EU to keep trade retaliation in reserve even as deal with US nears
Brussels designs countermeasures that can be activated quickly if Donald Trump fails to stick to agreed terms
Economic News
Nvidia AI chips worth $1bn smuggled to China after Trump export controls
Roaring black market for US semiconductors operates despite efforts to curb Beijing’s high-tech ambitions
What Trump should tackle next to boost growth
Permitting and housing reforms as well as R&D investment and more highly-skilled immigrants are needed
Turkey cuts rates as turmoil over arrest of opposition leader eases
Central bank reduces main policy rate to 43%, close to level in March at start of government crackdown
Brussels warns Beijing its running out of patience on improving relations
Also in this newsletter: EU simplification savings worth €8.5bn and Zelenskyy’s anti-corruption power grab
Hyundai profits fall 22% as US tariffs on carmakers bite
World’s third-largest auto group reports $600mn hit from levies
Roche in talks with Washington on selling drugs directly to patients
Swiss drugmaker says cutting out industry intermediaries could shave 50% off drug prices in US
Japan strikes a deal
The rate outlook is solidifying, but trade relief only goes so far
UK business activity slows as companies hit with rising costs
‘Sluggish’ growth reflects impact of Budget and geopolitical uncertainty