News

The US has dramatically raised tariffs on imports from 60 countries, creating widespread economic turbulence and prompting warnings of recession in key markets such as the UK, EU, and parts of Asia. Economists predict that heightened tariffs could disrupt global supply chains, raise inflation, and force central banks to reconsider their monetary policies, with even the US economy facing mixed impacts.

German manufacturers and alcohol producers could benefit from closer trade ties with the UK due to the lower tariffs imposed on UK imports compared to EU imports, opening up new export opportunities. However, German carmakers are unlikely to benefit as they will still be subject to the 25% tariff on automotive imports into the US.

Gold prices soared to a record high this week, driven by investors seeking safe haven from rising global inflation and trade uncertainties linked to President Trump's tariffs. This surge, marking the strongest quarterly performance in nearly 30 years, reflects mounting concerns over US fiscal policy, inflation, and potential new tariffs impacting both gold imports and overall economic stability.

The Isle of Man Innovation Challenge 2025 has selected 15 finalists from a global pool, showcasing diverse solutions in Fintech, Cleantech, and Data & AI, with a focus on sustainable innovation within the Island's UNESCO Biosphere status. These finalists will collaborate with government agencies and industry experts to refine and scale their solutions, with winners receiving extended support and recognition.

British construction equipment manufacturer JCB is doubling the size of its new US factory in response to President Trump's tariffs, aiming to mitigate the impact and protect its market position in North America. This move signals a potential trend among British manufacturers to invest in localized supply chains and strengthen ties with key markets like the United States.