The UK's energy partner.

Learn more at equinore.

Good morning from the newsroom of the Financial Times.

Today is Wednesday, June 5th, and this is your FT news briefing.

Donald Trump's World Bank chief laments the slowdown of global trade. The U.S. President predicts that

tariffs against Mexico will go into effect next week and Renault pushes back a

decision on a possible merger with Fiat Chrysler.

Plus, the FT's U.S. economics editor Sam Fleming

explains why the Fed is considering a change of heart

when it comes to interest rates.

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

The new president of the World Bank is lamenting the slowdown of global trade.

David Mailpass was tapped by the job by US President Donald Trump,

but the former Reagan administration economist stopped just short of criticizing the White House for protectionist policies.

Male Pass said on Tuesday, quote, there's been a tumble in business confidence, a deepening slowdown in global trade, and sluggish

investment in emerging and developing economies.

The comments by Mr. Mailpass came as the World Bank downgraded its global economic growth forecasts for this year from 2.9% in January to 2.6%.

In the backdrop, concerns are mounting around the world over Mr. Trump's terror fight with Mexico and China.

And the author of the World Bank forecasts says if trade tensions continue, things will look even worse in 2020.

The global growth rate prediction for next year is 2.7%

but could fall to 1.7% if more protectionist policies emerge.

And on the topic of trade, President Trump says U.S. tariffs against Mexico will kick in next week, even as his Vice President begins talks with

...