US Extends Tariffs as UK Inflation Hits Low Point

The US has extended its 10% tariff baseline to most major trading partners, prompting pushback from countries around the world. The move aims to prevent forced labor in supply chains, according to the US Trade Representative's office.

In June, UK inflation fell to its lowest level in over a year due to cheaper motor fuel and food. Consumer prices rose 2.6% in the 12 months prior to June, below the 2.7% economists were expecting on average.

The reprieve for consumers from falling inflation may be brief, with higher energy bills set to complicate the short-term outlook.