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Sir Keir Starmer may have to make concessions on Britain’s digital services tax and agriculture

Inventories rise to highest level since 2022 as producers stockpile goods

Policy uncertainty fuels surge in use of approved facilities that temporarily exempt businesses from paying levies

Also in today’s newsletter, the US president and Iran’s supreme leader approach a potentially dangerous escalation

Companies forced to make billion-dollar bets in face of unpredictable politics

While US economic pain is mostly visible in soft data, that is still a problem for the Federal Reserve

S&P 500 sinks almost 5% in first three months of 2025 on rising concerns over economy

Also in today’s newsletter, how a $1.4tn Trump trade war could unfold, and DeepMind slows down research releases

Commission chief Ursula von der Leyen says Brussels could hit Big Tech services exports

March figure comes as ECB rate-setters consider whether to slow pace of interest rate cuts

And will wealthy consumers pull back?

Econometric study models global fallout from tariff retaliation, including dramatic rise in US prices

Increases to water, energy and telecoms bills will push up inflation

Libertarian president’s policies start to bear fruit although the poorest still struggle

Even the most powerful nation in the world needs foreign investment

If it’s about ‘fairness’ rather than ‘inflation’, views shift

Britain has pushed for carve-out ahead of ‘liberation day’ on Wednesday

Luxury-car maker could face £30mn hit to gross profit due to Donald Trump’s looming 25% levy

No one knows what Trump will do — and at this moment that includes the president himself

Also in today’s newsletter, why Trump is ‘pissed off’ with Putin and the WhatsAppification of work