UK retail sales grew by 2.7% year-on-year on a like-for-like basis in June 2025, a sharp acceleration from May’s 0.6% increase and well above market forecasts of just 0.2%. Warmer weather and seasonal sporting events such as Wimbledon boosted foot traffic on the high street, driving strong demand for items like fans and sportswear. Food sales rose sharply by 4.1%, largely fueled by ongoing price inflation, while non-food sales climbed 2.2% as consumers responded to summer deals. Helen Dickinson, Chief Executive of the British Retail Consortium, noted: “Retail sales heated up in June, with both food and non-food performing well.” Linda Ellett, UK Head of Consumer, Retail and Leisure at KPMG, added: “Home appliances and homeware purchases contributed to the growth, as new homeowners and those refreshing their spaces took advantage of seasonal promotions both online and in-store.”

UK Retail Sales Growth Exceeds Expectations in June

President Donald Trump urged the Federal Reserve to slash interest rates to 1%, arguing it would reduce federal borrowing costs and boost economic growth. “We need a 1% rate. The Fed is killing growth,” he said on Monday. The federal funds rate currently stands at 5.25–5.50%, where the Fed has held it to control inflation and prevent economic overheating. Dropping rates to 1% would represent the most aggressive monetary easing since the COVID-19 pandemic. Trump’s call comes as federal debt servicing costs climb toward historic highs. While a lower rate could ease short-term interest payments on the national debt, economists warn it could destabilize the economy and rekindle inflation. Reuters noted the move might offer temporary relief but risk long-term financial instability.

Trump Pressures Fed for Deep Rate Cut

President Donald Trump warned on Monday that he would impose secondary tariffs of 100% on Russia if a peace deal with Ukraine isn’t reached within 50 days. “We are going to be doing very severe tariffs if you don't have a deal in 50 days, perhaps 100%,” he said during a meeting with NATO Secretary-General Mark Rutte. These secondary tariffs would penalize any country trading with Russia, allowing the U.S. to impose steep duties on imports from those nations. While U.S. trade with Russia dropped to $3.5 billion in 2024, indirect trade routes remain significant. Trump’s proposed 100% rate is notably lower than a Senate-backed bipartisan bill, the Sanctioning Russia Act of 2025, which seeks a 500% tariff on Russian imports and similar secondary tariffs on countries buying Russian oil, gas, uranium, or petroleum. A Senate vote could happen later this month, according to Majority Leader John Thune. Key U.S. partners potentially affected include China, India, South Korea, and Turkey.

Trump Threatens 100% Secondary Tariffs on Russia

New Zealand shares fell 13 points or 0.1% to 12,665 on Tuesday morning, extending losses for the fifth straight session. Caution prevailed amid concerns over rising U.S. tariffs, especially after President Trump on Monday warned of severe tariffs on Russia if a peace deal with Ukraine isn’t reached within 50 days. Investors also remained vigilant ahead of key Chinese data releases due later today, including June activity figures and Q2 GDP. On the domestic front, New Zealand’s services sector contracted for the fifth consecutive month in June, with activity remaining below the long-term average. However, losses were limited by stronger-than-expected Chinese trade data for June, as exports rose more than forecast and imports grew for the first time this year. Dragging the NZX 50 were declines in Sky Network Television (-2.64%), Skellerup Holdings (-2.2%), Summerset Group (-1.2%), and Fisher & Paykel Healthcare (-1.0%).

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UK Retail Sales Growth Exceeds Expectations in June

Trump Pressures Fed for Deep Rate Cut

Trump Threatens 100% Secondary Tariffs on Russia

NZX 50 Falls for 5th Session on Tariff Jitters