Monday newspaper round-up: Tariffs, Brexit, banks, robots, trains

President Trump is expected to announce tariffs on another $200 billion of Chinese imports as early as today in the latest front of America’s assault on global trade. He was reported over the weekend to have instructed his officials to hit about 1,000 Chinese goods with import duties of 10 per cent, from refrigerators to electrical components, circuit boards, furniture and toys, which are likely to drive up prices for US consumers. - The Times

The European Union is secretly preparing to accept a frictionless Irish border after Brexit in a move that raises the prospect of Theresa May striking a deal by the end of the year. In a concession to British concerns, EU negotiators want to use technological solutions to minimise customs checks between Northern Ireland and the Irish Republic. - The Times

The EU is proving unable to convince Theresa May that by using “trusted trader schemes” and technology its proposal to in effect keep Northern Ireland in the customs union and single market will not draw a border in the Irish sea. The Brexit negotiations have reached an impasse over the failure to find an acceptable solution to avoiding a hard border on the island of Ireland after the UK leaves the EU. - Guardian

The British Chambers of Commerce (BCC) has downgraded its prediction for UK growth this year and the following, joining a growing number of forecasters that warn Brexit uncertainty has sapped the economy’s strength. Looking ahead to the end of the year, economists at the BCC said GDP growth will fall to 1.1% from a previous forecast of 1.3% while next year it will hit only 1.3%, down from 1.4%. - Guardian

The world’s major economies are skating on dangerously thin ice and lack the fiscal, monetary, and emergency tools to fight the next downturn. “We have no ability to turn the economy around,” said Martin Feldstein, President of the US National Bureau of Economic Research." - Telegraph

The City is growing increasingly concerned about the probability of a Jeremy Corbyn-led government taking power as early as this year. Analysts at Keefe, Bruyette & Woods conclude that the chances of the Government collapsing after failing to win support for a Brexit deal have jumped, which could lead to a snap election and Labour victory. - Telegraph

The Government has teamed up with top banks on a joint anti-fraud ­initiative to tackle the rise in scams ­hitting UK consumers. Ministers have become increasingly concerned about the impact of fraud in recent months, with attacks on more than 1,300 TSB customers after the bank’s high profile IT meltdown ­grabbing headlines this summer.

The rise of machines, robots and algorithms in the workplace stands to create almost double the number of jobs for the global economy by the middle of the next decade than it puts at risk of being replaced. According to the World Economic Forum (WEF), about 133m jobs globally could be created with the help of rapid technological advances in the workplace over the next decade, compared with 75m that could be displaced. - Guardian

Chris Grayling’s “full review” of the railways is in danger of being a fudge, according to industry bosses who fear reforms will be more of a tinkering with the franchise system than a “big bang” revolution. It is believed that the embattled secretary of state for transport will launch his review this week to coincide with — or perhaps overshadow — the publication of the Office of Road and Rail’s inquiry into Network Rail’s summer timetable fiasco, which hit services on Northern Rail and Thameslink. - The Times

A radical new system of insurance to fund care of the elderly is being considered by ministers as they try to get a grip on the issue that almost lost the Conservatives the last election. The Health Secretary told The Telegraph the “opt-out proposal” modelled on the pensions scheme would mean every adult in England was expected to pay into a national fund to cover their care in later life.

France may have lifted the World Cup trophy this summer, but one of the biggest winners off the pitch was the pub company behind the Walkabout and Sports Bar & Grill chains. Stonegate Pub Company, which is backed by TDR Capital, the private equity firm, will today report like-for-like sales growth of 19.2 per cent during the tournament as football fans flocked to its venues to enjoy the atmosphere. - The Times

A British Uber wannabe that failed spectacularly after burning through millions of dollars and lavish spending is on the road to recovery almost two years after it collapsed into administration. Karhoo has been restructured under two French bankers and backed by the automotive financing arm of Renault. - The Times

Queensland police are still unsure if the sabotage devastating the nation’s strawberry industry is the work of a single person or several people acting independently. The crisis is spreading after metal needles were found in strawberries in Queensland, and as far away as Perth, Tasmania and New Zealand. - Guardian

Mike Ashley, the boss of Sports Direct, is set to turn his hand to becoming a luxury property developer in one of London’s most exclusive neighbourhoods. A luxury residential scheme in Chelsea, backed by Mr Ashley, has moved a step closer to being developed.- The Times