Aurelia Butler

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldDonald Trump agreed with Xi Jinping to launch a new round of high-level trade talks between the US and China 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 on Thursday, in their first known conversation since the US president returned to the White House in January, following repeated attempts by Washington to engage the Chinese president in a discussion on trade.Speaking to reporters in the Oval Office after the call, Trump described the call as “very good”.“We’ve straightened out any complexity, it’s very complex stuff,” he said. “I think we’re in very good shape with China and the trade deal.”Earlier on Truth Social Trump had posted that there “should no longer be any questions respecting the complexity of Rare Earth products”. China’s limited exports of the vital materials have been a source of tension in recent weeks, as both sides accused each other of reneging on a deal reached in Geneva last month.The US president said that high-level economic talks with China would begin soon, with Washington represented by US Treasury secretary Scott Bessent, commerce secretary Howard Lutnick and US trade representative Jamieson Greer.Trump also said that Xi had invited him to China, and that he had “reciprocated”. “As presidents of two Great Nations, this is something that we both look forward to doing.”The call came a day after the US president described his Chinese counterpart as “extremely hard to make a deal with”.According to a report carried by Chinese state news agency Xinhua, Xi told Trump that China had strictly implemented the Geneva agreement, adding that the US side should look at the progress made in a realistic way and withdraw the “negative measures” taken against the country.“The Chinese people always keep their promises and fulfil their actions. Since a consensus has been reached, both sides should abide by it,” Xi told Trump.Last month’s Geneva agreement between the US and China temporarily reduced their tit-for-tat tariffs, which had soared as high as 145 per cent, with Washington saying it would also restart the flow of critical rare earths and related magnets to the US.But last week, Washington accused Beijing of failing to live up to its promises to approve licences for exports of rare earths, leading to shortages that are threatening to shut down parts of US industry, and fears of a new breakdown in economic relations between the countries. China earlier this week accused the US of “seriously violating” the Geneva agreement by issuing new warnings on using Huawei chips globally, halting sales of chip design software to Chinese companies and cancelling visas for Chinese students.According to the Chinese side, Trump told Xi that the US was willing to work with China to implement the agreement and that it “welcomes Chinese students to study in the US”.The trade war between the US and China triggered a sharp sell-off in global equities, which have recovered and stabilised since the truce was hatched in Switzerland last month.But investors are closely watching whether that pact will hold or if tensions will flare up again, raising the possibility of another escalation of tariffs.Trump has frequently said that his strong personal relationship with Xi will help cut through the trade and strategic tensions between the US and China. In his Truth Social post, Trump said that the conflict in Ukraine and negotiations with Iran over its nuclear programme were not discussed in the call with Xi, in a sign that the US and China are trying to separate their economic relations from broader geopolitical flashpoints. Trump’s tariffs exacerbated a gloomy outlook for Xi’s economic planners in Beijing. China has been battling a slump in consumer and business confidence as well as persistent deflationary pressures and high youth unemployment.While the rise of a number of high-tech manufacturers and artificial intelligence companies have been a bright spot for the world’s second-biggest economy, a surge in low-cost Chinese exports has also rattled many trading partners.Thursday’s call between Trump and Xi came ahead of the US president’s meeting at the White House with German Chancellor Friedrich Merz, in which trade tensions between the US and the EU were expected to be at the top of the agenda.Trump has threatened to impose 50 per cent tariffs on EU imports on July 9 unless a deal is reached with Brussels. Additional reporting by Cheng Leng in Hong Kong More

