Media Bites 15 April: US-UK trade deal, Nivea, olive oil and wages

The press is leading with comments by US Vice-President JD Vance, who said there was a “good chance” a trade deal could be reached with the UK, as uncertainty persists in the wake of the Trump administration’s imposition of tariffs on most of its trading partners. Citing an interview on Monday with the UnHerd website, the Telegraph and the BBC report that a trade deal could be in the offing and that Vance appeared friendlier to the UK than its neighbours in the EU. Meanwhile the Telegraph reports British business has been left in a state of despondency by Trump’s tariffs. 

And Reuters adds that turbulence unleashed by the tariffs could rock global shipments of shrimp to the United States, with exporters in biggest supplier India saying they endanger 2,000 containers packed with the frozen shellfish. However, Ecuador, faces a lower tariff rate and stands to benefit as it is closer to the US and, as shrimp is its most important export after oil.

Further, it reports suppliers have found themselves in a quandry. One of Spain’s leading olive oil producers is pondering an expansion into the US in response to the tariff war unleashed by Washington, just as its peers are rushing out exports while the bulk of new tariffs are still on hold. Dcoop, one of the two partners behind the top-selling U.S. brand Pompeian, is the company behind the idea. Spain produces about 40% of the world’s olive oil and sends about 180,000 metric tons a year to the United States.

Closer to home, average UK pay rose by 5.9%, official data suggests, while vacancies fell to their lowest since before Covid, reports the BBC. Wage growth is slightly ahead of the previous period and was lifted by the public sector, according to Liz McKeown, director of economic statistics at the Office for National Statistics, which published the figures. But some economists warned that salaries will come under pressure after increases to the amount of National Insurance employers pay came into force this month at the same time as rises to the National Minimum Wage.

Nivea owner Biersdorf reported first-quarter group sales ahead of market expectations, helped by its derma division, reports Reuters.The company’s first quarter sales rose 3.6% organically to €2.69bn, compared to analysts’ expectations of €2.65bn, as per data compiled by LSEG. Sales of Nivea grew 2.5% organically, while sales of its derma division brands jumped 11.4% led by emerging markets and North America.