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 here Listen to the Unhe...
May 24, 2025•25 min
Republicans in the US House of Representatives narrowly passed President Donald Trump’s major budget bill on Thursday, and BYD has sold more electric vehicles in Europe than Tesla for the first time. Plus, Nvidia builds a buffer to the global trade war, and the US is starting to take the penny out of circulation. Mentioned in this podcast: US House passes Trump’s showpiece tax bill BYD sells more electric vehicles in Europe than Tesla for first time Nvidia seeks to build its business beyond Big ...
May 23, 2025•12 min
Telegram leapt to a $540mn profit last year despite the ongoing legal threat to its leadership, yields on the longest-dated Japanese government bonds surged to record highs, and UK inflation rose more than expected to a 15-month high. Plus, Germany is considering banning the far-right Alternative for Germany party, but has it become too big to outlaw? Mentioned in this podcast: Telegram jumps to $540mn profit despite founder facing legal peril Japan’s long-term borrowing costs hit record high on...
May 22, 2025•10 min
European and Asian investors have pumped record sums into global equity funds that exclude the US market, and shares in Chinese battery maker CATL surged 16 per cent on their debut in Hong Kong. The EU plans to levy a flat fee on billions of small packages entering the bloc, mainly from China. Plus, Israeli Prime Minister Benjamin Netanyahu is facing calls to scale back his military operation in Gaza and let more aid into the enclave. Mentioned in this podcast: Investors flock to equity funds th...
May 21, 2025•10 min
The US may be stepping back from its role as mediator in the war in Ukraine, and US long-term borrowing costs rose to their highest level since late 2023 on Monday. US drugmaker Regeneron has agreed to buy 23andMe out of bankruptcy, and the EU and the UK have announced a deal to “reset” their relationship at a summit in London. Mentioned in this podcast: Trump leaves Russia and Ukraine to settle war in talks US borrowing costs climb after Moody’s downgrade 23andMe sold out of bankruptcy to Regen...
May 20, 2025•11 min
The UK is holding its first summit with the European Union since Brexit, and US authorities are preparing to announce one of the biggest cuts in banks’ capital requirements in more than a decade. Plus, European leaders are hoping to influence US President Donald Trump ahead of his call with Russian President Vladimir Putin, and China is on its way to becoming the world’s first “electrostate.” Mentioned in this podcast: UK and EU reset talks go ‘down to the wire’ Europe races to influence Trump a...
May 19, 2025•11 min
Within the space of one week, US President Donald Trump endorsed tax increases for America’s top earners and promised to slash drug prices by up to 70 per cent. It’s a platform that echoes former presidential candidate Bernie Sanders and others on the political left. So why are we hearing it from Trump, and why now? FT’s Washington bureau chief James Politi and global business columnist Rana Foroohar are on the show to discuss. Subscribe to the new Swamp Notes feed here . Mentioned in this podca...
May 17, 2025•19 min
Japan has signalled it is prepared to hold out for a better deal with US President Donald Trump over trade tariffs, and investor Bill Ackman is trying to create a rival to Berkshire Hathaway. Plus, Poland’s election this weekend is shaping up to be a turning point, not only for domestic politics, but also for the war in Ukraine. Mentioned in this podcast: Japan to hold out for better trade deal with US Can Bill Ackman create a ‘modern-day’ Berkshire Hathaway? Polish women turn on Donald Tusk ove...
May 16, 2025•12 min
CoreWeave reported a 420% rise in revenue in its first quarter as a listed company and the furious rally in US assets has caught big investors off guard. Plus, the Kurdistan Workers’ party, the militant group that has been in conflict with the Turkish state for more than 40 years, said it would disband. Note: This episode has been edited from its original version to remove an incorrect segment. Mentioned in this podcast: CoreWeave beats estimates in first results as a listed company Wall Street’...
May 15, 2025•11 min
The White House unveiled what it says is $600bn worth of defence and artificial intelligence deals with Saudi Arabia, UnitedHealth Group shares sink to the lowest level in more than four years, and US inflation fell to 2.3 per cent in April. Plus, Nissan plans to axe 15 per cent of its global workforce and almost halve its number of plants. Mentioned in this podcast: Donald Trump lauds Saudi Arabia as he unveils AI and defence deals UnitedHealth chief Andrew Witty steps down as shares plunge US ...
May 14, 2025•10 min
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 deadlock Wall Street stocks soar on US-China tariff reprieve EU readies capital controls and tariffs to safeguard Russia sanctions OpenAI nego...
May 13, 2025•10 min
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 Gulf German stocks hit record high as...
May 12, 2025•11 min
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. Menti...
May 10, 2025•21 min
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 war Robert Prevost becomes first American pope BoE cuts interest rates by a quarter point to 4.25% Behind the Money: The FTC commissioner fired by Trump Audio credit: White House and NBC The FT News Briefing i...
May 09, 2025•13 min
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 chips Pakistan vows to retaliate after India launche...
May 08, 2025•11 min
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 lau...
May 07, 2025•10 min
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 business Meta lawsuit poses first big test of AI copyright battle Bank of England exp...
May 06, 2025•10 min
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 decades Chinese exporters ‘wash’ products in third countries to...
May 05, 2025•11 min
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 unleashed Europe must choose between A...
