International - Financial Times - Credit Squeeze

The Middle East war has highlighted another potential choke point for the semiconductor supply chain

Underlying price pressures were muted, reducing concerns about high energy inflation

Middle East energy shock pushes annual rate past European Central Bank’s 2% target

Also in today’s newsletter: US petrol prices rise above $4 a gallon while Unilever and McCormick in talks to create $60bn food group

A longer war makes long bonds interesting

It is China and the US that prosper when power sets the terms for global commerce

In the second installment of our tariff series, we talk about how the courts are making a mess of the White House’s global trade policy

Jamieson Greer says Washington will work ‘outside’ Geneva-based body to extend freeze on levies

Claim that 20 Pakistan-flagged ships will exit Strait of Hormuz questioned as country only has 13 big ocean-going vessels

Talk of replacing the US as anchor of the multilateral system has come to little

With the US destroying its own credibility, the opportunity is Beijing’s for the taking

Join FT journalists to discuss the greenback, inflation, and markets under a new Fed chair

The backlash against Big Tech in America might be an opportunity for the EU

Good harvests and plentiful grain stocks will provide some cushion against the impact of the Iran war

Fertiliser is another casualty of the closed Strait of Hormuz

Also in today’s newsletter: European AI developer Mistral raises $830mn in debut debt sale and WTO talks end in acrimony

Some members called for faster rate hikes amid fears central bank is falling behind curve

Dispute over ecommerce tariffs derails agreement on overhaul of global trade body

Spectre of another surge in inflation leaves struggling consumer goods groups with difficult decisions

In the first installment of a new FTNB series this week, we explore how President Trump’s so-called Liberation Day has shaken up the global trade order