we start here in the uk where later today, prime minister borisjohnson will promise new measures to rejuvenate the flagging economy. as part of a visit to the northern county of lancashire, he will pledge reforms to help with the soaring cost of everything, quote, from food to energy to childcare to transport and housing . it comes as fuel prices hit a new record, rail workers threaten strike action over pay, and the oecd think tank warns the uk will be the worst performing economy in the developed world. our business editor simonjack reports. it s a shocking site but maybe not for long. fuel prices continued their relentless march upwards with the average price of unleaded seeing its biggestjump to one pound 78 but many are paying more. i pen; but many are paying more. i pay £2 a litre- but many are paying more. i pay £2 a litre- i but many are paying more. i pay £2 a litre. i do but many are paying more. i pay £2 a litre. i do deliveries, - £2 a litre. i do de
China has revealed hefty penalties on imports from the US of an acid used as a preservative as trade relations between the two countries appear likely to return to an outwardly acrimonious track.
China s March exports dropped by 7.5%, and imports unexpectedly contracted by 1.9%, missing market expectations. This data poses a challenge for policymakers aiming to support the country s fragile economic recovery. Analysts had forecasted a smaller decline in exports and growth in imports. China s trade surplus in March was $58.55 billion.
A recent report has found China has overtaken Germany in terms of certain exports, an elevation of status for the Asian juggernaut but a potential source of tension for already fraught bilateral relations.