May 03, 2025•19 min
Amazon warned of the impact of Donald Trump’s global trade war and issued weaker-than-expected guidance for the second quarter, and Australians head to the polls this weekend caught in the crossfire of the US-China trade war. Plus, European banks had a great first quarter thanks to global market volatility. Mentioned in this podcast: Amazon falls after profit forecast misses expectations Australia: caught between a slowing China and a chaotic US UBS, Barclays and SocGen reap trading windfall fro...
May 02, 2025•10 min
Microsoft posted better than expected quarterly earnings on Wednesday, Spain is trying to figure out what caused a massive power outage, and the Conservatives are bracing for heavy losses in local England elections. Plus, the FT’s Claire Jones explains what we can take away from the latest US GDP reading. Mentioned in this podcast: US and Ukraine sign natural resources deal Microsoft shares jump after software giant’s earnings top forecasts US economy contracts at 0.3% rate as Trump tariffs prom...
May 01, 2025•11 min
Donald Trump unveiled more tariff relief for some carmakers, and shares in a number of companies surged in Tokyo after a plan for carmaker Toyota Motor to take one of its subsidiaries private. Plus, Wall Street economists forecast that US GDP shrank in the first quarter, and contrary to some stereotypes, Generation Z is leading the charge back to the office. Mentioned in this podcast: Wall Street banks predict GDP contraction after US trade deficit hits record Donald Trump set to announce new ca...
Apr 30, 2025•11 min
The oil industry is bracing for its worst year since the pandemic, and Spain and Portugal are reeling from a massive power outage. Plus, the FT’s Emily Herbert explains why the flight into the Swiss franc is causing a headache for the country’s central bank. Mentioned in this podcast: Big Oil braced for worst year since pandemic as bumper profits recede Spain declares state of emergency in the wake of huge power outage Swiss franc surge sparks bets on return to negative interest rates The FT New...
Apr 29, 2025•10 min
Canadians will head to the polls Monday to pick a prime minister, and a new US proposal to end the War in Ukraine would allow Russia to keep some of the territory it’s conquered. Plus, Hungary’s government may be funneling money to friendly news outlets, and major American companies are starting to speak up about Donald Trump’s trade war. Mentioned in this podcast: Canadians head to the polls to elect new prime minister Putin and Trump envoy hold ‘constructive’ meeting, Russian official says Tru...
Apr 28, 2025•12 min
Just a few weeks ago, US President Donald Trump was ready to levy tariffs on basically every nation. Today, many of those tariffs have been paused or tempered. Additionally, this week he promised he will not be firing Federal Reserve chair Jay Powell, despite his earlier criticism. Should we expect more backstepping from Trump in the face of economic data? And what do the voters think of it all? FT economics editor Sam Fleming joins alongside Jon McHenry, vice-president of the conservative polls...
Apr 26, 2025•19 min
Apple plans to shift the assembly of all US-sold iPhones to India as soon as next year, factories in China have begun slowing production and furloughing some workers in the aftermath of US tariffs, and Alphabet shares rose after it reported first-quarter profit surged 46 per cent. Plus, the Trump administration wants to stamp out one of America’s enduring financial pastimes: writing paper cheques. Mentioned in this podcast: Alphabet shares jump as Google search boosts profits Apple aims to sourc...
Apr 25, 2025•11 min
Sir Keir Starmer and Ursula von der Leyen will on Thursday finalise plans for a new defence pact, US Treasury secretary Scott Bessent has accused the IMF and World Bank of “mission creep” and Boeing reported lower than expected losses. Plus, Tesla chief executive Elon Musk looks to right the electric-car company by reducing his role in the Trump administration. Mentioned in this podcast: UK and EU finalise plans for defence pact Musk drives Tesla calmly through investors’ red lights Scott Bessen...
Apr 24, 2025•11 min
Tesla’s first-quarter adjusted profits dropped 39 per cent and the IMF has downgraded outlooks for G7 nations and big economies such as China and India. Plus, we take a look at whether BP can turn things around to catch up with its rivals. Mentioned in this podcast: Elon Musk to prioritise Tesla over White House role as profits slump IMF warns of rising US recession risk and defends Fed policy Vladimir Putin offers to halt Ukraine invasion along current front line Will going back to basics resto...
Apr 23, 2025•12 min
Wall Street stocks dropped as President Donald Trump attacked Federal Reserve chair Jay Powell, Pope Francis passed away on Monday after leading the Catholic Church for 12 years, and more than half of nearly 1,500 business leaders support a shift to a renewables-based electricity system. Plus, Europe is now seeking to take advantage of China’s electric vehicle manufacturing expertise. Mentioned in this podcast: US stocks and dollar sink as Trump renews attacks on Fed chair Powell Pope Francis di...
Apr 22, 2025•12 min
Luxury goods were supposed to be making a comeback this year. But US President Donald Trump’s trade war has complicated that and things are looking grim for the industry. The FT’s fashion editor Lauren Indvik explains where things stand with LVMH, Prada and others. Mentioned in this podcast: Donald Trump’s trade war shatters hopes of 2025 luxury revival The FT News Briefing is produced by Katya Kumcova, Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. ...
Apr 21, 2025•8 min
