Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) China slapped tariffs on a range of US products and announced a probe into Google moments after President Donald Trump imposed a 10% tariff on goods from Beijing, reigniting a trade war between the world’s largest economies.

(2) President Donald Trump agreed to delay 25% tariffs on Canada and Mexico for a month after both US neighbors agreed to take tougher measures to combat migration and drug trafficking at the border, warding off a continental trade war for now.

(3) Prime Minister Keir Starmer had hoped to spend Monday marking a new milestone in the UK’s much-promised reset with European Union five years after Brexit. Instead, he received a dramatic reminder of how much harder that will be with Donald Trump back in the White House.

(4) French Prime Minister Francois Bayrou forced the adoption of a 2025 budget bill by bypassing the lower house of parliament on Monday, using a constitutional provision that will likely trigger a no-confidence vote.

(5) UBS Group for the final quarter of 2024 beat expectations, aiding the Swiss bank in boosting buyback plans for this year to $3 billion. BNP Paribas announced a new share buyback and higher-than-expected dividend after a surge in trading revenue in the final months of last year lifted profit above its targets.