Just a few weeks ago, US President Donald Trump was ready to levy tariffs on basically every nation. Today, many of those tariffs have been paused or tempered. Additionally, this week he promised he will not be firing Federal Reserve chair Jay Powell, despite his earlier criticism. Should we expect more backstepping from Trump in the face of economic data? And what do the voters think of it all? FT economics editor Sam Fleming joins alongside Jon McHenry, vice-president of the conservative pollster North Star Opinion Research.

Mentioned in this podcast:

Trump claims to have received call from Xi Jinping and to have cut ‘200 deals’ on trade

Donald Trump says he has ‘no intention’ of firing Jay Powell

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Swamp Notes is produced by Katya Kumkova. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson.

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Apple plans to shift the assembly of all US-sold iPhones to India as soon as next year, factories in China have begun slowing production and furloughing some workers in the aftermath of US tariffs, and Alphabet shares rose after it reported first-quarter profit surged 46 per cent. Plus, the Trump administration wants to stamp out one of America’s enduring financial pastimes: writing paper cheques.

Mentioned in this podcast:

Alphabet shares jump as Google search boosts profits

Apple aims to source all US iPhones from India in pivot from China

A crucial earnings season

Is Trump’s drive to kill the paper cheque a ‘no brainer’?

Chinese factories slow production and send workers home as US tariffs bite

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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Sir Keir Starmer and Ursula von der Leyen will on Thursday finalise plans for a new defence pact, US Treasury secretary Scott Bessent has accused the IMF and World Bank of “mission creep” and Boeing reported lower than expected losses. Plus, Tesla chief executive Elon Musk looks to right the electric-car company by reducing his role in the Trump administration.

Mentioned in this podcast:

UK and EU finalise plans for defence pact

Musk drives Tesla calmly through investors’ red lights

Scott Bessent accuses IMF and World Bank of ‘mission creep’

Boeing prepared to redirect orders destined for Chinese carriers

Credit: Associated Press

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

Tesla’s first-quarter adjusted profits dropped 39 per cent and the IMF has downgraded outlooks for G7 nations and big economies such as China and India. Plus, we take a look at whether BP can turn things around to catch up with its rivals.

Mentioned in this podcast:

Elon Musk to prioritise Tesla over White House role as profits slump

IMF warns of rising US recession risk and defends Fed policy

Vladimir Putin offers to halt Ukraine invasion along current front line

Will going back to basics restore BP’s fortunes?

Donald Trump says he has ‘no intention’ of firing Jay Powell

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

Wall Street stocks dropped as President Donald Trump attacked Federal Reserve chair Jay Powell, Pope Francis passed away on Monday after leading the Catholic Church for 12 years, and more than half of nearly 1,500 business leaders support a shift to a renewables-based electricity system. Plus, Europe is now seeking to take advantage of China’s electric vehicle manufacturing expertise.

Mentioned in this podcast:

US stocks and dollar sink as Trump renews attacks on Fed chair Powell

Pope Francis dies aged 88

Obituary: Pope Francis, reformer of modern Catholicism, 1936-2025

Europe helped teach China to make cars. Now the tables are turning

Companies make plans to shift to green energy despite Trump-era rollbacks, survey shows

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

Luxury goods were supposed to be making a comeback this year. But US President Donald Trump’s trade war has complicated that and things are looking grim for the industry. The FT’s fashion editor Lauren Indvik explains where things stand with LVMH, Prada and others.

Mentioned in this podcast:

Donald Trump’s trade war shatters hopes of 2025 luxury revival

The FT News Briefing is produced by Katya Kumcova, Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Andrew Georgiadis, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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Swamp Notes is taking this weekend off so instead we wanted to share the latest episode from our fellow FT podcast, The Rachman Review.

Nuclear talks between the US and Iran began last weekend in Oman, and are set to continue in the coming weeks. President Trump has warned that if the talks fail the US could take military action against the Islamic republic – an idea that Israel's government is pressing for. In this episode, we unpack what a new nuclear deal with Iran might look like – and how it could change the geopolitical picture in the Middle East.

Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Mischa Frankl-Duval. Sound design is by Breen Turner.

https://www.ft.com/content/819a2246-96eb-4730-85f4-ebe39ac91a61

https://www.ft.com/content/771f3b6f-75f9-4978-8bdb-f7834b9e7d04

https://www.ft.com/content/68e7eeb4-4785-4ba4-b730-0a20f2fd55e0

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China’s imports of US liquefied natural gas have completely stopped for more than 10 weeks, and Japan’s chief trade negotiator leaves Washington without an immediate agreement after meeting Donald Trump. The European Central Bank has cut its benchmark interest rate by a quarter-point to 2.25 per cent. Plus, astronomers have found signs of biological activity on a planet 124 light years from Earth.

Mentioned in this podcast:

Astronomers claim strongest evidence yet of extraterrestrial life

Donald Trump weighs in on Japan trade talks but Tokyo team leaves without deal

Donald Trump says Fed chair Jay Powell’s ‘termination cannot come fast enough’

ECB cuts rates to 2.25% amid Trump trade war

China stops buying liquefied gas from the US

Audio credit: C-SPAN

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.