Starmer’s US-China Tightrope, 25% South Korea Tariff, More
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News when you want it with Bloomberg News Now. I'm Stephen Carroll.
And I'm Caroline Hepke.
The British Prime Minister Keir Starmer has told Bloomberg the UK doesn't have to choose between the United States and China. The Labour leader will head to Beijing later as he seeks to court closer relations with the world's second largest economy while not drawing the ire of the US President. In an exclusive interview with our UK political editor Alex Wickham, Starmer discussed what he sees as significant opportunities for British businesses in China.
What is Keir Starmer's stance on US-China relations?
With more, here's Bloomberg's Chris Pitt.
Starmer's trip to China is the first by a British Prime Minister in eight years. And it comes just days after his Canadian counterpart Mark Carney was threatened with 100% tariffs by President Trump following his own trip to Beijing. But Starmer insists he can meet China's President Xi Jinping without angering the White House. Speaking to Bloomberg, he said, Reflecting on a week of turbulent diplomacy with the US... Starmer indicated that the UK will now have to forge closer military links with the EU, as he pointed to what he described as a mature relationship with the US President, adding that the UK navigated last week's challenges with pragmatism and common sense.
What opportunities does Starmer see for British businesses in China?
In London, Chris Pitt, Bloomberg Radio.
In that interview, the Prime Minister also hit back at talk of a challenge to his leadership, saying he has a personal mandate for change. Bloomberg's Ewan Potts has more.
Keir Starmer says he was elected in 2024 with a landslide majority to deliver change for the country. Speaking in our Downing Street interview, the Prime Minister made clear he has a personal five-year mandate. Despite some recent polls putting Labour behind the Conservatives as well as Reform UK, Starmer told us he'll be judged at the end of that period on the issues that matter to working people. The Prime Minister's comments to Bloomberg come as the BBC reports around 50 Labour MPs have signed a letter objecting to the decision blocking Manchester Mayor Andy Burnham for standing for Parliament. In London, I'm Ewan Potts, Bloomberg Radio.
The US president has threatened to raise tariffs on South Korean goods to 25%. In a social media post, Donald Trump said the country's lawmakers had not lived up to the deal they agreed to. And the new rate would apply to autos, lumber, pharmaceutical and other products. With more, here's Bloomberg's White House correspondent, Josh Wingrove.
He's essentially ripping up, or at least for now, the deal and saying that's because the Koreans are slow walking it. I should note that there were a lot of question marks, including from what the American position was about this deal. And so this is another case for countries that are looking at this, including the EU and the UK that had their deals and then saw the Greenland tariff threat come in. The Trump's deals aren't necessarily locked in.
Bloomberg's Josh Wingrove speaking there as South Korea's government said it hasn't yet received any formal notification or detailed explanation from the US regarding Trump's post on Truth Social.
The European Union and India are expected to announce an agreement on a long-awaited trade deal today after concluding talks. Tariffs on most consumer and industrial goods traded between the regions will be lowered under the agreement. The announcement comes just days after the EU signed a separate trade deal with the Mercosur bloc of South American countries as it seeks to pivot away from the US and China. The pact is expected to be formally signed after legal vetting and European parliamentary ratification.
Gold is holding above $5,000 an ounce as a weak US dollar helps to extend a blistering rally for the precious metal fuelled by geopolitical risks and investor flight from sovereign bonds and currencies. Bullion jumped again today to record its seventh straight day of gains as a key measure of the dollar sank amid speculation the US may help Japan to support the yen. Meanwhile, America's increasing isolation from other nations is convincing many investors to cut holdings of dollar assets and switch to gold.
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