Donald Trump has launched an unprecedented attack on US universities. How far will it go? Will it trigger a brain drain? And could other countries replace what’s lost? I discussed this with Lee Bollinger,

Also in this newsletter, the weight-loss drug Mounjaro makes its India debut and stock markets on ‘liberation day’

EU warns of ‘major blow’ to global economy as US president reveals plans for 10% universal levies and higher ‘reciprocal’ duties

President Donald Trump has suggested he could cut tariffs on Chinese goods if Beijing allows ByteDance, the Chinese owner of TikTok, to divest the hugely popular video sharing app to avoid a ban in the US.

The benchmark Stoxx Europe 600 index fell 2 per cent at the open, as investors flocked to haven assets including gold, Treasuries and German Bunds. Futures tracking the S&P 500 and the Nasdaq were down 2.8 per cent and 3.3 per cent respectively.

“The tariffs hit ‘Factory Asia’ hard,” Citi analysts said in a research note. A blow to Vietnam: The country, the first and largest beneficiary of the “China plus one” strategy, is expected to be the worst hit: it faces a 46 per cent tariff rate and is more exposed to the US market than most other Asian exporters.

Pressure on riskier credit is likely to continue, especially if companies with relatively high leverage react to the new tariffs by imposing lay-offs and weakening US consumer strength, Skiba said. Other countries may retaliate with fresh trade levies of their own in the coming weeks, he added.

Markets plunged as traders fled equities, and even the dollar weakened. Today on the show, Rob Armstrong and Aiden Reiter go over the tariffs and discuss how they will make it harder for American companies to make money.

Islands’ exports to US — a category composed almost entirely of a succulent deep-sea fish — will face 42 per cent levy from next week

Trump’s move to extend tariffs on aluminium to include all imported canned beer and empty cans bodes badly for Mexican beer. Constellation Brands imports the wildly popular Modelo, Corona and Pacifico beers to the North American market.

Calculation deeply flawed economically and will fail in stated aim of ‘driving bilateral trade deficits to zero’, say analysts