International - Financial Times - Credit Squeeze

Also in today’s newsletter, German calls for a Europe-wide stock exchange and Trump considers Venezuela land strikes

America’s use of import duties has been constrained by financial markets and economic reality

Controversial project to ship heavy crude to Texas coast was killed by Biden administration on environmental grounds

Taiwanese chipmaker reports highest quarterly profit

A cauldron of new ideas and technologies is more important than ‘build, build, build’

Scott Bessent says Washington will retaliate if Beijing proceeds with policy on rare earths and critical minerals

The US administration is backing an ally’s misguided exchange rate policy

Fund’s forecasts suggest the country’s debt-to-GDP ratio will be at a record high by the end of the decade

Searching for alternatives

Big business lobbying holds back growth, Nobel-winning economists suggest

Also in today’s newsletter, luxury goods groups’ shares surge and OpenAI’s five-year plan

US set to be faced down by industry powers, including China, EU, India and UK

Brussels plans to work on clean energy and climate action with ‘subnational entities, business and think-tanks’

Poor and middle-income countries are spending money on interest payments that could go towards essential public goods

A fresh regime is required for a world of high debt and large central bank balance sheets

Weak data highlight challenge for policymakers facing escalation in trade tensions with US

Bank of England should not lower interest rates before price pressure shows signs of easing, says chief economist

The Dutch seizure of Nexperia shows how ensnared the EU is in the US-China tech war

Federal Reserve chair says inflation expectations are close to central bank’s 2% goal

It is dangerous to have confidence in what lies ahead