Donald Trump has pledged to drastically increase tariffs on foreign goods entering the US if he is elected president again.
He has promised tariffs – a form of tax – of up to 20% on goods from other countries and 60% on all imports from China. He has even talked about a 200% tax on some imported cars.
Tariffs are a central part of Trump’s economic vision – he sees them as a way of growing the US economy, protecting jobs and raising tax revenue.
He has claimed on the campaign trail that these taxes are “not going to be a cost to you, it’s a cost to another country”.
This is almost universally regarded by economists as misleading.
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How do tariffs work?
In practical terms, a tariff is a domestic tax levied on goods as they enter the country, proportional to the value of the import.
So a car imported to the US with a value of $50,000 (£38,000) subject to a 10% tariff, would face a $5,000 charge.
The charge is physically paid by the domestic company that imports the goods, not the foreign company that exports them.
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So, in that sense, it is a straightforward tax paid by domestic US firms to the US government.
And tariffs imposed on those imports brought in $80bn in that year, around 2% of total US tax revenues.
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The question of where the final “economic” burden of tariffs falls, as opposed to the upfront bill, is more complicated.
If the US importing firm passes on the cost of the tariff to the person buying the product in the US in the form of higher retail prices, it would be the US consumer that bears the economic burden.
If the US importing firm absorbs the cost of the tariff itself and doesn’t pass it on, then that firm is said to bear the economic burden in the form of lower profits than it would otherwise have enjoyed.
Alternatively, it is possible that foreign exporters might have to lower their wholesale prices by the value of the tariff in order to retain their US customers.
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In that scenario, the exporting firm would bear the economic burden of the tariff in the form of lower profits.
All three scenarios are theoretically possible.
But economic studies of the impact of the new tariffs that Trump imposed in his first term of office between 2017 and 2020 suggest most of the economic burden was ultimately borne by US consumers.
A survey by the University of Chicago in September 2024 asked a group of respected economists whether they agreed with the statement that “imposing tariffs results in a substantial portion of the tariffs being borne by consumers of the country that enacts the tariffs, through price increases”. Only 2% disagreed.
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Raising prices
Let’s use a concrete example.
Trump imposed a 50% tariff on imports of washing machines in 2018.
Researchers estimate the value of washing machines jumped by around 12% as a direct consequence, equivalent to $86 per unit, and that US consumers paid around $1.5bn extra a year in total for these products.
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There is no reason to believe the results of even higher import tariffs from a future Trump administration would be any different in terms of where the economic burden would fall.
The non-partisan Peterson Institute for International Economics has estimated Trump’s new proposed tariffs would lower the incomes of Americans, with the impact ranging from around 4% for the poorest fifth to around 2% for the wealthiest fifth.
A typical household in the middle of the US income distribution, the think tank estimates, would lose around $1,700 each year.
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The left-of-centre think tank Centre for American Progress, using a different methodology, has an estimate of a $2,500 to $3,900 loss for a middle-income family.
Yet Trump has used another economic justification for his tariffs: that they protect and create US domestic jobs.
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“Under my plan, American workers will no longer be worried about losing your jobs to foreign nations, instead, foreign nations will be worried about losing their jobs to America,” he said on the campaign trail.
The political context for Trump’s tariffs was longstanding concern about the loss of US manufacturing jobs to countries with lower labour costs, particularly after the signing of the North American Free Trade Agreement (Nafta) with Mexico in 1994 and the entry of China into the World Trade Organisation in 2001.
In January 1994, when Nafta came into effect, the US had just under 17 million manufacturing jobs. By 2016, this had declined to around 12 million.
Yet economists say it is misleading to attribute this decline to trade, arguing that growing levels of automation are also an important factor.
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And researchers who studied the impact of Trump’s first-term tariffs found no substantial positive effects on overall employment in US industrial sectors that were protected.
Trump imposed 25% tariffs on imported steel in 2018 to protect US producers.
Trump has criticised America’s trade deficit, which is the difference between the value of all the things the country imports and the value of its exports in a given year.
“Trade deficits hurt the economy very badly,” he has said.
In 2016, just before Trump took office, the total goods and services deficit was $480bn, around 2.5% of US GDP. By 2020, it had grown to $653bn, around 3% of GDP, despite his tariffs.
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Part of the explanation, according to economists, is that Trump’s tariffs increased the international relative value of the US dollar (by automatically reducing demand for foreign currencies in international trade) and that this made the products of US exporters less competitive globally.
Another factor behind this failure to close the trade deficit is the fact that tariffs, in a globalised economy with multinational companies, can sometimes be bypassed.
