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

On today's podcast:

(1) President Donald Trump ordered his administration to consider imposing reciprocal tariffs on numerous trading partners, raising the prospect of a wider campaign against a global system he complains is tilted against the US.

(2) President Volodymyr Zelenskiy said that Russia’s Vladimir Putin simply can’t be trusted, which is why Ukraine needs security guarantees, particularly from the US.

(3) HSBC is kicking off a fresh round of job cuts at its investment bank as new Chief Executive Officer Georges Elhedery continues his overhaul of Europe’s biggest lender, according to people familiar with the matter.

(4) Jamie Dimon said JPMorgan Chase & Co. will scale back spending on some diversity initiatives that he sees as a waste of money, while he also reiterated the bank’s commitment to working with Black, Hispanic and LGBTQ communities.

(5) Euronext NV Chief Executive Officer Stephane Boujnah said US President Donald Trump’s return to the White House could present a boon for the pan-European bourse and regional companies, as Europe is “now perceived as a great investment opportunity.”

(6) UK Prime Minister Keir Starmer met Chinese Foreign Minister Wang Yi in London on Thursday as the two nations pursued a thaw in ties even as Europe reeled from Donald Trump’s intervention on Russia’s war in Ukraine.

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