Good morning. Trump teases a “major” trade deal—and it’s expected to be with the UK. The Bank of England is forecast to cut interest rates today. And Israel's embassy in London was said to be the target of a terror plot. Listen to the day’s top stories.
Donald Trump isexpected to unveil a trade agreement with the UK today, people familiar said. He teased the announcement in a social media post, saying he would hold an Oval Office news conference about a “MAJOR TRADE DEAL.” The pound gained along with global stocks.
Central bank roundup:The Bank of England is expected to trim interest rates by a quarter of a percentage point today and may signal another move is likely in June, potentially putting it on course for its first back-to-back cuts since 2009. Policymakers in Norway and Sweden are forecast to hold rates steady. Earlier, the Federal Reserve kept its key rate unchanged, with Chair Jerome Powell saying officials aren't in a hurry to adjust policy.
An indicator of UK house sales plunged to the lowest level in almost two years after a property tax increase and Trump’s trade war sent buyers into hiding.
Britain is drawing up plans to make it harder for migrants to get permanent residency, as Keir Starmer’s government tries to show progress on cutting immigration. The estimated cost to the UK of housing asylum seekers through 2029 has more than tripled to £15.3 billion. Meantime, Polish Prime Minister Donald Tusk pushed back against plans by Germany’s new Chancellor Friedrich Merz to tighten border controls.
Chinese electric vehicles are losing momentum in Europe, but the nation’s automakers are selling more cars than ever in the region by throttling up deliveries of hybrids and combustion engine-powered models.
The number of Chinese-brand cars registered across Europe hit record levels last quarter, according to Dataforce. EVs were just 30% of registrations, the smallest portion since at least the start of 2020.
The EU imposing higher tariffs on Chinese-made EVs is one reason for the shift to fossil fuel-burning models.
But European customers also have turned away from pure EVs in favor of hybrids more broadly, a Dataforce senior analyst said.
Nigel Farage’s Reform UK party has real power for the first time at the local level—but now it needs to deliver, writes Rosa Prince. Should it fail, it would be bad not only for regional residents but also for national politics.
Tanzania's Serengeti National Park. Photographer: Tony Karumba/AFP
After decades of package tours, many Chinese tourists are now opting for individual travel, prioritizing adventure and experience over luxury shopping. Social media buzzes with videos of mainlanders going on safari in Tanzania, swimming among ice floes in Japan and sampling street food in India. “I feel like I need to enjoy life,” said one traveler who went hiking, rabbit hunting and deep-sea fishing in New Zealand.
