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Anatomy of a bad idea

PM vows to ‘keep all options on table’ after EU hits back against Washington with retaliatory measures

Potential price pressure from trade war and debt-fuelled borrowing add to uncertainty, warns central bank president

Also in today’s newsletter, Ukraine agrees immediate 30-day ceasefire and Palantir boss becomes one of highest paid tech bosses

Tech groups join call for new power stations to meet growing energy demands and combat climate change

More on the sell-off

Also in this newsletter: A fresh push to charge Europe’s chip industry

The return of inflation was meant to restore a more ‘normal’ economy. But it has been a bumpy ride for both consumers and companies

The US president’s officials are standing by their strategy to remake the world’s largest economy

Tazara project showcases Beijing’s leaner approach to overseas development just as western aid appears to retreat

Measures designed to protect the struggling US industry could also help a cohort of global producers

Senior European executive of world’s largest carmaker also warns of more turbulence for the sector

U-turn comes after province of Ontario removes surcharge for power exports to the US but 25% levies to still take effect

Donald Trump’s latest trade broadside against Canada sparks renewed declines in volatile session

US president’s tolerance for tariff-induced stock falls may be higher than anticipated, say investors

The continent is an economic superpower but it now has to mobilise in defence of democracy

PM to take a ‘cool-headed’ approach as he tries to steer clear of transatlantic trade war

Widening dispersion and greater inflation uncertainty mean expectations are not as anchored as they appear

Also in today’s newsletter, US-backed miner seeks to develop Ukraine lithium site and OpenAI forges near-$12bn contract with CoreWeave

Plus Germany’s fiscal space and European equities