FT News Briefing

Kimberly Clausing, a UCLA professor and former lead economist in the Biden administration's Office for Tax Policy, sheds light on the potential impacts of Trump's proposed tariffs. She discusses how tariffs could affect multinational corporations, consumers, and the economy at large. Clausing challenges the belief that foreign exporters will absorb costs, emphasizing that U.S. consumers often bear the brunt. She also critiques the current U.S. tariff strategy, highlighting its favoritism towards large corporations and arguing for a fairer economic approach.

French bond markets are facing significant turmoil, with yields now exceeding those of Greece, signaling deep political concerns. Meanwhile, Russia escalates tensions by threatening missile strikes on Kyiv, complicating the geopolitical landscape. In Ireland, upcoming elections feature a notorious criminal candidate shaking up traditional politics. Hong Kong is making waves with plans for crypto tax breaks aimed at attracting the wealthy. These intertwining narratives highlight a mix of economic anxiety and shifting political dynamics across Europe.

Vivendi is set to spin off Canal+ for a monumental London listing, sparking hopes for the city's market revival. Christine Lagarde warns that trade wars could jeopardize global GDP. Former MI6 chief Sir Alex Younger reflects on the intricate ties between political figures and intelligence relations. Lastly, complications arise as the Adani Group faces legal hurdles that lead to Kenya withdrawing from major infrastructure projects, raising concerns over international investments.

Leaders from Israel and Lebanon have reached a ceasefire, promising hope after a tumultuous year. Meanwhile, tensions flare as Mexico challenges Donald Trump's tariff proposals. President Biden is hustling to solidify his legacy with a flurry of policies in his final weeks. On the global stage, Russia's rouble has hit a new low, straining under fresh sanctions and diminishing gas revenues. These interconnected tales weave a complex narrative of geopolitical maneuvering and economic challenges.

Robert F. Kennedy Jr.'s nomination for health secretary raises eyebrows in the pharmaceutical industry, especially regarding his vaccine skepticism. Meanwhile, UniCredit's €10 billion bid for Banco BPM signals significant moves in the European banking sector. The EU is pushing for Chinese companies to share tech in exchange for subsidies, directly impacting competition in electric vehicles. There's also a rising influence of TikTok in Romanian politics, showcasing unexpected alliances in the electoral landscape.

Huawei is about to unveil a flagship smartphone showcasing its own apps, marking a bold move in tech independence. Meanwhile, Wall Street is breathing easier with Scott Bessent as the new Treasury pick; his hedge fund background brings hope for economic stability. The podcast also delves into the struggle for climate finance agreements amid developing nations' concerns and warns of the U.S.'s diminishing influence in Latin America, particularly as China capitalizes on the region's rich mineral resources.

Michael Clemens, an expert on migration economics from George Mason University, delves into the potential impacts of a second Trump presidency on immigration. He discusses the current role of over 12 million unauthorized immigrants in the economy and the ramifications of mass deportation. The conversation highlights how Trump's rhetoric often scapegoats immigrants during tough economic times and reflects on historical precedents for immigration policy. Clemens stresses the need for reform to create legal work opportunities and balanced migration management.

In this episode, former Trump communications director Anthony Scaramucci sheds light on Trump's cabinet choices, emphasizing the shift from mainstream conservatives to loyalist allies. He discusses the dynamics of Trump's inner circle and how personality will shape governance. Scaramucci humorously shares anecdotes while diving into the implications of these selections for future policy and bipartisan efforts. The conversation also touches on interesting personalities in politics, revealing how loyalty will play a pivotal role in the upcoming administration.

Matt Gaetz makes headlines as he withdraws from the attorney-general race. Meanwhile, billionaire Gautam Adani faces serious bribery charges linked to a $250 million scheme involving Indian officials. The International Criminal Court issues an arrest warrant for Israeli Prime Minister Benjamin Netanyahu, shaking up international relations. Plus, an insightful discussion on how tariffs shape consumer prices in the U.S. reveals that their economic impact might not be as straightforward as it seems.

UK inflation surged to 2.3% in October, driven by rising energy prices, putting pressure on the Bank of England's interest rate strategies. Nvidia's revenue nearly doubled thanks to booming AI chip demand. Disgraced financier Bill Hwang received an 18-year prison sentence for fraud. Meanwhile, China's government is bracing for potential trade tensions if Trump returns to power, enacting strategic countermeasures to protect its economy from proposed tariffs. The global financial landscape is shifting rapidly amid these tensions.