International - Financial Times - Credit Squeeze

How does an industry that built and benefited from globalisation survive when its main cheerleader turns on it?

Can US democracy and the postwar economic system survive the Trump administration?

Exemptions granted to the US on taxation make cross-border business even harder

Ken Griffin’s flagship fund was up 2.5% in first half of 2025, while Izzy Englander’s firm gained 2.2%

It is easy to imagine conditions in which money simply dries up, perhaps in response to large movements in bond yields

Fed chair has been under relentless pressure from Donald Trump to lower borrowing costs

European capitals insist US drops levies on EU as part of any framework deal

Also in today’s newsletter, White House has ruled that Harvard University is in ‘violent violation’ of civil rights law

US contemplates the potential disaster of a shadow Fed chair and the ECB gets too cocky

Last time he got what he needed instead

Also in today’s newsletter, Trump’s tax-and-spend bill makes its way through the Senate

Interest rates expected to be kept on hold at central bank’s next meeting after June reading

Trump criticises ‘spoiled’ Tokyo over trade deficit ahead of tariff deadline

Agreement would be among first reached since Donald Trump launched ‘liberation day’ tariffs in April

President’s 90-day pause on reciprocal levies expires on July 9

Latin America’s top economies in talks to build on existing agreement

Referendum looms on single market deal that includes concessions on money, migration and judicial power

The government could use this moment of stability to rally people around reforms that tackle structural issues

Also in this newsletter, Amazon rolls out diagnostics services in India, and JSW buys AkzoNobel’s India business

Price increases in June hit highest rate in more than a year, according to British Retail Consortium