FT News Briefing The rocky legal future of Trump’s tariffs
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Mar 31, 2026 
Stefania Palma, the FT’s legal and enforcement reporter, unpacks the courtroom chaos around Donald Trump’s tariffs and the scramble over what comes next. Antoine Gara, an FT editor covering private equity and deals, explores the push to bring private assets into US retirement plans. Also in focus: Swiss lawmakers softening pressure on UBS.
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Swiss Lawmakers Move Toward UBS Capital Compromise
- Swiss lawmakers signaled they may dilute UBS capital reforms, easing pressure on the bank to consider leaving Switzerland.
- The disputed plan would add $22bn in capital after Credit Suisse’s 2023 collapse, a huge issue because UBS is Switzerland’s last global banking champion.
Why Washington Is Pushing Private Assets Into 401ks
- The Trump administration wants private assets in 401ks partly to give plan administrators clearer legal cover against lawsuits.
- Antoine Gara says the new rule offers a checklist on performance, fees, complexity, and liquidity rather than reacting to current stress in private markets.
Private Market Access Brings More Choice and More Risk
- Private market access could broaden retirement portfolios, but the tradeoff is opacity, leverage, high fees, and harder exits.
- Antoine Gara says private equity values assets without public trading prices, and recent private market underperformance may curb investor enthusiasm.