International - Financial Times - Credit Squeeze

Fed chair emphasises that ‘significantly larger than expected’ tariffs may lead to ‘more persistent’ inflation

The Fed Chair says he plans to serve out his term

Italy will effectively have casting vote on whether to support use of anti-coercion instrument to hit US services exports

Despite inflation concerns, slowing growth raises expectations of rate cuts

Re-localisation opportunities are limited and building new plants and factories will take time

America’s tariff onslaught will drive upheaval well beyond trade

Parks Tau backs pivot to China in face of high levies from Donald Trump administration

Investors and companies can adjust to most things when they know the rules but under Trump, the rules keep changing

Amid tariffs and potential demand destruction, it is hard to imagine the carmaker regaining much lustre

Industry blindsided by 25% levy and confused whether it applies only to products imported in cans

Also in today’s newsletter, South Korea’s president removed and Microsoft marks its first half century of trading

Bets on surging import prices show concern that US economy is slowing sharply or even flirting with recession

US president defends levies even as market behemoths, including Apple, sink most in years

Garbage in, tariffs out

Tariffs are supposed to be dollar positive. What happened?

Also in this newsletter: Solving the Hungarian problem

As international structures that promoted free trade are unwound, there is a rising risk of a return to capital controls

Price of sending products to US from China has climbed 37% since start of March

With ingredients sourced on both sides of the border producers are unclear over the impact of US levies

Plus, market volatility snags a debt refinancing by Vista Equity Partners and start-up Plaid suffers a big valuation drop