Trump tariff refunds begin but consumers likely to miss out

Twenty five states sued President Donald Trump’s administration on Monday over a wave of tariffs against dozens of countries. The US says the tariffs, which range between 10% and 12.5%, were imposed due to trading partners – including the UK, China and the European Union – failing to properly tackle forced labour. In a legal…

Nick Edserbusiness reporter Getty Images The UK economy grew slightly in August, official figures show, as focus intensifies on what measures the government might unveil in next month’s Budget. An increase in manufacturing output helped the economy expand by 0.1%, the Office for National Statistics (ONS) said, but the figure for July was revised down…

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The European Central Bank has left its benchmark interest rate unchanged at 2 per cent for the fourth meeting in a row but raised its growth forecast for the Eurozone. Thursday’s rate decision was in…

In morning trading, Japan’s Nikkei 225 was 0.8% higher, the Hang Seng in Hong Kong was up by 1.6%, while South Korea’s Kospi rose by 2.2%. They had fallen sharply on Monday as Asian countries are heavily dependent on oil and gas that would normally pass through the strait.

Jaguar Land Rover has reported a heavy loss for the three months to the end of September, a period during which it was badly affected by the impact of a serious cyber-attack. The carmaker posted a £485m loss – before tax and exceptional items – compared with a profit of £398m for the same period…