This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia<\/a>, Europe\/Africa<\/a> or Americas<\/a> edition to get the newsletter delivered every weekday morning. Explore all of our newsletters here<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n Good morning, happy Friday and welcome back to FirstFT Asia. In today\u2019s newsletter: <\/p>\n The Trump-Musk spat erupts<\/p>\n<\/li>\n US and China agree to new trade talks<\/p>\n<\/li>\n Inside the rise of Akio Toyoda<\/p>\n<\/li>\n<\/ul>\n Donald Trump has attacked Elon Musk as \u201ccrazy\u201d and threatened to rip up his government contracts. Here\u2019s what to know about the feud between two of the world\u2019s most powerful men. <\/p>\n War of words:<\/strong> Speaking in the Oval Office yesterday, Trump said he was \u201cvery disappointed\u201d in the Tesla boss for criticising his signature tax bill, and suggested he was trying to defend his business interests. \u201cI took away his EV Mandate\u2009.\u2009.\u2009. and he just went CRAZY!\u201d Trump wrote on Truth Social. As the row deepened, Musk insinuated in a post on X that Trump was associated with the late paedophile Jeffrey Epstein, adding: \u201cHave a nice day, DJT!\u201d Read the full story<\/a>.<\/p>\n Market reaction:<\/strong> Tesla\u2019s market value suffered its biggest one-day drop on record<\/a> yesterday, after the US president signalled he could terminate US government contracts with Musk\u2019s companies. The Tesla sell-off reverberated through US stock markets, with\u00a0the S&P 500 and the tech-heavy Nasdaq Composite ending the session down 0.5 per cent and 0.8 per cent respectively.<\/p>\n Here\u2019s what else we\u2019re keeping tabs on today:<\/p>\n Economic data:<\/strong> Vietnam and Thailand report May CPI inflation figures.<\/p>\n<\/li>\n India monetary policy:<\/strong> The Reserve Bank of India is widely expected to cut rates<\/a> today. (Reuters).<\/p>\n<\/li>\n<\/ul>\n How well did you keep up with the news this week? <\/em>Take our quiz<\/em><\/a>.<\/em><\/p>\n 1. Trump agreed with Xi Jinping to launch a new round of high-level trade talks between the US and China<\/strong> as the leaders of the two countries sought to ease commercial tensions that have been rattling the global economy. Trump and Xi spoke on the phone yesterday<\/a>, in their first known conversation since the US president returned to the White House.<\/p>\n 2. Citigroup has laid off 3,500 technology staff in mainland China<\/strong> as part of the bank\u2019s push to cut costs and streamline its global operations amid a broader turnaround effort. Here are the divisions affected<\/a>.<\/p>\n 3. EU businesses are lobbying Beijing to set up a special channel to fast-track Chinese approval <\/strong>of rare earth export licences for \u201creliable\u201d companies, as China\u2019s strict controls on shipments of the critical minerals threaten supply chains worldwide. European officials have warned that their factories are at risk of shutdowns<\/a> owing to the Chinese measures.<\/p>\n 4. Bangladesh\u2019s Muhammad Yunus has vowed to stay in power until as late as mid-2026,<\/strong> despite growing political turmoil and calls from opponents and parts of the military to hand the reins to an elected government sooner.\u00a0The Nobel laureate, who heads an interim government named after last year\u2019s overthrow of Sheikh Hasina, is now himself facing accusations of clinging to power<\/a>.<\/p>\n 5. Indonesia has introduced $1.5bn of stimulus measures to boost consumer spending,<\/strong> hoping to counter slowing growth as falling commodity prices and trade concerns hit south-east Asia\u2019s largest economy. Jakarta began providing discounts on transport fares<\/a> yesterday and wage subsidies for millions of households for two months. <\/p>\n There\u2019s no corporate leader quite like Akio Toyoda. More than 20 people who know the scion of Toyota\u2019s founding family, spoke to FT Magazine on his rise \u2014 and the strains in his reign<\/a> over a vast empire.<\/p>\n Nicotine pouches:<\/strong> Industry leaders hope the rising popularity of products such as Zyn will boost revenues. But can it save Big Tobacco?<\/a><\/p>\n<\/li>\n Why Maga world hates Europe:<\/strong> Trump\u2019s team is taking its US culture war across the Atlantic<\/a> with implications for the western alliance.<\/p>\n<\/li>\n Builder.ai collapse: <\/strong>The likes of Qatar\u2019s sovereign wealth fund and Microsoft are realising they may have backed a business that largely reported artificial revenues<\/a>.<\/p>\n<\/li>\n<\/ul>\n Test your knowledge of how Trump\u2019s trade war has actually affected import duties. These charts are all incomplete \u2014 they form an interactive test of the Trump Taco theory<\/a>. How accurately can you fill them in?<\/p>\n A 120-year-old Japanese stationery company has launched a self-declared \u201cmicromotivation\u201d device \u2014 a gizmo that attaches to your pen or pencil to measure how much handwriting you have done (and pit your progress against everyone else). Leo Lewis explains how it works, and what it says about our obsession with self-quantification<\/a>.<\/p>\n\n
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Five more top stories<\/h3>\n
FT Magazine<\/h3>\n
We\u2019re also reading\u2009.\u2009.\u2009.\u2009<\/h3>\n
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