FT News Briefing Trump ups the trade war ante
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Oct 13, 2025 Join George Hammond, the Financial Times' venture capital correspondent, as he dives into the complex ownership of OpenAI. He discusses the challenges of raising funds and how its structure complicates potential investor payouts. The conversation also touches on the recent threats from Trump to escalate trade tensions with China and the record-breaking quarter for Wall Street's investment banks. The impact of European lawmakers’ side gigs on their legislative integrity is also examined, revealing a tapestry of conflicts in EU policymaking.
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Trade Tensions Escalate Rapidly
- Donald Trump threatened an additional 100% tariff and large-scale export controls on China, risking renewed escalation in trade tensions.
- The moves followed China's own export controls on rare-earths, raising supply-chain and meeting uncertainties.
Wall Street Investment Banking Rebounds
- Major Wall Street banks are poised to report investment banking revenues above $9bn for the quarter, the strongest since 2021.
- The surge reflects renewed dealmaking and improved trading conditions after a multi-year lull.
Pent-Up Deal Demand Finally Materializes
- Rising interest rates from 2022 and geopolitical uncertainty slowed dealmaking until 2025, creating pent-up demand for transactions.
- Easing rates, regulatory tone shifts and renewed optimism have started translating that pipeline into real deals.