Trump ups the trade war ante
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 13 October 2025
⏱️ 17 minutes
🧾️ Download transcript
Summary
US President Donald Trump has threatened new “large scale” export controls on China, and Wall Street’s investment banks just wrapped up a record-breaking quarter. Plus, dozens of European lawmakers are earning income from side hustles connected to their legislative responsibilities, and OpenAI’s ownership structure is making it harder for the company to raise money.
Mentioned in this podcast:
China blames Trump and US for escalating trade war
Wall Street investment banking revenues poised to top $9bn
Scores of MEPs hold side jobs in sectors where they steer EU laws
Who owns OpenAI? blockbuster deals complicate investor payouts
Check out ‘Toxic Legacy’ from the FT’s Untold podcast
Today’s FT News Briefing was produced by Ethan Plotkin, Josh Gabert-Doyon, Sonja Hutson, and Marc Filippino. Our show was mixed by Alex Higgins. Additional help from Peter Barber. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music 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 | For over 40 years, Equinoor has been an energy partner to the UK. |
| 0:04.1 | During that time, we've played our part in the switch from coal to gas, |
| 0:07.1 | and we're working hard to help the UK's energy transition. |
| 0:10.1 | We may not have all the answers yet, but we're determined to find them. |
| 0:13.5 | Equinor, an energy company, searching for better. |
| 0:16.9 | 99.6% of Equinor's energy output is oil and gas. |
| 0:20.5 | Our investment in renewables and low carbon solutions |
| 0:22.9 | has increased from 4% in 2020 to 27% in 2024. Find out more at equinor.com.uk. |
| 0:30.1 | Hey there, it's Josh. Before we start, be sure to stick around after the show for a trailer for our new season of Untold. |
| 0:36.6 | This season is called Toxic Legacy and it follows |
| 0:39.4 | FT reporter Laura Hughes as she uncover a lead poisoning epidemic across the UK. You can find a |
| 0:45.8 | link to it in our show notes. Thanks. |
| 0:51.8 | Good morning from the Financial Times. |
| 0:57.9 | Today is Monday, October 13th, and this is your FT News briefing. |
| 1:03.6 | US President Donald Trump is threatening new 100% tariffs on China, |
| 1:07.0 | and Wall Street's investment banks are raking in revenue. |
| 1:12.0 | Plus, OpenAI's ownership structure just keeps getting more complicated. |
| 1:18.0 | There has been no absence of private capital for AI companies, but it's approaching a scale where it's hard to see where the next checks come from. I'm Josh Cabard-Douillon, and here's |
| 1:25.0 | the news you need to start your day. |
| 1:37.2 | Thank you. I'm Josh Cabot-Douillon, and here's the news you need to start your day. On Friday, U.S. markets suffered their largest single-day drop since April, after Donald Trump |
| 1:43.3 | up the ante on the trade war. |
| 1:45.6 | The U.S. President said he'd impose an additional 100% tariff rate on China, as well as new |
... |
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