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldBlackRock chief executive Larry Fink said the US was “going to hit the wall” unless the economy grows quickly enough to manage higher deficits from government spending, as a growing chorus of financiers warn about the country’s mounting debt. Fink, who leads the world’s largest asset manager, characterised the deficit as one of the “two most consequential issues” US politicians are ignoring, as President Donald Trump looks to pass tax cuts that will add $2.4tn to the national debt over the next decade.“We have a pending tax bill that’s going to add $2.3tn, $2.4tn on the back of that,” Fink said, pointing to the $36tn in existing US debt. “If we don’t find a way to grow at 3 per cent a year . . . we’re going to hit the wall.”“If we cannot unlock the growth and if we’re going to continue to stumble along at a 2 per cent economy, the deficits are going to overwhelm this country,” Fink said, speaking at a Forbes conference in New York. Speaking at the same conference, Citadel founder Ken Griffin said the US’s “fiscal house is not in order”.“You cannot run deficits of 6 or 7 per cent, at full employment, after years of growth,” he said. “That’s just fiscally irresponsible.”US deficit spending has soared in recent years, and now stands at 120 per cent of GDP, according to the Federal Reserve Bank of St Louis. The yield on the 30-year US sovereign bond has risen to its highest level since late 2023 in recent weeks amid expectations of a flood of new Treasuries on the market.Wall Street titans, including JPMorgan CEO Jamie Dimon, have sounded the alarm in recent weeks about the prospects of higher deficit spending. Investors have raised concerns that the growing interest expenses related to the nation’s debt will overwhelm federal spending, which in turn will weigh on growth. The worries have mounted since the Republican House of Representatives passed Trump’s “big beautiful bill”, which would add $2.4tn to the deficit, according to the independent Congressional Budget Office. The Senate is now deliberating the spending plan. While the Trump administration has promised to cut federal spending, those reductions are more than offset by the extension of the president’s 2017 tax cuts.The US has been on a unsustainable fiscal path for years, economists have argued. Large federal spending programmes have been passed — notably after the Covid-19 crisis — while the government has cut taxes. Even before the vote on Trump’s “big beautiful bill”, the CBO projected that US debt as a share of GDP would rise above the high previously set during the second world war. The more the US borrows, the more government debt the US has to sell to investors: the Treasury market has ballooned in size from about $5tn in 2008 to $29tn today. Fink noted a glut of Treasury supply would be particularly hard for the market to digest at the moment, as Washington has alienated foreign investors with its tariff policies. “Importantly, 25 per cent of the US Treasury market is owned by foreigners,” Fink said. “That’s not a good situation when we are now battling many countries related to tariffs. And so you’re starting to begin to see a weakening in the dollar.” More

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The European Central Bank has signalled it is nearing the end of its rate-cutting cycle as it lowered borrowing costs by a quarter point to 2 per cent in response to uncertainty over the impact of Donald Trump’s trade war.Following the widely expected cut, ECB president Christine Lagarde said the central bank had “nearly concluded” the latest monetary policy cycle, which has led to rate-setters halving borrowing costs from a peak of 4 per cent since June 2024.The Eurozone would be in a “good position to navigate the uncertain conditions” facing the bloc, she added in an apparent reference to trade tensions between the US and EU.The euro climbed following Lagarde’s remarks, trading 0.3 per cent higher against the dollar at $1.145 by late afternoon in Europe. Traders reined in their bets on rate cuts, with swaps markets pricing in just one further reduction in the second half of the year. Prior to a press conference on Thursday at the ECB’s headquarters in Frankfurt, markets had implied a small chance of two further cuts.“She said several times ‘we are well positioned at the moment’,” noted Andrew Kenningham at Capital Economics. “[This] perhaps implies that interest rates don’t need to [fall] any more.”Kaspar Hense, a portfolio manager at RBC BlueBay Asset Management, said: “For the time being, the ECB can claim to have achieved a soft landing for Europe and the last mile seems to have come to an end.”Show video infoLagarde was questioned about her future at the institution, after World Economic Forum founder Klaus Schwab told the Financial Times that she had discussed cutting short her term as ECB president to join the body behind the annual meetings of business and political leaders in Davos in Switzerland. She insisted: “I am determined to complete my term. Period.”The central bank on Thursday lowered its inflation outlook for this year to its medium-term 2 per cent target, down from the 2.3 per cent it predicted in March. It also revised its estimate for 2026 to 1.6 per cent from 1.9 per cent previously, which Lagarde said was driven by volatile oil and gas prices and the stronger euro. The currency has unexpectedly strengthened since the US president’s “liberation day” tariff announcements.Core inflation, which strips out those volatile factors, is “hardly moving”, Lagarde said. The bank expects inflation to return to its 2 per cent target in 2027.Lagarde acknowledged that “uncertainty surrounding trade policies” risked weighing on “business investment and exports, especially in the short term”. But the bank has not changed its expectations for GDP growth of 0.9 per cent in 2025 and 1.1 per cent in 2026, arguing higher real incomes and a “robust” labour market “will allow households to spend more”. Additional reporting by Alan Livsey in London More

