
“Prices are falling, but not by enough for the numerous households struggling under the weight of a cost of living crisis, and bills remain well above the levels seen at the start of the decade.”
“The fall is also a clear reminder of just how volatile the energy market remains – if prices can go down, they can bounce back up, especially with the unsettled global economic and political landscape we are experiencing. This is not the moment for complacency.”
The agenda
7am BST: Ofgem to announce latest energy price cap
7am BST: Retail sales report for Great Britain in April
9.30am BST: Latest estimate for how many UK young people are not in education, employment or training
3pm BST: US new home sales data
