<description>&lt;p&gt;US President Donald Trump’s global trade war has made a mess for the Federal Reserve. Despite an encouraging US consumer price index report this week, there are major concerns about the inflationary nature of Trump’s tariffs. Meanwhile, the Fed has cut growth forecasts. And if all that wasn’t enough, Trump is breathing down chair Jay Powell’s neck to cut interest rates. The FT’s US economics editor Claire Jones and economics commentator Chris Giles explain why the central bank is caught in a difficult position.&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;strong&gt;Mentioned in this podcast:&lt;/strong&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/44jV1BY" rel="noopener noreferrer" target="_blank"&gt;Jay Powell’s tariff dilemma: defend the economy or contain inflation&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/3XUfkC6" rel="noopener noreferrer" target="_blank"&gt;Alphaville: An emergency rate cut from the Fed?&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/42AFPhE" rel="noopener noreferrer" target="_blank"&gt;US inflation falls more than expected to 2.4% in March&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/4j5wKnJ" rel="noopener noreferrer" target="_blank"&gt;Federal Reserve ‘absolutely’ ready to help stabilise market if needed, top official says&lt;/a&gt;&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;a href="https://www.ft.com/chris-giles-on-central-banks" rel="noopener noreferrer" target="_blank"&gt;Sign up for the FT’s newsletter Chris Giles on Central Banks&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://ep.ft.com/newsletters/56a64b704f693a0300dfab7e/subscribe" rel="noopener noreferrer" target="_blank"&gt;Sign up for the FT’s Swamp Notes newsletter here&lt;/a&gt;&lt;/p&gt;&lt;br&gt;&lt;p&gt;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.&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;a href="https://www.ft.com/content/27531e53-7586-4c8a-b984-d9f70f57f83c" rel="noopener noreferrer" target="_blank"&gt;&lt;strong&gt;Read a transcript of this episode on FT.com&lt;/strong&gt;&lt;/a&gt;&lt;/p&gt;&lt;hr&gt;&lt;p style='color:grey; font-size:0.75em;'&gt; Hosted on Acast. See &lt;a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'&gt;acast.com/privacy&lt;/a&gt; for more information.&lt;/p&gt;</description>

How will the Federal Reserve handle the economic uncertainty brought about by Trump’s tariffs?

US President Donald Trump’s global trade war has made a mess for the Federal Reserve. Despite an encouraging US consumer price index report this week, there are major concerns about the inflationary nature of Trump’s tariffs. Meanwhile, the Fed has cut growth forecasts. And if all that wasn’t enough, Trump is breathing down chair Jay Powell’s neck to cut interest rates. The FT’s US economics editor Claire Jones and economics commentator Chris Giles explain why the central bank is caught in a difficult position. Mentioned in this podcast:<a href="https://on.ft.com/44jV1BY" rel="noopener noreferrer" target="_blank">Jay Powell’s tariff dilemma: defend the economy or contain inflation</a><a href="https://on.ft.com/3XUfkC6" rel="noopener noreferrer" target="_blank">Alphaville: An emergency rate cut from the Fed?</a><a href="https://on.ft.com/42AFPhE" rel="noopener noreferrer" target="_blank">US inflation falls more than expected to 2.4% in March</a><a href="https://on.ft.com/4j5wKnJ" rel="noopener noreferrer" target="_blank">Federal Reserve ‘absolutely’ ready to help stabilise market if needed, top official says</a> <a href="https://www.ft.com/chris-giles-on-central-banks" rel="noopener noreferrer" target="_blank">Sign up for the FT’s newsletter Chris Giles on Central Banks</a><a href="https://ep.ft.com/newsletters/56a64b704f693a0300dfab7e/subscribe" rel="noopener noreferrer" target="_blank">Sign up for the FT’s Swamp Notes newsletter here</a> 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. <a href="https://www.ft.com/content/27531e53-7586-4c8a-b984-d9f70f57f83c" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a><hr> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.

Swamp Notes: The Federal Reserve’s tariff dilemma 

<description>&lt;p&gt;US inflation fell more than expected to 2.4 per cent in March, and France’s Renault is one of the few carmakers insulated from Donald Trump’s trade war. Plus, &lt;strong&gt;​​&lt;/strong&gt;Indonesia is looking to run its colossal new sovereign wealth fund “like a public company”.&amp;nbsp;&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;strong&gt;Mentioned in this podcast:&lt;/strong&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/428ZAxN" rel="noopener noreferrer" target="_blank"&gt;US inflation falls more than expected to 2.4% in March&amp;nbsp;&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/4lqzP3m" rel="noopener noreferrer" target="_blank"&gt;Indonesia’s new sovereign wealth fund vows transparency ‘like a public company’ &lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/4j9yE6Y" rel="noopener noreferrer" target="_blank"&gt;Renault emerges as winner in Trump tariff chaos&amp;nbsp;&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/4jnm7x3" rel="noopener noreferrer" target="_blank"&gt;Sky to bring hit US series ‘Saturday Night Live’ to the UK&amp;nbsp;&lt;/a&gt;&lt;/p&gt;&lt;p&gt;Credit: NBC&lt;/p&gt;&lt;br&gt;&lt;p&gt;The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katya Kumcova, 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.&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;a href="https://www.ft.com/content/68638e49-c870-4aab-a3db-73efa3092608" rel="noopener noreferrer" target="_blank"&gt;&lt;strong&gt;Read a transcript of this episode on FT.com&lt;/strong&gt;&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;br&gt;&lt;/p&gt;&lt;hr&gt;&lt;p style='color:grey; font-size:0.75em;'&gt; Hosted on Acast. See &lt;a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'&gt;acast.com/privacy&lt;/a&gt; for more information.&lt;/p&gt;</description>

