Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) India conducted targeted military strikes against Pakistan, which said it retaliated in expected tit-for-tat blows after a militant attack last month in Kashmir that killed 26 people. (2) India and the UK agreed to a landmark trade deal slashing tariffs on cosmetics, vehicles, alcoholic beverages and other goods, as both sides look for wins to offset the disruption of President Donald Trump’s protectionist policies. (3) The UK and US are in intensive discussions about an economic agreement that would reduce the impact of some tariffs, with a team of British officials in Washington to negotiate terms this week, people familiar with the matter said. (4) China reduced its policy rate and lowered the amount of cash lenders must keep in reserve, as Beijing ramps up efforts to help an economy caught in a second trade war with the US. (5) Friedrich Merz sought to move past an embarrassing stumble as he took power in Germany, vowing to reboot the economy and revive the country’s military. Podcast conversation: Macron Wants a Netflix in Paris, Not Just Emily: Lionel LaurentSee omnystudio.com/listener for privacy information.

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