Letter: No team of moderators can hope to curb illegal content
From Angie Ma, Co-founder, Faculty, London EC1, UK
Letter: Surveys have a place, but brands need human touch
From Sally Winston, Director, XM Strategy, Qualtrics, London SE1, UK
Letter: Private equity has shown it can adapt — and prevail
From Gianluigi Di Pietrantonio, Varese, Italy
Letter: Soothing thought offsets ‘liberation day’ headline
From Jerry Blackett, Solihull, West Midlands, UK
For India, Donald Trump's tariffs could have been worse
Also in this newsletter, the weight-loss drug Mounjaro makes its India debut and stock markets on ‘liberation day’
Elliott Management steps up proxy campaign against refiner Phillips 66
US hedge fund seeks investor support to divest assets and install new board members to unlock value
Markets slump as Trump announces trade tariffs
‘It’s a tariff on bottles’
Tory bid to boost NHS dental appointments led to fewer patients, MPs say
Scheme introduced by Conservative government ‘comprehensively failed’, report finds
Cross-Channel rail owner to offer incentives for new operators
London St Pancras Highspeed, the former HS1, aims to attract more train companies and encourage extra Eurostar services
FT Crossword: Number 18,017
Trump floats China tariff relief in exchange for TikTok sale approval
US president suggests he is open to horse-trading a day after imposing severe import levies on Chinese goods
Global sell-off deepens as Japanese stocks plunge
Wall Street’s blue-chip companies including Apple tumble as investors rush for safety of government bonds
Trump’s sweeping tariffs ignite $2.5tn rout on Wall Street
US president defends levies even as market behemoths, including Apple, sink most in years
FirstFT: Donald Trump’s tariff blitz hits ‘Factory Asia’ hard
Also in today’s newsletter, Fitch downgrades China’s sovereign debt, and Samsung turns to China
Shares of Wall Street firms rocked by new US tariff regime
Financiers thought Trump would usher in a pro-business era but financial stocks have stumbled as tariff plans became clear
Trump tariffs open rift among top Republicans in Washington
US president’s trade war draws criticism from some senators and big donors
Apple loses more than $300bn in market value from Trump tariff hit
iPhone maker one of Wall Street’s biggest casualties despite Tim Cook’s efforts to court US president
Tariffs up. Markets down
A stunning rollout of new taxes astonishes traders
Trump fires national security officials after activist alleges disloyalty
Sackings come as top adviser Mike Waltz faces pressure for discussing military strikes in Signal chat
The American consumer’s identity crisis
A vibe shift, heralded by a sea of red
Trump triggers race to offer US concessions before tariffs hit
Nations prepare offers to Washington including weapons deals, dropping their own tariffs and moves against China
Davos forum founder Klaus Schwab to step down as chair of trustees
Head of body that hosts elite business conference says event must recover ‘sense of mission’
US High School Economics class: The best investment tip of all? Start when you’re young
Personal Finance
UK promises rapid review of NHS drug-pricing rebate
Under the scheme, drugmakers discount the price of medicines sold in bulk to the healthcare system