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-
Tariffs up. Markets down
A stunning rollout of new taxes astonishes traders -
US retreats from Trump’s Italian pasta tariffs
Rome says proposed levies of up to 92% set to be reduced after US commerce department review -
US retreats from Trump’s pasta tariffs, Italy says
Proposed levies of up to 92% on imported Italian pasta slashed -
Tunisia’s olive oil production to overtake Italy after bumper harvests
Growing output is expected to give struggling north African economy a welcome boost -
Tunisian olive oil production to overtake Italy’s after bumper harvests
Growing output is expected to give struggling north African economy a welcome boost -
Central banks enter the gold trade to choke off smuggling
More countries are buying directly from artisanal miners as trafficking robs them of tax revenues and foreign exchange -
Chip shortages threaten 20% rise in consumer electronics prices
Manufacturers and analysts warn AI data centre build-out is crowding out market for semiconductors -
Global stocks post third straight year of double-digit gains
Wall Street’s S&P 500 is up 17% in 2025, beating analysts’ forecasts, after markets shrugged off trade turmoil -
Canada’s ‘man of steel’ calls for US-style protectionism
Metals magnate Barry Zekelman says Ottawa must join Trump in protecting industry from other exporters -
Global stocks shrug off trade turmoil to post double-digit gains in 2025
Wall Street’s S&P 500 is up 17%, beating analysts’ forecasts, while broader global index has risen 20% -
Xi hails China’s rising ‘national power’
Leader says country’s economy, technology and defence have risen to ‘new heights’ -
FirstFT: US dirty money fines drop 61% this year
Also in today’s newsletter: 200,000 European banking jobs at risk, and Paramount’s Warner Bros bid -
Xi says China has hit 2025 growth target
Leader hails ‘new heights’ for economy, technology and defence in year racked by trade turmoil -
FirstFT: European bank jobs at risk from AI and cost cuts
Also in today’s newsletter: Dutch pension overhaul and Paramount’s Warner Bros bid -
Milei battles to bring multinationals back to Argentina
Foreign companies remain wary of volatile economy as libertarian president seeks crucial investment dollars -
Forecasting the world in 2026
FT writers’ predictions for the new year, from the likelihood of higher Trump tariffs to the future of interest rates and the arrival of humanoid helpers -
European investors must brace for a year of geopolitical instability
Menaced by Russia and bullied by America, a potential Ukraine peace deal is not guaranteed to usher in prosperity -
EU to launch carbon border tax despite opposition from trade partners
Landmark levy on steel, electricity and other imports aims to shield bloc’s industry from higher-emission competitors -
China factory activity returns to growth after record contraction
Beijing faces calls to increase stimulus and support lagging demand in world’s second-biggest economy -
Australia opens trade frontier on its doorstep as counterweight to China
Canberra pushes to increase business with south-east Asia at a time of heightened trade tensions -
FirstFT: Asia’s wealthy shift assets to Switzerland
Also in today’s newsletter: China steps up Taiwan military drills, and Japanese stocks surge to year-end record -
Federal Reserve minutes highlight deep fissures at US central bank
Policymakers sparred over decision to cut interest rates earlier in December -
Dollar on track for steepest annual drop for almost a decade
Analysts say Federal Reserve rate cuts will push the US currency lower in 2026 -
A year of fragile resilience in charts
Stock market performance, strong activity and normalising labour markets show a volatile, but ultimately benign, 2025 -
Trump expected to impose new levies if Supreme Court strikes down tariffs
US administration has other ways to hit trading partners with duties -
Japanese stocks surge to year-end record
Investors’ bet on the AI boom and Tokyo’s ability to withstand trade turmoil buoy shares -
FirstFT: Private equity firms sell assets to themselves at record rate
Also in today’s newsletter: Switzerland lures Asia money and Trump warns Iran -
Charts of the year: Trump’s attempt to reshape world trade
The US president’s ‘liberation day’ tariffs spooked markets but the global trading system has proved to be resilient -
Trump renews threats to sue Jay Powell for ‘incompetence’
US president says he will name Federal Reserve chair’s successor in January -
A year of trade drama and the plot twists yet to come
Trump may not advance tariffs further but could broaden his campaign to new fronts of conflict
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