Can a correction fix Australia’s housing market?
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What is the main topic discussed in this episode?
What are you up to on June 20th? Well, if you're in New York City, the FT is hosting its weekend festival. See big names like John Lithgow and a live taping of the FT's Unhedged podcast with Katie Martin and Rob Armstrong. If this sounds like a good time, take a peek at our show notes. We'll have a link there where you can register.
What recent changes are being proposed for the EU's diplomatic service?
Good morning from the Financial Times. Today is Thursday, June 11th, and this is your FT News Briefing. the EU's foreign service might look pretty different soon. And rising inflation is pressuring the White House to strike a deal with Iran. Plus, we'll take a look at Australia's unorthodox plan to fix its housing crisis. I'm Mark Filippino, and here's the news you need to start your day.
France and Germany are talking about a radical overhaul of the EU's foreign service. That's according to five senior officials briefed on the discussions. It would involve taking powers away from the bloc's chief diplomat, Kaya Callas, and her agency. And as a result, the European Commission and member states would have more control over the bloc's diplomacy. The EU has faced a ton of diplomatic challenges in the past few years, from the conflicts in Ukraine and Iran to U.S. President Donald Trump's trade war. And some have questioned whether the EU's diplomatic agency is up to the task. The officials said several countries have argued that there is too much overlap, plus a lack of coordination between the agency, individual countries' foreign ministries, and the European Commission.
The U.S. and Iran have been exchanging fire for the past couple of days. This is happening as the two countries try to extend a ceasefire and reopen the Strait of Hormuz. U.S. President Donald Trump warned that Iran will have to, quote, pay the price for taking too long to negotiate. On top of the shaky ceasefire, Trump is also facing domestic political pressure to get a deal done. Government data out yesterday showed inflation jumped to 4.2% last month. So what does this all tell us about the state of negotiations? The FT's Washington bureau chief, James Politi, is here to answer that. Hi, James. Hi, Mark.
How is inflation affecting US-Iran negotiations?
Okay, so we've seen what looks like heightened tensions between Washington and Tehran. We've heard conflict. conflicting messages from Trump about being close to a deal, but also that Iran is taking too long to agree to one. James, why is Trump resorting to this diplomatic escalation?
Well, I mean, he's clearly getting more frustrated with the lack of a sufficient Iranian response to his plea for negotiations. One can argue to what extent this is actually an escalation. The US military is saying that the recent strikes on Iran in response to the downing of an Apache helicopter were done in self-defense. And they do not mean to break the ceasefire. So it looks like they're trying to ramp up the pressure on the Iranians to strike a deal. But new skirmishes really raise questions about how strong the ceasefire really is.
James, I mentioned the inflation report. Tell us how big of an impact that has on getting a deal done.
I think it's absolutely critical because the rise in inflation is creating a huge political problem for President Trump. And every Republican who's on the ballot in the midterm elections in early November, which are really coming up quite shortly, just in a few months, Petrol prices are up, the cost of living is rising, and this is not what American voters re-elected Trump to do. In that context, Trump and a lot of Republicans feel the need to get a deal, and he seems to be growing increasingly angry about the state of play.
How is this all playing out with the Iranians?
Well, the Iranians are holding firm in some respects. Even in response to the U.S. strikes, they continue to launch attacks against key allies of the U.S. In the Gulf, the chances of a deal do not seem extremely high. It's still possible there could be an agreement, but it does not appear that the Iranians are willing to make some of the concessions on both their nuclear capabilities and on the Strait of Hormuz that the US is looking for.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:21
2
What recent changes are being proposed for the EU's diplomatic service?
0:21–2:16
3
How is inflation affecting US-Iran negotiations?
2:16–5:12
4
What steps is Australia taking to address its housing crisis?
5:12–6:02
5
How severe is the housing situation for young Australians?
6:02–7:41
6
What tax reforms are being implemented to lower housing prices?
7:41–8:40
7
What is the expected market reaction to Australia's housing policy changes?
8:40–10:20
8
What are the political risks associated with the housing market reforms?
10:20–10:44