FT News Briefing

Canadians are gearing up to vote for a new prime minister amidst politically charged discussions. Meanwhile, a controversial U.S. proposal could see Russia maintaining some territory in Ukraine, complicating peace talks. The podcast also dives into the fallout from a deadly airstrike in Kyiv, which has stalled negotiations further. Additionally, American companies express growing concerns over tariffs and a potential recession as they adjust their earnings forecasts amid changing consumer spending patterns.

John McHenry, VP of North Star Opinion Research, offers insights on Republican voter sentiments, while FT's economics editor Sam Fleming examines Trump's fluctuating tariffs. They discuss the political fallout of Trump's trade strategies and the GOP's balancing act with rising economic concerns. With Trump's assurance not to fire Fed chair Powell despite earlier criticisms, both guests explore how these moves might affect midterm elections and the broader economic landscape, revealing intricate connections between policy and public perception.

Apple is shifting its iPhone assembly to India, responding to U.S. tariffs that are crippling Chinese factories. Manufacturing slowdowns in China are leading to worker furloughs and order cancellations. Meanwhile, Alphabet's profits soar by 46%, showing resilience amid economic challenges. The Trump administration's push to eliminate paper cheques raises questions about payment methods in the U.S., balancing the convenience of digital payments with traditional practices.

A new defense pact between the UK and EU promises enhanced collaboration. Sir Keir Starmer and Ursula von der Leyen are finalizing these crucial plans. US Treasury Secretary Scott Bessent criticizes the IMF and World Bank for 'mission creep,' calling for a return to core missions. Meanwhile, Boeing is redirecting orders amid financial recovery, while Tesla faces struggles under Elon Musk's leadership as he seeks to stabilize the company amidst investor concerns.

Tesla faces a significant profit drop, prompting discussions about the company's priorities amid economic challenges. The IMF has revised its growth forecasts for major economies, raising concerns about global economic stability. BP is under pressure from Elliott Management to boost cash flow as it seeks to regain footing in a competitive oil market. Meanwhile, political tensions ebb as Putin suggests halting military actions in Ukraine, showcasing the unpredictable dynamics influencing international finance.

Wall Street reacts to Donald Trump's latest criticisms of the Federal Reserve. The passing of Pope Francis marks a significant moment for the Catholic Church, prompting discussions on his legacy and the future of the papacy. Meanwhile, Europe's automotive industry is shifting strategies as it learns from China's electric vehicle expertise, facing both opportunities for collaboration and geopolitical challenges. Business leaders show strong support for transitioning to renewable energy despite recent regulatory uncertainties.

Lauren Indvik, the FT's fashion editor, delves into the rocky landscape of the luxury goods industry amid current economic turbulence. She highlights how Trump’s trade policies and tariffs have disrupted growth, making 2025 ambitions look bleak. The conversation reveals divergent financial fates among brands like LVMH and Kering, and she discusses shifts in consumer behavior, particularly in China. Additionally, the podcast touches on brands reevaluating their supply chains, moving away from China to adapt to new challenges.

Sanam Vakil, Director of the Middle East program at Chatham House, shares her insights on Iran's nuclear negotiations and their impact on regional stability. She discusses how the evolving dynamics involve major players like the U.S., Israel, and emerging alliances with Russia and China. The conversation touches on the urgent need for a new nuclear deal and the tensions surrounding military options. Additionally, shifting relationships between Iran and Gulf states are explored, shedding light on the future of Middle Eastern geopolitics.

Trade tensions escalate as China halts U.S. liquefied natural gas imports, complicating international energy relations. Japan grapples with tariff negotiations and seeks clarity amidst U.S. political maneuvers. Meanwhile, astronomers present groundbreaking evidence of potential life on exoplanet K2 18b, revealing its oceanic features and organic molecules. The quest for extraterrestrial life intensifies as researchers draw parallels to Earth's history, sparking optimism for discoveries in the near future.

Federal Reserve chair Jay Powell highlights how U.S. tariffs threaten inflation and employment goals. Meanwhile, UK inflation unexpectedly dips to 2.6%. Emerging markets are showcasing surprising resilience amid market volatility, presenting intriguing investment opportunities. The podcast also discusses the impact of price fluctuations and ongoing challenges within the chip industry, particularly for key players like NVIDIA and ASML, shedding light on the broader implications for the AI sector and stock market dynamics.