The government have confirmed British steelmakers will regain access to the EU from today, 1 August, under a zero-tariff arrangement.

A deal signed in May by the prime minister comes into effect as of now, enabling firms to “export more steel used for large building projects – like support beams – to the EU tariff-free”.

Secretary of State for Business and Trade, Jonathan Reynolds said:

“This is yet another positive step forward for the UK steel sector and a clear example of our Plan for Change in action — removing barriers, supporting jobs, and backing British industry.

“Restoring our steel quota helps give producers the certainty they need to compete, grow, and maintain vital export relationships.

“This builds on the significant support that this pro-steel Government has already delivered — from our £500 million investment in Tata’s green steel transition, to action to safeguard jobs at British Steel in Scunthorpe, and our deal with the US to reduce tariffs on UK steel.”

Donald Trump has written to multiple pharmaceutical companies to demand lower prices for the US, which can be covered by raising prices in other “freeloading” countries.

The Telegraph report a letter saying the likes of GSK and AstraZeneca should be seeking to “negotiate harder with foreign freeloading nations” before then using that excess cash to cover cheaper sales Stateside.

“Increased revenues abroad must be repatriated to lower drug prices for American patients and taxpayers”, read the letter.

The president has reportedly given companies 60 days to “step up” and agree to a binding deal.

Some quickfire reaction to those AIG results now, with shares rising up to 2 per cent this morning.

The pre-tax profits rise of £700m is a huge boost of course, but it’s not only about fuel costs and people heading overseas – the wider economic playing field could impact from this point, say experts.

Richard Hunter, Head of Markets at interactive investor, says AIG deserves it’s boost in share price – it’s up 26 per cent this year.

“The British Airways owner has taken to the skies of late and these results reflect more signs of promise as the company chases its longer haul goals.

“Its shares have had a turbulent time more recently, weighed both by geopolitical uncertainty as well as fears that travel to the US would be impacted in reaction to its decision to declare a trade war on many countries around the globe.

“By brand, British Airways remains the jewel in the crown in terms of the group’s highest returns, especially this North Atlantic market. Flight frequency to selected destinations is continually on the increase, with IAG looking to maximise income from not only its premium offering but also an affluent customer base.”

Chris Beauchamp, chief market analyst at investing firm IG, however, says there might be a glass ceiling on how much higher the share price – currently at 388p – can go.

“IAG is another one of those stories this year of FTSE 100 companies that have seen huge rebounds in the share price. But a look at the chart shows that, once the shares cross 400p, the going gets much tougher. ‘Tariffs’ got 3 mentions in its update today, but with new levies announced overnight they are likely to weigh on performance in the months to come.”

Investors will remember the days of early April when Trump’s original tariff announcement sent stock markets into freefall – 30 per cent drops were not uncommon and America’s biggest companies collectively lost trillions in value.

They are mostly all back now, and then some, so it’s not entirely surprising to see stock markets heading lower as deadline day arrives.

With some agreements made though and other tariffs not as punitive as originally feared, the sell-off is nothing like that early April deep dive.

Today’s FTSE 100 is down 0.5 per cent, while in Europe the German DAX is down 1.4 per cent and France’s CAC 40 is down 1.5 per cent.

Asian stocks also fell overnight – the Hang Seng, Nikkei 225 and Asia Dow were between 0.5 per cent and 0.8 per cent in the red.

Donald Trump has been accused of backing away from his threats more often than not – hence the rise of the TACO trade.

But taking that gamble hasn’t paid off this time around, says Derren Nathan, head of equity research, Hargreaves Lansdown.

“Countries playing tariff poker with Donald Trump have had their bluff called with new US import tax rates announced for 92 nations shortly before the 1 August deadline came into play, with rates ranging from 10% to 41%.

“Mexico was the only reprieve of note, earning a 90-day extension to agree a deal. China already faces a separate deadline of 12 August.”

While the deadline for trade deals has arrived, not everyone is seeing an immediate change.

Mexico have been given a 90-day reprieve, for example, while the US said there was a seven-day window before tariffs came into effect.

Then, nations who don’t have a deal will see levees of between 10 and 40 per cent applied.

• Brazil 10%, but 40% for some goods
• India 25%
• South Africa 30%
• Taiwan 20%
• Syria 41%
• Iraq 35%
• Lesotho 15%
• Serbia 35%

Donald Trump’s 1 August hard deadline for trade deals to be arranged has arrived and, with it, a slew of nations find themselves hit with 35 per cent tariff rates.

The most shocking name on the list is Canada, with the US’s neighbour now impacted with all deals not already included in the US-Mexico-Canada agreement.

Prime minister Mark Carney said he was “disappointed” by the outcome.

The deal also stipulates goods shipped elsewhere and then back into the US would be subject to a 40 per cent rate,

Early hours, Trump wrote on social media that Canada supporting Palestine as a state would “make it very hard for us to make a Trade Deal with them.”

We’ll have plenty of reaction coming in to those house price numbers this morning.

The important factors to consider are ultimately what it means to those who are buying, selling or needing a new mortgage deal soon.

Of late it has seemed a good time for buyers, at least in many regions, but inflation is impacting on that side – as well as the return-to-office trend some companies are insisting on.

“Homebuying activity may be picking up, but there are wide variations in price growth across the country. Competition among sellers has also been heating up over the summer amid a surge in listings, which may keep a lid on prices going forward,” said Alice Haine, Personal Finance Analyst at Bestinvest.

“Affordability is gradually improving, driven by a steady decline in mortgage rates following four interest rate cuts since August last year, with a fifth anticipated next week. At the same time, more flexible mortgage rules are easing the homeownership journey for first-time buyers and helping those refinancing larger loans to meet affordability criteria, ensuring continued access to financing.

“Affordability remains a challenge for some, however. Inflation has been creeping up in recent months putting a dent in consumer purchasing power. Higher stamp duty costs can also be prohibitive, particularly for first-time buyers who must save a large deposit and cover a heavier property tax liability.

“The post-pandemic ‘race for space’ is now being put to the test. For some, a move to a larger home may be creating a financial headache as their mortgage expiry date looms. For others, a more rural living location outside the city may be creating a commuting challenge as more employers roll back on hybrid working options. A jump in repayment costs may be a stretch too far, which is why it’s no surprise that estate agents are reporting a rise in the number of homeowners choosing to sell up, either to downsize to a more affordable or suitably-sized property, or to relocate away from their rural retreat back to the city and closer to the office.

“If the Bank of England proceeds with a fifth rate cut next week, mortgage rates may ease further, opening up the market for more buyers. The traditional summer surge in listings is another positive for buyers, who can take advantage of a wider range of homes to choose from. It is less of a boon for sellers, however, as it raises the potential for heavier negotiations on price.”

Nationwide have released their latest data on house prices, with July showing an uplift of 2.4 per cent on average.

That’s compared to July last year, while it’s also a rise month on month after June showed a 2.1 per cent increase.

The average price of a house is now £272,664.

Robert Gardner, Nationwide’s Chief Economist, said:

“July saw a modest pick-up in the rate of annual house price growth to 2.4%. Prices increased by 0.6% month on month, after taking account of seasonal effects.

“Looking through the volatility generated by the end of the stamp duty holiday, activity appears to be holding up well. Indeed, 64,200 mortgages for house purchase were approved in June, broadly in line with the pre-pandemic average, despite the changed interest rate environment.

“Similarly, the interest rate on a typical five-year fixed-rate mortgage is around 4.3% (for a borrower with a 25% deposit). This is still over three times the all-time lows prevailing in autumn 2021, but well below the highs of c5.7% reached in late 2023.”