Swamp Notes is taking this weekend off so instead we wanted to share the latest episode from our fellow FT podcast, The Rachman Review.

Nuclear talks between the US and Iran began last weekend in Oman, and are set to continue in the coming weeks. President Trump has warned that if the talks fail the US could take military action against the Islamic republic – an idea that Israel's government is pressing for. In this episode, we unpack what a new nuclear deal with Iran might look like – and how it could change the geopolitical picture in the Middle East.

Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Mischa Frankl-Duval. Sound design is by Breen Turner.

https://www.ft.com/content/819a2246-96eb-4730-85f4-ebe39ac91a61

https://www.ft.com/content/771f3b6f-75f9-4978-8bdb-f7834b9e7d04

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China’s imports of US liquefied natural gas have completely stopped for more than 10 weeks, and Japan’s chief trade negotiator leaves Washington without an immediate agreement after meeting Donald Trump. The European Central Bank has cut its benchmark interest rate by a quarter-point to 2.25 per cent. Plus, astronomers have found signs of biological activity on a planet 124 light years from Earth.

Mentioned in this podcast:

Astronomers claim strongest evidence yet of extraterrestrial life

Donald Trump weighs in on Japan trade talks but Tokyo team leaves without deal

Donald Trump says Fed chair Jay Powell’s ‘termination cannot come fast enough’

ECB cuts rates to 2.25% amid Trump trade war

China stops buying liquefied gas from the US

Audio credit: C-SPAN

Read a transcript of this episode on FT.com

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Federal Reserve chair Jay Powell is warning that US tariffs are ‘likely’ to put at risk the central bank’s goals of keeping prices and unemployment in check, and chipmakers are reeling from a tough week. Plus, UK inflation fell more than expected to 2.6 per cent in March and the FT’s Aiden Reiter explains why emerging markets are doing surprisingly well in all this market volatility.

Mentioned in this podcast:

Trump tariffs put Fed’s jobs and inflation goals at risk, Powell says

Unhedged: Emerging markets’ unexpected outperformance after “liberation day”

ASML’s chipmaking machine orders disappoint amid tariff uncertainty

UK inflation falls more than expected to 2.6% in March

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Michela Tindera, Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

Nvidia says it expects to take a $5.5bn blow as the US clamps down on the Silicon Valley group’s ability to export artificial intelligence chips to China, and PwC is exiting 12 countries. Plus, the junk bond market has basically ground to a halt, and India’s middle class is dealing with a debt crisis that could impact the country’s growth ambitions.

Mentioned in this podcast:

Nvidia to take $5.5bn hit as US clamps down on exports of AI chip to China

Risky corporate borrowers shut out of bond market since Trump’s tariff blitz

How India’s middle-class debt crisis is threatening growth

PwC exits 12 countries in push to avoid scandals

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katya Kumcova, Saffeya Ahmed, Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

Brussels is exploring legal options that would allow European companies to break long-term Russian gas contracts, and Goldman Sachs had a mixed first quarter. Plus, China’s President Xi Jinping is traveling around south-east Asia to make the case that Beijing is open for business, and Argentina just landed a $20bn deal with the IMF.

Mentioned in this podcast:

Xi Jinping warns ‘no winners’ from Trump trade war as he heads to Vietnam

Argentina secures $20bn IMF deal by relaxing currency controls

Goldman Sachs’ chief hopeful Trump will listen to corporate America

EU explores legal options for ending Russian gas deals

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Katya Kumcova, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

US tariff exemptions on personal electronics may only be temporary, and big banks posted major earnings on Friday despite some economic headwinds. Plus, the European Union and the UK are getting closer to signing a defense pact, and the Trump Administration's pressure on universities could drive students and faculty overseas.

Mentioned in this podcast:

US tech tariff exemption will be temporary, says Lutnick

JPMorgan chief Jamie Dimon warns of ‘considerable turbulence’ in US economy

Warning lights flash for US consumer strength as credit defaults rise

American academics seek exile as Trump attacks universities

AI praise-giving tool promises ‘authentic’ insights

UK and EU close ranks on defence amid Trump turmoil

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump’s global trade war has made a mess for the Federal Reserve. Despite an encouraging US consumer price index report this week, there are major concerns about the inflationary nature of Trump’s tariffs. Meanwhile, the Fed has cut growth forecasts. And if all that wasn’t enough, Trump is breathing down chair Jay Powell’s neck to cut interest rates. The FT’s US economics editor Claire Jones and economics commentator Chris Giles explain why the central bank is caught in a difficult position.

Mentioned in this podcast:

Jay Powell’s tariff dilemma: defend the economy or contain inflation

Alphaville: An emergency rate cut from the Fed?

US inflation falls more than expected to 2.4% in March

Federal Reserve ‘absolutely’ ready to help stabilise market if needed, top official says

Sign up for the FT’s newsletter Chris Giles on Central Banks

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Swamp Notes is produced by Katya Kumkova. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson.

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US inflation fell more than expected to 2.4 per cent in March, and France’s Renault is one of the few carmakers insulated from Donald Trump’s trade war. Plus, ​​Indonesia is looking to run its colossal new sovereign wealth fund “like a public company”.

Mentioned in this podcast:

US inflation falls more than expected to 2.4% in March

Indonesia’s new sovereign wealth fund vows transparency ‘like a public company’

Renault emerges as winner in Trump tariff chaos

Sky to bring hit US series ‘Saturday Night Live’ to the UK

CREDIT: NBC

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katya Kumcova, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Hosted on Acast. See acast.com/privacy for more information.