Wall Street dives as hopes wane for tariff delays; US says it will implement 104% tariff on China – business live

US stock market closes with stocks down after volatile trading day as investor hopes for concessions and delays on tariffs waxed then waned

British Steel could be nationalised as PM and chancellor consider ‘all options’

Whitehall sources say Starmer and Reeves aligned in seeing steel as of ‘huge strategic importance’

Beijing vows to ‘fight to the end’ as president claims ‘many’ countries are seeking a deal with US

Bank says it still values inclusivity after bowing to Trump agenda by changing hiring and promotion policy

Nirmala Sitharaman says turmoil forcing countries to seek accords beyond old ideological and political ties

Drink removed from draft list after lobbying from whiskey-making Ireland and wine-producing Italy and France

Musk’s unsuccessful attempts may be sign of growing rift between US president and tech billionaire

Wall Street rises after Treasury secretary says US can reach ‘some good deals’ with trading partners

Chancellor says asking shoppers to prioritise UK products would make country too ‘inward-looking’

Deal to buy Holland Park home, which ex-CEO reportedly plans to rent out, is one of string by Americans in the capital

The move has sent shock waves through a region of US strategic importance that had respected Trump as tough on Beijing

Chinese foreign ministry calls comments by US vice-president ‘ignorant and disrespectful’

Will Orr, head of The Gym Group, is riding a wave of growth as young people embrace exercise as something beneficial for more than just the body

Let’s stop all the moaning about stock market crashes and soaring grocery prices. It’s time to focus on the upside, writes Arwa Mahdawi

With the brand to disappear from town and city streets, readers share their memories of how it touched their lives