Good morning from the Financial Times.

Today is Friday, February 13th, and this is your FT News briefing.

The U.S. plans to roll back some of its tariffs, and how do you buy something that's not for sale?

We look at one strategy to acquire a storied UK asset manager,

and we see how private equity is taking stakes in American law firms.

It's the last sector, basically, of the professional services that private equity has not come into.

And they have a lot of money, and they want in.

I'm Victoria Craig, and here's the news you need to start your day.

U.S. President Donald Trump plans to scale back some of his steel and aluminum tariffs.

It comes as sources say administration officials believe the tariffs are hurting consumers by raising prices for food and drinks packaging. People familiar

with the matter say the administration plans to exempt some items on the tariff list and prevent new

ones from being added. Instead, sources say the administration will launch more targeted

national security probes into specific goods. The president is battling an affordability crisis

ahead of the November midterm elections. Research from the Federal Reserve Bank of New York

found U.S. businesses and consumers paid nearly 90 percent of the cost of his tariffs last year.

British wealth manager Schroeder said on Thursday, it's being taken over by U.S. asset

manager, Newveen. It's a deal that would end the independence of one of the city of

London's most historic names. And it would be the latest blow to the domestic market. But before the deal

was announced, Schroeder's boss gave the UK Treasury a ring. The call was to reassure policymakers

of the company's commitment to the nation's capital markets.

Here to explain what all of this tells us about the industry and the future of London as a financial center is the FTs Robin Wigglesworth. Hi, Robin.

Hi, Victoria. How are you?

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