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Good morning, happy Friday and return to Firstft Asia. In today’s newsletter:
The Trump Mask Alliance collapses
The US and China agree to new trade talks
The rise of Akio Toyoda
Donald Trump threatened to attack Elon Musk as “crazy” and torn apart the government’s contract. This is what you need to know about the feud between the two most powerful men in the world.
War of Words: Speaking in the oval office yesterday, Trump said he was “very disappointed” to the Tesla boss for criticizing his signature tax bill, suggesting that he was trying to protect his business interests. “I took away his EV mandate and he just got hooked!” Trump wrote about the true society. As the lines deepen, Musk hinted in a post on X that Trump was associated with pedophile Jeffrey Epstein, adding, “Have a good day!” Please read the entire story.
Market Reaction: Tesla’s market value fell by one day yesterday, the biggest day on record, after signalling Trump yesterday that he could terminate a US government contract with a mask company. Tesla’s sale reverberated through the US stock market, with the S&P 500 and Tech Heavy Nasdaq Composite reducing sessions by 0.5% and 0.8% respectively.
Here is the other thing we keep tabs today:
Economic Data: Vietnam and Thailand reports are CPI inflation numbers.
India’s Monetary Policy: The Reserve Bank of India is widely expected to cut fees today. (Reuters).
How well did you get with this news this week? Take the quiz.
Five more top stories
1. Trump agreed to Xi Jinping to launch a new, high-level trade talks between the US and China as leaders of both countries tried to ease the commercial tensions that have rattled the world economy. Trump and XI spoke on the phone yesterday in a first known conversation since the US president returned to the White House.
2. Citigroup has fired 3,500 technology staff in mainland China as part of its bank’s push to streamline banking costs and global operations amid a broader turnaround effort. The affected departments are:
3. EU companies are lobbying in Beijing to set up special channels to quickly track China’s approval of rare earth export licenses for “reliable” companies, as strict control over China’s shipment of critical minerals threatens supply chains around the world. European officials warn that their factories are at risk of closure due to Chinese measures.
4. Bangladesh’s Muhammad Yunus vowed to remain in power until mid-2026 despite calls from parts of the military to increase political turmoil and calls from the enemy and some of the military, and to hand the elections to the electoral government sooner. The Nobel Prize winner, who leads the interim government, named after the overthrow of Sheikh Hasina last year, is now facing accusations of sticking to power.
5. Indonesia has introduced $1.5 billion stimulus measures to increase consumer spending. This hopes to counter slower growth as commodity prices fall and trade concerns collide with Southeast Asia’s biggest economy. Jakarta yesterday began offering discounts on freight rates and wage subsidies for millions of households for two months.
FT Magazine
There is no corporate leader like Akio Toyoda. More than 20 people who know the descendants of Toyota’s founders spoke to the FT magazine about his rise.
We’re reading too. . .
Nicotine Pouch: Industry leaders hope that the growing popularity of products like Zyn will increase revenue. But can it save you a big cigarette?
Why Magazine World hates Europe: Trump’s team has influenced the Western Alliance and is engaging in a US culture war across the Atlantic.
Builder.ai Collapse: They realize that Qatar’s sovereign wealth funds and Microsoft may support businesses that primarily report artificial income.
The chart of the day
Test your knowledge of how Trump’s trade war actually affected import obligations. All of these charts are incomplete – form an interactive test of Trump Taco theory. How accurate can I fill it in?
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Take a break from the news
120 years ago, Japanese stationery companies launched their own self-declared “micromotivation” devices. This attaches to a pen or pencil to measure the amount of handwriting you have done (and embraces progress for everyone else). Leo Lewis explains how it works and what it says about our obsession with self-quantification.
