Trump declares war on showers to ‘take care of my beautiful hair’The EU has put its retaliatory measures against the US on hold for 90 days but issued a warning to Donald Trump over a trade deal.European Commission President Ursula von der Leyen made the announcement today after the US president announced a 90-day freeze on the hefty tariffs he had imposed on dozens of countries.She said in a social media post: “We want to give negotiations a chance. While finalising the adoption of the EU countermeasures that saw strong support from our member states, we will put them on hold for 90 days.”A relief rally washed over battered global stock markets after Mr Trump’s humiliating U-turn, the FTSE-100 soaring by more than 6 per cent shortly after trading began.However, Mr Trump ratcheted up the pressure on China, immediately hiking the tariff on Chinese imports to 125 per cent from the 104 per cent level that kicked in on Wednesday.Beijing slapped 84 per cent tariffs on US imports in return, and has now hinted at further counter-measures.Meanwhile, the US is considering offers from 15 countries on tariff agreements and is close to deals with some, White House economic adviser Kevin Hassett said. Tariffgate: How trade war blew up in Trump’s faceTariffgate: How Trump’s trade war blew up in his faceThe president’s calls to buy stocks after the market slumped and his subsequent climbdown over tariffs have led to accusations of insider trading. Together with scandalous economic incompetence, this could be his Watergate, writes Simon WaltersJane Dalton10 April 2025 15:40Why US stock markets are down againUS stock markets are down again today, with a mix of reasons likely at play, writes Karl Matchett. First, the wild buying yesterday sent some equities up more than 20 per cent – so some profit-taking would not be unexpected, especially if investors had locked in losses in the previous days’ falls. Secondly, US inflation data is coming in and is surprisingly lower than expected; that, plus a slight restoration in markets, may change calls for cutting interest rates. Higher interest rates are (very broadly and basically) less-good for equities prices, so there’s a balancing act there. And finally, as AJ Bell’s Russ Mould points out, is the actual question of whether share prices should be as high as they were or whether the tariff-induced sell-off just exaggerated something that was on its way anyway.”There is an old market saying that stock market tops are a process, while bottoms are an event. “The S&P 500 had been making heavy weather of it even before Donald Trump’s trade and tariff interventions and had already started to roll over in a classic example of that pattern, so the big issue now is whether Wednesday’s spike is a buy signal or simply a cruel bear trap for unwary bulls who are accustomed to ‘buy the dip’,” he said. Jane Dalton10 April 2025 15:20Starmer urged to accelerate global trade deals Jane Dalton10 April 2025 14:57UK must change with the world, says prime ministerBritain must not just “sit back and hope” but “rise to the moment” in the face of uncertainty over Donald Trump’s tariffs, Sir Keir Starmer has said.The Prime Minister said the UK should “recognise where our future lies”.The 10% “baseline” levy on all goods entering America remains in place.On a visit to Doncaster, Sir Keir said: “I’m not going to stand here and pretend that tariffs are good news. That is not true, and you wouldn’t believe me if I said it, but just as we’ve seen recently on defence and security across Europe, and with Ukraine, they do make one thing very clear, and that is that the world is changing, and we as a country must change with it.”In other words, we’ve got to rise to the moment here, recognise where our future lies, renew Britain and deliver security for working people.”Ministers still hope an economic deal with America can be reached.Chancellor Rachel Reeves will seek to negotiate with the US when she visits Washington at the end of April for the International Monetary Fund’s spring meeting of global finance ministers, she told the Financial Times.She also said a UK-EU summit on May 19 would be a chance “to refresh our relationship and make it easier for businesses to trade”.Prime Minister Sir Keir Starmer in Doncaster (Danny Lawson/PA) More