International - Financial Times - Credit Squeeze

Also in today’s newsletter, Musk calls Trump’s tax bill an ‘abomination’, and Silicon Valley’s espionage trial

Ties are strained over slow approval of export controls for rare earths

Also in this newsletter: The red tape holding back Europe’s armies

US president escalates trade war by doubling levies on all exporters except the UK

Officials fear the US president will play the big issues off against each other over five weeks of wide-ranging talks

UK bosses press Sir Keir Starmer for rapid implementation of trade deal agreed with president

May figure comes as ECB meets this week to consider further cut to borrowing costs

Given all this fragility, recessionary or inflationary shocks — or even both together — are conceivable

Investors bet on a return to sub-zero interest rates as central bank tries to restrain soaring Swiss franc

Also in today’s newsletter, the US president locks horns with conservative activist Leonard Leo

Officials make clear the central bank would be a lean, mean, rate-cutting machine if the president ditched his tariffs

No one knows what the US president’s desired endgame with Beijing really is

Also in today’s newsletter, xAI’s share sale, and inflation turns negative in Switzerland

Luvsannamsrain Oyun-Erdene loses key parliamentary vote in country with vast mineral wealth

Organisation slashes forecasts and says US will be hit particularly hard

And QE by bank

Companies may struggle to manufacture silicon in Taiwan with export controls preventing updates to design tools

Capital markets need to be better attuned to individual countries’ goals and the interests of workers

Brussels accepts exclusion of dairy and other ‘sensitive’ farm products with expectations of a pact by December

Financing round for Germany’s Scalable Capital values it at about €1.5bn