Global stocks surged after the US and China slashed tariffs for 90 days, and Brussels is preparing to use capital controls and tariffs against Russia. Plus, OpenAI and Microsoft are rewriting the terms of their multibillion-dollar partnership in a high-stakes negotiation.

Mentioned in this podcast:

Who blinked first? How the US and China broke their trade deadlock

Wall Street stocks soar on US-China tariff reprieve

EU readies capital controls and tariffs to safeguard Russia sanctions

OpenAI negotiates with Microsoft to unlock new funding and future IPO

Today’s FT News Briefing was produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Simon Panayi, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. 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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A sigh of relief on US-China tariffs

FT News Briefing

A sigh of relief on US-China tariffs