The UK, EU and a host of Asian economies are at risk of falling into recession this year after Donald Trump increased US tariffs to the highest in more than a century. Trump’s method of calculating which countries get hit with “reciprocal” tariffs has stunned financial markets and baffled trade experts, who say the methodology would not pass a basic economics exam (Times). The tariffs could hit shopping baskets in the UK as producers around the globe look to recoup the extra costs (Independent).
Northern Irish whiskey sector faces confusion over Trump’s tariffs. With ingredients sourced on both sides of the border, producers are unclear over the impact of US levies (Financial Times). “The tariffs are disappointing and bad for business. Outside the actual tariffs themselves, the uncertainty it creates will divert the increased investment we had allocated to the US market over the medium term,” said Clonakilty Whiskey founder Michael Scully (Guardian)
There are fears Trump’s tariffs could damage US sales of Marks & Spencer confectionery brand Percy Pig, which has just launched in Target stores (Guardian).
In the US, coffee drinkers are in for double shot of pain, as beans and chocolate prices are set to rise as a result of the new tariffs (Financial Times). And the tariffs could apply to eggs being imported to ease a supply shortage, US agriculture secretary Brooke Rollins said on Thursday, which could boost prices just as they have started to decline from record highs (Reuters).
The co-founder of Ben & Jerry’s, Ben Cohen, has launched a bid to buy back the brand, in a move that would derail Unilever’s ice cream demerger (Daily Mail).
Supermarket sandwich maker Greencore has agreed a £1.2bn takeover deal for rival Bakkavor, in a move set to create a UK food-to-go giant (Daily Mail).
Younger children should not be given any drinks containing artificial sweeteners, experts are advising. The Scientific Advisory Committee on Nutrition recommendations apply to beverages such as sugar-free ‘toothkind’ squash that has ingredients such as aspartame, stevia, saccharin and sucralose (BBC).
Co-op plans to open at least a further 120 grocery shops this year, after profits rose more than fivefold. But it told the government that “layering costs” on retailers could hit high streets and communities (Guardian). The grocer suffered £80m in losses from shoplifting across its food business last year, as the value of thefts soared 14% (Daily Mail).
English winemaker Chapel Down expects to return to profitability this year after bumper Christmas trade was followed by a strong start to 2025 (Daily Mail).
Peta has called on Gail’s Bakery to drop its surcharge on plant-based milks, claiming it “unfairly discriminates” against customers with dairy intolerances or those trying to make more ethical choices (Guardian).
Lush is among firms that have warned they will raise prices due to an increase in employers’ National Insurance (BBC).
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