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Also in today’s newsletter, Japanese to court Tesla for Nissan investment, and Eric Adams’ Faustian pact with Trump

Also in this newsletter: The EU’s peace offering in Trump’s trade war

The US president has hit the ground running, but he is dogged by stubborn inflation and tepid approval ratings

Seen from a different angle, would the US president still choose tariffs?

Officials and executives say gallium rules will upset supply chains for chips and vehicle batteries

Fear of ‘trouble ahead’ because of low growth and sticky inflation outweighs relief brought by lower interest rates

Surprise outperformance driven by lack of day-one tariffs on EU and prospect of end to Ukraine war

The risks of a backlash are rising and could galvanise European competitors

Bloc’s trade commissioner in Washington to seek a compromise with Donald Trump

It’s not a terminal moral malaise that’s blighting the country, it’s an economic one

Unthinking campaigns against ‘red tape’ are not the way to promote growth

Also in today’s newsletter, US president calls Zelenskyy a ‘dictator’, and Politico owner praises Vance

Remember the good as well as the bad and the ugly

The president’s conviction that US currency strength gives trading partners an unfair advantage is well known

Tariffs, trade wars and plans for big tax cuts could all rattle investors in US Treasuries, but it’s a resilient market with few alternatives

How the central bank can spur capital markets unification in the EU

Academic Tim Minshall’s enthusiastic study of globalised production is also a warning on the loss of local expertise

Figure surpasses expectations and highlights challenge for Bank of England

If the data can be believed, the UK economy is losing its economic dynamism

Latest package takes aim at Russian aluminium industry and tightens restrictions on oil exports