Swamp Notes: Donald Trump’s ‘vendetta agenda’

Big Tech earnings season is in full swing, the US Federal Reserve held interest rates steady despite pressure from President Donald Trump, and Syria’s new government pressed Moscow about reparations. Plus, activist short-selling is on the decline. Mentioned in this podcast:Meta’s bumper results tempered by revenue outlook Federal Reserve keeps US interest rates on hold Syria asks Russia for reparationsLast men standing: the short sellers who remain after Hindenburg’s exitThe FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Advances in artificial intelligence by Chinese start-up DeepSeek caused a frantic sell-off of energy and infrastructure shares, and Donald Trump’s Treasury secretary is pushing for new universal tariffs to start at 2.5 per cent. A study finds that ETFs make the market more efficient, and Boeing reports its second-biggest annual loss. Mentioned in this podcast: DeepSeek-driven sell-off puts power demands of AI in doubt, says IEAScott Bessent pushes gradual 2.5% universal tariffs plan ETFs increase efficiency of the market, new study shows Boeing reports second-biggest annual loss after tough 2024 ft.com/briefingsale The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US tech stocks tumbled after advances by Chinese start-up DeepSeek ignited worries over whether America could sustain its lead in artificial intelligence. Latin American leaders will hold an emergency summit to respond to President Donald Trump’s mass deportations of migrants, and Starbucks is cracking down on non-customer access to its stores. Mentioned in this podcast:Advances by China’s DeepSeek sow doubts about AI spending Tech stocks slump as China’s DeepSeek stokes fears over AI spending ‘Back to 1897’: Latin America scrambles to respond to Donald Trump’s aggression Starbucks cracks down on freeloaders to reverse sales decline Tech Tonic ft.com/briefingsale The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Pressure is piling on the European Union to cut back its sustainability agenda, Wall Street may thwart President Donald Trump’s call for a new oil boom, and the US president unleashes retaliatory tariffs against Colombia. Plus, Microsoft’s stake in OpenAI is complicating the start-up’s path to become a for-profit company.Mentioned in this podcast:Trump agenda piles pressure on EU to cut red tape Wall Street will stymie Donald Trump’s US oil surge plan, say shale bosses Trump imposes tariffs and sanctions on Colombia in spat over migrantsOpenAI struggles to price Microsoft stake in deal to become for-profit company ft.com/briefingsale The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Donald Trump has made a lot of enemies over the years. He spent his first week back in the White House going after them — and is reshaping the federal government in the process. The FT’s Washington bureau chief James Politi and US legal and enforcement correspondent Stefania Palma join this week’s Swamp Notes to explain what the president’s first week signals about his plans for the next four years.Mentioned in this podcast:Donald Trump vs the ‘deep state’: president’s vendetta agenda takes shapeTrump’s pick for justice department to face scrutiny on vow to prosecute his opponentsSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Ethan Plotkin, Sonja Hutson and Katya Kumkova. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

A federal judge has blocked US President Donald Trump’s attempt to end birthright citizenship, and shares in the leading makers of anti-obesity drugs have dipped. Trump has ordered officials to draw up retaliatory measures against “extraterritorial” taxes, and Emilia Pérez has emerged as frontrunner after the 2025 Academy Award nominations.Mentioned in this podcast:Judge halts Donald Trump’s effort to end US citizenship at birth Donald Trump threatens to double tax rates for foreign nationals and companies Investors lose their appetite for the obesity trade Oscar nominations 2025: cartel musical Emilia Pérez on song with 13 The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Michela Tindera, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

European bank dividends are at their highest levels since 2007, US President Donald Trump froze billions of dollars in federal funding to green infrastructure projects, and Trump said yesterday that the US would impose more sanctions on Moscow if its war in Ukraine doesn’t end soon. Plus, military regimes in Africa's Sahel region are cracking down on international mining companies. Mentioned in this podcast:European banks to reward investors with bumper €123bn in payoutsDonald Trump halts more than $300bn in US green infrastructure funding Trump tells Putin to reach Ukraine ‘deal’ soon or US will increase sanctionsAI-developed drug will be in trials by year-end, says Google’s HassabisThe ‘terrifying’ crackdown on mining companies in Africa’s coup beltThe FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Michela Tindera, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Netflix added a record 19mn subscribers in the fourth quarter, fuelled by live sports. US stocks rallied while currencies swung the day after Donald Trump’s inauguration, and TikTok-owner ByteDance plans to spend $12bn on AI chips in 2025. Plus, Chinese citizens’ doubts grow over the government’s economic growth claims.  Mentioned in this podcast:Netflix shares jump as it adds record number of subscribers Wall Street stocks climb as investors parse Donald Trump’s executive orders TikTok-owner ByteDance plans to spend $12bn on AI chips in 2025 Chinese citizens’ doubts grow over official economic growth claims The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Belgium has launched a criminal probe into the DRC’s allegation. Donald Trump is sworn in as US president. Davos leaders reject climate banking group. And Toyota struggles to jumpstart hydrogen car sales.Mentioned in this podcast: Trump and the contest between two visions of democracyApple hit by Belgian probe over ‘blood minerals’ in CongoToyota rethinks its bet on hydrogen Dollar tumbles as Trump shies away from trade tariffs This episode of the FT News Briefing was produced by Josh Gabert-Doyon, Mischa Frankl-Duval, Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Donald Trump will become US president for the second time on Monday. Investors pile into a fund that spreads its assets equally across the S&P 500, as concerns about a tech bubble grow. A hostage and prisoner exchange between Israel and Hamas is underway. Plus, how El Salvador’s President Nayib Bukele became a model for the global far right.  Mentioned in this podcast:Donald Trump plans blitz of executive orders for first days in White House Investors pour billions into S&P equal weight fund as tech fears rise Hamas hands over three Israeli hostages as ceasefire begins How El Salvador became a model for the global far right Trump-backed memecoin value tops $12bn as crypto industry hopes rise Credit: CSPANThe FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.