Beijing attacks JD Vance’s ‘Chinese peasants’ remark in tariffs interview

Chinese foreign ministry calls comments by US vice-president ‘ignorant and disrespectful’

Deutsche Bank predicts more aggressive RBA rate cut in May as Trump tariff threat looms

Chief economist Phil O’Donaghoe says ‘global shock’ from protectionist US trade policy justifies more aggressive move from Reserve Bank

A swift loss of £4tn from global stock markets has led some to liken Trump’s trade war to 1929 Wall Street crash

Traders leaving the New York Stock Exchange were trying to make sense of another day of volatility

In today’s newsletter: As Keir Starmer weighs up his response to Washington, the prime minister holds an unfavourable hand

Beijing accuses US of blackmail and adding a ‘mistake on top of a mistake’ as Wednesday deadline for latest levies looms

Ex-Bank of England deputy governor Charlie Bean says cut of 0.5 points needed because of ‘crazy situation’ in US

House democratic leaders also condemn tariffs as group backed by Trump allies mount legal challenge to stop tariffs

President poised to further impose taxes after Beijing announced a 34% tariff on US imports as global markets fall

New Civil Liberties Alliance says president’s invocation of emergency powers to impose tariffs is unlawful

US president tells reporters foreign governments will have to pay ‘a lot of money’ to lift levies

The value of one Australian dollar fell to a low of 59.64 US cents, its lowest point since April 2020

In today’s newsletter: Why the global sell-off continued in earnest this morning – and why it matters

Carmakers will be given more flexibility over targets on transitioning to electric vehicles

Kevin Hassett claims tariffs will not have a big effect on US consumers and there will be no ‘political coercion’ over interest rates