International - Financial Times - Credit Squeeze

Also in today’s newsletter, ‘If there’s no immigrant labour, there’s no milk, no cheese, no butter, no ice cream’

Central banks have been defining neutral interest rates as Bessent makes a brave bet

Trading bloc promises ‘firm and proportionate countermeasures’

Also in today’s newsletter, Deloitte US staff ordered to drop gender pronouns, pros and cons of giving children weight-loss drugs

President says move will ‘mean a lot more business for America’

Plus more on energy and inflation

Also in this newsletter: Poland’s very own deregulation supremo

Automated stores run by global companies such as NewCold have become critical in keeping supermarkets stocked

French tyremaker says Trump’s policies could make it ‘change its priorities’ to bolster capacity in American factories

Hostility to researchers’ analysis is undermining reasoned policymaking

The weakened group is relying on a welfare system to strengthen its base

US president’s complaints threaten top chipmaker’s business model and east Asian country’s security

Administration will grant no exclusions to any products, officials say, raising risk of trade war

MPC’s Catherine Mann says ‘demand conditions’ in economy are ‘quite a bit weaker’

Traders pay up to secure copper, steel and aluminium supplies before US president’s levies come into effect

Downing Street refuses to say if Britain would retaliate but industry warns levies on exports would be ‘devastating’

Even before the Trump administration’s slash and burn approach, international assistance was ripe for a rethink

Kristrún Frostadóttir favours restarting talks for economic reasons and not in reaction to US president’s Arctic sabre-rattling

The White House responded to lobbying from carmakers with exemptions. The EU went after bourbon

Brussels can’t do the rapid pre-emptive retaliation that Canada and Mexico threatened