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 TrussMilitary briefing: why Russia and Ukraine are fighting over Snake IslandUS women’s football team agrees equal pay in milestone agreementThe 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.Read a transcript of this episode on FT.com See acast.com/privacy for privacy and opt-out information.