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldDonald Trump’s second term as US president has been dominated by a trade war of his own making, but tracking its impact has been far from straightforward. Many executive orders imposing escalating tariff rates have been swiftly followed by White House climbdowns — the “Trump always chickens out”, or “Taco” theory. US trade data published on Thursday provides the first opportunity to see how Trump’s “liberation day” trade war, unveiled on April 2, applied in practice that month. The “effective tariff rate” calculation cuts through the tangle of headline rates to measure the duties as a percentage of actual import value.The charts below are all incomplete. They form an interactive test of the Trump Taco theory. How accurately can you fill them in?Some content could not load. Check your internet connection or browser settings.Trade data for May is expected to show a higher effective tariff rate. The Yale Budget Lab estimated that all Trump’s duties in effect today would lift the effective tariff rate to at least 14.5 per cent, the highest since 1938. Tariffs on iron and steel have been at the heart of Trump’s trade agenda as he attempts to revive the US’ manufacturing sector. Official import data differentiates between iron and steel as raw materials and pre-manufactured items. Both of which were targeted by Trump in his first term, but not at the same intensity.Some content could not load. Check your internet connection or browser settings.China has been hit with some of the steepest tariffs in Trump’s second term. But Mexico, the single biggest US trade partner, was also an early target of Trump tariffs back in February. How do their rates compare?Some content could not load. Check your internet connection or browser settings.Effective tariff rates vary enormously by product category. Some, such as knitted clothing, have been covered by relatively high duties for a number of years. Others, such as electrical equipment and toys, have surged under Trump’s new tariff regime from traditionally low levels. But some unexpected categories stand out. Take what has happened, for instance, to the effective tariff rate for “umbrellas, sun umbrellas, walking-sticks, seat-sticks, whips, riding-crops and parts thereof”?Some content could not load. Check your internet connection or browser settings.The effective tariff rate for umbrellas increased rapidly because the majority of US imports come from China, which was subject to the steepest Trump duties. The EU has been treated as a single bloc by Trump’s tariffs. But in practice individual countries are subject to very different effective tariff rates based on the type of goods they export to the US. This chart compares Ireland’s effective tariff rate to that of the EU as a whole.Some content could not load. Check your internet connection or browser settings.Ireland is relatively unscathed because pharma is the country’s main export to the US, which has been subject to exemptions. Trump has threatened to impose higher tariffs on the sector in future.Trump argued on “liberation day” that his higher tariffs would raise “trillions and trillions of dollars to reduce our taxes and pay down our national debt”.The chart below shows the difference Trump’s trade war has made to US customs revenues. Some content could not load. Check your internet connection or browser settings.The higher tariffs have driven up customs revenues. But the revenue generated in April are small beer in the context of US public finances, equivalent to less than 4 per cent of typical monthly federal spending. More

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.UK inflation was overstated by 0.1 percentage points in April owing to an error in tax figures provided by a government department, the Office for National Statistics said on Thursday, in the latest blow to confidence in the quality of economic data.Annual inflation would have been 3.4 per cent in the month, according to the corrected data, rather than the 3.5 per cent initially reported. Economists polled by Reuters had expected a rate of 3.3 per cent, up sharply from 2.6 per cent in March.The correction affects one of the UK’s most market-sensitive economic data series, an indicator that has particular significance to government bond markets, currencies and Bank of England interest rate decisions. The BoE has been vocal about the difficulties it is experiencing deciding the path for monetary policy given uncertainty about the accuracy of official data, in particular labour market figures.Last month Sir Ian Diamond, stepped down as head of the ONS citing “ongoing health issues”, weeks after ministers commissioned a review of the agency’s leadership, culture and structure. Economists were taken aback by the leap in