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UK and US launch joint taskforce to streamline capital markets, boost crypto cooperation

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Britain and the United States will establish a new Transatlantic Taskforce for Markets of the Future aimed at cutting red tape for firms seeking to raise capital across both markets and strengthening cooperation on crypto assets, the UK Treasury announced Monday.

The taskforce was agreed by UK finance minister Rachel Reeves and U.S. Treasury Secretary Scott Bessent during President Donald Trump’s recent state visit to Britain. It will be jointly chaired by finance ministry officials from both nations, with regulators also participating. The body is expected to deliver its first recommendations within 180 days, focusing on short-term improvements to collaboration and exploring longer-term opportunities in wholesale digital markets.

The move reflects London’s push to reinforce its role as a global financial hub after losing ground in Europe post-Brexit, with many companies shifting stock listings to the U.S. It also marks an effort to align Britain’s emerging digital asset regulation with the U.S. model, which relies on applying existing financial rules rather than creating an entirely new framework, as the European Union has done.

By smoothing capital markets access and harmonizing crypto oversight, both governments aim to attract investment, reduce compliance burdens, and position themselves at the forefront of digital finance.

Trump Warns of 25% Tariffs on Apple if iPhones Are Not Manufactured in the US

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President Donald Trump has issued a stern warning to Apple, threatening to impose a tariff of at least 25% on its products if the company does not manufacture iPhones within the United States. This move intensifies the pressure on the tech giant to increase its domestic production capabilities. Trump’s statement was posted on his social media platform, Truth Social, where he emphasized his expectation that iPhones sold in the U.S. should be made on American soil rather than overseas in countries like India or elsewhere.

The announcement caused immediate ripples in the financial markets, with U.S. equity futures falling to session lows. Particularly affected were Nasdaq 100 contracts, and Apple shares saw a drop of up to four percent in pre-market trading. Trump’s broader trade threats also include a plan to implement a 50% tariff on imports from the European Union starting June 1. These aggressive demands highlight a significant challenge for Apple, which has long relied on a complex supply chain centered in China. The U.S. currently lacks the extensive manufacturing ecosystem and supplier network that Asia offers, making a rapid shift to domestic production difficult.

Apple, a frequent target of Trump’s trade policies, did not immediately respond to requests for comment regarding the tariff threat. The company has already warned investors of nearly $900 million in increased costs due to existing tariffs in the current quarter. These rising expenses further complicate Apple’s global manufacturing strategy, which balances cost efficiency with geopolitical and trade considerations.

Adding to the pressure, Trump reiterated his call during a recent trip to the Middle East, urging Apple CEO Tim Cook to halt plans for building factories in India aimed at supplying the U.S. market. This underscores the administration’s push for reshoring production as part of a broader strategy to reduce dependency on China and bolster American manufacturing. How Apple will respond remains to be seen, but the stakes for the tech giant are high as it navigates these geopolitical trade tensions.

iPhone Production Begins at Tata’s New Facility as Foxconn Gears Up, Signaling Apple’s Growing Focus on India

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Apple is steadily expanding its manufacturing footprint in India, with a new plant in southern India recently commencing iPhone production. This move marks a strategic effort to diversify production away from its primary manufacturing base in China, which has faced challenges amid escalating trade tensions between the US and China. The new facility, operated by Tata Electronics in Hosur, Tamil Nadu, has begun assembling older iPhone models, signaling Apple’s commitment to scaling operations in the region.

The backdrop to this expansion is the ongoing trade war between Washington and Beijing, where US tariffs on Chinese goods have raised concerns about supply chain disruptions and increased costs. Although electronics have so far been exempted from tariffs, the threat of future levies has prompted Apple to seek alternatives. India’s growing manufacturing ecosystem and favorable government policies have made it an attractive destination for Apple to mitigate risks and reduce dependency on Chinese production.

In addition to Tata Electronics’ plant, a $2.6 billion facility run by Foxconn is nearing completion in Bengaluru, Karnataka. According to multiple sources, the Foxconn plant is expected to start initial operations soon, with production ramping up through one assembly line initially. The factory is projected to produce the latest iPhone 16 and 16e models and will eventually create around 50,000 jobs when it reaches full capacity, anticipated by the end of 2027.

This expansion reflects Apple’s long-term vision to strengthen its supply chain resilience and capitalize on India’s manufacturing potential. By establishing multiple production hubs in India, Apple not only reduces its exposure to geopolitical risks but also taps into a vast and growing market. The company’s investment signals confidence in India as a vital player in the global smartphone supply chain in the years to come.