Swamp Notes

In this discussion, George Ingram, a senior fellow at the Brookings Institute, and David Pilling, Africa editor at the Financial Times, delve into the fallout from the reduction of USAID funding. They highlight the alarming consequences for global health and agriculture, with vulnerable populations facing increased risks. The conversation also touches on how decreased U.S. aid is shifting diplomatic dynamics, pushing countries to embrace trade over aid. Finally, they explore the need for a reimagined approach to global assistance that fosters independence and innovation.

Abigail Hauslohner, the FT's U.S. Middle East affairs correspondent, and Edward Luce, the FT's U.S. national editor, dive deep into the Gaza crisis and its implications for Donald Trump's foreign policy. They discuss how Trump diverges from Netanyahu's stance amid intensifying global pressure for a ceasefire. Hauslohner highlights the dire humanitarian situation, particularly for children, while Luce examines shifting public opinion regarding U.S. support for Israel, marking a pivotal moment in American foreign policy.

The US president is angry with the chair of the Federal Reserve over interest rates. He’s applying a lot of pressure on Jay Powell to lower them or leave his job. The FT’s Claire Jones and Adam Posen, president of the Peterson Institute for International Economics, break down what will happen if Trump succeeds in either of those goals.Mentioned in this podcast:Email Marc with your questions (Marc.Filippino@ft.com)Donald Trump and Jay Powell spar as US president visits Federal ReserveWhy a $2.5bn refurbishment of the Federal Reserve could be Jay Powell’s undoingDonald Trump brings war against the Fed to Jay Powell’s home turfSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson and mixed by Samantha Giovinco. We get help from Lauren Fedor. The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. CREDIT: CNBCRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Rana Foroohar, The FT's global business columnist, and Michael Strain, Director of Economic Policy Studies at the American Enterprise Institute, dive into Zohran Mamdani's surprising rise in New York politics. They discuss how his candidacy signals a potential shift for the Democratic Party, particularly among younger voters. The conversation tackles his unique policies and contrasting views on billionaires’ roles in the economy. They also examine how Mamdani's approach could redefine the party's strategies as the 2024 elections loom.

Hannah Kuchler, The FT's Global Pharmaceutical Editor, dives into the complicated relationship between Big Pharma and the Trump administration. Discussing the proposed 200% tariffs on foreign drugs, she notes surprise market reactions and looming challenges like the looming 'patent cliff.' Kuchler highlights how tariffs could reshape drug pricing and manufacturing in the U.S. She also examines how healthcare policies and regulatory changes impact the pharmaceutical landscape, underscoring the industry's need to adapt in a turbulent environment.

Derek Brower, U.S. News Editor at the Financial Times, dives into the unpredictable effects of Trump's presidency on corporate America. He discusses how tariffs and trade policies have created winners and losers among industries. European defense firms and the cryptocurrency sector are highlighted as surprising beneficiaries. The volatility of the market and specific companies, like Decker's Outdoor, illustrate the challenges businesses face in adapting to shifting regulations. Brower sheds light on the intricate dance between corporate influence and presidential policies.

In a riveting discussion, John Bolton, former National Security Advisor and U.N. ambassador, analyzes the recent U.S.-Iran tensions triggered by Israel's military actions. He highlights how Iran's regime might be more vulnerable than ever, possibly facing public uprisings. Bolton also delves into the implications of the international ceasefire and the historical context, contrasting it with past Middle Eastern conflicts. Lastly, he tackles the fallout from the U.S. withdrawal from the Iran nuclear deal and speculates on the challenges of upcoming nuclear negotiations.

Edward Luce, U.S. national editor and columnist for the FT, dives into Donald Trump's precarious stance on military action in Iran amid rising tensions with Israel. He discusses the ideological rifts within the MAGA movement, revealing a clash between interventionists and non-interventionists. Luce also examines how Trump's decisions could shape his coalition's support, emphasizing the political pressure he faces from pro-war factions. The dynamic relationship between foreign policy and domestic politics becomes crucial as Trump navigates this controversial landscape.

This discussion delves into President Trump's deployment of federal troops during protests, raising questions about military influence on democracy. The panel examines legal justifications for such actions and the public's perception of military use at home versus abroad. They explore the historical context of military parades, highlighting a shift from celebratory displays to symbols of power. Concerns about the normalization of military involvement in civilian affairs raise alarms about the implications for democratic values in America.

Joining the discussion are Alan Beattie, a senior trade writer at the Financial Times with expertise in global trade dynamics, and Zehra Munir, an industrial reporter focused on breaking news in manufacturing. They dive into President Trump's bold move to double steel tariffs to 50%, analyzing its potential to revive American manufacturing. The conversation also touches on the controversial partnership between U.S. Steel and Japan’s Nippon Steel, exploring local reactions in Pennsylvania and the complex interplay between jobs, unions, and political narratives.