Donald Trump would do well to listen to his younger self—or at least his ghostwriter. In “The Art of the Deal”, a book from 1987, the future president warned: “The worst thing you can possibly do in a deal is seem desperate to make it.” Yet desperate is how he appears to Iran’s leaders, who have time on their side. Mr Trump’s expensive war is alienating America’s allies and weighing on his poll numbers, writes our correspondent.

Britain’s big right-wing parties, the Conservatives and Reform UK, call for American-style mass deportations of illegal immigrants. Their policies would damage one of Britain’s strengths: its ability to absorb arrivals and allow them to thrive. More practically, the plans are wildly unworkable.

Finally, the $1.5trn private-credit market is in trouble. On the latest Inside Economics our journalists explain who is most exposed and what it means for the wider economy. Watch the show today from 6pm in London, or 1pm in New York.