Starmer, Trump talk trade deal progress in 'productive' discussion
Since leaving the European Union, the UK has been working to secure a trade agreement with the United States. Successive British governments have pursued a deal, but it has remained elusive.
Trump has suggested the possibility of a 'great' trade deal that could help the UK mitigate the impact of tariffs he has pledged to introduce. (Photo: Getty Images)
KEIR STARMER and Donald Trump spoke on Sunday about ongoing UK-US trade negotiations, with Downing Street describing the talks as "productive."
Since leaving the European Union, the UK has been working to secure a trade agreement with the United States. Successive British governments have pursued a deal, but it has remained elusive.
"They discussed the productive negotiations between their respective teams on a UK-US economic prosperity deal, agreeing that these will continue at pace this week," a statement from Downing Street said.
"They agreed to stay in touch in the coming days."
Trump has suggested the possibility of a "great" trade deal that could help the UK mitigate the impact of tariffs he has pledged to introduce.
Unlike the European Union, Britain has not responded with retaliatory measures against tariffs already imposed on its steel industry.
The previous Conservative government did not secure a deal, but Starmer, who visited Washington in late February, expressed optimism about reaching an agreement.
The UK is aiming to finalise a trade deal ahead of Trump's planned "Liberation Day" on 2 April, when he is expected to announce a series of tariffs affecting different trading partners.
Tesla’s current focus remains on importing vehicles into the country, despite Musk previously stating that India’s import duties were too high. (Photo: Getty Images)
TESLA is not looking to manufacture cars in India, a minister said on Monday, as the government finalised its long-awaited electric vehicle (EV) policy aimed at encouraging foreign automakers to invest in local production.
The new policy offers reduced import taxes for foreign EV makers that commit to setting up domestic manufacturing facilities. While it was initially designed to attract Tesla, CEO Elon Musk put plans to invest in India on hold last year. Tesla’s current focus remains on importing vehicles into the country, despite Musk previously stating that India’s import duties were too high.
Other automakers, including Mercedes-Benz, Volkswagen, Hyundai and Kia, have expressed interest in the policy, according to Minister for Heavy Industries HD Kumaraswamy.
"Tesla, we are not actually expecting (interest) from them ... They are not interested in manufacturing in India," Kumaraswamy told reporters.
Skoda Auto Volkswagen India said it was closely watching the development of EV-related policies and evaluating the impact.
"Based on this, we define the appropriate next steps in line with our long-term strategy," the company said.
Under the new scheme, companies will be permitted to import a limited number of EVs at a reduced duty of 15 per cent, compared to the current 70 per cent, if they commit to investing around $500 million in building EVs in India, the Ministry of Heavy Industries said in a statement.
Companies taking part in the scheme must establish production facilities in India within three years of approval and meet local content requirements. India is currently the world’s third-largest car market.
Domestic companies such as Mahindra & Mahindra have invested significantly in local EV manufacturing and have opposed the reduction in import duties.
The policy allows for limited investments in equipment, research and charging infrastructure. A lack of fast chargers has been one of the challenges in expanding India’s EV market.
In 2024, EV sales accounted for 2.5 per cent of India’s total car sales of 4.3 million, with Tata Motors leading the segment. The government aims to raise this figure to 30 per cent by 2030.
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Bangladesh's Ministry of Commerce advisor Sheikh Bashir Uddin (3L) and China's ambassador to Bangladesh Yao Wen (2R) inspect mango caskets during a ceremony at the Hazrat Shahjalal International Airport in Dhaka on May 28, 2025.
BANGLADESH sent off its first shipment of mangoes to China on Wednesday, marking a symbolic export as Beijing seeks closer ties with Dhaka following strained relations between Bangladesh and India.
The move comes after political upheaval earlier in 2024, which ended the rule of Sheikh Hasina, who fled to New Delhi. Since then, Bangladesh has been drawing closer to China, India's regional rival.
“It is such a great pleasure to jointly witness this historic moment, as the first consignment of Bangladesh’s premium mangoes sets off for China,” said China’s ambassador to Bangladesh, Yao Wen, at the airport alongside Bangladeshi government officials.
Relations between Bangladesh and India have cooled, with Bangladesh geographically surrounded by India on most sides. Interim Bangladeshi leader Muhammad Yunus made his first state visit to China, and Dhaka has also strengthened ties with Pakistan.
“President Xi Jinping has emphasised on several occasions that China’s door of opening up will not close, but will only open wider,” Yao said. “I am confident that the export of Bangladeshi mangoes to China is just the beginning.”
In China, mangoes carry historical diplomatic significance. During the Cultural Revolution, Chairman Mao Zedong gifted a mango to a group of workers in 1968, and the fruit became highly revered. Those mangoes were reportedly sent by Pakistan’s foreign minister, at a time when Bangladesh was still part of Pakistan.
The initial export consists of 50 tonnes, though both sides have expressed hope for expanded volumes in the future.
Over the past year, China has organised visits for Bangladeshi political leaders and begun providing medical treatment to Bangladeshi patients in Chinese hospitals.
India, which has historically been cautious of China’s increasing influence in South Asia, continues to compete with Beijing for regional sway, despite some signs of diplomatic easing.
British online bank Monzo has announced that its profit quadrupled last year, with a growing loan book boosting revenue, as the company moves closer to a potential stock market debut.
The bank reported a pre-tax profit of £60.4 million for the year ending in March, up from £15.4 million recorded 13 months earlier. Revenue jumped from £880 million to £1.2 billion.
The decade-old firm lent £1.9 billion to customers—36% more than the previous year.
“We’ve grown from a startup challenging the status quo to a household name, a leading brand, and the UK’s 7th largest bank by customer numbers,” said Chief Executive TS Anil.
