6:32 am, July 9, 2025
Talks to finalise US steel tariff exemption ongoing as deadline due to pass
Government talks to finalise the deal to spare the UK from US steel tariffs are ongoing, Downing Street has said, as the deadline for the levies to come into force is due to pass and the steel industry called for a ‘swift’ resolution.
President Donald Trump has said he plans to start implementing tariffs on the US’s trade partners on July 9.
The UK has already managed to negotiate a deal with the US which eliminates the threat of tariffs for British car and aeroplane manufacturers. But a reprieve for the steel industry is yet to be finalised, leaving open the threat that the current 25% tariff rate could rise to 50% after the deadline.
Monzo fined after customers put Buckingham Palace and No 10 as home addresses
Monzo has been fined more than £21m over financial crime failures including allowing customers to register accounts to ‘implausible’ addresses such as Buckingham Palace and No 10 Downing Street.
The UK’s financial watchdog said the fine related to failures regarding anti-financial crime measures dating back to between October 2018 and August 2020.
The Financial Conduct Authority (FCA) pointed out cases where the digital bank onboarded customers based on limited or invalid information.
Production of new Fiat 500 Hybrid to begin in November
Fiat has confirmed that the new 500 Hybrid will go into production in November of this year.
The newcomer will be powered by the same 1.0-litre three-cylinder petrol engine – known as the ‘Firefly’ unit – which is found in the old 500 Hybrid. It’s mated to a 12-volt battery with power transmitted through a six-speed manual gearbox. However, the manufacturer has not revealed details on power and performance figures at this stage.
All cars will be built at the firm’s Mirafiori plant, Italy, with Fiat planning to produce 5,000 units by the end of this year.
The markets
Stock prices in London closed higher on Tuesday, after US president Donald Trump’s new August 1 deadline appeared to take some pressure off investors and US consumer expectations were reported to have improved in some areas.
The FTSE 100 index closed up 47.65 points, 0.5%, at 8,854.18. The FTSE 250 ended up 43.20 points, 0.2%, at 21,581.68, and the AIM All-Share closed up 3.54 points, 0.5%, at 775.50.
The pound was quoted lower at 1.3574 dollars at the time of the London equities close on Tuesday, compared to 1.3641 dollars on Monday. The euro stood at 1.1709 dollars, lower against 1.1735 dollars. Against the yen, the dollar was trading higher at 146.82 yen compared to 145.86 yen.
Starmer and Macron to meet at No 10 amid push for French help on small boats
Sir Keir Starmer and Emmanuel Macron will hold talks at No 10 as the UK pushes for France to do more to stop migrant crossings.
The French president arrived on Tuesday for the first state visit by an EU head of state since Brexit.
It comes as the UK has been pressing for tougher action from the French authorities on the beaches along the Channel coast.
Public ‘will not forgive’ strike action by resident doctors, says Streeting
Wes Streeting has warned that the public ‘will not forgive’ strike action by resident doctors.
It comes after a British Medical Association (BMA) ballot in which resident doctors in England, formerly known as junior doctors, voted to strike over pay, giving them a mandate for action until January 2026.
The health secretary wrote in The Times that walkouts would be a ‘disaster’ for BMA members and patients, saying the government ‘can’t afford’ pay rises.
Tuesday on Car Dealer
Big Motoring World killer walks free as victim’s mother sobs while describing ‘immeasurable pain’
Big Motoring World’s Ivan Zailac killed colleague Stephanie Nye-Diroyan in a 100mph crash but has avoided jail due to mental illness. Found unfit for trial, he received a supervision order. The victim’s family expressed heartbreak and anger over the lack of accountability and ongoing legal uncertainty.
Chery on the Chinese cake: Omoda and Jaecoo owner to launch new UK car brand
Chery International will launch its standalone brand in the UK this summer, adding to its Omoda and Jaecoo lines. Two new SUVs will debut via a UK-wide franchised dealer network, starting with a reveal at this week’s Goodwood Festival of Speed.
JLR announces major decline in sales as Trump tariffs and older models stall deliveries
JLR’s retail sales fell 15.1% to 94,420 units in the three months to June, hit by US tariffs and phasing out older Jaguar models. US exports paused in April, resuming in May. UK wholesale sales dropped 25.5%, while Range Rover and Defender now dominate the brand’s volume.
Weather
Today, the north-west will be cloudy with occasional rain, while other areas see increasing cloud and some sunny spells, with isolated showers possible, reports BBC Weather.
Tonight will be mostly dry and clear, though the north-west stays cloudy with light rain, and patchy mist or fog may form elsewhere.
