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Unlock the White House Watch newsletter for free Your guide to what Trump’s second term means for Washington, business and the world US secretary of state Marco Rubio urged India and Pakistan to “de-escalate tensions” after a deadly attack in Indian-administered Kashmir last week, highlighting Washington’s growing alarm about the frictions between the nuclear-armed neighbours. Rubio’s appeal came in separate phone conversations with senior officials in India and Pakistan on Wednesday as the rising tension in South Asia threatens to reignite one of the region’s longest-running conflicts after New Delhi…

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Surging global demand for Chinese stocks led Hong Kong’s exchange operator to its highest-ever quarterly profits, as investors renewed their optimism over Chinese technology companies and new listings. Net profit at Hong Kong Exchanges and Clearing rose 36 per cent year on year in the first quarter to HK$4.1bn (US$528mn) on revenues of HK$5.5bn, up 42 per cent from the same period last year. Earnings per share rose by almost…

Stay informed with free updates Simply sign up to the US economy myFT Digest — delivered directly to your inbox. Small US businesses that have relied on Chinese manufacturing are in a bind as Donald Trump’s tariffs begin to bite, with few able to find US factories that will produce their wares. As the Trump administration pushes ahead with 145 per cent levies on imports from China, there are growing worries that trade paralysis could crush small businesses that have blossomed with the aid of Chinese labour, materials and technology.…

Unlock the White House Watch newsletter for free Your guide to what Trump’s second term means for Washington, business and the world China’s manufacturing activity contracted by the most since 2023 in April, according to an official survey, in an early sign of the economic impact from US President Donald Trump’s trade war. The country’s official manufacturing purchasing managers’ index came in at 49, the weakest level since December 2023. A reading of above 50 marks an expansion on the previous month. The data covers a period in which the…

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. China’s manufacturing activity contracted in April, according to an official survey, in a sign of the impact of US President Donald Trump’s trade war on the economy. The country’s official purchasing managers’ index came in at 49, the lowest level since December 2023. A reading of above 50 marks an expansion. The data covers a period in which a trade war between the US and China escalated dramatically, with tariffs…

Unlock the White House Watch newsletter for free Your guide to what Trump’s second term means for Washington, business and the world Donald Trump’s “liberation day” of supposedly “reciprocal tariffs” against the rest of the world — arguably, the most eccentric trade policy proposals ever made — has, after a hasty retreat under fire from the markets, turned into a trade war with China. This may (or, may not) have been what was intended from the start. So, can Trump win this war against China? Indeed, can the US, as…

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. This article is an on-site version of our Unhedged newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday. Standard subscribers can upgrade to Premium here, or explore all FT newsletters Good morning. Chinese officials stated yesterday that they could do without US agricultural and energy imports, should tariffs remain in place — another signal that Beijing is not backing down in the face of US…

On a recent trip to Pakistan, emerging markets investor James Johnstone travelled around in a Chinese-made BYD car to visit production facilities built by China’s Xiaomi to make cheap mobile phones. The reach of some of China’s biggest brand names into the south Asian economy is symbolic of a shift in global trade that has been obscured by US-China tariff tensions. It has been characterised not only by Beijing’s relocation of exports, but also by China shifting investments in low-cost manufacturing to developing nations, as it gears up for a…

Unlock the White House Watch newsletter for free Your guide to what Trump’s second term means for Washington, business and the world It is tempting to see Donald Trump and his wrecking policies on trade as a destructive thunderbolt from a clear blue sky. Certainly many of his domestic policies, even compared with his first term, have taken a sharper and more definitive turn towards the extreme. In the case of trade and globalisation, however, there is perhaps a little more continuity, not just with his first time in office…