Trump's US tariffs will have "devastating" impact on UK business as Tesla sales plunge

Hello and welcome to the latest Business Bulletin on Thursday, April 3.

Business groups have warned that Donald Trump’s tariffs will have a “devastating” impact on UK firms - who are already grappling with sluggish growth. Experts also cautioned of more turbulence in the financial markets as investors reacted to the sweeping measures affecting global trade.

The US President confirmed a 10 per cent tariff was being imposed on US imports of UK goods. A 25 per cent import tax has been confirmed for steel, aluminium and cars.

Meanwhile, the Prime Minister's set to speak to business leaders while the Trade Secretary will look to calm markets. Jonathan Reynolds is addressing MPs over Trump's “declaration of economic independence”. This morning, he's admitted the tariffs are a “disappointment” and “a challenge”.

Primary Health Properties has made a cash and share proposal to the board of healthcare investment business Assura - which is also the subject of a £1.6bn takeover proposal from a private equity consortium. The PHP proposal values Assura at £1.5 billion.

Elon Musk’s Tesla sales plunge

Tesla revealed yesterday that sales plunged to their lowest for almost three years over at the beginning of this year. The electric car manufacturer saw sales tumble 13 per cent over the first quarter. It comes amid international criticism of boss Elon Musk, the redesign of its key model and poor demand in China.

And Retailer Currys has reported that full year profits are expected to be above previous guidance. Trading's been robust with continued positive like-for-like sales growth in the UK&I and the Nordics. With less than five weeks of the financial year remaining, Group adjusted profit before tax is now expected to be around £160m.

That's all for today. More tomorrow.