This Financial Times News Briefing from March 30th features Victoria Craig hosting discussions on global markets and trade policy. The episode includes FT Markets columnist Katie Martin analyzing market turbulence from the Iran conflict, and senior trade writer Alan Beattie examining the first year of Trump's tariff policies.

The program covers President Trump's latest comments on Iran oil seizure plans, the combined sell-off in stocks and bonds creating investor uncertainty, and marks one year since Trump's 'Liberation Day' tariff announcement. The episode also celebrates the 2000th edition of the FT News Briefing podcast.

Trump's Iran Strategy: Oil Seizure and Military Targets

President Trump told the FT his 'preference would be to take the oil' from Iran, acknowledging resistance at home but comparing it to U.S. control of Venezuela's oil industry indefinitely.

Seizing Iran's oil would involve taking Karg Island, the country's oil export hub, with Trump saying he has 'a lot of options' and would be there 'for a while.'

Trump reported that 13,000 targets have been hit in Iran with 3,000 remaining, though he provided no details on what or where these targets are located.

Talks between the U.S. and Iran via 'Pakistani emissaries' are progressing well, with a ceasefire deal to reopen the Strait of Hormuz potentially reached 'fairly quickly' - Trump.

Market Chaos: When Safe Havens Fail

Global markets face their biggest combined sell-off of stocks and bonds since 2022, creating a 'nightmare scenario for investors' with nowhere to hide - Katie Martin.

Government bonds, traditionally the 'safe bit of a portfolio,' are failing because 'bonds hate inflation' and energy price shocks threaten another inflation run-up.

The $30 trillion U.S. Treasury market shows instability with periods where 'it can be a little bit difficult for investors to get a hold of prices and to get deals done.'

Hedge funds betting against this scenario 'really took a lot of pain very, very quickly' when their opposite bets hit a wall in UK and European government bonds.

Stagflation concerns grow as central banks 'can't raise interest rates to control inflation that comes from energy prices very easily.'

Peak Tariff: Trump's Trade War Reaches Its Limits

Alan Beattie declares 'we have reached peak tariff' - Trump 'tried to remake the world trading system' and 'has failed' to close the U.S. trade deficit.

America's trading partners feel 'whipsawed, possibly traumatized' because Trump 'wants about 10 different things, which are all in contradict each other.'

China continues exporting to the U.S. via third countries with 'Chinese exports still roaring away, still running a huge surplus with the rest of the world.'

Other countries haven't followed U.S. protectionism: 'Everyone else has looked at it and said, oh my goodness, whatever we do, we're not going to do that.'

Despite Supreme Court striking down IEPA-based tariffs, the administration plans to 'rebuild that tariff wall' using balance of payments, national security, and unfair trade authorities.