Wednesday newspaper round-up: Tesla, IMF, China tariffs...

(Sharecast News) - The Tesla chief executive, Elon Musk, said he will start pulling back from his role at the so-called "department of government efficiency" starting in May. Musk's remarks came as the company reported a massive dip in both profits and revenues in the first quarter of 2025 amid backlash against his role in the White House. On an investor call, Musk said the work necessary to get the government's "financial house in order is mostly done". - The Guardian The International Monetary Fund has called on central banks to "build on their independence" after President Trump intensified attacks on the US Federal Reserve, raising fears about political interference in monetary policy. Pierre-Olivier Gourinchas, chief economist of the IMF, said on Tuesday that it was "critical" for central bankers to have credibility when managing inflation, without explicitly referring to the spat between the Fed and the US president which has escalated in the past week. - The Times

Donald Trump said during a White House news conference that high tariffs on goods from China will "come down substantially, but it won't be zero". Trump's remarks were in response to earlier comments on Tuesday by treasury secretary Scott Bessent, who said that the high tariffs were unsustainable and that he expects a "de-escalation" in the trade war between the world's two largest economies. - The Guardian

British Steel has said it will end a consultation on up to 2,700 redundancies, after the UK government took control of the firm earlier this month. Prime Minister Keir Starmer previously recalled MPs from their spring recess so Parliament could pass emergency legislation allowing the government to take operational control of British Steel. - The Independent

Santander is plotting to ditch its scandal-hit motor finance unit in a shake-up which could pave the way for the bank to exit the UK entirely. The Spanish lender is seeking approval to separate its British car finance division - which is subject to a wave of possible litigation linked to the ongoing car loan mis-selling case - from the rest of its UK banking business. - The Telegraph

Factory owners will be forced to begin laying off staff within "months" unless Sir Keir Starmer can strike a trade deal with Donald Trump, MPs have been warned. On Tuesday, industry lobby group Make UK said tariffs imposed on foreign imports to the US were hurting demand for British-made products. Without a trade deal, the drop in orders would leave domestic manufacturers with no choice but to start cutting back production and staff numbers, the business and trade select committee was told. - The Telegraph