Italy balks at US double cheese tariff
Rome complains about some of its Parmesan exports being hit with a 30% rate
International - Financial Times - Credit Squeeze
FTAV Q&A: Claudia Sahm
The economist behind the ‘Sahm Rule’ talks recession trade-offs and the future of the Fed as tensions with the Trump administration escalate
US business investment in second quarter stronger than initially thought
Closely watched spending measure revised higher in GDP data as Fed weighs next move
UK renters and poorest households hit hardest by inflation
Owner occupiers faced lowest rise in costs following cuts to mortgage rates over past year
FirstFT: Nvidia posts strong results despite China uncertainty
Also in today’s newsletter, scandal at Australian bank ANZ and the booming business of Trump’s deportation flights
China won the rare earths race. Can it stay on top?
Western efforts to create a rival supply chain and break Beijing’s dominance will come up against challenges of cost and scale
UK long-term borrowing costs near highest level since 1998
Gilts hit hard by global rise in bond yields as ‘stagflationary’ concerns add to pressure on economy
Trump’s attack on the Fed threatens US credibility
History teaches us that chaos follows when leaders undermine the independence of central banks
The next stage of the Fed takeover
This is how the cookie could crumble
FirstFT: US hits India with 50% tariffs
Also in today’s newsletter, a US offer for postwar Ukraine and OpenAI-Microsoft talks likely to extend into next year
US tariffs on India hit 50% as Trump-Modi ties sour
Additional levies over Russian oil purchases raise rates on New Delhi to among the highest in the world
EU moves to shield aluminium from Trump tariff blow
Recycling plants in the bloc are shutting down capacity as US producers can pay more for European scrap metal
AI investors are navigating ‘peak ambiguity’, says General Catalyst chief
Head of venture capital firm talks about trusting founders’ intuition during a bubble, and the threat of mass job losses
Trump’s reckless attacks on the Fed
The president’s intensifying assault on central bank independence risks backfiring
EU stands its ground on digital rules despite Trump warning
US president threatens retaliatory tariffs on countries that ‘discriminate’ against American tech groups
The Fed’s future hangs in balance after Trump’s assault
The central bank does not work properly if a president can bend it to his will
Powell is pivoting into an inflation problem
Immigration policy might turn out to be a bigger source of upward price pressure than tariffs on US economy
FirstFT: Donald Trump says Fed governor Lisa Cook is fired
Also in today’s newsletter, Musk sues Apple and OpenAI and new FT project launched featuring Bethlehem, Pennsylvania
India holds firm as Trump’s punitive tariffs loom
New Delhi makes overtures to Moscow amid stalemate with Washington over Russian oil purchases
French and Korean nuclear groups in stand-off over foreign subsidy probe
Also in this newsletter: German minister travels to Israel and Palestine after deadly air strike
Global Economy
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