This week, Swamp Notes goes to London for a live recording. Katie Martin, host of the Unhedged podcast, and Chris Giles, author of the FT’s Central Banks newsletter, discuss what Trump’s next few months might be like. Have markets truly recovered from the “liberation day” shock? What happens after the 90-day tariff pause is over? Our guests weigh in.

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Mentioned in this podcast:

Read the latest Chris Giles on Central Banks column here

Listen to the Unhedged podcast here

Sign up for the FT’s Swamp Notes newsletter here

Swamp Notes is produced by Katya Kumkova. Topher Forhecz is the acting co-head of audio. Special thanks to Mischa Frankl-Duvall and Pierre Nicholson.

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Republicans in the US House of Representatives narrowly passed President Donald Trump’s major budget bill on Thursday, and BYD has sold more electric vehicles in Europe than Tesla for the first time. Plus, Nvidia builds a buffer to the global trade war, and the US is starting to take the penny out of circulation.

Mentioned in this podcast:

US House passes Trump’s showpiece tax bill

BYD sells more electric vehicles in Europe than Tesla for first time

Nvidia seeks to build its business beyond Big Tech

Nvidia chief announces major Taiwan chip investments

US to become penniless with phasing out of one-cent coin

Today’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Sam Giovinco, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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Telegram leapt to a $540mn profit last year despite the ongoing legal threat to its leadership, yields on the longest-dated Japanese government bonds surged to record highs, and UK inflation rose more than expected to a 15-month high. Plus, Germany is considering banning the far-right Alternative for Germany party, but has it become too big to outlaw?

Mentioned in this podcast:

Telegram jumps to $540mn profit despite founder facing legal peril

Japan’s long-term borrowing costs hit record high on demand fears

UK inflation jumps to 3.5% in April

Will Friedrich Merz ban the far-right Alternative for Germany?

Today’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Simon Panayi, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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European and Asian investors have pumped record sums into global equity funds that exclude the US market, and shares in Chinese battery maker CATL surged 16 per cent on their debut in Hong Kong. The EU plans to levy a flat fee on billions of small packages entering the bloc, mainly from China. Plus, Israeli Prime Minister Benjamin Netanyahu is facing calls to scale back his military operation in Gaza and let more aid into the enclave.

Mentioned in this podcast:

Investors flock to equity funds that exclude US after Trump’s return to power

Chinese battery maker CATL surges 16% in biggest listing of 2025

EU to impose €2 tax on low-cost items in blow to Temu and Shein

UK halts trade talks with Israel over Gaza offensive

Israel’s Gaza aid plan could lead to ‘war crime’, UN agency chief says

Benjamin Netanyahu says Israel plans to take over all of Gaza

Today’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Sam Giovinco, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

The US may be stepping back from its role as mediator in the war in Ukraine, and US long-term borrowing costs rose to their highest level since late 2023 on Monday. US drugmaker Regeneron has agreed to buy 23andMe out of bankruptcy, and the EU and the UK have announced a deal to “reset” their relationship at a summit in London.

Mentioned in this podcast:

Trump leaves Russia and Ukraine to settle war in talks

US borrowing costs climb after Moody’s downgrade

23andMe sold out of bankruptcy to Regeneron

UK-EU post-Brexit reset: the key points

Today’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Sam Giovinco, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

The UK is holding its first summit with the European Union since Brexit, and US authorities are preparing to announce one of the biggest cuts in banks’ capital requirements in more than a decade. Plus, European leaders are hoping to influence US President Donald Trump ahead of his call with Russian President Vladimir Putin, and China is on its way to becoming the world’s first “electrostate.”

Mentioned in this podcast:

UK and EU reset talks go ‘down to the wire’

Europe races to influence Trump ahead of Putin call

US poised to dial back bank rules imposed in wake of 2008 crisis

How Xi sparked China’s electricity revolution

Today’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Alexander Higgins and Peter Barber. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

Within the space of one week, US President Donald Trump endorsed tax increases for America’s top earners and promised to slash drug prices by up to 70 per cent. It’s a platform that echoes former presidential candidate Bernie Sanders and others on the political left. So why are we hearing it from Trump, and why now? FT’s Washington bureau chief James Politi and global business columnist Rana Foroohar are on the show to discuss.

Subscribe to the new Swamp Notes feed here.

Mentioned in this podcast:

Trump leans left in bid to revive flagging poll numbers

Why ‘Make Hollywood Great Again’ makes sense

Sign up for the FT’s Swamp Notes newsletter here

Swamp Notes is produced by Katya Kumkova. Topher Forhecz is the acting co-head of audio. Special thanks to Sonja Hutson and Pierre Nicholson.

CREDIT: clip from Forbes

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Japan has signalled it is prepared to hold out for a better deal with US President Donald Trump over trade tariffs, and investor Bill Ackman is trying to create a rival to Berkshire Hathaway. Plus, Poland’s election this weekend is shaping up to be a turning point, not only for domestic politics, but also for the war in Ukraine.

Mentioned in this podcast:

Japan to hold out for better trade deal with US

Can Bill Ackman create a ‘modern-day’ Berkshire Hathaway?

Polish women turn on Donald Tusk over abortion rights

Vladimir Putin and Donald Trump cast shadow over Poland’s election

Today’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Simon Panayi, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.