International - Financial Times - Credit Squeeze

Boost comes as Xi Jinping calls on companies to stem aggressive price competition

Trump administration’s $20bn swap line threatens to load even more debt on to struggling South American country

Ceiling on pharma levy will be in line with trade deals Tokyo and Brussels have with Washington

Prime minister’s chief business adviser Varun Chandra due to hold talks in Washington next week

The allure of US exceptionalism and AI is still drawing investors despite concerns over Trump’s policies

Drugmakers’ shares fall modestly after president exempts companies with big US investments

Subsidies distort. Massive subsidies distort massively.

Pharmaceutical companies fight to protect margins as Trump attacks international pricing disparity

Also in today’s newsletter, inside an iPhone factory in China and a report on the divorce capital of the world

As the president launches a trade war, follow the latest on tariffs and executive orders

Beijing has warned third countries against bowing to Donald Trump’s pressure to curb Chinese exports

Consumer spending figures revised higher driven by increases in purchases of transportation and financial services

Top officials from across political spectrum warn president’s move would jeopardise central bank’s independence

Ban would have made unprecedented use of island nation’s technological dominance for diplomatic retaliation

The US president’s latest comments on Russia-Ukraine conflict met with wariness in Europe, in a sign of transatlantic mistrust

Poland’s Tusk warns new US posture conceals a ‘shift of responsibility’

Also in today’s newsletter, Europe’s ‘impossible’ Ukraine mission, and stablecoin issuer examines ‘reversible’ transactions

An interview with Michael Pettis

Grocery inflation much higher than for other items, driven by increased labour costs and global commodity prices

The president could plausibly be blamed for rising prices in services including power, health and education