the vehicle excise duty component of inflation when inflation data for April was published on May 21. Traders trimmed back bets on BoE rate cuts in the wake of the figures, as some saw inflation proving stickier than the central bank had expected. The ONS said on Thursday that the Department for Transport had supplied the incorrect data as part of the process of calculating inflation. This had overstated the number of vehicles subject to VED rates applicable in the first year of registration, which led to headline consumer price and retail price indices being overstated. “No other periods are affected,” the ONS added in a statement. In line with its revisions policy, it said, the April figure would remain at 3.5 per cent in its historic series, but the ONS will be using the correctly weighted data from figures from May 2025 onwards. The DfT’s published official statistics were unaffected, the ONS added. The ONS noted that the error was isolated to one set of data used to calculate the VED index, but the agency added that it “is reviewing its quality assurance processes for external data sources in light of this issue”.The DfT did not immediately respond to a request for comment. Conservative shadow chancellor Sir Mel Stride said it was “thoroughly reprehensible” that the ONS was not able to give more accurate data. He singled out problems in the agency’s labour market survey, which has been beset by inaccuracies stemming from declining survey responses underpinning figures including the unemployment rate. “I don’t think that’s acceptable actually, and I’m surprised it has been allowed to persist for as long as it has,” he told an event at the Royal Society of Arts in London. Asked about Stride’s comments, a spokesperson for the ONS said: “We are working hard to address pressing issues and will publish a plan shortly to outline the restoration of our key statistical outputs.”The long-running problems with the labour market survey have raised doubts over key indicators such as unemployment, inactivity and productivity. But errors have also been found in other ONS data releases, including trade figures.“The trouble for the ONS is that this is part of a developing pattern of weakness which further undermines confidence,” said Tony Travers, a professor at the London School of Economics. “Given data and analytical advances in recent decades, this kind of failure is all the more problematic.”Rob Wood, economist at consultancy Pantheon Macroeconomics, said that while budget restrictions had compromised the ONS’s ability to produce accurate statistics, “errors . . . are piling up and have now at one time or another affected all the real key economic statistics of inflation, unemployment and GDP”.While the 0.1 point error in April’s inflation rate would not “make or break” the organisation’s credibility, said Wood, it was “crucial that the ONS climbs the mountain of restoring trust in its statistics”. BoE governor Andrew Bailey, when asked at the House of Commons Treasury committee on Tuesday about the impact of confidence in official data on central bank’s rate decisions, said: “It does have a bearing on it. “We certainly spend more time on it, and that’s obviously what we should do, given the uncertainty.” More

The European Central Bank has signalled it is nearing the end of its rate-cutting cycle as it lowered borrowing costs by a quarter point to 2 per cent. The euro climbed to trade 0.5 per cent higher against the dollar at $1.147 after remarks by ECB President Christine Lagarde that the central bank’s easing cycle had “nearly concluded”.Traders reined in their bets on future rate cuts, with swaps markets pricing in just one more reduction in the second half of the year. Previously, markets had implied a small chance of two further cuts.Thursday’s widely expected decision means the ECB has now halved its benchmark rate from a peak of 4 per cent over the past 12 months. Most analysts predict that the unexpected strength of the euro since Donald Trump’s “liberation day” tariff announcements in April, combined with lower energy prices and a potential rise in imports from China, will keep a lid on consumer price rises in the Eurozone. But economists and policymakers remain unsure over whether a trade war will ultimately dampen or speed up inflation.The ECB lowered its inflation outlook for this year to its medium-term 2 per cent target, down from the 2.3 per cent it predicted in March.Some content could not load. Check your internet connection or browser settings. More

