Foreign tax provision in Trump budget bill spooks Wall Street
Legislation would erode the appeal of US financial assets, banks and investors say
Economic news
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Crypto wins a champion in the White House
Trump family’s enthusiasm for digital assets creates a glaring conflict of interest
How cheap steel endangers Europe’s defence build-up
Without its own industry, the continent will be forced to depend on foreign firms that could cut off supplies
Trump adviser Hassett is confident tariffs will prevail despite judges’ ruling
The comments follow a ruling from judges on the Court of International Trade who said that Trump exceeded his authority on tariffs.
Court throws Trump’s tariffs into doubt
Also in today’s newsletter, US says it will ‘aggressively’ revoke Chinese student visas
Saudi Arabia to ‘take stock’ of spending after oil price drop
Finance minister tells FT the kingdom’s priority is to avoid long-running ‘trap of booms and busts’