Indian exports fail to reap benefits of trade deal spree
Also in this newsletter: Vodafone Idea wins reprieve, and Akshay Hiranandani’s mantra
Dina Powell McCormick appointed president and vice-chair at Meta
Former deputy national security adviser in Donald Trump’s first term served on tech company’s board last year
Letter: EU bolsters the transatlantic bargain by doing more for itself
From Apostolos Thomadakis, Head of Research, European Capital Markets Institute, Centre for European Policy Studies
Letter: How Vance’s nativism jars with ideas of citizenship
From Kate Auspitz, Somerville, MA, US
Letter: Obama’s pivot to Asia. That was the wake-up call
From Martin Westlake, Brussels, Belgium
Letter: Britain’s security interest is inescapably European
From Hugh Brodie, Cardiff, UK
Letter: Memo to Labour: housing
From Ian Campbell, London TW10, UK
The family home that can welcome a camera crew at a moment’s notice
An English country house has become a favourite backdrop for brands thanks to its seamless blend of period and modern charm
UK retail spending rose at lowest pace for 7 months in December
Industry data points to disappointing Christmas for shops as consumers held back
FT Crossword: Number 18,266
Ofcom investigates Elon Musk’s AI deepfakes on X
Top Republicans denounce justice department’s criminal probe into Fed chair
Backlash builds as Trump administration’s prosecutors target head of US central bank
Starmer and Reeves talk up the UK’s economic prospects ahead of Davos
British ministers aim to secure foreign investment at the World Economic Forum
Pirelli tries to back out of a Chinese investment cul-de-sac
With the US providing 20% of its revenue, the tyremaker has good reason to decouple its capital ties with China
Is UK immigration set for ‘net zero’?
The surge in net migration that came after Brexit and Covid-era lockdowns has eased, its effects compounded by clampdowns
Trump announces 25% tariff on countries ‘doing business’ with Iran
Levies to be applied immediately by US could affect nations such as China and India
Tories vow to defend ‘vital’ role of UK fiscal watchdog
Shadow chancellor Mel Stride will also propose reforms to OBR aimed at ‘fully capturing’ impact of tax cuts on growth
Resources and teaching ideas for US high school economic classes
What students should know about macro and micro economics
US High School Economics class: Shares in US credit card issuers slide after Trump calls for 10% rate cap
Money and Banking
Top US commander says China still pressuring Asia militarily
Stability in relations with Washington has not eased Beijing’s stance in the region, says Admiral Samuel Paparo
Alphabet hits $4tn valuation on AI hopes
Deal with Apple fuels investor optimism over Big Tech group’s competitiveness with OpenAI’s ChatGPT
FirstFT: Japanese Prime Minister Sanae Takaichi considers snap general election
Also in today’s newsletter: Alphabet hits $4tn market valuation and former Federal Reserve chiefs attack probe into Jay Powell
Shares in US credit card issuers slide after Trump calls for 10% rate cap
White House’s demand for limit on what issuers can charge rattles investors
DoJ’s probe into Powell galvanises Fed leaders to repel Trump attacks
Central bank chair could stay on board beyond this year in effort to protect central bank’s independence