Markets rally after the US does a trade deal with the UK that keeps the 10% baseline tariff on most imports. The Bank of England cuts rates, but hawkishly. And exports from Taiwan and Vietnam jumped unexpectedly in April after US importers front-loaded shipments as soon as the 90-day US tariff pause started.

In our bonus Deep Dive interview, ANZ Economist Dhiraj Nim looks at how the China-plus-one diversification strategy has affected regional Foreign Direct Investment flows in surprising ways.

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