Tariffs Spark Global Trade Tensions as UK Inflation Hits New Lows

The US Trade Representative's office has implemented a 10% tariff baseline on most major trading partners, effective immediately. This move is part of the White House's efforts to shore up protectionist policies despite their unpopularity at home.

In related news, consumer prices in the UK rose 2.6% in the 12 months prior to June, below the 2.7% economists were expecting on average. However, this reprieve for consumers from falling inflation may be brief, with higher energy bills set to complicate the short-term outlook.

Additionally, home prices in London recorded their biggest annual decline since December 2023, extending a prolonged housing slump in the British capital. The average residential property price in London fell 3.7% in May from a year ago, according to data from the Office for National Statistics.