International - Financial Times - Credit Squeeze

Head of asset manager’s $2.3tn fixed-income unit says levies are testing Fed’s inflation and employment goals

History shows they must either be used decisively, together with allies, or not at all

Trump has shown a willingness to pivot in the face of adverse market reaction

Any trade agreement with China will not settle questions over the ongoing supremacy of US capital markets

Trade tensions and a drop in the biggest deals mask green shoots for smaller-scale buyouts and growth potential of tech sector

Optimism over tech stocks might be premature given the ongoing policy upheaval

Prime minister will meet Emmanuel Macron and Ursula von der Leyen on Friday to iron out details

Wholesale inflation falls, but economists warn businesses are yet to pass on the higher costs of trade levies

The legacy of Brexit should not get in the way of progress that cuts costs for business

World’s biggest retailer reports rise in first-quarter sales in face of Trump’s tariffs

The president’s modus operandi makes long-term planning futile

Tariff policies could cause ‘enormous’ damage, $73bn firm says in letter to investors

John Elkann says Trump has been more effective in outlining policy to boost car manufacturing

President says he has ‘a little problem’ with tech group’s CEO Tim Cook over effort to avoid tariffs on China

Also in today’s newsletter, oil prices drop and record ‘reverse Yankee’ deals

Net imports are funding the innovative edge that others envy the US so much — and perhaps benefit from too

Companies complain of uncertainty around trade deal and plan to reduce levies on metals and cars

Low- and middle-income countries are performing surprisingly well despite Trump’s tariff wars

Is US protectionism helping or hindering closer co-operation between other countries?

Comments from Ngozi Okonjo-Iweala highlight concern that pacts may undermine ‘most favoured nation’ equality concept