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One thing I keep thinking about is how an administration which keeps pressing for lower interest rates has single-handedly engineered one of the biggest tightenings of financial conditions since the pandemic.

Two of our American customers devastated by the tariffs gave up and sold themselves to their Chinese factories in the last week.

MEANWHILE on.ft.com/4lCfgkw

The Canadian prime minister is…rocking out!

🇬🇧 Macron Condemns Trump's Assault On Universities As Europe Lures Scientists ▫French leader speaks out ▫US democracy at risk ▫€500m EU package ▫Bid to reverse brain drain ▫Adrienne Klasa Henry Foy #frontpagestoday #UK Financial Times

😱 Friedrich Merz fails in initial vote to become Germany’s chancellor via Financial Times on.ft.com/4jPdICM

REPORTER: What's the top concession you want out of Canada? TRUMP: Friendship REPORTER: That's not a concession

Très chaleureux - Emmanuel Macron begrüßt Friedrich Merz demonstrativ herzlich im Élysée Palast

In which storied FT colleague Martin Wolf tries to get Meta to take down fraudulent deep fakes of him across their platforms, and Meta fails abysmally Facebook WhatsApp Instagram on.ft.com/4d8dzaV

Trump with tariffs

Get it together over there guys on.ft.com/3H03alF Moody’s strips US of top-notch triple-A credit rating

Scoop: L’Oréal poised to seal €1bn deal for skincare brand Medik8 ⁦Adrienne Klasa⁩ ⁦Oliver Barnes⁩ on.ft.com/43rYrC0

Where do you even start on this?! Is this how the world is run now???

Scoop with Ian Johnston : France's EDF chief is conducting a review of assets it could sell as Paris pushes for nuclear focus on.ft.com/45FBAo6

Incredible stuff here. BCG wasn't just hired to consult on the GHF fiasco. The firm was also asked to "model the costs of 'relocating' Palestinians from Gaza" (in other words, to come up with a price tag for ethnic cleansing)

There's also a darkly comic bit where BCG proposed doing reconstruction in Gaza "using innovative financing models such as 'tokenisation' of real estate via blockchain technology". Even the most depraved project can't escape cringy consulting jargon ft.com/content/c0e661…

If you haven't read this yet, do it now.