Wall Street stocks fell hard on Wednesday after the retailer Target warned that inflation and supply chain disruptions would hit profit margins, and we explain why a tiny island in the Black Sea is so important in the war in Ukraine. Plus, the FT’s Jude Webber explains why the United Kingdom wants to alter the Northern Ireland protocol from its Brexit trade agreement.

Mentioned in this podcast:

UK will legislate to ‘fix’ N Ireland trade problems, says Truss

Military briefing: why Russia and Ukraine are fighting over Snake Island

US women’s football team agrees equal pay in milestone agreement

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.

An early version of this episode misstated that the US men's national soccer team did not qualify for the 2022 World Cup.

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