FirstFT: Senator Steve Daines affords to behave as US middleman to China

Good morning and pleased Friday. At present we’re overlaying:

• An try to safe a Trump-Xi assembly

• Putin’s circumstances for a ceasefire

• New Zealand seeks international funding

• Our meals critic’s last restaurant assessment

Steve Daines, a US senator with shut ties to Donald Trump, is making an attempt to get the president to call him as a particular envoy to China. At the very least a part of the rationale he desires the job is to assist safe a gathering with Xi Jinping that might pave the best way for a summit between the leaders.

The Montana Republican will journey to Beijing subsequent week to attend the high-profile China Growth Discussion board alongside dozens of US, European and Japanese chief executives. A number of individuals aware of the state of affairs have stated Daines needed the envoy designation to facilitate a gathering with the Chinese language president after the discussion board.

Daines, who spent six years in China with Procter & Gamble, has informed associates {that a} assembly with Xi on behalf of Trump might assist enhance US-China relations.

Two individuals stated Daines had floated the proposal to individuals in Trump’s orbit. However not one of the individuals, who spoke to the Monetary Occasions on the situation of anonymity, might verify whether or not Daines had spoken on to Trump. After publication, Daines’s workplace stated he was not looking for the designation and had not requested it.

Right here’s what else we find out about Daines’ upcoming journey to Beijing and what it might imply for US-China relations.

Right here’s what else I’m watching immediately and this weekend:

5 extra high tales

1. Vladimir Putin has set robust circumstances for a Ukraine ceasefire deal, at the same time as he stated he “supports the idea” behind a US-backed 30-day ceasefire. The Russian president stated yesterday that any ceasefire should result in a last settlement of the battle that may “solve the root causes” of his invasion. Learn extra about his calls for.

Be part of FT consultants on March 27 for a subscriber-only webinar, as they talk about Ukraine’s future with Russia’s full-scale invasion coming into its fourth 12 months. Register free of charge.

2. Taiwan’s President Lai Ching-te has launched a bid to carry again navy courts. The plan is aimed toward combating Chinese language infiltration of its armed forces, however might be extremely controversial in a society that endured almost 40 years of martial legislation. The initiative is anticipated to set off fierce public debate.

3. Wall Road shares have sunk once more whereas gold hit a contemporary file excessive. The blue-chip S&P 500 closed 1.4 per cent decrease, leaving the index in correction territory. About $5tn has now been erased from its market worth because it hit a file excessive final month.

4. Tesla has warned that Trump’s retaliatory tariffs might “expose” the electric-car firm. The unsigned letter underscores how even Tesla, a gaggle led by Trump ally Elon Musk, is involved concerning the potential results of the wide-ranging tariffs.

5. The previous UK Metropolis Minister has been accused of utilizing a faux signature. Bangladesh authorities declare Tulip Siddiq — the niece of the nation’s former Prime Minister — used a faux notary doc in a property switch to her sister, as a part of a wider anti-corruption case.

How properly did you retain up with the information this week? Take our quiz.

The Massive Learn

After three years of struggle, a attainable respite is in sight with Ukraine agreeing a US-brokered 30-day ceasefire with Russia. However many Ukrainians suspect that even when a settlement is reached, Russia won’t honour it and struggle will resume — and lots of are ready to combat on, even with out American help.

We’re additionally studying and watching . . . 

• Japan’s lesson for the US: A Japanese boycott of US merchandise is a reminder of how expertly Japan has performed the tariff and non-tariff sport, writes Leo Lewis.

• The ‘DeepSeek Congress’: China’s annual parliamentary assembly has despatched an necessary message on Beijing’s plans to increase funding in excessive know-how.

• 🎬 Nvidia’s rise: Our newest FT movie explores the corporate on the centre of the AI increase, and the way it has weathered the fallout from DeepSeek.

Chart of the day

New Zealand has lengthy welcomed billionaires, however now it desires to persuade them that the nation is usually a “safe harbour” for his or her cash. A number of the world’s largest funding funds together with Brookfield Asset Administration, Aberdeen, and the Financial institution of China descended on Auckland this week because it tries to open up its financial system to international funding. 

Take a break from the information . . . 

After 13 years of reviewing eating places, Tim Hayward is questioning his personal tastes and prejudices in his last critique. Eating places introduced new menu objects and thrilling concepts, however one factor all the time caught out. Now, he lastly explains himself.