FirstFT: EU prepares commerce plan to deal with Donald Trump

Good morning. Our high story right now is in regards to the EU’s two-step commerce technique to take care of Donald Trump if he wins a second time period as US president.

Negotiators are planning to strategy the Trump crew, if he wins the election in November, earlier than he takes workplace to debate which US merchandise the EU might purchase in greater portions.

Ought to talks over enhancing commerce fail and Trump applies greater tariffs, the European Fee’s commerce division is drawing up lists of imports it might hit with duties of fifty per cent or extra.

“We have to show we are a partner for the US, not a problem,” mentioned a senior EU official. “We will look for deals, but we are ready to defend ourselves if it comes to it. We won’t be guided by fear.”

In designing the measures, Brussels opted to go after Trump’s core voters with swingeing duties on bourbon whiskey, Harley-Davidson bikes and energy boats. These tariffs are suspended till March, a part of a short lived take care of the Biden administration to pause metals tariffs. Right here’s the complete story.

Join the US Election Countdown e-newsletter to affix the FT’s Washington reporter Steff Chávez on your important information to the twists and turns of the 2024 presidential election.

Right here’s what I’m protecting tabs on right now:

• New UK listings regime: The most important overhaul of guidelines for London-listed corporations in three many years comes into power.

• Corporations: Updates are anticipated from Alliance Pharma, Cranswick and Pearson, whereas Heineken, Loews, McDonald’s and Philips have outcomes. Blackstone’s acquisition of Hipgnosis is predicted to change into efficient after the deal was permitted by shareholders final month.

5 extra high tales

1. Surprising power in UK companies inflation has left the Financial institution of England’s assembly on Thursday on a knife edge as policymakers weigh whether or not to push forward with the primary discount in rates of interest since 2020. With headline inflation sitting on the 2 per cent goal for 2 successive months, the Financial Coverage Committee has a gap to ship a quarter-point rate of interest reduce to five per cent. However policymakers have been wavering.

2. Venezuela’s state-controlled election authority has declared authoritarian chief Nicolás Maduro the winner of Sunday’s presidential vote, because the opposition denounced what it mentioned have been severe irregularities within the rely. Opinion polls earlier than the vote and fast counts on the day had forecast an enormous opposition win. Listed below are the newest developments within the essential election.

3. Unique: The UK area company has come underneath fireplace from business over its newest funding awards, which allotted £33mn to greater than 20 corporations, together with £5mn to the UK subsidiary of HyImpulse, a Germany launcher start-up. “HyImpulse have had more funding from the UK than they have had from the German government,” Phillip Chambers, chief govt of rocket start-up Orbex, advised the Monetary Occasions. Peggy Hollinger has extra.

4. Chinese language state-owned monetary establishments are clawing again bonuses and reducing pay as Beijing broadens its scrutiny of the finance business to incorporate mutual funds and Hong Kong-based bankers. A senior economist mentioned the newest strikes “show that Hong Kong, because of its close economic connections, will not be immune to mainland China’s financial and regulatory reform”.

5. NatWest is suing a mortgage finance firm previously backed by Basic Motors for greater than €155mn over soured securitisation offers struck within the run-up to the monetary disaster. The Excessive Courtroom in London final week heard a case introduced by the UK financial institution towards CMIS, through which NatWest’s legal professionals complained that CMIS had “failed to pay the sums falling due” since 2017. Right here’s the complete report.

The Massive Learn

BlackRock’s Larry Fink has been grooming a brand new high crew for greater than a decade. However the latest departures of a number of second- and third-tier executives, in addition to a considerable acquisition and a reorganisation in January that the 71-year-old head described as “transformational”, have elevated nervousness internally and amongst traders about the way forward for the $10.6tn cash supervisor.

We’re additionally studying and listening to . . . 

• Carlyle’s oil technique: Whereas rivals have backed away from fossil gasoline initiatives, the US buyout group’s London-based power division has endured.

• The Economics Present 🎧: On this week’s episode, Soumaya Keynes talks to journalist Amy Goldstein about what the rebound of 1 city in Wisconsin can inform us in regards to the US financial system.

• US photo voltaic analysis: First Photo voltaic, America’s largest photovoltaics producer, goals to commercialise the following technology of applied sciences to harness energy from the solar earlier than China does.

• West Financial institution lenders: Financial institution earnings within the Palestinian territory have been hit and theft is rising as Israeli curbs and struggle fallout go away greater than $1bn idling in vaults.

Chart of the day

The annual variety of claims involving public curiosity disclosures — or whistleblowing — within the UK’s employment tribunal system practically doubled between 2015 and 2023. The worrying development means that those that blow the whistle are going through severe repercussions within the office — and that the problems they’re exposing are not being handled correctly.

Take a break from the information

David Honigmann recounts the wealthy and gratifying moments throughout the world music competition’s first two days. From Tanzanian grooves and Malian funk to Vietnamese ska, Womad brings music from much less acquainted components of the world.

Extra contributions from Benjamin Wilhelm