Trump Vows EU Retaliation, US Shutdown Market Fears & Risky Russia Bets

Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) President Donald Trump said the US would respond to the European Union’s countermeasures against his new 25% tariffs on steel and aluminum, raising the risk of further escalation in his global trade war.

(2) Ozempic-maker Novo Nordisk is planning to make more of its medicines for the US market in the country; Boeing risks a gummed up supply chain and higher aircraft costs it may not be able to pass on; Chinese online retailer Shein is offering incentives to its top apparel providers to set up new production capacity in Vietnam.

(3) Senate Democratic leader Chuck Schumer said his party would block a Republican spending bill to avert a government shutdown on Saturday and urged the GOP to accept a Democratic plan to provide funding through April 11 instead.

(4) The correction in the US stock market may be complete as credit markets aren’t pricing in recession risks, according to JPMorgan Chase.

 
(5) The UK and France are scrambling to bolster Ukraine’s negotiating position as US President Donald Trump seeks to force through a settlement in its war with Russia.

(6) London is expected to record the largest drop in house prices in the UK in the near term, according to property agents, as the capital is disproportionately hit by economic uncertainty and higher taxes.

(7) Bloomberg has learned that investors are quietly betting that Donald Trump's overtures to Moscow will eventually translate into Russia's return to the global financial markets.

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