FT News Briefing

Global stocks surged after the US and China slashed tariffs for 90 days, and Brussels is preparing to use capital controls and tariffs against Russia. Plus, OpenAI and Microsoft are rewriting the terms of their multibillion-dollar partnership in a high-stakes negotiation. Mentioned in this podcast:Who blinked first? How the US and China broke their trade deadlockWall Street stocks soar on US-China tariff reprieveEU readies capital controls and tariffs to safeguard Russia sanctionsOpenAI negotiates with Microsoft to unlock new funding and future IPOToday’s FT News Briefing was produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Simon Panayi, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com

US officials say they made “substantial progress” on trade talks with China, and trade optimism has driven German stocks to record highs. Plus, US President Donald Trump will visit Saudi Arabia, Qatar, and the United Arab Emirates for the first foreign trip of his second term, and the FT’s Christopher Grimes explains why Disney has bounced back amidst a struggling stock price. Mentioned in this podcast:Donald Trump seeks bromance and billions as he heads to GulfGerman stocks hit record high as trade optimism buoys marketsUS claims ‘substantial progress’ after two days of trade talks with ChinaDisney plans first Middle East theme park in Abu DhabiToday’s FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, and Marc Filippino. Additional help from Katie McMurran and Peter Barber. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com

Description: US President Donald Trump is in an ongoing standoff with America’s top universities. Harvard lost $2.3bn in federal funding after it refused to comply with the administration’s demands on admissions and diversity, equity and inclusion. Columbia complied with a similar set of demands, but still lost $400mn. The FT’s global education editor Andrew Jack and acting Washington correspondent Myles McCormick join to discuss the issues at hand and why other universities could be next. Mentioned in this podcast:Trump to block Harvard from federal grantsHarvard sues Trump administration over funding freeze Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Katya Kumkova. Topher Forhecz is our acting co-head of audio. Special thanks to Pierre Nicholson. Read a transcript of this episode on FT.com

The US and the UK agreed to a trade deal, and the Bank of England cut interest rates by a quarter point. Plus, we hear from an FTC commissioner who was fired by US President Donald Trump and is challenging his dismissal.Mentioned in this podcast:US and UK seal first deal of Trump’s trade warRobert Prevost becomes first American popeBoE cuts interest rates by a quarter point to 4.25%Behind the Money: The FTC commissioner fired by TrumpAudio credit: White House and NBCThe FT News Briefing is produced by Sonja Hutson, Lulu Smyth, Ethan Plotkin, Kasia Broussalian and Marc Filippino. Additional help from Katie McMurran, Michela Tindera, Katya Kumkova, Michael Lello, Peter Barber and Gavin Kallmann. Our acting co-head of audio is Topher Forhecz. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com

The US scraps rule that aimed to limit exports of artificial intelligence chips, Pakistan vowed to retaliate after India launched air strikes against its neighbour, and the Federal Reserve held interest rates steady once again yesterday. Plus, Doordash’s expected acquisition of Deliveroo renewed questions about the UK’s ability to attract and retain listings. Mentioned in this podcast:US scraps Biden-era rule that aimed to limit exports of AI chipsPakistan vows to retaliate after India launches military strikes Federal Reserve holds rates steady as it balances risks from Donald Trump’s tariffsDoorDash’s grab for Deliveroo puts brakes on London’s tech hopesThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com

India said it had carried out “precision strikes” on “terrorist infrastructure” at nine sites in Pakistan, Friederich Merz suffered a stinging defeat in the German Bundestag before being voted in as chancellor, and Washington and Beijing will this week hold their first trade talks since US President Donald Trump launched a trade war against China. Plus, Argentina is on the cusp of a copper mining boom that might cause problems for the country’s wine industry. Mentioned in this podcast:India launches military strikes on PakistanArgentina’s wine heartland eyes copper riches US and China to launch formal trade talksChancellor on pause: Bundestag stings Friedrich Merz on day oneThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com

OpenAI will remain under the control of the group’s non-profit arm, US stocks have wiped out the steep losses that followed US President Donald Trump’s tariff announcement, and the Bank of England is expected to cut interest rates on Tuesday. Plus, Meta’s AI ambitions face a legal test in one of the first trials over copyright infringement.Mentioned in this podcast:OpenAI ditches plan to convert to for-profit businessMeta lawsuit poses first big test of AI copyright battleBank of England expected to cut rates as US trade war hits growthUS stocks wipe out steep losses that followed Trump’s ‘liberation day’The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Michela Tindera, Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com

The world’s most famous investor says he plans to step down after six decades leading Berkshire Hathaway, and Chinese exporters are turning to third countries to get around 145 per cent US tariffs. Plus, local Nigerian oil companies are starting to replace foreign majors, and Israel calls up reservists to support its expanded operations in Gaza. Mentioned in this podcast:Warren Buffett to step down from Berkshire Hathaway after six decadesChinese exporters ‘wash’ products in third countries to avoid Donald Trump’s tariffsIsrael vows to hit back against Iran and Houthis after airport attackCredit: CNBCThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com

US President Donald Trump has garnered a lot of criticism since he enacted his trade war. But there are people who still defend the tariffs, including Oren Cass, chief economist of the conservative thinktank American Compass. Cass is a contributor to the FT’s opinion pages, and he joins the FT’s US national editor and columnist Edward Luce to discuss why some conservatives still find value in tariffs. Mentioned in this podcast:Trump has no idea what he has unleashedEurope must choose between America and ChinaSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Katya Kumkova. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. Read a transcript of this episode on FT.com