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Being ‘one of us’ matters amid US presidential challenge

PM Shigeru Ishiba’s insistence on total relief from Donald Trump’s levies was a miscalculation, analysts say

Also in today’s newsletter, Trump revives threat of ‘reciprocal’ tariffs and battle for young bankers

White House extends deadline for ‘reciprocal’ levies from July 9 to August 1

And that might become a problem

Data this week expected to show prolonged bout of deflation in factory prices is running unchecked

Complaints made against Swiss bank over losses on foreign exchange derivatives in wake of US tariff announcements

The country’s latest sanctions are proving far more effective than prior efforts

Rotterdam has started reserving space for Nato supply ships and planning military exercises

Host Brazil criticises US president as being ‘very irresponsible’ for vowing extra levies on states aligned to group

Deadline for countries to sign deals with Trump expires on Wednesday

Xu Zewei suspected of links to Beijing-backed group accused by Washington of stealing Covid-19 vaccine secrets

There is an opportunity for the continent as investors look to diversify away from the US dollar, but seizing it will be difficult

The EU in particular has failed to stick to a strategy

Also in today’s newsletter, investors pour billions into tokenised mutual funds, and Musk creates new political party

Washington prepares for end of 90-day pause on steep ‘liberation day’ levies

Also in this newsletter: Why von der Leyen will win the parliament battle but risks losing the war

Political responses to a bad situation tend towards either charlatanism or timidity

I’ve never seen as many potentially market moving vectors simultaneously in play

Bloc pushes Beijing to make further cuts to emissions