Localism & Defence

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Donald Trump's trade war with China, as well as his general indifference to the multilateral rules-based order, has sown anxiety around the world, not least in Beijing (the Chinese being the principal target of the US president's tariffs). But, argues Rana Foroohar in her latest column, it is not only Mr Trump who worries about the consequences of America's economic integration with China.

The US national security community, for example, is deeply concerned by the extent to which China is winning the arms race in innovation in artificial intelligence and robotics. The US, Rana argues, is trying to make up for lost time: while free market doctrine has made successive administrations leery of "picking winners' in high-tech sectors, Beijing has adopted a co-ordinated industrial strategy designed to harness the technology it needs.

Private sector companies have similar concerns, and are already seeking to shorten supply chains. An intensification of the trade war with China is likely to speed up this process of de-globalisation.

Wolfgang Münchau warns Remainers in Britain that the EU has no interest in colluding with them to reverse Brexit.

David Davis, the UK's former Brexit secretary, argues that Theresa May's white paper sketching the shape of Britain's future relationship with the EU jeopardises the opportunities offered by the 2016 vote to leave the bloc.

Nick Clegg, former UK deputy prime minister, writes that any compromise between Britain and the EU will be over immigration and the free movement of people, not on arcane issues of tariffs and trade.

Charles Taylor writes that the world's big banks are doing a terrible job of managing their data on risk.

Lukasz Pawlowski argues that Poland's prime minister Mateusz Morawiecki continues to wrestle with the ghosts of the country's communist past.

What you've been saying

Time to move from static to dynamic financial reporting — Letter from Stephen Reynolds:
Publishing real time data on key metrics such as cash flow would help investors and regulators spot problematic trends early: the problems at Carillion, for example, would have emerged into plain sight rather than being hidden in an obscure financial statement disclosure. And large companies already monitor key performance indicators, such as their cash position, on a daily basis.

Comment by Simon Potter on A trade war risks all Donald Trump’s economic successes:
Mr Scaramucci, your piece here makes absolute sense and we should all (even those who didn’t like things you were required to say while wearing a previous hat) hope that your ex-boss pays attention to it. We are on a perilous path. And it is not only the Trump electorate who will be hurt by the trade war that has been launched, astonishingly, by the United States of America. We all will be.

Will the Labour party come to the rescue? — Letter from Michael Williams:
In 1940, at a moment of supreme national peril, the Labour party took the decision to allow its leaders Clement Attlee and Arthur Greenwood to sit down around the cabinet table with the leaders of the Conservative party to face the challenge from Hitler. Five years later in 1945, after showing its mettle in running the Home Front during the war, Labour gained its reward with a landslide victory in the general election that allowed it to transform the country. Today, at another moment of national peril, a similar opportunity beckons — to help form a national government to resolve Britain’s relations with the EU. Will Labour earn the gratitude of the nation by seizing this new opportunity like its predecessors did in 1940?

Today's opinion

Trade wars may make the Fed less hawkish
Rising inflation and lower growth pose new problems for monetary policy

Inside Business: Breaking up is hard to do from an EU stuck in its own tramlines
Brussels needs to apply some flexibility to the Brexit negotiations

Poland’s prime minister is wrestling the ghosts of the past
Morawiecki’s conciliatory stance towards the EU is also not yielding results

Any Brussels agreement with May will be final
It is not in the EU’s interest to allow a Brexit reversal nor return to negotiations

Banks’ approach to risk data is deeply inadequate
The threat of cyber attacks adds urgency to the need for comprehensive management

Globalised business is a US security issue
A broad group of experts think economic integration with China should be reversed

Britain must be able to control all regulations after Brexit
It is dangerous to leave the EU but remain subject to its rules in which we have no say

FT View

The FT View: A glimmer of hope for the future of Catalonia
More autonomy in a reformed Spain is the most sensible way forward

The FT View: Trump’s meeting with Putin has allies on edge
The US president should not attempt a grand bargain in Helsinki

The Big Read

The Big Read: What is the next level for France’s budding technology scene?
In the second year of his presidency, Emmanuel Macron must work out how to help the country’s start-ups expand internationally

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