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World’s top AI semiconductor maker says export controls have accelerated Chinese rivals’ advances

The pharma hub stands to lose a lot in the US president’s second term

As David Ricardo wrote in the early 1800s, specialisation by countries can lift the overall output and availability of goods

Top official Gita Gopinath warns over country’s ‘ever-increasing’ debt burden

Top 100 companies either estimate a big hit to profits or say extreme uncertainty hinders efforts to predict impact

Gabriel Zucman is leading a movement for billionaires to pay at least 2 per cent of their net worth each year

Report shows pivot to greenfield projects but €10bn FDI in 2024 still far below 2016 peak

Brussels plans handling fee on billions of small packages imported mainly from China

The difficulty is that, however unsatisfactory the hegemon might be, the alternatives look worse

Also in today’s newsletter, despite tariff climbdown, trade war still looms large over US economy

It depends whether you ask businesses, exporters, officials or academics

Also in today’s newsletter, Polish stocks enjoy big rally and US president’s ‘big, beautiful’ tax bill

Huw Pill opposed this month’s reduction over inflation concerns

Beijing’s emphasis on manufacturing has widened imbalances and drawn complaints from foreign companies

WIG index up more than 28% this year as one of world’s top performing bourses, helped by Germany’s fiscal ‘bazooka’

Markets cheered the deal with China. But away from Wall Street, confidence is plummeting and prices are on the rise

Investors say Treasury market is already at an ‘inflection point’ as fiscal worries rise

Keir Starmer’s big concession on fishing came as bloc offered better trade terms for British food exporters

Soumaya Keynes speaks to Bank of England rate-setter Swati Dhingra

Starmer accused of ‘surrender’ by the Tories after finalising new arrangements on fisheries and agriculture