<description>&lt;p&gt;The White House has announced dizzyingly high — and hard-to-follow — tariffs on goods from China. And Beijing has responded. But the real trade war may be between the US president and the American consumer. Today on the show, Katie Martin and Aiden Reiter dig into the tariffs battle and discuss China’s options. Also, Aiden doubles down on donkey metaphors and Katie goes short performative space expeditions.&lt;/p&gt;&lt;br&gt;&lt;p&gt;For a free 30-day trial to the Unhedged newsletter go to: &lt;a href="https://www.ft.com/unhedgedoffer" rel="noopener noreferrer" target="_blank"&gt;https://www.ft.com/unhedgedoffer&lt;/a&gt;.&lt;/p&gt;&lt;br&gt;&lt;p&gt;You can email Robert Armstrong and Katie Martin at &lt;a href="mailto:unhedged@ft.com" rel="noopener noreferrer" target="_blank"&gt;unhedged@ft.com&lt;/a&gt;.&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;a href="https://www.ft.com/content/d0f48b7f-66d3-436c-b509-948fc29b42a3" 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>

Beijing may have more leverage than President Donald Trump thought

The White House has announced dizzyingly high — and hard-to-follow — tariffs on goods from China. And Beijing has responded. But the real trade war may be between the US president and the American consumer. Today on the show, Katie Martin and Aiden Reiter dig into the tariffs battle and discuss China’s options. Also, Aiden doubles down on donkey metaphors and Katie goes short performative space expeditions. For a free 30-day trial to the Unhedged newsletter go to: <a href="https://www.ft.com/unhedgedoffer" rel="noopener noreferrer" target="_blank">https://www.ft.com/unhedgedoffer</a>. You can email Robert Armstrong and Katie Martin at <a href="mailto:unhedged@ft.com" rel="noopener noreferrer" target="_blank">unhedged@ft.com</a>. <a href="https://www.ft.com/content/d0f48b7f-66d3-436c-b509-948fc29b42a3" 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.

Will China back down?

<description>&lt;p&gt;Trump folded on Wednesday, reducing his so-called “reciprocal” tariffs across the board, with the notable exception of massive taxes on goods from China. Today on the show, Rob Armstrong and Katie Martin unpack the market gyrations that followed, and wonder if lasting damage has been done to America’s borrowing costs. Also, they go long global trade and long battered European stocks.&lt;/p&gt;&lt;br&gt;&lt;p&gt;Join Unhedged for a subscriber webinar about the Trump effect on markets on&amp;nbsp;April 23 at 13:00-14:00 UK time. Go to&amp;nbsp;&lt;a href="http://ft.com/trumpmarkets" rel="noopener noreferrer" target="_blank"&gt;ft.com/trumpmarkets&lt;/a&gt;&amp;nbsp;to register now and send your questions to the team.&lt;/p&gt;&lt;br&gt;&lt;p&gt;For a free 30-day trial to the Unhedged newsletter go to: &lt;a href="https://www.ft.com/unhedgedoffer" rel="noopener noreferrer" target="_blank"&gt;https://www.ft.com/unhedgedoffer&lt;/a&gt;.&lt;/p&gt;&lt;br&gt;&lt;p&gt;You can email Robert Armstrong and Katie Martin at &lt;a href="mailto:unhedged@ft.com" rel="noopener noreferrer" target="_blank"&gt;unhedged@ft.com&lt;/a&gt;.&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;a href="https://www.ft.com/content/860abb8d-5592-4431-b1cd-4eda054e8063" 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>

Have Trump’s policies hurt the US’s ability to borrow?

Trump folded on Wednesday, reducing his so-called “reciprocal” tariffs across the board, with the notable exception of massive taxes on goods from China. Today on the show, Rob Armstrong and Katie Martin unpack the market gyrations that followed, and wonder if lasting damage has been done to America’s borrowing costs. Also, they go long global trade and long battered European stocks. Join Unhedged for a subscriber webinar about the Trump effect on markets on&nbsp;April 23 at 13:00-14:00 UK time. Go to&nbsp;<a href="http://ft.com/trumpmarkets" rel="noopener noreferrer" target="_blank">ft.com/trumpmarkets</a>&nbsp;to register now and send your questions to the team. For a free 30-day trial to the Unhedged newsletter go to: <a href="https://www.ft.com/unhedgedoffer" rel="noopener noreferrer" target="_blank">https://www.ft.com/unhedgedoffer</a>. You can email Robert Armstrong and Katie Martin at <a href="mailto:unhedged@ft.com" rel="noopener noreferrer" target="_blank">unhedged@ft.com</a>. <a href="https://www.ft.com/content/860abb8d-5592-4431-b1cd-4eda054e8063" 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.

The real cost of a trade war

<description>&lt;p&gt;As the markets try to absorb and value the announced US tariffs, China has responded with&amp;nbsp;its own levies. Today on the show, Katie Martin and Rob Armstrong sum up the old bad news, add it to the new bad news, and divide it by the good news. The result isn’t pretty. Also they go long patience and short buying the dip.&amp;nbsp;&lt;/p&gt;&lt;br&gt;&lt;p&gt;For a free 30-day trial to the Unhedged newsletter go to: &lt;a href="https://www.ft.com/unhedgedoffer" rel="noopener noreferrer" target="_blank"&gt;https://www.ft.com/unhedgedoffer&lt;/a&gt;.&lt;/p&gt;&lt;br&gt;&lt;p&gt;You can email Robert Armstrong and Katie Martin at &lt;a href="mailto:unhedged@ft.com" rel="noopener noreferrer" target="_blank"&gt;unhedged@ft.com&lt;/a&gt;.&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;a href="https://www.ft.com/content/fdf003d3-e5c8-4096-b154-9e8b66797415" 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>

