US President Donald Trump has threatened new “large scale” export controls on China, and Wall Street’s investment banks just wrapped up a record-breaking quarter. Plus, dozens of European lawmakers are earning income from side hustles connected to their legislative responsibilities, and OpenAI’s ownership structure is making it harder for the company to raise money.

Mentioned in this podcast:

China blames Trump and US for escalating trade war

Wall Street investment banking revenues poised to top $9bn

Scores of MEPs hold side jobs in sectors where they steer EU laws

Who owns OpenAI? blockbuster deals complicate investor payouts

Check out ‘Toxic Legacy’ from the FT’s Untold podcast

Today’s FT News Briefing was produced by Ethan Plotkin, Josh Gabert-Doyon, Sonja Hutson, and Marc Filippino. Our show was mixed by Alex Higgins. Additional help from Peter Barber. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music.

Read a transcript of this episode on FT.com

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Trump ups the trade war ante

FT News Briefing

Trump ups the trade war ante