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
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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
Temu resumes direct shipping from China to US after Trump truce
Low-cost ecommerce platform steps up American advertising after tentative trade deals to reduce tariffs on Chinese goods
Polish ecommerce chief urges EU to act on Chinese dumping threat
Stricter tax and safety regulations needed to protect European market, says Allegro CEO
Trump threatens retaliation over digital taxes aimed at US tech
President claims other countries’ digital levies hurt American companies while ignoring China
UK unemployment rate set to hit 5%, think-tank predicts
Resolution Foundation’s analysis highlights a rapid weakening of the jobs market
Trump says he wants to meet Kim Jong Un as he hosts South Korean president
Lee Jae Myung tells US president he wants him to play role ‘in establishing peace on the Korean peninsula’
Trump’s Intel deal is a threat to US economic liberty
Taking unnecessary equity stakes in private companies is opportunism — not strategic state capitalism
China has laid a rare earths trap for the west
The American military and Europe’s green transition both rely on critical minerals from Beijing
Europe urgently needs a remedy for the ‘Brussels defect’
The EU must stop thinking it can turn thorny political controversies into solvable technical issues
FirstFT: Investors back New York office space revival
Also in today’s newsletter, Keurig Dr Pepper agrees €16bn coffee deal and private equity groups struggle to raise money
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