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US president says he will name Federal Reserve chair’s successor in January

Trump may not advance tariffs further but could broaden his campaign to new fronts of conflict

Also in today’s newsletter: Silicon Valley’s ‘fortress balance sheets’, and China’s new military drills around Taiwan

In spite of the erratic nature of Donald Trump’s decision making, a distinct pattern has emerged

Economists and tax collectors might be underestimating its impact

Fears about China’s control of the rare earth supply chain have bolstered demand for alternative suppliers

US midterms, a crunch poll for the UK PM, plus questions of nuclear arms treaties and the risk of an AI bubble burst

Steep fall in November nearly wipes out profit growth in 2025 as Beijing steps up pressure on over-investment

Ottawa and South American bloc aim to conclude a deal within a year

It has been a very mixed year for reforms and sensible governance

Rate of increase in output expected to slow despite Berlin’s fiscal push, FT survey finds

Tariff deals with the US have bought time but investment momentum is elsewhere

Rome and Madrid rewarded by investors for cutting deficits, while France and Germany look to borrow more

A reboot of the UN and nimbler forms of co-operation are necessary

The country is taking a huge bite out of the European and US market with ever-growing production of luxury foods

Young protesters around the world have rallied under the image in their fight for political change

Investment in Lobito Corridor comes as bloc channels development assistance towards energy, metals and migration

Also in today’s newsletter: Big tech turns to special purpose vehicles to fund data centres and US economic growth exceeds expectations

Trump administration holds off increasing tariffs until 2027

Read the central bank’s December forecast from the FT’s Monetary Policy Radar team