As markets bounce around, China announces its own tariffs

As the markets try to absorb and value the announced US tariffs, China has responded with&nbsp;its own levies. Today on the show, Katie Martin and Rob Armstrong sum up the old bad news, add it to the new bad news, and divide it by the good news. The result isn’t pretty. Also they go long patience and short buying the dip.&nbsp; For a free 30-day trial to the Unhedged newsletter go to: <a href="https://www.ft.com/unhedgedoffer" rel="noopener noreferrer" target="_blank">https://www.ft.com/unhedgedoffer</a>. You can email Robert Armstrong and Katie Martin at <a href="mailto:unhedged@ft.com" rel="noopener noreferrer" target="_blank">unhedged@ft.com</a>. <a href="https://www.ft.com/content/fdf003d3-e5c8-4096-b154-9e8b66797415" 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.

Surveying the wreckage

<description>&lt;p&gt;On April 2, in the Rose Garden of the White House, President Donald Trump announced taxes on almost every kind of imported finished goods. Markets plunged as traders fled equities, and even the dollar weakened. Today on the show, Rob Armstrong and Aiden Reiter go over the tariffs and discuss how they will make it harder for American companies to make money. Also they go long TIPS, and short the fortunes of the American consumer, who will have to pay for all these new levies.&amp;nbsp;&lt;/p&gt;&lt;br&gt;&lt;p&gt;For a free 30-day trial to the Unhedged newsletter go to: &lt;a href="https://www.ft.com/unhedgedoffer" rel="noopener noreferrer" target="_blank"&gt;https://www.ft.com/unhedgedoffer&lt;/a&gt;.&lt;/p&gt;&lt;br&gt;&lt;p&gt;You can email Robert Armstrong and Katie Martin at &lt;a href="mailto:unhedged@ft.com" rel="noopener noreferrer" target="_blank"&gt;unhedged@ft.com&lt;/a&gt;.&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;a href="https://www.ft.com/content/a8819638-924b-489a-9dbd-2875a57ad558" 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>

A stunning rollout of new taxes astonishes traders

On April 2, in the Rose Garden of the White House, President Donald Trump announced taxes on almost every kind of imported finished goods. Markets plunged as traders fled equities, and even the dollar weakened. Today on the show, Rob Armstrong and Aiden Reiter go over the tariffs and discuss how they will make it harder for American companies to make money. Also they go long TIPS, and short the fortunes of the American consumer, who will have to pay for all these new levies.&nbsp; For a free 30-day trial to the Unhedged newsletter go to: <a href="https://www.ft.com/unhedgedoffer" rel="noopener noreferrer" target="_blank">https://www.ft.com/unhedgedoffer</a>. You can email Robert Armstrong and Katie Martin at <a href="mailto:unhedged@ft.com" rel="noopener noreferrer" target="_blank">unhedged@ft.com</a>. <a href="https://www.ft.com/content/a8819638-924b-489a-9dbd-2875a57ad558" 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.

Tariffs up. Markets down 

<description>&lt;p&gt;&lt;strong&gt; &lt;/strong&gt;Markets, investors and companies are all feeling a little bit jumpy about the state of the economy. Surveys of managers, consumers and investors are all grim. Today on the show, Rob Armstrong and Aiden Reiter take a look at those soft numbers and compare them to hard numbers such as the Job Openings and Labor Turnover survey and try to figure out what’s really going on. Also they go short Indonesia’s plan for a sovereign wealth fund and short the president’s plan for “liberation day”.&amp;nbsp;&lt;/p&gt;&lt;br&gt;&lt;p&gt;For a free 30-day trial to the Unhedged newsletter go to: &lt;a href="https://www.ft.com/unhedgedoffer" rel="noopener noreferrer" target="_blank"&gt;https://www.ft.com/unhedgedoffer&lt;/a&gt;.&lt;/p&gt;&lt;br&gt;&lt;p&gt;You can email Robert Armstrong and Katie Martin at &lt;a href="mailto:unhedged@ft.com" rel="noopener noreferrer" target="_blank"&gt;unhedged@ft.com&lt;/a&gt;.&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;a href="https://www.ft.com/content/1584ea2b-c249-4650-ad8a-51e2080500a8" 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>

Spirits are low but indicators seem fine

Markets, investors and companies are all feeling a little bit jumpy about the state of the economy. Surveys of managers, consumers and investors are all grim. Today on the show, Rob Armstrong and Aiden Reiter take a look at those soft numbers and compare them to hard numbers such as the Job Openings and Labor Turnover survey and try to figure out what’s really going on. Also they go short Indonesia’s plan for a sovereign wealth fund and short the president’s plan for “liberation day”.&nbsp; For a free 30-day trial to the Unhedged newsletter go to: <a href="https://www.ft.com/unhedgedoffer" rel="noopener noreferrer" target="_blank">https://www.ft.com/unhedgedoffer</a>. You can email Robert Armstrong and Katie Martin at <a href="mailto:unhedged@ft.com" rel="noopener noreferrer" target="_blank">unhedged@ft.com</a>. <a href="https://www.ft.com/content/1584ea2b-c249-4650-ad8a-51e2080500a8" 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.

Vibes vs data

Katie Martin, Robert Armstrong and other markets nerds at the Financial Times explain the big ideas behind what’s happening in finance right now. Every Tuesday and Thursday.<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.

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