International - Financial Times - Credit Squeeze

The central bank does not work properly if a president can bend it to his will

Immigration policy might turn out to be a bigger source of upward price pressure than tariffs on US economy

Also in today’s newsletter, Musk sues Apple and OpenAI and new FT project launched featuring Bethlehem, Pennsylvania

New Delhi makes overtures to Moscow amid stalemate with Washington over Russian oil purchases

Also in this newsletter: German minister travels to Israel and Palestine after deadly air strike

Low-cost ecommerce platform steps up American advertising after tentative trade deals to reduce tariffs on Chinese goods

Stricter tax and safety regulations needed to protect European market, says Allegro CEO

President claims other countries’ digital levies hurt American companies while ignoring China

Resolution Foundation’s analysis highlights a rapid weakening of the jobs market

Lee Jae Myung tells US president he wants him to play role ‘in establishing peace on the Korean peninsula’

Taking unnecessary equity stakes in private companies is opportunism — not strategic state capitalism

The American military and Europe’s green transition both rely on critical minerals from Beijing

The EU must stop thinking it can turn thorny political controversies into solvable technical issues

Also in today’s newsletter, Keurig Dr Pepper agrees €16bn coffee deal and private equity groups struggle to raise money

Also in this newsletter: The EU’s carbon border tax windfall

Jay Powell set the stage for a reduction in borrowing costs but jobs and inflation reports could get in the way

The Fed chair has left it for his successor to address key issues facing the world’s most influential central bank

US tariffs have exacerbated a slowdown in Guangdong, a region crucial to Beijing

South-east Asian economies rethink their trade in the wake of Trump’s tariffs

Plus, second-quarter earnings season wraps up, Germany’s Merz meets Canada’s Carney, US PCE index runs hot