The International Monetary Fund (IMF) slashed its growth forecast for the UK to 1.1%, citing domestic factors such as surging utility bills and higher government borrowing costs, rather than blaming Donald Trump’s tariffs. The IMF warned that the UK faces the highest inflation in the G7, deepening the cost-of-living crisis. The Chancellor attempted to deflect blame by pointing to the tariffs, but the IMF chief economist emphasized that domestic factors are the biggest problems, with tariffs playing a role along with uncertainty.

US stocks and the dollar plummeted as President Donald Trump intensified his attacks on Federal Reserve Chair Jerome Powell, calling him "a major loser" for not lowering interest rates. The S&P 500 fell roughly 2.4%, while the Dow Jones Industrial Average dropped 2.4% and the Nasdaq fell more than 2.5%. The US dollar index hit its lowest level since 2022, and interest rates on government debt continued to rise.

Chancellor Rachel Reeves visited Scunthorpe and predicted a "bright future" for steelmaking in the town after an emergency law took control of British Steel from its Chinese owners Jingye. The government had stepped in to keep the blast furnaces running by placing new orders for raw materials, and Reeves emphasized the importance of virgin steel being made in the UK for economic and national security reasons. She stated that despite poor management, the government is determined to ensure a secure future for Scunthorpe's steelmaking industry, with plans to move towards electric arc furnaces and secure the town's future for many decades.

Donald Trump attacked Federal Reserve Chairman Jerome Powell on social media for not cutting interest rates, stating "termination cannot come fast enough!" He criticized Powell's decision to keep rates steady, saying it was too late and wrong. Trump claimed that the US economy is getting rich from tariffs and that Powell should have lowered interest rates earlier.