According to Anil, Monzo now has 12 million customers—2.4 million more than the previous year—and customer deposits rose by 48% to £16.6 billion.
One-third of Monzo’s customers now use it as their primary bank. The company has also introduced individual savings accounts (ISAs) to encourage customers to deposit more funds.
News reports indicate the company is working with Morgan Stanley to arrange meetings with potential investors for an initial public offering (IPO), which could take place in the first half of next year.
Anil noted that Monzo would “make a good public company one day”, but said it was too early to share details about the IPO.
While the majority of Monzo’s customers are based in the UK, the bank is planning to expand into the US. It recently appointed Conor Walsh, a former executive at Block’s Cash App, to lead its US operations.
Monzo also opened an office in Dublin last year, marking its formal entry into the European market.
Last year, the company allowed employees to sell some of their shares in a secondary share sale, which valued the firm at US$5.9 billion.
A one-time cost of £53.4 million was booked in the bank’s latest accounts for the share sale. Investors in the round included CapitalG, Alphabet’s independent growth fund, and Hedosophia, a London-based venture capital firm, both of which joined as new backers.
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Workers in the rail and sections hot end rolling mill at the British Steel site in Scunthorpe, Lincolnshire, eastern England on April 17, 2025.
UK STEELMAKERS have said that US president Donald Trump’s decision to double import taxes on steel and aluminium to 50 per cent is “yet another body blow” to the industry.
Trade group UK Steel warned that the new tariff, which comes into effect on Wednesday, could lead to some orders being delayed or cancelled, BBC reported.
The 50 per cent import tax replaces the 25 per cent tariff announced earlier this year.
UK Steel director general Gareth Stace said: “The deal that prime minister Keir Starmer and president Donald Trump struck just a few short weeks ago is yet to be finalised, so this doubling of tariffs plunges the UK steel industry further into confusion... it is yet another body blow for all UK steelmakers in this torrid time.”
Stace said the trade group would now be “pressing our government to finalise the agreement to eliminate UK steel import tax and for it to come into effect urgently.”
“UK steelmakers should not have to shell out for this new steep hike in US steel tariffs – all we want is to continue producing the steel our US customers value so highly,” he said.
A spokesperson for the UK government said: “The UK was the first country to secure a trade deal with the US earlier this month and we remain committed to protecting British business and jobs across key sectors, including steel.”
The Guardian reported that business secretary Jonathan Reynolds will meet US counterpart Jamieson Greer at an OECD meeting in Paris next week to discuss a timeline for exempting the UK from the tariffs.
The UK exports about £700m-worth of steel and aluminium a year to the US. The situation is expected to become more complicated and expensive until the UK-US deal is finalised.
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IndiGo CEO Pieter Elbers and Airbus EVP Sales Commercial Aircraft Benoit de Saint-Exupery shake hands after signing a MoU at the annual International Air Transport Association (IATA) meeting in New Delhi on June 1, 2025
INDIAN AIRLINE IndiGo said on Sunday it had signed an order for 30 more Airbus A350-900s, increasing its total order for the widebody aircraft from the European aircraft manufacturer to 60.
"We are placing a firm order for 30 Airbus A350-900s," said Pieter Elbers, the CEO of IndiGo, which was founded in 2006 and is behind the largest contract by volume in the history of civil aviation — 500 Airbus single-aisle aircraft by 2023.
The low-cost carrier, India's biggest by market share, is positioning itself as a significant player in the long-haul market.
"This strategic move will enable IndiGo to spread its wings further and expand its long-haul international network," the company said in a statement.
"This is yet another step in defining the airline's long-term plans of international expansion."
Benoit de Saint-Exupery, Airbus commercial aircraft vice-president of sales, hailed "IndiGo's incredible rise".
"You have democratised flying in India, and now you want to expand internationally," he said.
The A350 planes, with ranges of up to 15,000 kilometres (9,300 miles), will allow it to expand its network further.
Overall, IndiGo has placed orders for around 1,000 aircraft from the A320 family, Airbus's most successful model and rival of the Boeing 737 MAX, which has faced multiple setbacks after a series of safety scares.
Willie Walsh, director general of the International Air Transport Association (IATA), which began its annual industry conference in New Delhi on Sunday, said "the development of India's air connectivity in recent years has been nothing short of phenomenal".
Indian domestic air growth is "running at over 10 per cent" per year, Walsh said ahead of the conference.
The growth of its economy has made India and its 1.4 billion people the world's fourth-largest air market — domestic and international — with IATA projecting it will become the third biggest within the decade.
Air India, IndiGo's rival, ordered 100 more Airbus planes last year after a large contract in 2023 for 470 aircraft — 250 Airbus and 220 Boeing.
India's domestic air passenger traffic reached a milestone last year by "surpassing 500,000 passengers in a single day", according to India's Ministry of Civil Aviation.
The ministry says the sector is "experiencing a meteoric rise".
Railways remain very popular but travelling by trains crisscrossing a country about three-quarters the area of the European Union is often slow and chaotic.
Prime Minister Narendra Modi, who will address IATA delegates on Monday, has made the development of the air sector a priority since coming to power in 2014.
India has doubled its number of airports in the past decade to 157, with plans to have as many as 400 by 2047.
Indian airline capacity is expected to reach 230 million seats in 2024, doubling since 2014, according to British aviation data provider OAG.
However, such growth comes with immense demands for aircraft, skilled personnel, airports, and aviation safety.
Some 10,000 pilots are expected to be trained in the next five years but India also faces a major challenge to supply flight crews, engineers, mechanics, and air traffic controllers.
India already has the highest number of women pilots, who make up 15 per cent of its captains, three times the global average.