International - Financial Times - Credit Squeeze

Also in today’s newsletter, ByteDance’s $12bn AI plans, and Alex Soros has Lunch with the FT

Benchmark Hong Kong share index down 1.6% after trade shot at Beijing

Broken Britain

New US president hints at potential agreement linking TikTok ownership with levies

Also in this newsletter: Is sabotage behind Italy’s recent train disruptions?

The resilient American economy and the policies of the new administration will lead the Fed to tighten policy

Tariff threats send jolt of volatility through currency markets

President vows to correct ‘unfair practices’ as US trading partners prepare for an era of tariffs

President orders officials to draw up retaliatory measures against ‘extraterritorial’ taxes

Barrage of executive orders resets domestic and foreign policy as new president promises ‘golden age’ for US

An economic renaissance is unlikely, not least because the US economy is very far from the disaster he proclaims it to be

Also in today’s newsletter, the competing factions of the Republican party

Sloppy and wishful thinking has taken over the US

Also in today’s newsletter, Panama responds to Trump’s threat to take back the Panama Canal and Ray Dalio on UK’s ‘debt death spiral’

And more on the UK discount

Also in this newsletter: Slovakia’s premier Fico faces no-confidence vote over closeness with Russia

US president says he wants to take back waterway over alleged Chinese influence

New special economic zone paves way for closer relations between one-time south-east Asian rivals

‘Exceptionalism’ of world’s biggest economy expected to continue as strong domestic demand drives inward flows

Peter Mandelson has not set deadline for fully divesting of his stock in Global Counsel