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Also in this newsletter: The EU’s carbon border tax windfall

Jay Powell set the stage for a reduction in borrowing costs but jobs and inflation reports could get in the way

The Fed chair has left it for his successor to address key issues facing the world’s most influential central bank

US tariffs have exacerbated a slowdown in Guangdong, a region crucial to Beijing

South-east Asian economies rethink their trade in the wake of Trump’s tariffs

Plus, second-quarter earnings season wraps up, Germany’s Merz meets Canada’s Carney, US PCE index runs hot

Jay Powell’s Jackson Hole speech is a prelude to much bigger changes coming at the central bank

Market Questions is the FT’s guide to the week ahead

History suggests the political approach ends in unsustainable debt and lower GDP

Piecemeal approach leaves seafood and produce sectors fighting to win individual carve-outs

Central bankers say low birth rates in world’s largest economies pose threat to productivity and prices

Scrapping public days off is not a fiscal fix

US stocks and bonds rally as central bank chair says economic risks are ‘shifting’

Congressional Budget Office estimate offsets concerns about fiscal effects of Donald Trump’s tax bill

Prime Minister Mark Carney announces removal of 25% levy on many goods from neighbour

After several decades in which economic technocrats enjoyed a large degree of autonomy, they are under intense pressure from the Trump administration

The US president cannot prevent the pain of his protectionist agenda indefinitely — and midterm elections are looming

Europe’s largest economy contracted 0.3% as exports and investment dropped

Decision comes as Trump administration ends ‘de minimis’ tax exemption on August 29

Also in today’s newsletter, Santander’s Wall Street ambitions and OnlyFans’ revenues surge as it explores sale