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Manufacturing also hit by longstanding import taxes on critical components such as aluminium

Last year’s $28.8tn increase was largely fuelled by government investment, according to the Institute of International Finance

Comments by Peter Kyle come on Brussels trip aimed at securing British access to ‘Made in Europe’ scheme

German chancellor calls on Beijing to appreciate currency, cut subsidies and reduce industrial ‘overcapacity’

The decisions of the US central bank can have a mixed impact on the domestic UK economy

Deal to collaborate on atomic energy, AI and quantum computing was paused as part of wider trade wrangling

Also in today’s newsletter: Anthropic and defence secretary feud, as well as the stocks benefiting from the AI sell-off

Typical households will pay £1,641 per year, down from £1,758 after energy-efficiency scheme scrapped

Commodity-linked currencies acting as ‘canaries in coal mine’ for shift towards rises in borrowing costs

President warns Islamic republic is rebuilding nuclear weapons programme amid huge US military build-up

Investor backlash against US markets appears to be real

Trump’s new 10% global duty has to apply ‘consistently’ to all countries, say legal experts

Read the central bank’s February forecast from the FT’s Monetary Policy Radar team

Stung by Donald Trump’s volatile foreign policies, New Delhi is deepening ties with the EU and ‘middle powers’ such as Canada

Doomer dunking

Shipping companies to temporarily operate terminals after Supreme Court ruling against CK Hutchison

Theory and data allow us to spin different narratives

Also in today’s newsletter: Trump administration implements new 10% tariff, and Moody’s raises questions about AI data centre accounting

Antonoaldo Neves likens situation to snowstorms disrupting traffic for several days

Beijing bans shipments of critical ‘dual-use’ goods in latest escalation of row with Tokyo