Even an unexpectedly solid inflation report wasn’t enough to sustain a Wall Street recovery

US inflation fell more than expected to 2.4 per cent in March, and France’s Renault is one of the few carmakers insulated from Donald Trump’s trade war. Plus, ​​Indonesia is looking to run its colossal new sovereign wealth fund “like a public company”.&nbsp; Mentioned in this podcast:<a href="https://on.ft.com/428ZAxN" rel="noopener noreferrer" target="_blank">US inflation falls more than expected to 2.4% in March&nbsp;</a><a href="https://on.ft.com/4lqzP3m" rel="noopener noreferrer" target="_blank">Indonesia’s new sovereign wealth fund vows transparency ‘like a public company’ </a><a href="https://on.ft.com/4j9yE6Y" rel="noopener noreferrer" target="_blank">Renault emerges as winner in Trump tariff chaos&nbsp;</a><a href="https://on.ft.com/4jnm7x3" rel="noopener noreferrer" target="_blank">Sky to bring hit US series ‘Saturday Night Live’ to the UK&nbsp;</a>Credit: NBC The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katya Kumcova, 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. <a href="https://www.ft.com/content/68638e49-c870-4aab-a3db-73efa3092608" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a> <hr> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.

Uncertainty reigns in US markets

<description>&lt;p&gt;US stocks surged on Wednesday after Donald Trump paused ‘reciprocal’ tariffs for 90 days. Plus, the EU and China are working on a new trade relationship because of the levies. Meanwhile, Apple is looking to boost production in India.&amp;nbsp;&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;strong&gt;Mentioned in this podcast:&lt;/strong&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/4j5wRQm" rel="noopener noreferrer" target="_blank"&gt;EU calls for ‘negotiated resolution’ with China in face of US tariffs&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/4cowGx7" rel="noopener noreferrer" target="_blank"&gt;Apple turns to India to help ease Trump’s China tariffs&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/4cAMEnW" rel="noopener noreferrer" target="_blank"&gt;US stocks soar as Donald Trump backs down in global trade war&lt;/a&gt;&lt;/p&gt;&lt;br&gt;&lt;p&gt;The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth and Marc Filippino. Additional help from 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.&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;a href="https://www.ft.com/content/97f08be0-541e-48bf-b193-065361dd4efd" rel="noopener noreferrer" target="_blank"&gt;&lt;strong&gt;Read a transcript of this episode on FT.com&lt;/strong&gt;&lt;/a&gt;&lt;/p&gt;&lt;hr&gt;&lt;p style='color:grey; font-size:0.75em;'&gt; Hosted on Acast. See &lt;a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'&gt;acast.com/privacy&lt;/a&gt; for more information.&lt;/p&gt;</description>

US stocks surged on Wednesday after Donald Trump paused ‘reciprocal’ tariffs for 90 days

US stocks surged on Wednesday after Donald Trump paused ‘reciprocal’ tariffs for 90 days. Plus, the EU and China are working on a new trade relationship because of the levies. Meanwhile, Apple is looking to boost production in India.&nbsp; Mentioned in this podcast:<a href="https://on.ft.com/4j5wRQm" rel="noopener noreferrer" target="_blank">EU calls for ‘negotiated resolution’ with China in face of US tariffs</a><a href="https://on.ft.com/4cowGx7" rel="noopener noreferrer" target="_blank">Apple turns to India to help ease Trump’s China tariffs</a><a href="https://on.ft.com/4cAMEnW" rel="noopener noreferrer" target="_blank">US stocks soar as Donald Trump backs down in global trade war</a> The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth and Marc Filippino. Additional help from 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. <a href="https://www.ft.com/content/97f08be0-541e-48bf-b193-065361dd4efd" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a><hr> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.

