Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) For weeks the US economic picture has been darkening. If Wednesday was an opportunity for Federal Reserve Chair Jerome Powell to raise the alarm, he took a hard pass.

(2) President Donald Trump said the Federal Reserve should cut interest rates, splitting with the US central bank as officials weigh the economic cost of his tariff push.

 
(3) Research by Bloomberg Economics shows that China has roughly managed to maintain its share of global exports despite a big drop in its share of total US imports since Trump’s first term. Emerging markets are facing a so-called 'China shock', as cheap goods arrive in developing countries.

(4) The Bank of England is likely to turn less dovish on Thursday as officials start to fret about the fallout from Donald Trump’s tariff wars and a renewed bout of domestic inflation.

(5) Ukrainian President Volodymyr Zelenskiy agreed to a proposal for a mutual halt to strikes on energy assets as an initial step in President Donald Trump’s effort to end the war that began with Russia’s full-scale invasion three years ago.

 
(6) Major changes to UK inheritance tax by the Labour government means means wealthy Britons are embracing creative tactics to protect and pass on wealth, espcially businesses, farmland and pensions.

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