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Trump renews threat to hit trading partners with steep tariffs

White House extends deadline for ‘reciprocal’ levies from July 9 to August 1

And that might become a problem

Also in today’s newsletter, Rotterdam port readies for Russia war and Shein files for Hong Kong IPO

Also in this newsletter: Brussels assesses EU rule of law and sends a delegation to Libya

Ted’s excellent Fed plumbing adventure; Huawei watches; financial mediocrity; the nature of money; Tesla crashes

Murad Ahmed speaks to Gillian Tett and Tabby Kinder

Data this week expected to show prolonged bout of deflation in factory prices is running unchecked

Marc Filippino talks to Stephen Morris and Mercedes Ruehl

Plus, CoreWeave’s next financial engineering play and dealmakers are liberated from deal activity in Q2.

Politicians and trade unions warn event is at odds with government’s pledge to expand ‘insourcing’

The country’s latest sanctions are proving far more effective than prior efforts

None of the largest US buyout firms proceeded with traditional June recruiting after JPMorgan chief objected

Complaints made against Swiss bank over losses on foreign exchange derivatives in wake of US tariff announcements

One year on from Labour lifting a de facto ban, few large applications have been made

Task force led by CBI and Oliver Wyman calls for ‘substantially improved visibility’ through 10-year state investment plan

Brussels explores options including frontloading G7 loans to ease fiscal strains in Kyiv

Regulators need to ask more questions about the people in the shadows

Brussels reworks plans to protect direct income for farmers in new budget after pressure from industry

High number of checks highlights new European efforts to squeeze Russian exports

Government debt at near-record low yields has increased appeal of banks’ H shares

Trump’s campus clampdown and tougher rules on visas threaten to cut lucrative international applications

Plans to bring back programme to spur investment being considered by ministers

Artificial intelligence group has added fingerprint scans and hired military experts to protect important data

Industry transformation under way to broaden access to the asset class to mainstream of wealth portfolios