Trump’s tariff reversal 

<description>&lt;p&gt;Donald Trump is pushing ahead with another 50 per cent tariff on Chinese goods, and there are questions about what will happen to nearly $2tn worth of pledges to invest in the US because of the levies. Plus, the FT’s Katie Martin explains why a selloff in US Treasuries could mean a world of hurt for markets.&amp;nbsp;&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;strong&gt;Mentioned in this podcast:&lt;/strong&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/3Eew1S8" rel="noopener noreferrer" target="_blank"&gt;Donald Trump to proceed with extra 50% tariff on China as trade war escalates&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/4iVjGkQ" rel="noopener noreferrer" target="_blank"&gt;US tariffs threaten almost $2tn of investment pledges by global companies&amp;nbsp;&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/4crIZIU" rel="noopener noreferrer" target="_blank"&gt;Markets could get a lot worse — and quickly&lt;/a&gt;&lt;/p&gt;&lt;br&gt;&lt;p&gt;The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from 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.&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;a href="https://www.ft.com/content/6887c5ac-df7f-4536-8e73-c77b612018dd" rel="noopener noreferrer" target="_blank"&gt;&lt;strong&gt;Read a transcript of this episode on FT.com&lt;/strong&gt;&lt;/a&gt;&lt;/p&gt;&lt;hr&gt;&lt;p style='color:grey; font-size:0.75em;'&gt; Hosted on Acast. See &lt;a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'&gt;acast.com/privacy&lt;/a&gt; for more information.&lt;/p&gt;</description>

President Donald Trump says the US will proceed with an additional 50% tariff on China 

Donald Trump is pushing ahead with another 50 per cent tariff on Chinese goods, and there are questions about what will happen to nearly $2tn worth of pledges to invest in the US because of the levies. Plus, the FT’s Katie Martin explains why a selloff in US Treasuries could mean a world of hurt for markets.&nbsp; Mentioned in this podcast:<a href="https://on.ft.com/3Eew1S8" rel="noopener noreferrer" target="_blank">Donald Trump to proceed with extra 50% tariff on China as trade war escalates</a><a href="https://on.ft.com/4iVjGkQ" rel="noopener noreferrer" target="_blank">US tariffs threaten almost $2tn of investment pledges by global companies&nbsp;</a><a href="https://on.ft.com/4crIZIU" rel="noopener noreferrer" target="_blank">Markets could get a lot worse — and quickly</a> The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from 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. <a href="https://www.ft.com/content/6887c5ac-df7f-4536-8e73-c77b612018dd" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a><hr> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.

Markets might not have hit the bottom yet

<description>&lt;p&gt;Equities markets continued to adapt to the tariffs unleashed by US President Donald Trump, oil prices hit a four-year low on Monday, and investors are expecting the European Central Bank to make two rate cuts by July. Plus, the FT’s Stephen Foley explains how consultants are advising their clients on limiting the damage from tariffs.&amp;nbsp;&amp;nbsp;&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;strong&gt;Mentioned in this podcast:&lt;/strong&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/4iZ3sXR" rel="noopener noreferrer" target="_blank"&gt;Oil drops further as fears of global recession rise&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/3FYVXSp" rel="noopener noreferrer" target="_blank"&gt;Companies get creative in finding ways to limit impact of Trump’s tariffs&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/4iZ3sHl" rel="noopener noreferrer" target="_blank"&gt;ECB expected to cut rates in April and June as tariffs threaten recession&lt;/a&gt;&lt;/p&gt;&lt;br&gt;&lt;p&gt;The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from 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.&amp;nbsp;&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;a href="https://www.ft.com/content/257abd53-3e8d-443c-a5cf-7981b581fb91" rel="noopener noreferrer" target="_blank"&gt;&lt;strong&gt;Read a transcript of this episode on FT.com&lt;/strong&gt;&lt;/a&gt;&lt;/p&gt;&lt;hr&gt;&lt;p style='color:grey; font-size:0.75em;'&gt; Hosted on Acast. See &lt;a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'&gt;acast.com/privacy&lt;/a&gt; for more information.&lt;/p&gt;</description>

Consultants are helping clients lower the customs value of imports to cut the cost of Donald Trump’s levies

Equities markets continued to adapt to the tariffs unleashed by US President Donald Trump, oil prices hit a four-year low on Monday, and investors are expecting the European Central Bank to make two rate cuts by July. Plus, the FT’s Stephen Foley explains how consultants are advising their clients on limiting the damage from tariffs.&nbsp;&nbsp; Mentioned in this podcast:<a href="https://on.ft.com/4iZ3sXR" rel="noopener noreferrer" target="_blank">Oil drops further as fears of global recession rise</a><a href="https://on.ft.com/3FYVXSp" rel="noopener noreferrer" target="_blank">Companies get creative in finding ways to limit impact of Trump’s tariffs</a><a href="https://on.ft.com/4iZ3sHl" rel="noopener noreferrer" target="_blank">ECB expected to cut rates in April and June as tariffs threaten recession</a> The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from 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.&nbsp; <a href="https://www.ft.com/content/257abd53-3e8d-443c-a5cf-7981b581fb91" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a><hr> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.

Companies look for US tariff workarounds

A rundown of the most important global business stories you need to know for the coming day, from the newsroom of the Financial Times. Available every weekday morning.<hr> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.

A rundown of the most important global business stories you need to know for the coming day, from the newsroom of the Financial Times. Available every weekday morning.

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