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DANIEL GARRAHAN: Welcome, to the world in 60 seconds from First FT. The White house has announced that Donald Trump will finance his US-Mexico border wall with a 20% tax on imports from Mexico. Officials said the measure would be part of a broader tax reform plan. But critics say the tax could cost American consumers rather than Mexico. The announcement came after Mexican president Enrique Pena Nieto cancelled a meeting with Mr. Trump.
Theresa May has declared that the days of liberal interventionism are over and that the UK and US will no longer invade countries to engage in nation building. Mrs. May sets out her vision for a new special relationship between Britain and the US, saying they must resist the eclipse of the West by China, India, and Russia.
And Chinese football clubs spent more than $450 million in transfer fees last year, an increase of 168% on 2015, that's according to FIFA's transfer matching system. The worldwide total spent on transfer fees grew 14.3% on 2015 to hit $4.8 billion in 2016. And for more of today's top stories, go to ft.com/firstft.
