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The former hedge fund manager is being asked to lead negotiations with foreign governments amid America’s self-inflicted hit

European finance ministers discuss response to US trade moves

Chancellor welcomes striking official data as allies set out ‘four-pronged response’ to Trump tariffs

To weather Trump’s global storm, Beijing’s economic strategy must evolve

President’s trade war likely to raise unemployment and slow economic growth ‘considerably’, says John Williams

Beijing accuses Trump of violating ‘basic economic laws and common sense’ as it announces tit-for-tat rise in duties

Going back to the 1990s is not going to fix what is broken globally

Parking money in America is no longer the routine, fuss-free, neutral option

FCA’s preliminary approval comes as the fast-fashion company faces challenges from Trump’s tariffs

Chinese clean tech stocks have risen since the US president’s latest announcement on levies

Also in today’s newsletter, OpenAI slashes AI model safety testing time and Pentagon terminates $4bn of consultancy contracts

Neighbours have been taking advantage of my generous nature for far too long: it’s time for tariffs

Figure comes as Rachel Reeves contends with impact of Trump tariffs

Scale of US levies on Chinese goods deepens recession fears

Plus more on valuing stocks in a crisis, and inflation

Also in this newsletter: Italy’s latest attempt to send migrants to Albania

Mayhem threatens to erode the appeal of US investments — which could, perversely, help Trump get what he wants.

Analysts estimate Donald Trump’s levies could cost the average household $4,700 a year

Trump’s tariffs were erratic and flawed but imbalances in the world economy are real

Swiss president to attend informal EU finance ministers’ meeting for the first time, alongside British chancellor