Behind the Money

It’s been exactly 90 days since US President Donald Trump paused most of his ‘reciprocal’ tariffs. With just a 10 per cent blanket tariff on all imports and a higher tariff on China, economists predicted the American economy would feel the heat pretty quickly. But the sky hasn’t fallen yet – the world’s largest economy is holding strong. The FT’s US economics editor Claire Jones explains why that is and when markets may start to feel the effects of Trump’s tariffs. Clips from CBS News, CNBC, TODAY- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Donald Trump renews threat to hit trading partners with steep tariffsTariffs on household goods bring home costs of Trump’s trade warsUS tariff receipts surge in Donald Trump’s trade warUS narrows trade focus to secure deals before Donald Trump’s tariff deadline- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Claire Jones on X (@senoj_erialc) and Saffeya Ahmed on X (@saffeya_ahmed), or follow Saffeya on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com

When Iran attacked a US airbase in Qatar – a response to strikes on its nuclear facilities – many feared a global war may be imminent. But there was one market that didn’t break a sweat: oil. It’s typically a commodity that surges at the first sight of conflict in the Middle East. This time though, oil traders bet that the conflict involving Iran, Israel and the US would be short-lived. The FT’s energy editor Malcolm Moore explains how traders called the outcome correctly. Clips from ABC News, Al Jazeera, Associated Press, CBS News, Fox 9 Minneapolis St Paul, ITV News, KTLA 5, NBC News- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How oil traders called the Middle East conflictFuel and fury: energy becomes a Middle East battlefieldWhy oil traders are watching the Strait of HormuzWhy is the oil price not surging?- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Malcolm Moore (@MalcolmMoore) and Saffeya Ahmed on X (@saffeya_ahmed), or follow Saffeya on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com

The Royal Bank of Scotland was once the biggest bank in the world. Then, hubris got the best of it. During the financial crisis the UK government spent £46bn to bail out the bank. Seventeen years and a rebrand to NatWest Group later, the government just sold its last shares in it and officially ended the country’s “bailout era”. The FT’s Akila Quinio analyses what this means for the economy and for NatWest.  Clips from ABC News, BBC, NBC - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The RBS story: how the world’s biggest bank was nationalised and then rebornNatWest’s freedom dividend has already been cashedNatWest must not forget its chequered past- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Akila Quinio on X (@akilazoe). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com

LVMH’s wine and spirits division, Moët Hennessy, has long been a source of success – and cash – for the luxury goods behemoth. But more recently, that’s changed. The FT’s Paris correspondent Adrienne Klasa, found that certain strategic decisions made under the company’s former CEO have contributed to a change in its fortunes. She examines the missteps and whether the division can make a comeback. Clips from Olympics- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Moët Hennessy’s crisis: dubious deals, soaring prices and hubris Alcohol groups face a sobering cultural shiftMoët Hennessy to cut 10% of workforce as luxury slowdown bites- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Adrienne Klasa on X (@AdrienneKlasa). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com

A decade ago, Indonesia produced only 6% of the world’s supply of refined nickel. Now, it has a de facto monopoly on the market. How did it happen? The FT’s Jakarta correspondent A. Anantha Lakshmi and FT’s commodities correspondent Camilla Hodgson examine what propelled this explosive growth and how China helped it happen. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:‘The Opec of nickel’: Indonesia’s control of a critical metal‘Production first, safety later’: inside the world’s largest nickel siteWestern miner Eramet sees no profits in nickel processing without Chinese partners- - - - - - - - - - - - - - - - - - - - - - - - - - Follow A. Anantha Lakshmi and Camilla Hodgson on X (@AnanthalakshmiA) (@CamillaHodgson). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com

In a special six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss the economic events reshaping the world in the wake of US President Donald Trump’s election. Subscribe and listen to this series on The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Episodes will also be available on the FT’s YouTube channel.If you’d like to get in touch and ask Martin and Paul a question, please email economics.show@ft.com Read Martin’s FT column hereSubscribe to Paul’s substack here

Blackstone, Apollo and KKR. Although they have similar origins, these three top private capital groups are moving in different directions amid tumultuous markets. What do these approaches look like? And will they hold up in a potential downturn? The FT’s Antoine Gara, US private equity and deals editor, breaks down each approach and who’s most likely to perform best in the future.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Blackstone and its biggest rivals are drifting apart Should ordinary US retirement accounts be investing in private assets?Private equity industry shrinks for the first time in decades  - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Antoine Gara on X (@AntoineGara), or on Bluesky (@antoinegara.bsky.social‬). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com

This week, Swamp Notes goes to London for a live recording. Katie Martin, host of the Unhedged podcast, and Chris Giles, author of the FT’s Central Banks newsletter, discuss what Trump’s next few months might be like. Have markets truly recovered from the “liberation day” shock? What happens after the 90-day tariff pause is over? Our guests weigh in. Subscribe to the new Swamp Notes feed here.Mentioned in this podcast:Read the latest Chris Giles on Central Banks column hereListen to the Unhedged podcast hereSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Katya Kumkova. Topher Forhecz is the acting co-head of audio. Special thanks to Mischa Frankl-Duval and Pierre Nicholson.Read a transcript of this episode on FT.com 

Ireland has become a major base for US pharma companies, including Pfizer, Eli Lilly and Johnson & Johnson. That’s bolstered the economies of individual towns and played a role in the country’s massive budget surplus. Now, US President Donald Trump’s tariff threats are bringing a dose of uncertainty. The FT’s Ireland correspondent Jude Webber traveled to the town where the world’s supply of Botox is produced to see what impact potential pharmaceutical tariffs might have on the country. Clips from WKYC, The Journal, Bloomberg- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Trump tariffs bring furrowed brows to Ireland’s Botox townTrump’s tariffs threaten Ireland’s pharma fortuneIreland’s luxury problem: what to do with its €8.6bn surplus- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Jude Webber on X (@jude_webber), or on Bluesky (@judewebber.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com