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 Today\u2019s agenda:<\/strong> <\/em>Frozen Russian assets; EU budget plan\u2019s eastward shift; Loro Piana case; UK tax reform; and the \u2018cat bond\u2019 market<\/p>\n Good morning. We begin in Washington where Donald Trump has threatened Russia with \u201csevere\u201d tariffs and other financial penalties if the war in Ukraine does not end soon.<\/p>\n What happened: <\/strong>During a meeting with Nato secretary-general Mark Rutte in the Oval Office yesterday, the US president said he was \u201cvery unhappy\u201d with Moscow over the lack of progress towards a deal to end the conflict. \u201cI\u2019m disappointed in President [Vladimir] Putin, because I thought we would have had a deal two months ago,\u201d Trump said. <\/p>\n \u201cWe\u2019re going to be doing very severe tariffs if we don\u2019t have a deal in 50 days, tariffs at about 100 per cent, you\u2019d call them secondary tariffs,\u201d he added.<\/p>\n Secondary tariffs:<\/strong> A White House official later said the US was prepared to use \u201csevere sanctions and tariffs\u201d against Russia. Washington can leverage its role at the heart of global finance to cut people and countries off from the international economy through its sanctions programme. <\/p>\n Secondary tariffs or sanctions would ratchet up the pressure on Moscow by punishing third-party entities, industries or countries that do business with Russia. Read the full report<\/a>.<\/p>\n Here\u2019s what else we\u2019re keeping tabs on today:<\/p>\n Economic data:<\/strong> Spain, Canada and the US publish consumer price indices for June. <\/p>\n<\/li>\n UK:<\/strong> Bank of England governor Andrew Bailey and chancellor Rachel Reeves are scheduled to speak at Mansion House.<\/p>\n<\/li>\n US:<\/strong> Arizona holds a special primary election to fill a vacant US House seat; Trump is expected to speak at a Pennsylvania energy summit.<\/p>\n<\/li>\n Wall Street:<\/strong> JPMorgan Chase and Citigroup report second-quarter earnings. Traders are due to come to the rescue of their investment banking colleagues, who are on course to extend a record streak of underperformance<\/a>.<\/p>\n<\/li>\n<\/ul>\n 1. EU plans to raise more money for Ukraine <\/strong>by putting frozen Russian state funds into riskier investments would amount to \u201cexpropriation\u201d, the institution holding the bulk of the assets has warned. Euroclear chief executive Val\u00e9rie Urbain told the Financial Times that plans to reinvest cash generated by the assets to yield higher profits could risk further retaliation from Moscow<\/a>.<\/p>\n EU common budget:<\/strong> Brussels is to unveil a new way to allocate more than \u20ac750bn of EU farming and development funds, favouring newer member states<\/a>.<\/p>\n<\/li>\n<\/ul>\n 2. One of Hungary\u2019s richest men is pushing back against accusations<\/strong> that political connections helped him make his fortune, as the country\u2019s leader Viktor Orb\u00e1n faces public anger over cronyism and falling living standards. Read Marton Dunai\u2019s interview with the prime minister\u2019s son-in-law Istv\u00e1n Tiborcz<\/a>.<\/p>\n 3. City grandees have warned that further tax increases<\/strong> could prompt more wealthy people to leave Britain and deter many from saving for retirement, calling on Rachel Reeves to provide \u201cstability\u201d. The comments come ahead of the UK chancellor\u2019s Mansion House speech today, in which she is expected to outline her vision for the country\u2019s financial services<\/a>. <\/p>\n Overhaul:<\/strong> A clean sweep on tax reform is the easiest option for the UK government, writes Martin Sandbu. Such a move could deliver three big wins<\/a>.<\/p>\n<\/li>\n More UK news:<\/strong> Starling Bank is examining the case for listing in New York, as the digital bank presses ahead with an expansion into the US<\/a>.<\/p>\n<\/li>\n<\/ul>\n 4. A Milan court placed Loro Piana under judicial administration<\/strong> for subcontracting production to suppliers that allegedly exploited workers, making the LVMH-owned cashmere brand the latest fashion house to be caught up in a series of investigations into labour rights violations. Silvia Sciorilli Borrelli has details of the case<\/a>.<\/p>\n 5. Measles cases in Europe and Central Asia have climbed to their highest level for more than a quarter of a century<\/strong>, according to the World Health Organization. Outbreaks of the viral disease have killed children in the US and UK, stoking fears that vaccine hesitancy in high-income countries<\/a> is threatening hard-won gains from mass immunisation programmes.<\/p>\n China\u2019s BYD is catching up with Tesla and is poised to overtake its US rival in electric vehicle sales for the first time. In the past three years, the Chinese auto group has narrowed the technology gap between the two carmakers, including in autonomous driving. Read what is powering BYD\u2019s headway in the EV market<\/a>.<\/p>\n Instant delivery wars:<\/strong> Chinese online retail groups JD.com and Alibaba are luring shoppers with discounts in push to grab market share<\/a> from rival Meituan.<\/p>\n<\/li>\n Artificial intelligence:<\/strong> Instead of retraining those who lose work, politicians could help people take matters into their own hands<\/a>, writes Sarah O\u2019Connor.<\/p>\n<\/li>\n Rare earths:<\/strong> A small mining company won Pentagon backing as Trump sought to counter China and take a new approach to national defence<\/a>.<\/p>\n<\/li>\n \u200bChina GDP:<\/strong>\u00a0The world\u2019s second-largest economy grew 5.2 per cent year on year in the second quarter as resilience in exports helped to offset sluggish domestic demand<\/a>.<\/p>\n<\/li>\n<\/ul>\n Insurers are selling so-called catastrophe bonds at a record rate as they seek to offload the growing risk from climate change on to investors eager for high returns. Issuance of the instruments, which transfer part of the risk for events such as wildfires, hurricanes and earthquakes to bondholders, has surged to $18.1bn this year. Read more on the \u201ccat bond\u201d market<\/a>.<\/p>\n Would you trust an algorithm to make you a suit? Swedish brand Blugiallo, using clients\u2019 measurements, created a data set of 1,000-plus unique sizes that could be turned into an algorithm to calculate a perfect fit for each customer \u2014 starting from \u00a3650. Is there a catch<\/a>?<\/p>\n\n
Five more top stories<\/h3>\n
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The Big Read<\/h3>\n
\u200b\u200bWe\u2019re also reading\u2009.\u2009.\u2009.\u2009<\/h3>\n
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Chart of the day<\/h3>\n
![\"Bar](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd6c748xw2pzm8.cloudfront.net%2Fprod%2Fff47e8b0-60c2-11f0-9126-a19819308c66-standard.png?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\")
<\/picture><\/figure>\nTake a break from the news<\/h3>\n
![\"Blugiallo](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F01b064b0-374f-4fa9-b3e7-e3a39a82ec7d.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\")
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