The US Commerce Department presented evidence in 2023 that Chinese solar panel manufacturers had shifted their assembly operations to countries such as Malaysia, Thailand, Cambodia and Vietnam and then sent the finished products to the US from those countries, effectively evading the tariffs.
There are some economists who support Trump’s tariff plans as a way to boost US industry, such as Jeff Ferry of the Coalition for A Prosperous America, a domestic lobby group, but they are a small minority of the profession.
Oren Cass, the director of the conservative think tank American Compass, has argued tariffs can incentivise firms to keep more of their manufacturing operations in America, which he argues has national defence and supply chain security benefits.
And the Biden/Harris administration, while sharply criticising Trump’s proposed extension of tariffs, has kept in place many of the ones he implemented after 2018.
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It has also imposed new tariffs on imports of things like electric vehicles from China, justifying them on the grounds of national security, US industrial policy and unfair domestic subsidies from Beijing.
FIGHTING mould in the colder months could cost as little as £7.99 with an item that some have branded a “game changer”.
Reusable dehumidifier bags can help tackle condensation which can appear on windows around the home in the colder months.
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Dehumidifier bags can be used to clear condensation and fight mould again and againCredit: TikTok / @jordanpayne25
The Simply Reusable Car Dehumidifier can be bought from Halfords for as cheap £7.99 making it a bargain investment.
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The compact bag absorbs and releases moisture due to its silica gel interior.
It features a heat sensor which changes from blue to pink to indicate when it needs to be “recharged” back in a microwave.
The gadget has become popular online with drivers praising that it can clear your windscreen.
Yet savvy shoppers online have noticed the dehumidifier bags can be used anywhere – such as on window sills at home.
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One user took to TikTok to explain: “I leave mine in the car and when I go to it in the morning there’s less condensation”.
While another user pointed out that they were “amazing in the car, van, house – anywhere!”
People also commented on the post saying the bag was a “need”.
And another person said: “They’re amazing. They make such a difference.”
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How I Removed Window Mould in Minutes with Just £1.50!
Dehumidifying your home is essential in the colder months as condensation can quickly develop into signs of mould.
The reusable bags are a low cost method compared to investing big bucks into an electric dehumidifier which plugs into the wall.
For example, the SIP 20 Litre Dehumidifier from Halfords costs £239.99.
The small bags can be placed on window sills and in corners where electrical appliances might not reach.
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You also get to avoid the cost of running an electrical appliance – and while dehumidifiers only 4p an hour it always helps to save on these monthly costs.
Especially from this month onwards as 28 million households on standard variable tariffs (SVT) face an increased energy price cap.
According to Ofgem, which sets the limit, bills are set to rise by 10% from this month onwards causing households to spend an annual £149 extra on average.
Therefore those dodging turning the heating on and instead finding methods to heat themselves could still see their homes affected by cold weather.
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Mould spores can cause health problems unknowingly by contaminating respiratory air and causing allergic reactions to your skin.
Mould can also be a pain to blast once it’s settled.
CheckATrade values the average mould removal cost this year to be £30 an hour – or as much as £300 a room.
Therefore by making the much smaller £7.99 investment you could avoid having to pay for damage repair costs down the line.
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What is mould and how to get rid of it?
Mould is more likely to grow during the winter months.
Olivia Young, Product Development Scientist at Astonish revealed exactly why this is.
“Unfortunately, mould is a common problem many people face during winter. It thrives in conditions that are warm and damp, so your bathrooms are likely to be the most affected place.
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“That said, during the colder months most rooms in your home could be vulnerable to mould growing.
“This occurs primarily from condensation that builds up on your windows when you’ve got your radiators on.
“If you think about it, when windows and doors are closed, there’s not much chance for the air to circulate and the moisture to make a swift exit.
“This build up is what can cause dreaded mould to make an appearance, especially in bathrooms, as it creates that warm and wet environment that is a breeding ground for mould.
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“If left untreated, not only is it unsightly but it can also pose a serious risk to your health, so it’s really important you treat it.
“The key to tackle mould is to act fast.
“Try to come into as little contact with it as you can. So, grab your gloves, tie up your hair and get to work to remove any signs of mould as soon as you notice them.
“To keep mould at bay, there are some simple solutions you can introduce throughout home.
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“The first is keep it ventilated. Yes, even in the cold winter months try to leave your bathroom window open for at least 10/15 minutes post shower or bath. This will get rid of any excess moisture quickly preventing mould gathering.
“If you’re having a repeat problem with mould in one particular area, it might be because the humidity levels are too high. You can get a dehumidifier that will help keep the levels low and reduce the risk of mould returning.
