International - Financial Times - Credit Squeeze

Von der Leyen warns against diversion of Chinese exports to Europe in call with China’s premier

Mehmet Şimşek argues cheaper oil can help rebuild foreign reserves and ease inflation after sell-off last month

Also in today’s newsletter, US to hold talks with Iran and the Fed’s dilemma

Carmaker hit by sharp decline in China and Germany

Alarm at market turmoil prompts allies of president to speak out

US ally and biggest foreign investor stunned by sweeping levies including on crucial automotive sector

We check out the data, and find room for improvement

Beijing permits exchange rate to drop below long-defended level

Also in this newsletter: Foot-and-mouth disease returns to central Europe

Donald Trump’s trade war has put the Federal Reserve in an awkward spot

Conservative network’s audience has ballooned since US president retook office

Claudia Sheinbaum, a former climate scientist, explores shale to ease dependence on unpredictable US president

Historically, the US central bank’s swap lines have helped to restore financial stability in times of crisis

Businesses with supply chains vulnerable to sweeping duties had been hoping to negotiate concessions from Washington

Shifting parts of a product’s supply chain may cut charges under ‘rules of origin’ but trying to take advantage comes with risks

Even if Trump backs down he will have succeeded in building uncertainty, which is itself a sort of tariff

Plus, what the market fallout means for all corners of Wall Street — for private equity, private credit and dealmaking

Consultants are helping clients lower the customs value of imports to cut the cost of Donald Trump’s levies

Analysts fear semiconductor and consumer electronics sales could stagnate over new duties

Also in this newsletter: southern states’ anxiety about delimitation, and Harshjit Sethi’s mantra