Donald Trump faces a backlash on Capitol Hill after his federal prosecutors launched a criminal probe into Federal Reserve chair Jay Powell, with top Republican lawmakers delivering rare rebukes of the president. At least two Senate Republicans are prepared to hold up Trump’s next nominations to the central bank over the investigation, and Fed insiders … Read more
Unlock the White House Watch newsletter for free Your guide to what Trump’s second term means for Washington, business and the world Donald Trump said countries doing business with Iran will be subject to a 25 per cent tariff on trade with the US, a move that could hit big economies such as China, Russia … Read more
The criminal probe into Jay Powell by US prosecutors has galvanised the Federal Reserve’s top leaders to resist President Donald Trump’s attacks and could push the chair to remain a governor until 2028, officials say. Powell’s disclosure on Sunday that Trump’s Department of Justice had asked a federal grand jury to subpoena the Fed was … Read more
Unlock the White House Watch newsletter for free Your guide to what Trump’s second term means for Washington, business and the world The banks of the Potomac River were largely undeveloped wilderness when the company that became wine merchants Berry Bros & Rudd was incorporated in London more than 325 years ago. The American capital … Read more
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Unscheduled weekend statements from the Federal Reserve are, to put it mildly, not generally a good sign. In the past couple of decades, they have been rare, and have come only in response to dire … Read more
Unlock the White House Watch newsletter for free Your guide to what Trump’s second term means for Washington, business and the world The Pentagon has taken a $150mn stake in a Louisiana-based gallium company as Washington tries to shore up supplies of materials essential to defence manufacturers and to counter Chinese dominance of supply chains. … Read more
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The UK will this week make it a criminal offence to create non-consensual intimate images, after regulators threatened X’s AI chatbot Grok with a ban or multimillion-pound fine over sexualised deepfakes on Elon Musk’s platform. … Read more
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The UK’s most senior military figure has admitted the armed forces are not ready for a full-scale conflict “of the kind we might face”, warning he lacked the immediate funding for a rapid modernisation of … Read more
Unlock the White House Watch newsletter for free Your guide to what Trump’s second term means for Washington, business and the world Every living former Federal Reserve chief on Monday attacked the Department of Justice’s probe into central bank head Jay Powell, accusing the Trump administration of running the US like an emerging market. Ex-Fed … Read more
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Google’s parent company Alphabet has become the fourth Big Tech group to hit a $4tn market value, fuelled by investor optimism that its artificial intelligence models can compete with rivals such as OpenAI. Alphabet shares … Read more