Senator Steve Daines offers to act as US intermediary to China

Good morning and happy Friday. Today we’re covering:

• An attempt to secure a Trump-Xi meeting

• Putin’s conditions for a ceasefire

• New Zealand seeks foreign investment

• Our food critic’s final restaurant review

Steve Daines, a US senator with close ties to Donald Trump, is trying to get the president to name him as a special envoy to China. At least part of the reason he wants the job is to help secure a meeting with Xi Jinping that could pave the way for a summit between the leaders.

The Montana Republican will travel to Beijing next week to attend the high-profile China Development Forum alongside dozens of US, European and Japanese chief executives. Several people familiar with the situation have said Daines wanted the envoy designation to facilitate a meeting with the Chinese president after the forum.

Daines, who spent six years in China with Procter & Gamble, has told associates that a meeting with Xi on behalf of Trump could help improve US-China relations.

Two people said Daines had floated the proposal to people in Trump’s orbit. But none of the people, who spoke to the Financial Times on the condition of anonymity, could confirm whether Daines had spoken directly to Trump. After publication, Daines’s office said he was not seeking the designation and had not requested it.

Here’s what else we know about Daines’ upcoming trip to Beijing and what it could mean for US-China relations.

Here’s what else I’m watching today and this weekend:

Five more top stories

1. Vladimir Putin has set tough conditions for a Ukraine ceasefire deal, even as he said he “supports the idea” behind a US-backed 30-day ceasefire. The Russian president said yesterday that any ceasefire must lead to a final settlement of the conflict that would “solve the root causes” of his invasion. Read more about his demands.

Join FT experts on March 27 for a subscriber-only webinar, as they discuss Ukraine’s future with Russia’s full-scale invasion entering its fourth year. Register for free.

2. Taiwan’s President Lai Ching-te has launched a bid to bring back military courts. The plan is aimed at combating Chinese infiltration of its armed forces, but will be highly controversial in a society that endured nearly 40 years of martial law. The initiative is expected to trigger fierce public debate.

3. Wall Street stocks have sunk again while gold hit a fresh record high. The blue-chip S&P 500 closed 1.4 per cent lower, leaving the index in correction territory. About $5tn has now been erased from its market value since it hit a record high last month.

4. Tesla has warned that Trump’s retaliatory tariffs could “expose” the electric-car company. The unsigned letter underscores how even Tesla, a group led by Trump ally Elon Musk, is concerned about the potential effects of the wide-ranging tariffs.

5. The former UK City Minister has been accused of using a fake signature. Bangladesh authorities claim Tulip Siddiq — the niece of the country’s former Prime Minister — used a fake notary document in a property transfer to her sister, as part of a wider anti-corruption case.

How well did you keep up with the news this week? Take our quiz.

The Big Read

After three years of war, a possible respite is in sight with Ukraine agreeing a US-brokered 30-day ceasefire with Russia. But many Ukrainians suspect that even if a settlement is reached, Russia will not honour it and war will resume — and many are prepared to fight on, even without American support.

We’re also reading and watching . . . 

• Japan’s lesson for the US: A Japanese boycott of US products is a reminder of how expertly Japan has played the tariff and non-tariff game, writes Leo Lewis.

• The ‘DeepSeek Congress’: China’s annual parliamentary meeting has sent an important message on Beijing’s plans to boost investment in high technology.

• 🎬 Nvidia’s rise: Our latest FT film explores the company at the centre of the AI boom, and how it has weathered the fallout from DeepSeek.

Chart of the day

New Zealand has long welcomed billionaires, but now it wants to convince them that the country can be a “safe harbour” for their money. Some of the world’s largest investment funds including Brookfield Asset Management, Aberdeen, and the Bank of China descended on Auckland this week as it tries to open up its economy to foreign investment. 

Take a break from the news . . . 

After 13 years of reviewing restaurants, Tim Hayward is questioning his own tastes and prejudices in his final critique. Restaurants brought new menu items and exciting ideas, but one thing always stuck out. Now, he finally explains himself.