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Biden’s parting gift throws down the gauntlet to the incoming president on industrial policy

It’s much easier to use unilateral tariffs than pass legislation or agree preferential trade deals

His new suggestions would have a far bigger impact than the relatively modest ‘starter protectionism’ of his first term

Our partners shouldn’t blame us for a shift aimed at solving the problems they have caused

Also in this newsletter: Meloni’s Starlink deal with Musk draws ire

The Bank of England is expected to follow Eurozone and Canadian counterparts by cutting while the Federal Reserve holds

And more on the UK discount

Swift exit would remove global health body’s main source of funds and damage its ability to tackle emergencies

The president-elect might want a weaker US currency but market forces are pushing in the other direction

After experience of Biden administration, fighting price rises likely to be political priority over targeting economic growth