People who make under $130,000 were already cutting back. Trump’s trade war will tighten the squeeze.

• Trump brings the US back from the brink of trade war with Canada and Mexico

  Also in today’s newsletter, corporate America races to cut deals with Elon Musk
  
  Financial Times - 4h

• Trump pulls US back from brink of trade war with Mexico and Canada

  US president set to talk to China’s Xi Jinping in coming days as threatened tariffs on Beijing loom
  
  Financial Times - 14h

• The Trump trade war begins

  The new Trump administration places 25% tariffs on US neighbours; 10% on China
  
  Financial Times - 1d
• 

  The absurdity of Donald Trump’s trade war

  Tariffs on Canada, Mexico and China will harm America’s own economy and diplomatic power
  
  Financial Times - 2d
• 

  Trump Is Already Making America Weaker and More Vulnerable

  Favoring TikTok over national security, releasing rioters, undermining global health efforts — these actions put all of us at risk.
  
  The New York Times - Jan. 22
• 

  Hollywood production budgets were already strained. Fires could make matters worse

  The L.A. wildfires are expected to increase costs for people and companies trying to make movies and television shows in Southern California.
  
  Los Angeles Times - Jan. 21
• 

  Trump Aims to Cut the Federal Work Force. It’s Already Historically Low.

  The Biden administration expanded the government payroll at the fastest pace in decades, but it is near a record low as a share of overall employment.
  
  The New York Times - Jan. 21
• 

  Nearly half of toys sold under £15 as parents cut back

  An "unsettled economy" is blamed for falling sales of toys for the third consecutive year.
  
  BBC News - Jan. 21
• 

  Biden Tightens Cybersecurity Rules, Forcing Trump to Make a Choice

  The president’s latest executive order accelerates the move to mandatory compliance by software providers. It may run afoul of the Trump mandate to deregulate.
  
  The New York Times - Jan. 16

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  MarketWatch - 50m

• Pfizer’s stock falls despite fourth-quarter revenue and earnings beat. This analyst expects growth to accelerate.

  Pfizer Inc. shares fell 2% Tuesday despite the drugmaker topping Wall Street’s revenue and profit estimates in its fourth-quarter results.
  
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More in Business

• As Trump considers ways to dismantle the Education Dept., here's what to know about your student loans

  The Trump administration is looking to shut down the Education Department. Here's what it could mean for the 42 million Americans with federal student loans.
  
  CNBC - 9m

• Vaccine stocks fall as Senate panel advances RFK Jr.'s nomination for HHS secretary

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• GM cuts 50% of Cruise staff after ending robotaxi business

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