“The golden rule to remember when dealing with mould is the quicker you can treat it, the better. If you leave it, it will only get worse so never ignore it!
“To successfully get rid of mould every time, I recommend opting for the UK’s No 1 Mould & Mildew Remover, that effectively removes mould and mildew stains almost instantly, with no scrubbing necessary.”
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You’d typically find the pouch-like gadget down a motoring aisle or in an auto retailer like Halfords.
Other places where you can purchase affordable reusable dehumidifier bags include The Range and Amazon.
The Range sells theirs at a bit more expensive a cost at £8.99.
Whereas some products on Amazon, such as the FPD 2 Car Reusable Humidifier bags, can cost as little as £5.98.
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As usual we recommend shopping around to get the best prices.
It’s always a great trick to use the “sort by” tool while browsing and selecting “cheapest first” to see the best deals.
There are other portable dehumidifiers you could try too.
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
At the start of this BBC documentary, we see Gaza as we haven’t seen it recently: a five-a-side football game on a rooftop AstroTurf pitch; small boats bobbing in the harbour; a white horse grazing peacefully on a green roundabout.
“Gaza was beautiful,” a young woman called Aya tells the camera. “But it wasn’t perfect.”
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We know what’s coming next. After the Hamas attacks of October 7, the ensuing Israeli assault reduces Gaza to rubble and despair.
Life and Death in Gaza tells four families’ experiences. It focuses not on endless horror, but human resilience. This is overdue. Israel has denied the world’s media access to Gaza. So coverage of the war, in which Gazan authorities say 42,000 people have been killed, has had more statistics than stories.
Aya is a 23-year-old law graduate, bright-eyed with possibility. Khalid is a physiotherapist. Adam is a youth worker. And Aseel is preparing to give birth while her husband Ibrahim, a photographer, documents the surrounding destruction. Their testimonies, especially taken together with the BBC’s Surviving October 7th documentary about the Nova Music Festival massacre, help us understand how much has been lost in the past year of conflict.
Some of the most poignant moments involve children. Khalid’s five kids role-play ambulance drivers and war victims. “My heart breaks,” he says. If only it were just a game. “Mum! Let’s not sleep here any more!” cries his daughter after a nearby bombing. Yet when Aseel gives birth, she sees her daughter as bringing hope.
Early on, the film quotes Israeli Prime Minister Benjamin Netanyahu: “I say to the residents of Gaza: leave now because we will operate forcefully everywhere.” Of course, most Gaza residents can’t leave, because Israel and Egypt keep the borders shut. We see Gaza’s beautiful blue sky, occasionally peppered with Israeli leaflets telling residents to evacuate. The four protagonists leave their homes, and struggle to find food and safety.
This film, made by the BBC World Service investigative unit BBC Eye, contains moments of wisdom. In October 2023, Adam notes that part of the aim of the war is to make you feel worthless, as if “the world doesn’t care if you live or die.” His father, ill with Parkinson’s, does die in an overstretched hospital. Adam and his sisters start living in a tent city. By March, thanks to a brother abroad, they have raised the $7,000 a person needed to cross into Egypt: “the price of fleeing death, war, genocide.” Adam bids goodbye to Gaza, looking at the Mediterranean — “the one thing that hasn’t changed since October 7.” It’s the sea that gives him hope that Gaza can recover.
The film is not as hard to watch as some viewers might fear. At times it even feels mundane. That seems the result of having to rely on ordinary people as camera operators. Sometimes you wish the protagonists would reveal more of their inner thoughts. The film is also non-political. The participants never opine on Hamas or Israel: previously, Gazans criticising Hamas have faced reprisals.
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By the end, Khalid has started to rebuild his house and set up a new clinic. Aseel refuses to leave Gaza. Aya’s hopes of studying in Italy have been scotched, her house destroyed, her uncle killed. “No one cares about us,” she says tearfully. It’s hard to disagree. In Gaza, human resilience is being pushed to its limits. Perhaps the least we can do is watch.
M&S SHOPPERS have shared their devastation after noticing a beloved range missing from shelves.
Eagle-eyed shoppers have raised concerns after some of the supermarket’s vegan “Plant Kitchen” range is not in its usual spot.
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M&S’s Plant Kitchen range is loved by vegans and also meat eaters.Credit: Marks and Spencer
Disgruntled customers have taken to X, formally, known as Twitter, to flag the issue with M&S.
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One user wrote: “@marksandspencer why have you got rid of most of your Plant Kitchen range? I’ve noticed most of it has disappeared in most stores with the exception of the odd ready meal or frozen thing”
Another shopper was confused as to why the entire range was missing from their local branch.
