Also in today’s newsletter, ‘forever chemicals’ rules boost American Water

Liberating retail traders of their money

US government debt has surged as Trump’s trade war sparks exodus from American stocks and the dollar

Exit follows a bruising period for UK oil major that faces pressure from activist Elliott

A stunning rollout of new taxes astonishes traders

Tariffs are supposed to be dollar positive. What happened?

It’s finally time to add small-caps to my FTSE 100 exposure   

As international structures that promoted free trade are unwound, there is a rising risk of a return to capital controls

US president defends levies even as market behemoths, including Apple, sink most in years

Financiers thought Trump would usher in a pro-business era but financial stocks have stumbled as tariff plans became clear

US hedge fund seeks investor support to divest assets and install new board members to unlock value

A vibe shift, heralded by a sea of red

Beijing denounces ‘biased’ move by rating agency, insisting country’s economic foundations are stable

Banking regulator finds 60 out of 267 banks have insufficient US dollar funding to cover exposures in the currency

Importantly, a lot of risk has already been factored in by both investors and the banks themselves

Unexpected increase in supply comes as concern over world economy hits several commodities

Company owned by Vista Equity Partners had been seeking to pay down big private credit debt

Beans and chocolate prices set to rise as a result of new levies

The global economy is on a bumpy journey to an unknown destination

Pioneer of open banking will use $575mn raised from BlackRock and others to cover employee taxes and share buybacks