With Chancellor Rachel Reeves due to arrive in Washington yesterday evening, the nationals speculated over what her visit to the states could mean for a potential US-UK trade deal. The Guardian reported that Reeves hoped to persuade Donald Trump’s administration to reduce tariffs on UK steel, cars and aluminium. According to officials, an agreement was ready to sign, but may have to be ripped up at the last minute should the US president impose tariffs on pharmaceuticals, it reported. The Standard highlighted Reeves’ pledge to “defend Britain’s interests”, while The Mail took an altogether more combative stance on proceedings. Reeves would launch “a full-throated defence of ‘free and open’ trade in the face of Donald Trump’s tariff war”, it reported, pointing out that share prices had tumbled and the odds of a global recession has increased.
Trump’s tariffs also made headlines in the Financial Times, which reported that Amazon and Walmart’s third-party sellers were hoarding stock in Canada as they tried to wait out the US president’s trade war with China. Independent vendors who sell products through the companies’ US e-commerce platforms were shifting goods from China to Canadian warehouses, it wrote, having spoken to half a dozen sellers, logistics providers and consultants.
Meanwhile, the Financial Times also reported that Trump’s administration intended to press India to give online retailers such as Amazon and Walmart full access to its $125bn e-commerce market, as part of a trade deal. According to industry executives, lobbyists and US government officials, the US plans to push Prime Minister Narendra Modi’s government for a level playing field on e-commerce in wide-ranging talks on a US-India trade agreement set to also cover sectors from food to cars.
Major news outlets continued to cover Marks & Spencer’s “cyber incident”, which impacted its click & collect service and its ability to collect contactless payments over the Easter weekend. The Telegraph and The Guardian both highlighted the retailer’s apology to customers, and its assurance they did not need to take any action. Read The Grocer’s story on it here.
Ben & Jerry’s spat with Unilever shows no sign of availing, with Reuters reporting that Unilever is threatening to halt funding to the Ben & Jerry’s Foundation, a US-based non-profit that makes donations to social justice organisations. Unilever is asking the Ben & Jerry’s Foundation to agree to an expedited audit of its donations to continue the funding, which amounts to roughly $5m annually and is determined by a formula based on sales of the brand’s ice cream, according to two sources familiar with the matter.
Hobbycraft has announced plans to shut at least nine stores across the UK in a move affecting up to 126 jobs as part of a restructure. Private equity firm owner Modella Capital is launching the overhaul after buying the arts and crafts retailer in August last year (The Standard).
In another blow to the plant-based sector, Neat Burger, an alt-meat burger chain backed by Lewis Hamilton and Leonardo DiCaprio, has closed its last remaining restaurants in the UK. The business struggled to become profitable amid slowing demand for vegan food, cost of living pressures, and a slump in delivery orders as pandemic-related restrictions loosened (Mail).
No comments yet