They said: “@marksandspencer Finsbury Park has got completely rid of their vegan/Plant Kitchen section.”
Meanwhile, a third shopper said they were “distraught” after noticing its vegan “Sweet n Sour” ready meal was no longer available at their branch.
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M&S launched its Plant Kitchen range in 2019 following a rise in veganism and meat alternatives.
It has become a fan favourite among shoppers as some Brits remain conscious about their consumption of animal products.
But despite concerns from shoppers, the range is not being axed completely.
The popular retailer has confirmed to The Sun the Plant Kitchen range is instead undergoing a major revamp.
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An M&S spokesperson said: “We are currently working through a big project to relaunch our Plant Kitchen vegan range.
I tried M&S festive food range, there’s 450 new products from blinged up pigs in blankets & turkey lasagne to hot honey
“We have not changed the number of vegan products per se, but are in the process of changing their design, upgrading the product quality, launching some key new lines while removing a few others and changing their position in store.”
As part of the revamp, some products will no longer be in a designated vegan section and will be spread across the store instead.
For example, a plant-based burger will now be sold alongside beef products.
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M&S said this is to support customers who are looking to reduce meat in their diet and try meat-alternative products.
But this has not impressed some customers with one describing it as a “terrible” idea in a Reddit post.
While another joked: “Suddenly realising I’m incredibly lazy and can’t be bothered to walk around the entire store to find the few ready meals I can actually eat.”
A third customer described the change in lay out as “ridiculous”.
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Meanwhile, some of M&S’s vegan products are undergoing a refresh, meaning their recipe or packing is being changed. These include:
Previously, the gin came in two flavours – Clementine and Spiced Sugar Plum – but this year, only the Clementine one will be sold.
The store has started rolling out its entire Christmas range to shoppers, which includes hot honey over halloumi in blankets brie brulee, and Turkey Feast dip.
M&S’s food-to-order range for the holidays is also now open for online orders and collection between December 22 and December 24.
Harland and Wolff was bought out of administration in 2019
Spain’s state-owned shipbuilder Navantia is in exclusive talks to buy Harland and Wolff, the Belfast-based shipyard.
Harland and Wolff, best known for building the Titanic, also has operations at Appledore in England and Methil and Arnish in Scotland.
Navantia already has a business relationship with Harland and Wolff.
It is the main contractor on a project to build three support ships for the Royal Navy with Harland and Wolff acting as subcontractor.
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The exclusive talks were first reported by the Sunday Telegraph with the paper saying a deal covering all four yards could be completed by the end of November.
Continue to trade
Last month Harland and Wolff’s holding company collapsed into administration while the separate operational companies which run the yards continue to trade.
Russell Downs, Harland & Wolff’s executive chairman, said: “The core activities of the group’s four yards continue to trade with support of all stakeholders and we will provide an update on our strategic process when it’s timely to do so.”
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Mr Downs, a restructuring expert, has been running the business since August.
He was appointed after the previous management failed to persuade the government to give the company a £200m loan guarantee.
Mr Downs has been working with Rothschild bank to find a new owner with the capacity to invest in the business as it scales up to tackle the naval contract.
Famous for building the Titanic, the Belfast shipyard was founded in 1861 by Yorkshireman Edward Harland and his German business partner, Gustav Wolff.
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By the early 20th Century, Harland and Wolff dominated global shipbuilding and had become the most prolific builder of ocean liners in the world.
However in the period since the Second World War it has lurched from crisis to crisis and was under UK state control from 1977 to 1989.
In 2019 it’s then Norwegian owners withdrew financial support and the business fell into insolvency, having not built a ship in a generation.
It was bought by Infrastrata, a small London-based energy firm which did not have significant experience in marine engineering.
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Infrastrata later changed its name to Harland and Wolff and in 2022 won a major Royal Navy contract as part of a consortium led by Navantia.
However financial losses mounted as it scaled up its operations and it became increasingly reliant on high-interest borrowings from a specialist US lender, Riverstone.
Angel Garcia/Bloomberg via Getty Images
Gantry cranes at the shipyard in Cadiz, Spain pictured in 2021
Navantia’s main shipyard is at Cadiz in southern Spain.
It employs more than 4,000 and has an annual turnover of about €1.3bn (£835m).
WILKO shoppers will soon be able to get thousands of products directly to their doors in less than 25 minutes.
The beloved discounter is continuing its resurgence after falling into administration in 2023 and shutting all its shops.
