International - Financial Times - Credit Squeeze

Also in today’s newsletter, some of the president’s billionaire allies are breaking ranks to lambast tariffs

Why doubts over the Fed’s dollar swap lines are such a big deal

Aston Martin’s bond prices drop to record lows and cost of insuring VW’s debt against default jumps

Hard choices are ahead, but the central bank should not be afraid to be hawkish

There is no school of foreign policy realism or trade mercantilism that could explain the US president’s actions

Von der Leyen warns against diversion of Chinese exports to Europe in call with China’s premier

Mehmet Şimşek argues cheaper oil can help rebuild foreign reserves and ease inflation after sell-off last month

Also in today’s newsletter, US to hold talks with Iran and the Fed’s dilemma

Carmaker hit by sharp decline in China and Germany

Alarm at market turmoil prompts allies of president to speak out

US ally and biggest foreign investor stunned by sweeping levies including on crucial automotive sector

We check out the data, and find room for improvement

Beijing permits exchange rate to drop below long-defended level

Also in this newsletter: Foot-and-mouth disease returns to central Europe

Donald Trump’s trade war has put the Federal Reserve in an awkward spot

Conservative network’s audience has ballooned since US president retook office

Claudia Sheinbaum, a former climate scientist, explores shale to ease dependence on unpredictable US president

Historically, the US central bank’s swap lines have helped to restore financial stability in times of crisis

Businesses with supply chains vulnerable to sweeping duties had been hoping to negotiate concessions from Washington

Shifting parts of a product’s supply chain may cut charges under ‘rules of origin’ but trying to take advantage comes with risks