Tuesday newspaper round-up: Trump tariffs, European insurers, high streets

(Sharecast News) - Donald Trump announced a new 50% tariff on automobiles and crucial raw materials from Canada, the latest deterioration in trade relations between the two neighbours with historically strong economic ties. The US president said that the increased tariffs would start on 1 January 2027 on all cars, trucks, automobile parts and steel. He also derided the nation's tariffs on American farmers, writing on social media that Canada has been "ripping off" the US "for years". - Guardian

Europe's intense heatwaves could hit insurers' earnings as companies face a rise in claims linked to heat-related deaths and worsening health conditions, the rating agency S&P has said. While a long summer of extreme heat will have increased drought and wildfire-related claims, the rating agency said there would also be fallout for life and health insurers, and for the reinsurers who provide financial protection to insurance companies. - Guardian

Andy Burnham has shelved plans to place Thames Water into emergency administration amid fears over soaring costs, according to reports. The Government had been preparing for a special administration regime (SAR), a type of nationalisation, for the debt-laden water company. However, officials recently raised concerns about the cost of a possible administration to the taxpayer, as well as the prospect of legal challenges from rival bidders for Thames Water. - Telegraph

Andy Burnham will preside over a fresh wave of business closures unless Britain's high streets receive immediate financial support, bosses have warned. Mr Burnham has commissioned an independent review into how pubs and hotels pay property taxes, known as business rates. However, business leaders say the review, to be led by Jerry Schurder, a retail expert, is too narrow and would not report back until 2027 - with recommendations not coming into force until the end of the decade. - Telegraph

A British start-up based on a west London trading estate is to help the American government build a fleet of nuclear-powered cargo ships. A public-private partnership between the US Maritime Administration and Core Power, based in Chiswick Park, was signed in Washington DC on Monday. The first-of-its-kind agreement aims to accelerate construction of a US-flagged fleet of rapid nuclear-powered merchant vessels, and revive a US shipbuilding industry that has been decimated by cheaper competitors from China in recent years. - The Times