The Trump trade war begins
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 3 February 2025
⏱️ 13 minutes
🧾️ Download transcript
Summary
Donald Trump hit Canada, Mexico and China with steep tariffs on Saturday, and oil and gas groups are relying more heavily on carbon offsets to reach climate targets. Plus, EU governments are exploring ways to include the UK and Norway in a “coalition of the willing” dedicated to ramping up the continent’s defence.
Mentioned in this podcast:
‘A trade war on steroids’: Trump ushers in new age of US protectionism
Trump tariffs spark panic and anger in Canada and Mexico
EU opens door to UK and Norway for defence ‘coalition of willing’
Shell dominates carbon credit market as clean energy spending scaled back
The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Ethan Plotkin, Katie McMurran, 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
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Transcript
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| 0:00.0 | We're Equinor, an energy company searching for better. |
| 0:03.0 | Currently, we supply 27% of the UK's gas, 15% of its oil, |
| 0:07.7 | and we're playing our part in the UK's energy transition. |
| 0:11.0 | Our wind farms power 750,000 homes, |
| 0:14.0 | and we expect that to grow to over 7 million. |
| 0:16.5 | Last year, we invested 20% of our global growth spend in renewables |
| 0:20.1 | and lower carbon solutions. |
| 0:22.0 | We plan to increase that to 50% by 2030. |
| 0:25.4 | We're an energy company searching for better. |
| 0:28.4 | Equinore.co.uk. |
| 0:33.8 | Good morning from the Financial Times. |
| 0:36.3 | Today is Monday, February 3rd, and this is your FT News briefing. |
| 0:41.1 | U.S. President Donald Trump has taken the first shot in a new global trade war. |
| 0:46.5 | And the European Union is looking outside the block to boost its defenses. |
| 0:51.6 | Plus, Shell is relying on a controversial strategy to hit its climate targets. |
| 0:57.4 | I'm Kasha Brusalian, and here's the news you need to start your day. |
| 1:20.9 | Thank you. Trump is hitting America's three biggest trading partners with steep tariffs. |
| 1:30.2 | The president said that nearly all imports from Canada and Mexico will face a 25% levy starting on Tuesday. For Chinese goods, |
| 1:37.0 | it's another 10%. The move signals a new era in trade protectionism, one that could have major consequences for the global economy. The FTs Amy Williams is here to explain more. Hey Amy. |
| 1:43.3 | Hi there. So talk to me about Trump's thinking |
| 1:46.8 | behind kicking off this trade war. What's he hoping to ultimately achieve by imposing these tariffs? |
| 1:53.7 | Well, he's on paper and initially linked these tariffs to his upset around illegal immigration into the US, primarily across the southern |
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