Good morning and welcome to FirstFT. In today’s newsletter:

• US farmers face crisis as Iran war sends costs spiralling

• JPMorgan eases approach on lending against shares

• Superpowers are discovering their limits, says UN chief

• How resilient is Switzerland’s manufacturing model?

You can listen to today’s top news stories in the FT News Briefing podcast.

Farmers in America’s Corn Belt say they are facing their worst crisis in 40 years, as an explosion in diesel and fertiliser costs triggered by Donald Trump’s Iran war pushes grain producers to the brink.

The growing strains are the latest sign of how the conflict in the Middle East is reverberating through the US heartland ahead of crucial midterm elections in November that will determine control of Congress.

The huge uptick in prices for fuel and crop nutrients since the US launched its attack on Iran in February came with American farmers already struggling after years of low grain prices and falling incomes.

Many also see themselves as casualties of Trump’s trade wars, which they say have hurt US agricultural exports, particularly soyabean sales to China.

The struggles for Midwestern farmers show how concerns over affordability, the inflationary impact of the Iran war and the adverse effects of Trump’s tariffs are reaching ever-greater swaths of the US population — from working-class families in big cities to rural communities in the heartlands.

A recent FT poll found that more than 53 per cent of registered voters said their finances had deteriorated since Trump returned to the White House in January 2025, a result that could spell trouble for Republican hopes of retaining control of Congress. Guy Chazan gets the pulse from Nebraska ahead of the pivotal elections.

• Energy crunch: Long queues have formed at petrol stations around Tehran as the US blockade triggers fuel shortages and spreads alarm among motorists in a sign of the conflict’s growing strain on the economy.

Here’s what else we’re keeping tabs on today:

• Economic data: Germany releases second-quarter GDP figures.

• Results: Danish toymaker Lego reports half-year earnings.

Five more top stories

1. Exclusive: JPMorgan Chase is relaxing its approach to lending money against shares held by employees and early investors in companies that have recently gone public, such as SpaceX. The bank’s move highlights the efforts asset managers are making to win business from the huge wealth being generated by the AI boom.

2. The US stalemate with Iran and Russia’s stuttering invasion of Ukraine have exposed the stark limits of superpower might, António Guterres has said, as he dismissed the idea of the UN being eclipsed in a multi-polar world. Read the FT’s interview with the institution’s outgoing secretary-general.

3. ChapsVision, a little-known French software group competing for major German defence and police contracts, is seeking to position itself as the European answer to Palantir as governments across the region try to cut their reliance on US tech.

4. Suppliers to the struggling German auto industry are fast pivoting into new areas such as medical technology and robotics as carmakers hit by tough competition from China seek to produce goods for other industries. The biggest interest is in the defence sector, where rising spending commitments by European governments have raised expectations of a boom.

5. Exclusive: NatWest is making a fresh push into the US market more than a decade after the financial crisis forced the UK high street bank into retreat, taking advantage of loosening rules on British lenders’ overseas operations.

The growing threats to ‘Swiss Made’

The flag of Switzerland, emblazoned on many of the country’s products, is both a guarantee of quality understood worldwide and a valuable marketing device for manufacturers. But as the franc appreciates and major trading partners turn to tariffs, industry executives say the Swiss “premiumisation” model may be reaching its limit, writes Mercedes Ruehl.

We’re also reading . . . 

• Austerity denial: With the tax burden already at a record high and the costs of social care projected to rise further, the UK has three available options, writes Stephen Bush.

• Forward turn: European markets remain within the sights of Chinese wind turbine makers despite resistance from the region’s politicians and industry.

• Road bump: Robotaxis, set to roll down London streets from early 2027, pose a new challenge for the capital’s efforts to fight decongestion.

Chart of the day

China enjoys a tight grip over much of the world’s rare earths. When Beijing curbed exports last year in retaliation against Trump’s tariffs, the hunt for new sources intensified. A Brazilian mining town which formerly churned out asbestos is now emerging as a keystone of US plans to unshackle itself from Chinese dominance of the critical minerals.

Take a break from the news . . . 

To celebrate the fifth anniversary of FLIC, the FT’s financial education charity, we are offering a spectacular roster of top journalists in the 2026 charity lunch auction. Win and you can dine with your favourite columnist at one of the top restaurants in London or New York, all of which are kindly hosting us free of charge. Find out more here.

The FT Weekend Festival returns to Kenwood House Gardens in London and online on September 5. Join Richard E Grant, Paul Smith, Mary Beard, Jeremy Hunt, Peter Capaldi, Angela Hartnett and many more leading thinkers, policymakers and cultural voices. Save your seat at ft.com/festival and use code FTNewsletters to save 10 per cent off your pass.

This week FirstFT Europe/Africa will arrive 90 minutes later than usual. You will see us in your inboxes at 7am BST/8am CET.

Additional contributions from Benjamin Wilhelm and Gordon Smith