How a small US business navigated Trump’s tariffs

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• 00:00

  Good morning from the Financial Times.

• 00:04

  Today is Wednesday, April 1st, and this is your FT News Briefing.

• 00:09

  U.S. Stocks got a little pick-me-up yesterday,

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  but the European Central Bank appears to have a bit of a mess on its hands.

• 00:16

  Plus, American businesses wondered if they'd survive U.S. President Donald Trump's tariffs.

• 00:20

  We spoke to a small company who sued the administration over the policy.

• 00:25

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

• 00:38

  U.S. Stocks rallied yesterday after President Trump said that when it comes to Iran, quote, the hard part is done.

• 00:45

  The S&P 500 ended the day nearly 3% higher.

• 00:48

  The Nasdaq composite jumped close to 4%.

• 00:51

  They had their biggest one-day gains in more than a month.

• 00:54

  While yesterday was good for U.S. Equities, it's been a rough couple of weeks for another American asset class.

• 01:00

  Data from the New York Federal Reserve showed foreign central banks have slashed their holdings of treasuries.

• 01:06

  They're at their lowest level since 2012.

• 01:09

  One analyst told the FT that oil importing countries like Turkey and India are looking to sell U.S. Government debt

• 01:15

  to afford the higher prices of dollar-denominated oil.

• 01:19

  The value of treasuries held at the New York Fed has dropped by $82 billion since the end of February.

• 01:32

  The Middle East conflict created an energy shock around the world,

• 01:36

  and yesterday we got a glimpse of what it 's doing to Europe.

• 01:39

  Preliminary estimates showed that eurozone inflation jumped to 2.5% in March,

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