Shock

China sold goods worth about $148bn to EU in first quarter of year, but imported just $65bnThe EU is experiencing a prolonged “China shock” as a flood of Chinese EVs into Europe helped push Beijing to a record surplus with the bloc.New data showed China’s trade surplus – where its exports to the EU exceeded imports from the bloc – was $83bn (£61bn) in the first three months of 2026. Continue reading...

Questions raised about political violence, security and gun control after brazen attack at event attended by top officialsWhite House press dinner shooting aftermath – latest updatesA stunned Washington faced searching questions about political violence and gun control on Sunday after shots were fired at a prestigious media gala attended by Donald Trump and senior White House officials.A man targeted a Secret Service agent at a security checkpoint in the Washington Hilton hotel the previous night before being tackled and arrested. Trump and Melania Trump were rushed out of the annual White House Correspondents’ Association (WHCA) dinner as guests dived for cover under tables. Continue reading...

Lack of a sustained plan to end the war has convinced US allies that the White House is running out of ideasNearly eight weeks after Donald Trump launched his assault on Iran, the White House has shifted from a strategy of shock-and-awe bombardments and leadership decapitation to a plan of sustained economic pressure as it tests the wills of a regime practiced over decades at wars of attrition.Since the negotiations stalled, the White House has begun to shift its messaging to say it is willing to wait to strike a more durable deal with Iran – despite the growing economic toll inflicted on the world economy by the closure of the strait of Hormuz. The reason, senior officials have said, is because of the joint US-Israeli strikes were so successful that they have fractured Iran’s leadership and prevented a new consolidation of power. Continue reading...

Move marks government’s most radical attempt to weaken impact of soaring wholesale gas prices on electricity costsClean energy generation exceeded rise in global electricity demand in 2025The government has confirmed plans to move older wind and solar farms which make up almost a third of Great Britain’s power market on to fixed-price contracts to help protect households and businesses from future gas market shocks.Under the plans, first revealed by the Guardian, renewable energy projects that earn subsidies on top of the market price will be asked to sign up to contracts that pay a set price for electricity as part of the government’s plan to “delink the price of electricity from the price of gas”. Continue reading...

As fossil fuel prices soar ‘the era of clean energy security must come of age’, energy secretary will sayEd Miliband will double down on Labour’s commitment to net zero in the face of the Middle East conflict this week, insisting that as fossil fuel prices soar “the era of clean energy security must come of age”.The energy secretary is set to announce a package of new policies in a speech on Tuesday in response to an expected energy crisis prompted by Donald Trump’s war with Iran. Continue reading...

Conflict is pushing up price of energy and food, fuelling higher borrowing costs and hitting growth, report saysIran war escalation could trigger global recession, IMF warnsBusiness live – latest updatesThe Iran war risks triggering a rise in global debt levels, forcing governments to choose between cushioning a cost of living shock and maintaining sound public finances, the International Monetary Fund has warned.Against a volatile backdrop of the Middle East conflict, the Washington-based fund said the war could add to the already strained position of government finances throughout the world. Continue reading...

• Finance ministers and central bank governors gathered in Washington for IMF and World Bank Spring Meetings are confronting an unprecedented global energy shock caused by the Iran war and Strait of Hormuz closure, according to IMF Managing Director Kristalina Georgieva. • Georgieva warned that "there will be no neat and clean return to the status quo ante," indicating long-term economic impacts regardless of ceasefire outcomes or efforts to reopen shipping routes. • The energy crisis is already affecting hundreds of millions of people globally, with decisions made at the meetings regarding resource allocation and emergency funding expected to have tangible impacts on livelihoods in the coming weeks.