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UK.

Good morning from the Financial Times. Today is Friday, May 23rd, and this is your FT News briefing.

U.S. lawmakers approved a controversial budget bill, and BYD is beating Tesla in Europe.

Plus, NVIDIA is building a buffer against the global trade war.

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

The U.S. House of Representatives narrowly passed President Donald Trump's signature budget bill on Thursday.

It snuck by on party lines with just a single vote, and it still needs

to win Senate approval to become law. Trump spent the week persuading House Republicans to pass

the legislation, which he calls his big, beautiful bill. But the markets aren't so sure about that.

Here to explain is the FTs Washington Bureau Chief James Politi. Hi, James. Hey, Sonia. Good to be with you. Good to have you. So, James,

what is in this bill? Well, it does a lot. The most important part of the legislation, which Trump

had wanted to do and spelled it out during the campaign trail,

is extend his 2017 income tax cuts, which were due to expire at the end of this year.

It also cuts taxes on tips, and overtime, which Trump had been promising.

It cuts health care programs for the poor,

through the Medicaid program, and it sets a new kind of baseline for economic policy in the U.S. along the lines of sort of more conservative traditional supply-side economics, and Republicans

had been angling for this for a long time. Okay, so it sounds like lots of spending cuts and

...