This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia, Europe/Africa or Americas edition to get the newsletter delivered every weekday morning. Explore all of our newsletters hereGood morning and welcome back to FirstFT. Today we’re covering: Big investors’ shift from the USTrump’s probe into Biden’s aidesThe collapse UK start-up Builder.ai Big Tobacco’s new nicotine hitBig institutional investors are shifting away from American markets as they “rethink” their US exposure.Why is this happening? President Donald Trump’s erratic trade policy has shaken global markets in recent months, sparking a sharp sell-off in the US dollar and leaving Wall Street stocks lagging far behind European rivals this year. Trump’s “big beautiful bill”, which the Congressional Budget Office yesterday forecast would add $2.4tn to Washington’s debt over the next decade, is escalating fears about the US debt mountain.Where are investors looking? Europe. Yesterday Apollo Global Management became the latest US investor to outline ambitious investment plans for Europe. It plans to invest $100bn in Germany. Investment groups such as Blackstone and New York-based Neuberger Berman have also cited the region’s relative stability, while Caisse de dépôt et placement du Québec, Canada’s second-largest pension fund, has said it would cut US exposure and increase investment in the UK, France and Germany. Here’s more on how Trump has shaken confidence in American assets and what else we’re keeping tabs on today:White House: Donald Trump welcomes the new German Chancellor Friedrich Merz to the Oval Office for their first face-to-face meeting. The German chancellor’s visit comes as the US-EU rift deepens. Interest rates: The European Central Bank is expected to cut borrowing costs after Eurozone inflation fell below its 2 per cent target. The decision comes a day after Bulgaria was given the green light to join the euro.Lex Greensill: The Australian financier is set to make his first public courtroom appearance since his eponymous lending company collapsed, in a London court case brought by a Credit Suisse fund against SoftBank.Companies: Long queues have formed outside stores around the world for the launch of Nintendo’s Switch 2 games console. Companies reporting results today include Broadcom, Brown-Forman, Lululemon Athletica and Victoria’s Secret.Five more top stories1. Donald Trump has launched a probe into aides of Joe Biden for allegedly concealing his mental decline. The investigation follows the release of a book last month by journalists Jake Tapper and Alex Thompson that contains damaging revelations about Biden’s declining mental and physical acuity. Read more on Trump’s latest effort to seek retribution against political foes.2. Vladimir Putin plans to retaliate for Ukraine’s drone attack on Russia’s bomber fleet, Trump said after an hour-long phone call with his Russian counterpart. The US president called it “a good conversation” in social media posts, but added that it was “not a conversation that will lead to immediate Peace”.More on Russia: Moldova’s prime minister has warned that Moscow wants to install a pro-Kremlin government and deploy 10,000 troops in a separatist region on Ukraine’s border.3. Trump’s trade war is an even tougher challenge for emerging market policymakers than Covid-19 was, a top IMF official Gita Gopinath warned. The fund’s first deputy managing director said the unpredictable impact of tariffs would make it particularly difficult for central bankers to support their economies. Read her full interview with the FT. 4. Wise, the foreign exchange fintech, has become the latest company to switch its primary stock market listing from London to New York. The company was founded by Estonians Kristo Käärmann and Taavet Hinrikus in London in 2010 and launched on the London stock market with great fanfare in 2021, with a valuation of close to £9bn. Here’s more on its decision to switch listing.More financial industry news: Citigroup has laid off 3,500 technology staff in mainland China as part of a push to cut costs and streamline its global operations.5. Donald Trump’s administration has said Columbia University no longer meets the standard required for accreditation due to its violation of federal anti-discrimination laws, sharply escalating its pressure on the institution. The action threatens Columbia’s access to tens of millions of dollars in tuition fees from government-backed student grants and loans to support students.News in-depthWhen Builder.ai raised more than half a billion dollars from some of the world’s top technology investors, including Microsoft and Qatar’s sovereign wealth fund, it had a simple pitch: it could use artificial intelligence to make building apps “as easy as ordering pizza”. But this week, the London start-up formally filed for bankruptcy in the US following an internal investigation which found evidence of potentially bogus sales. The FT spoke to former employees and reviewed documents to go inside the collapse of the UK tech unicorn.We’re also reading . . . US debt: An activist Treasury issuance strategy under Joe Biden has continued under Trump and is spreading internationally, writes economist Nouriel Roubini.Joe Biden: The former US president has become a scapegoat for a long-standing problem in his party, writes Janan Ganesh: a tolerance of obvious election losers.Akio Toyoda: More than 20 people who know the scion of Toyota’s founding family speak to FT Magazine on his rise — and the strains in his reign over a vast empire.Chart of the daySome content could not load. Check your internet connection or browser settings.In just a few years, nicotine pouches have taken off everywhere from Premier League locker rooms to Wall Street trading floors, gaining something of an anti-establishment reputation that has made them a cause célèbre for the Maga movement. The growth in sales of products such as Zyn and Velo is astonishing, but the health implications are little understood. Regulators around the world are cautious, but cigarette companies have seized on the trend. Can pouches save Big Tobacco?Take a break from the newsA 120-year-old Japanese stationery company has launched a self-declared “micromotivation” device — 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.The ‘Otona no yarukipen’ (adult motivation pen), a device that tracks writing progress More

