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Tariffs have raised costs for manufacturers and small businesses, which could push consumer prices up as companies pass along those costs.

The administration has threatened billions in federal funds, threatened Harvard’s nonprofit status and hiked the tax rate on annual investment income for a small universe of schools.

Chris O'Connor, a sole trader who worked backstage at this year's event, says he's taking organisers to a small claims court over £2,050 he says he's owed.

In his statement, Mr Cash said he was aware "a small amount of the information" he was sending to Mr Berry was being passed on.

This means reducing policy rates, which are dampening hiring from small businesses reliant on funding tied to short-term rates.