International - Financial Times - Credit Squeeze

President declares reversal on policies from immigration to climate but stops short of announcing new tariffs

Euro, sterling and Canadian currencies rally sharply against greenback

Unionist parties triggered ‘Stormont brake’ over changes to rules on chemicals labelling in region

Weirdly, it will be a relief if Trump’s tariffs are no higher than Tricky Dick’s

Also in today’s newsletter, three Israeli hostages released and TikTok restores US access

Tesla chief criticises ‘unbalanced’ tech relationship in rare criticism of Beijing

Also in this newsletter: How criminals are circumventing the crackdown on cocaine smuggling in Antwerp

US financiers look to revival of ‘animal spirits’ despite concerns over threat of trade tariffs

Anwar Ibrahim argues that the US has lost ground to China in south-east Asia

Biden’s parting gift throws down the gauntlet to the incoming president on industrial policy

The government must retain the confidence of its creditors

Increase would further entrench officials’ move to normalise monetary policy

A dispersion of economic outcomes at home and abroad risks derailing promising initiatives

What history tells us about the shape of tariffs to come

Plus, Davos delegates seek collaboration, Belarus runs a predictable election and darts player Luke Littler turns 18

Market Questions is the FT’s guide to the week ahead

Member states know what they have to do but don’t know how to pay for it

Beijing is agile enough to swerve US protectionism

Ola Källenius urges Brussels to drop protectionist approach in form of punitive tariffs on China EVs

The precedent set by China’s aggressive promotion of its interests is not a promising one