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldUK industry was on Tuesday exempted from a doubling of US steel and aluminium tariffs by Donald Trump, as British bosses urged Sir Keir Starmer to work quickly to implement a trade pact that would cut the levies to zero. The surprise move by the Trump administration to hand Britain a carve-out from its latest tariff increases provided some respite for the prime minister, who is facing mounting frustration from industry over delays to implementing the US-UK trade accord.Announcing the new tariffs via an executive order, Trump said the UK would escape a 50 per cent levy on steel and aluminium “to allow for the implementation of the US-UK Economic Prosperity Deal” — but British metal producers will contend with a 25 per cent tax until the pact takes effect.Under the terms of the agreement, the UK will receive a zero-tariff quota for steel if it meets US security requirements to exclude China from its supply chains.However, since the May 8 signing ceremony involving Starmer and Trump, negotiations over implementing the deal have dragged on. Trump’s executive order added a note of jeopardy to the UK exemption, saying the president reserved the right to increase steel and aluminium tariffs on Britain to 50 per cent if “he determines that the United Kingdom has not complied with relevant aspects” of the trade deal.The Trump administration’s decision to spare Britain came after UK business secretary Jonathan Reynolds held talks with his US counterpart Jamieson Greer in Paris on Tuesday, in a further effort to expedite the pact.Reynolds said after the meeting that both sides were working to implement the agreement “as soon as possible” without specifying a timeline. The UK government said in a statement: “We’re pleased that as a result of our agreement with the US, UK steel will not be subject to these additional tariffs.“We will continue to work with the US to implement our agreement, which will see the 25 per cent US tariffs on steel removed.”The trade pact also promised to reduce US tariffs on up to 100,000 British car exports from 25 per cent to 10 per cent. Before Trump unveiled his executive order, Duncan Edwards, chief executive of BritishAmerican Business, a transatlantic trade body, said it was “very frustrating” from a British point of view that US tariffs on UK steel exports had not yet been cut to zero. Trump imposed 25 per cent tariffs on aluminium and steel imports in March.Edwards said Starmer had slightly “oversold” the trade pact. “There’s a credibility issue when you say you have done it, but it’s not finished yet,” he added.UK industry leaders showed growing signs of impatience earlier on Tuesday, telling parliament’s business and trade committee that it was urgent the trade accord was operationalised. Russell Codling, director of markets business development at Tata Steel, which has steel making operations at Port Talbot in south Wales, said US tariffs of 25 per cent had already a “big impact” on the business, creating “huge levels of uncertainty” for the industry. “My ‘ask’ is please can the government act as quickly as possible on this,” he told MPs. The US is the UK’s second most important export market for steel, worth around £400mn a year.UK carmakers are also in limbo, awaiting details on how they can qualify for a US export quota of 100,000 cars at a reduced 10 per cent tariff, and how it will be shared out.Murray Paul, public affairs director at Jaguar Land Rover, said the company would continue hurting for as long as the UK government failed to conclude the negotiations on the trade pact.“It comes down to speed. We are losing business rapidly — a complete cessation of activity with US customers and orders . . . I have confidence [in the deal], but it needs to happen, really, really quickly,” he added.The hastily agreed trade pact announced by Starmer and Trump had an important disclaimer in the small print: “Both the United States and the United Kingdom recognise that this document does not constitute a legally binding agreement.”British officials have been working to persuade the Trump administration to bring it into force, but some admitted there was no “clarity” about when this might happen.The UK made concessions to the US side, agreeing 13,000 tonnes of beef and 1.4bn litres of bioethanol could be exported to the UK tariff free. Bioethanol is used to make the UK’s standard E10 petrol less carbon intensive. More