FirstFT: Tesla warns Trump administration it’s ‘exposed’ in commerce struggle

Good morning and glad Friday. On at present’s agenda:

• Tesla’s warning to Trump

• China blasts the Panama Canal ports deal

• Does the Olympic enterprise mannequin nonetheless work?

Elon Musk’s Tesla has warned that President Donald Trump’s commerce struggle may make it a goal for retaliatory tariffs towards the US and enhance the price of making automobiles in America.

In an unsigned letter addressed to US commerce consultant Jamieson Greer, the electric-car maker stated it “supports” truthful commerce however warned that American exporters have been “exposed to disproportionate impacts when other countries respond to US trade actions”.

The letter underscores how even Tesla, a gaggle led by Musk, an in depth Trump ally, is anxious concerning the potential results of the wide-ranging tariffs. It follows two weeks of erratic commerce coverage bulletins from the federal government which have rattled companies and monetary markets.

One particular person accustomed to the method of sending the letter stated it was “a polite way to say that the bipolar tariff regime is screwing over Tesla.”

The particular person added: “It is unsigned because nobody at the company wants to be fired for sending it.” Right here’s what else we find out about Tesla’s tariff issues.

Right here’s what else we’re retaining tabs on at present and over the weekend:

• US authorities shutdown: Chuck Schumer, the highest Senate Democrat, stated he would again a Republican stop-gap funding invoice, decreasing the chance of a shutdown early tomorrow.

• Financial information: Argentina and Brazil report February inflation figures.

• G7 assembly: High diplomats maintain a second day of talks in Canada amid rising commerce tensions and divisions over Ukraine.

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

5 extra prime tales

1. Vladimir Putin has struck a tough line over any deal to halt the preventing in Ukraine, at the same time as he stated he “supports the idea” behind a US-backed 30-day ceasefire. Russia’s president prompt Ukraine may use the proposed ceasefire to “continue forced mobilisation, get weapons supplies and prepare its mobilised units”. Right here’s how Trump responded to Putin’s feedback.

2. China has criticised CK Hutchison’s sale of its Panama Canal ports and urged the Hong Kong-based conglomerate to “think twice” about its $22.8bn take care of US asset supervisor BlackRock. Shares within the firm fell greater than 6 per cent after the strongly worded commentary appeared in Beijing-backed newspaper Ta Kung Pao in Hong Kong. The piece additionally attacked the US for pressuring the deal “through despicable means”.

• US-China relations: Steve Daines, a senator with shut ties to Trump, is attempting to get the president to title him as a particular envoy to China to assist safe a gathering with Xi Jinping.

3. Insurers have warned that mass firings at US science companies may threaten the important climate and geospatial information that the business makes use of to handle pure catastrophe dangers and probably elevate costs for customers. The commerce group Reinsurance Affiliation of America is lobbying the federal government to protect information assortment on the Nationwide Oceanic and Atmospheric Administration, after the division stated that it might hearth greater than 1,000 employees.

4. Unique: China’s DeepSeek is selecting to give attention to analysis over chasing revenues as its billionaire founder decides to not observe Silicon Valley rivals by making the most of a sudden bounce in gross sales. A surge in demand for the unreal intelligence start-up’s providers meant revenues have been sufficient to cowl ongoing prices for the primary time final month.

5. The US has unlocked nearly $5bn in funding for a liquefied pure gasoline venture by France’s TotalEnergies in Mozambique, probably restarting work on one in all Africa’s largest vitality investments. The corporate put the venture on maintain in 2021 after Islamist insurgents killed civilians and staff in assaults close to the positioning. Right here’s why the Trump administration has reapproved the mortgage.

The Huge Learn

On the face of it, the Olympics are driving excessive after the success of Paris 2024, which attracted a surge in viewership and revitalised a model many feared was dropping relevance with youthful audiences. However because the organising committee chooses a brand new president subsequent week, the world’s largest sporting occasion is dealing with an exodus of main sponsors and a fast-changing media panorama.

We’re additionally studying . . . 

• Tariffs on cash?: Capital inflows might be the Trump administration’s subsequent goal, writes Gillian Tett.

• Peak mind energy: Knowledge throughout international locations and ages reveal a rising wrestle to pay attention and declining verbal and numerical reasoning, writes John Burn-Murdoch.

• FT Journal: As soon as a heavyweight in Hong Kong finance, Blackpool FC proprietor Simon Sadler now faces the opportunity of jail. Kaye Wiggins goes contained in the downfall of a buying and selling titan.

Graphic of the day

Fears of doable tariffs on gold imports have sparked a rush in transatlantic commerce of the metallic. However because of a quirk in world bullion markets and the asset’s bodily nature, refineries in Switzerland are working additional time, resizing the 1kg bars utilized in New York to the 12.5kg bricks traded in London. Right here’s how the time-consuming means of transport gold has grow to be strained.

Take a break from the information . . . 

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