Big US toymakers seek to diversify away from China as tariffs bite
Uncertainty around levies weigh on Mattel and Hasbro
Economic News
America mustn’t surrender its best weapon in the critical minerals battle
Congress cannot afford to allow the Defense Production Act to expire
The deceptive Trump economy
Six months in, the negative effects of the US president’s plans are only starting to be felt
US and EU close in on 15% tariff deal
Agreement would mirror accord with Japan and head off Trump’s threat to raise duties to 30%
Emerging market borrowing premium over US falls to nearly lowest since 2007
Yields for investment-grade EM borrowers fall relative to developed markets amid concerns over traditional havens
FirstFT: Trump announces trade deals in Asia as EU stance hardens
Also in today’s newsletter, McKinsey bars China AI work and UniCredit pulls BPM offer
Germany and France push EU to prepare trade reprisals against US
Chancellor Friedrich Merz’s government wants to threaten a strong response if US is not prepared to compromise
The Fed’s dilemma over tariff trade-offs
There are lessons for central banks from past episodes of high inflation combined with weak growth
