US President Donald Trump’s announcement of “reciprocal” tariffs caused havoc in the markets, notably hitting Big Tech stocks such as Apple. The company lost more than $300bn in market value the next day, and its path forward is complicated. The FT’s San Francisco correspondent Michael Acton explains why the iPhone maker is vulnerable, and what options it has to minimise the damage. Clips from PBSNewshour, C-SPAN - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Apple loses more than $300bn in market value from Trump tariff hit Apple and other US tech groups hit as Donald Trump targets suppliers Fraying transatlantic ties will cost companies dearly And for further listening:  Why Apple can’t leave China - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Michael Acton on X (@MActon93). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.  Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Years ago, an ailing company like Walgreens Boots Alliance may have seemed like a prime acquisition target for deal-hungry private equity firms. But many have backed away from retail recently, leaving an opening for groups like Sycamore Partners who are willing to buck the trend. Sycamore announced this month that it would take the global pharmacy business private in a $23.7bn debt and equity deal. The FT’s Due Diligence reporter, Amelia Pollard, explains the well-worn playbook that Sycamore has used on past retail companies, and whether it will work this time with a chain that has its own share of unique problems.   Clips from Bloomberg, CNBC, CBS - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Retail’s last barbarian: the private equity group about to play hardball with Boots What went wrong after Walgreens bought Boots?  Walgreens bondholders could be winners from its debt-laden buyout - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Amelia Pollard (@ameliajpollard) on X or (@pollard.bsky.social) on Bluesky. Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.  For more from Amelia and her team, sign up for the Due Diligence newsletter.  Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.