China left with tomato paste mountain as sales to Italy collapse
Dramatic slump in imports this year hailed by champion of Italian ingredients as an ‘important victory’
International - Financial Times - Credit Squeeze
The soaring price of a steak
Beef costs have risen sharply in many countries, adding to the pressure on living standards and bringing Donald Trump into conflict with ranchers
Trump removes reciprocal tariffs on common agricultural products
Bananas and coffee among commodities exempted from levies as US administration looks to cut cost of living
US has reached a trade deal with Switzerland, say officials
Trump’s trade representative Jamieson Greer says tariffs will be reduced to 15%, ending months-long dispute with Bern
Communication breakdown
A bungled leak of information from Westminster does not inspire confidence in UK leaders just weeks away from the Budget
FirstFT: Blue Origin makes progress in quest to rival SpaceX
Also in today’s newsletter, investors sceptical of Oracle’s AI plans and BlackRock revamps its quant hedge fund
Cartier owner predicts US will soon lower punitive Swiss tariffs
Richemont chair was part of business delegation to Washington that helped break deadlock
China investment falls by most since the pandemic
Weak housing prices and slowing industrial output point to flagging economic momentum
UK government considers linking rail fare rises to lower rate of inflation
Chancellor has been pushing cabinet ministers to find ways to reduce financial pressure on households ahead of Budget
Why Trump’s team is betting on stablecoins
The administration sees these digital assets as a tool in the fight against de-dollarisation
Canada to reroute lumber exports as Trump’s tariffs bite
Forestry industry aims to divert 10% of wood normally sent south of the border to new markets such as the UK
US announces new trade deals in attempt to cut costs for consumers
Washington agrees frameworks with Argentina, Ecuador, Guatemala and El Salvador on range of products
Alarm grows over household energy bill arrears
Also in this newsletter, a surge in applications from companies wanting to connect to the grid
G20 ‘dormant’ as Trump plans boycott of South Africa summit
Delegations prepare to use upcoming forum for bilateral talks after US and Argentina pull out
Alternative data suggests US inflation was steady in October
A range of estimates point to US price pressures being muted last month
UK economy unexpectedly contracted by 0.1% in September
Third-quarter figures dragged down by slide in manufacturing
FirstFT: Trump fights for control of Maga
Also in today’s newsletter: Alphabet faces EU probe and US draws down on IMF reserves to help Argentina
Weaker UK growth boosts December rate cut chances
Estimates of GDP in the third quarter and the single month for September were weaker than expected
Toyota to invest up to $10bn in US over next five years
Carmaker gives no details on pledge, which is in addition to Tokyo’s $550bn commitment in return for lower tariffs
Europe is falling short in its quest for global economic clout
Brussels is struggling to adapt to a conflict-ridden world trading system
Global Economy
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