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Trucks line up outside of the Bayport Container Terminal at the port of Houston in Seabrook, Texas, US, on Friday, Oct. 4, 2024. Mark Felix | Bloomberg | Getty ImagesTexas and California have lately been at odds over both political and economic ideologies, but when it comes to both the existing and reciprocal tariffs proposed by President Trump on Thursday, the two states have something in common: they are projected to be the biggest losers among U.S. states when it comes to the impact across states economies from the latest moves in the widening U.S. trade war.Businesses across the U.S. will…

Workers walk past manufacturing equipment at Eli Lilly & Co. manufacturing plant in Kinsale, Ireland, on Sept. 12, 2024. Lilly has been bulking up its production capacity since 2020, investing more than $17 billion into developing new plants and expanding existing facilities for the weight-loss and diabetes drugs that are expected to become some of the best-selling medicines of all time. Bloomberg | Bloomberg | Getty ImagesThe U.S. imported roughly $600 billion worth of goods from European Union member states in 2024, and as President Trump prepares to potentially extend his tariffs beyond metals to a wide range of products from…

Asiavision | E+ | Getty ImagesCollectively, Americans now owe a record $1.21 trillion on their credit cards, according to a new quarterly report on household debt from the Federal Reserve Bank of New York.Credit card balances jumped by $45 billion in the fourth quarter of 2024, driven in part by holiday spending, and are now 7.3% higher than a year ago.At the same time, credit card delinquency rates “remained elevated,” the New York Fed researchers found — with 7.18% of balances transitioning to delinquency over the last year. That uptick could indicate “borrowers are having some difficulty repaying,” the researchers…

The UK government has given its strongest signal yet that it will seek exemptions from tariffs being threatened on British steel entering the US.US President Donald Trump has announced 25% taxes on steel entering the country, meaning American businesses face having to pay more to import the metal.But Business Secretary Jonathan Reynolds told the BBC that the UK had a strong case to avoid the border taxes, given the amounts Britain exported to the US were small in comparison to other countries and because the steel was used in areas such as defence. Trump has previously said the tariffs will…

A gauge of wholesale prices rose more than expected in January, though some details of the report indicated that pipeline inflation pressures are easing.The producer price index, which measures what producers get for their goods and services, increased by a seasonally adjusted 0.4% on the month, compared with the Dow Jones estimate for 0.3%, the Bureau of Labor Statistics reported Thursday.Excluding food and energy, the core PPI was up 0.3%, in line with the forecast.Stock market futures moved higher following the release while Treasury yields were sharply lower, despite the higher-than-expected headline number. Wall Street strategists cited details of the…

Treasury yields pulled back on Thursday as worries over persistent inflation and global trade tensions appeared to ease.The 10-year Treasury yield fell more than 10 basis points to 4.531%. The 2-year Treasury yield dipped nearly 6 basis points to 4.307%.One basis point equals 0.01%. Yields and prices move in opposite directions.Data Thursday showed the producer price index, which measures what producers get for their goods and services, increased by a seasonally adjusted 0.4% in January. Economists polled by Dow Jones anticipated a 0.3% advance. Excluding food and energy, core PPI was up 0.3%, in line with the forecast.Despite the hotter…

Michael RaceBusiness reporter, BBC NewsGetty ImagesThe UK economy unexpectedly grew in the final three months of last year following a boost to the construction and services sectors. The economy expanded by 0.1% between October and December, according to official figures, despite analysts predicting it would contract.Growth in the quarter was driven by a range of industries, from pubs and bars to machinery manufacturers, having a strong December.However, the figures also indicated living standards last year were slightly lower than in 2023 on average.With tax rises coming into force in April, concerns remain that economic growth will remain sluggish for sometime.Businesses…

Kevin PeacheyCost of living correspondentGetty ImagesTwo major lenders launched mortgage deals on Thursday with interest rates of less than 4%, as competition picks up in the sector.The prospect of further cuts in the base rate by the Bank of England has given mortgage providers confidence to reduce their own rates.But the attention-grabbing sub-4% deals by Santander and Barclays will not be available to all borrowers, particularly first-time buyers, and may come with a hefty fee. The return of such deals might prompt other lenders to follow suit after a period of tepid competition.Nationwide, the UK’s biggest building society, has said…

Natalie Sherman & Charlotte EdwardsBBC News business reportersGetty ImagesUS inflation increased by more than expected last month, as higher egg and energy prices helped to push up the cost of living for Americans. Inflation rose to 3% in January, its highest rate for six months, and above the 2.9% expected by economists.The rise comes weeks after the US central bank decided to hold interest rates, saying there was significant uncertainty about where the economy might be headed.It poses a challenge to US President Donald Trump, who made tackling inflation a centrepiece of his election campaign last year, but has put…

Theo LeggettInternational business correspondentBBCFor decades, car-making has been the jewel in Germany’s industrial crown, a powerful symbol of the country’s famous post-war economic miracle. Its “Big Three” brands, Volkswagen, Mercedes-Benz, and BMW, have long been praised for their performance, innovation and precision engineering. But today, the German motor industry is struggling. With the faltering economy a key factor in federal elections this month, how can it get back on the road to recovery?When you arrive by train in Wolfsburg, Lower Saxony, the first thing you see is the Volkswagen factory. Its huge facade, emblazoned with a giant VW logo and…