Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) The Trump administration is considering a significant tariff reduction in talks with China to ease economic pain and de-escalate tensions. The US aims to reduce tariffs below 60% as a first step, which China may be prepared to match, with progress possible as soon as next week.

(2) The new trade deal between the US and UK includes a carve-out for autos, which could reduce the tariff levy from 27.5% to 10%, making a 0.1% difference to UK GDP. The deal's impact is limited because almost half of UK value-add that ends up in the US is exported via other countries, and global uncertainty remains a major drag on the UK economy.

(3) US President Donald Trump’s trade policy is upending long-held alliances, threatening global growth and causing mayhem for business. For UK homeowners, though, it is working out quite well. In the last few weeks, several major high street lenders have cut mortgage deals below 4% for the first time in months.

(4) Mayor of London Sadiq Khan will “actively explore” building on the city’s green belt in what would amount to the biggest change to housing policy in the UK capital since the 1960s. The mayor will announce a consultation on releasing parts of London’s green belt in a speech Friday, saying that some building in the protected zone around the city is necessary to meet the capital’s targets and to end a housing crisis.

(5) Cardinal Robert Francis Prevost was elected as Roman Catholic pontiff, the first ever pope from the US and a possible bridge between the moderate and hardline sides of a divided Church. Prevost, 69, chose the name of Leo XIV for his pontificate and was greeted by thousands of cheering faithful as he stepped out onto a balcony overlooking St. Peter’s Square to be presented to the world.

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Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) President Donald Trump is expected to announce a trade agreement with the United Kingdom at a news conference Thursday morning in Washington, according to people familiar with the matter.

(2) Chancellor of the Exchequer Rachel Reeves is on track to miss both her fiscal rules by tens of billions of pounds in the UK’s autumn budget, according to a prominent economic think tank, leaving her no option but to raise taxes or cut spending.

(3) The Bank of England is expected to cut interest rates by a quarter percentage point Thursday and may signal that another move is likely in June, potentially putting the central bank on course for its first back-to-back reductions since 2009 as the US trade war darkens the outlook for growth.

(4) The Trump administration plans to rescind Biden-era AI chip curbs as part of a broader effort to revise semiconductor trade restrictions that have drawn strong opposition from major tech companies and foreign governments, according to people familiar with the matter.

(5) Pakistan said it reserves the right to retaliate after India launched targeted strikes, signaling a potential further escalation in hostilities between the nuclear-armed rivals following last month’s deadly Kashmir attacks.

Podcast conversation: Bill Ackman Bought a $4.9 Million Watch Collectors Obsess Over

See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) India conducted targeted military strikes against Pakistan, which said it retaliated in expected tit-for-tat blows after a militant attack last month in Kashmir that killed 26 people.

(2) India and the UK agreed to a landmark trade deal slashing tariffs on cosmetics, vehicles, alcoholic beverages and other goods, as both sides look for wins to offset the disruption of President Donald Trump’s protectionist policies.

(3) The UK and US are in intensive discussions about an economic agreement that would reduce the impact of some tariffs, with a team of British officials in Washington to negotiate terms this week, people familiar with the matter said.

(4) China reduced its policy rate and lowered the amount of cash lenders must keep in reserve, as Beijing ramps up efforts to help an economy caught in a second trade war with the US.

(5) Friedrich Merz sought to move past an embarrassing stumble as he took power in Germany, vowing to reboot the economy and revive the country’s military.

Podcast conversation: Macron Wants a Netflix in Paris, Not Just Emily: Lionel Laurent

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