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Distortions from US tariffs need not be disastrous

Carmaker backed by China’s Geely maintains US growth strategy despite mounting uncertainty

Proposed spending comes after carmaker’s chair met Donald Trump before his inauguration

President threatens retaliation against ‘discriminatory’ levies on US multinationals

Asaad al-Shaibani tells FT that Damascus wants to privatise state-run companies and secure sanctions relief

Also in today’s newsletter, ByteDance’s $12bn AI plans, and Alex Soros has Lunch with the FT

Benchmark Hong Kong share index down 1.6% after trade shot at Beijing

Broken Britain

New US president hints at potential agreement linking TikTok ownership with levies

Also in this newsletter: Is sabotage behind Italy’s recent train disruptions?

The resilient American economy and the policies of the new administration will lead the Fed to tighten policy

Tariff threats send jolt of volatility through currency markets

President vows to correct ‘unfair practices’ as US trading partners prepare for an era of tariffs

President orders officials to draw up retaliatory measures against ‘extraterritorial’ taxes

Barrage of executive orders resets domestic and foreign policy as new president promises ‘golden age’ for US

An economic renaissance is unlikely, not least because the US economy is very far from the disaster he proclaims it to be

Also in today’s newsletter, the competing factions of the Republican party

Sloppy and wishful thinking has taken over the US

Also in today’s newsletter, Panama responds to Trump’s threat to take back the Panama Canal and Ray Dalio on UK’s ‘debt death spiral’

And more on the UK discount