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

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Is it glass half-full or half-empty for US banks?

FT News Briefing