International - Financial Times - Credit Squeeze

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

There are at least three reasons why the greenback might not follow the script currently signalled by markets

Problems in Asia’s fourth-largest economy predate the current crisis

Credit card data points to ‘robust’ growth at start of 2025 after shoppers spent $1tn during holiday season

Michael Ignatieff on what the US president-elect’s threats mean for the Americas and beyond

History teaches us that lasting growth depends on new ideas, innovation and technological progress

Easing underlying US inflation pressures and strong bank earnings ‘emboldened the bulls’ on Wall Street