International - Financial Times - Credit Squeeze

Also in this newsletter: EU simplification savings worth €8.5bn and Zelenskyy’s anti-corruption power grab

Planned five-day walkout marks sharp escalation in BMA’s dispute with the government as row over pay drags on

The discipline is failing students by ignoring the biggest social, political and ecological challenges facing the world today

Donald Trump’s tariff threat to Lesotho shows the danger of relying on preferential trade access

Uncertainty around levies weigh on Mattel and Hasbro

New menu items help to slightly boost growth in foot traffic during the second quarter

But is anyone listening?

Congress cannot afford to allow the Defense Production Act to expire

Six months in, the negative effects of the US president’s plans are only starting to be felt

When firing backfires

Chancellor Friedrich Merz’s government wants to threaten a strong response if Washington is not prepared to compromise

Also in today’s newsletter, Mike Johnson shuts US House early and McKinsey bars China AI work

Trump announces ‘massive’ deal that lowers levy to 15% from threatened 25%

And early tariff warnings from earnings guidance

Also in this newsletter: Why Brussels and Beijing want to keep a united front against the US despite differences

Ursula von der Leyen and António Costa prepare to meet Xi Jinping in Beijing amid geopolitical turmoil

There are lessons for central banks from past episodes of high inflation combined with weak growth

Yields for investment-grade EM borrowers fall relative to developed markets amid concerns over traditional havens