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Deliveroo is partnering with Wilko to get homewares to their door
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Products will include garden, home, kitchen, DIY and cleaning
The chain has now teamed up with courier service Deliveroo and will be delivering a range of 3,000 homeware essentials.
Available through the Deliveroo app product ranges include: garden, home, kitchen, DIY, cleaning, pet care and storage.
It means you can bag the items Wilko is most known for like dog poo bags and sachets of seeds in under 25 minutes.
The rollout is set to start with just 10 sites in the UK, before rolling out more widely.
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The first 10 sites are:
Edinburgh
Bristol
Nottingham
Bournemouth
Eccles
Manchester
Bedford
Harlow
Plymouth
Leeds
This will be the first time Wilko has offered an on-demand, rapid delivery service.
The partnership will be expanded to a further 50 locations across the country by the end of the year.
Alex Simpkin, group chief executive officer at CDS Superstores trading as Wilko and The Range, said: “It’s great to be making Wilko so much more accessible to its loyal customer base.
“There’s a huge love for the brand and while we continue to open new stores this partnership gives us the opportunity to reach people quicker. All the great things you expect from Wilko and more in as little as 25 minutes!”
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Wilko is the latest brand to sell homeware essentials on the Deliveroo app.
Eric French, Chief Operating Officer at Deliveroo, said: “It’s fantastic to welcome family favourite Wilko onto Deliveroo and to offer their huge range of household essentials for delivery in as little as 25 minutes.
“Our customers really value the convenience of having the high street brought to their doorstep, and that’s why we’re excited to continue our collaborations with well-loved retailers like Wilko as we expand ‘Deliveroo Shopping’ and add more selection for our customers.”
You can download the Deliveroo app through your phone’s app store for free.
The discount retailer is slowly rebuilding its presence on high streets after collapsing into administration in August 2023 and closing all of its 400 stores.
Following several failed rescue bids, fellow bargain chain The Range bought Wilko‘s name and intellectual property.
CDS Superstores, trading as The Range and Wilko, relaunched the latter’s website shortly after the sale went through and began selling classic Wilko products in the former’s stores.
This store launch forms part of Wilko’s expansion plans, with a further national roll-out planned.
Most recently the chain also launched its first Amazon webshop on the retail giant’s site.
Shoppers can browse and shop ranges including pet essentials, cleaning products, paint, electricals, storage, homewares, and soft furnishings such as curtains and bedding.
What happened to Wilko
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Here is a timeline of what happened to Wilko
May 2021: Wilko full year pre-tax profits drop and sales decline £107m thanks to a “challenging retail landscape” in the wake of the Covid-19 crisis.
January 2022: The retailer reveals plans to close 15 stores in 2022, putting hundreds of jobs on the line.
September 2022: Supplier payments are deferred and extended in a bid to manage cash flow. Wilko asks landlords to pay its quarterly rent bill in monthly instalments as it conserves cash to stock up for Christmas.
October 2022: The business drafts in advisers from Teneo as it tries to find ways to cut costs.
Credit insurers Allianz Trade and Atradius withdraws cover for the firm.
November 2022: Wilko tries to secure an emergency £30m cash injection as cost pressures intensify in the run-up to Christmas as managing director Alison Hands departs the business. The retailer posts a £36.8m loss in the year to January 29, 2022 in ‘incredibly difficult period’.
December 2022: The company names Bensons for Beds boss Mark Jackson as its new CEO as talks continue over a refinancing.
January 2023: Wilko secures a £40m lifeline from Homebase and Cath Kidston owner Hilco UK and tells suppliers it will no longer stock toys across its stores, as it focuses on selling garden and household goods.
February 2023: The business reveals plans to axe over 400 jobs as it looks to control costs and shuffles its senior leadership team
May 2023: Wilko considers launching a CVA to cut rent costs and potentially close stores
June 2023: The retailer hires property agent CBRE to help negotiate lower rents as PwC lined up to manage a CVA.
July 2023: The business looks to secure fresh funding as its owners consider selling a controlling stake Hilco agrees to lend about £5m in additional funding to Wilko as it faces an intensifying cash squeeze.
August 2023: Wilko appoints PwC as administrator, potentially putting 12,000 jobs at risk.
The record store was once a staple of the UK high street from the early 1970s until 2004.
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The first store was on London‘s Finchley Road, and the brand had as many as 300 branches at its peak, making it one of the biggest music store chains in the UK.
Last week Our Price revealed it would be making a return as music lovers will once again be able to buy thousands of vinyls and other merch.
Shoppers can browse the catalogue online for now only, owners have not ruled out the return to physical stores at some point in the future.
Toys R Us is also among those which has managed to make a comeback.
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