International - Financial Times - Credit Squeeze

There is some method to the madness — it’s just a nonsensical method

Shares in big retailers also tumble as they face turmoil in China and other manufacturing bases

Diplomatic cost of the US president’s tariffs will be enduring

A quick and early look, transcribed from a White House video

President reveals plans to impose 10% universal levies and higher duties on major partners

UK prime minister tells MPs a trade war is ‘in nobody’s interests’

Trading on Wall Street volatile as US president prepares to escalate trade war on ‘liberation day’

Deal loosens US control of train link at a time when Trump is seeking to ‘take back’ trade waterway

Wicked games

Also in today’s newsletter, Andreessen Horowitz in talks to invest in TikTok, and US government seeks death penalty for Mangione

Plus more bad hard data

Threat of levies has led to robust sales but analysts expect business to plummet as they begin to hit

US President Donald Trump is expected to announce the substance of his trade policy

Biggest inflow since onset of pandemic pushes bullion to fresh highs as traders hunt for haven assets

Spirits are low but indicators seem fine

Prime minister still hopes to secure a trade deal with the US president

EU and UK watchdogs act after finding multiple manufacturers co-ordinated positions on vehicle recycling

Dominion proposes 14% price increase for consumers in 2026 amid growing electricity demand from AI data centres

Policymakers in Beijing believe they will benefit from the destruction of America’s global credibility

Sir Keir Starmer may have to make concessions on Britain’s digital services tax and agriculture