International - Financial Times - Credit Squeeze

Also in today’s newsletter, EU warns Europe’s roads unfit for war, UBS currency derivatives and Botswana’s push on De Beers

And it is right to do so (for now)

Washington has locked in tariffs on almost 45% of American imports

Local governments are steering investment into new factories, adding to overcapacity and eroding profit margins

Most exports from the bloc will face 15% tariffs while the European market will open to more American imports

Analysts dismiss plan but executives welcome sign of more support for fossil fuel exports

Euro slides as investors bet that long-awaited trade agreement will hurt Eurozone economy

Most exports from bloc to face 15% tariffs while European market will open to more American imports

EU and other trading partners are being bullied into opaque and unenforceable deals

The risks of decline go far beyond any single company

Rapid adoption of dollar-linked tokens would leave central bank struggling to control money supply and interest rates

US president also attacks London mayor Sadiq Khan and criticises offshore wind turbines

Also in today’s newsletter, US-China trade talks, and the Fed under pressure to cut interest rates

Agreement removes threat of full-blown trade war between Washington and Brussels

TACO, tech and tough consumers

Deal follows Scotland talks between Donald Trump and European Commission head Ursula von der Leyen

US officials have been warned to avoid tough moves against Beijing as Stockholm hosts third round of negotiations

No economy rises or falls for just one reason, even a shock as big as Trump’s trade policy

Relief at avoiding trade war is tinged with regret at not taking firmer stand from the start