Latest in Tesla, Tariffs and a Market Meltdown
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Treasury’s Bessent Defends Tariffs, Warns of a Coming ‘Detox Period’
The Treasury Secretary says that “access to cheap goods isn’t the essence of the American Dream.” But being profitable to grow and sustain a business is.Inc. - Mar. 7 -
US lumber prices slide on Trump’s Canadian tariffs delay
Futures close to record high after US orders investigation into dumping practicesFinancial Times - Mar. 9 -
China hits US farm goods with tariffs as trade war escalates
Beijing’s retaliatory measures target $22bn of agriculture products as well as timberFinancial Times - Mar. 10 -
Morning Report — This week: Funding suspense, tariff two-step, DOGE bites
In today’s issue: Speaker Mike Johnson (R-La.) says he has the votes to dodge a possible government shutdown by next weekend. A floor vote could happen Tuesday under his plan, which envisions ...The Hill - Mar. 10 -
Trump, tariffs and wars drain funds from climate action, warns Brazil
‘Triple negative’ puts world on course for ‘civilisation doom’, says environment ministerFinancial Times - Mar. 10 -
Ontario sets 25% surcharge on energy exports to US to counter Trump tariffs
Premier Doug Ford says province ‘won’t back down’ until US president retracts duties on Canada. The Canadian province of Ontario is imposing a 25% surcharge on electricity exports to the states ...The Guardian - 6d -
Volkswagen and Stellantis evade Trump's 25% tariffs, while BMW braces for impact
Automakers Volkswagen and Stellantis have confirmed that their vehicles made in North America will be exempt from U.S.NBC News - 6d -
Who Likes Tariffs? Some U.S. Industries Are Eager for Them.
Concern about the cost of materials has tempered business enthusiasm about taxing imports. But steel and aluminum makers say they welcome the help.The New York Times - 6d -
Canada gets new leader, but don’t bet on a quick Trump tariff truce
Could the U.S. and Canada quickly patch up trade relations following the resignation of Prime Minister Justin Trudeau? Don’t count on it.MarketWatch - 6d -
Can Mark Carney, Canada’s New Leader, Take on Trump and His Tariffs?
Mark Carney will most likely be in power just a few weeks before a federal election is held. To win, he will try to convince Canadians he can take on, but also negotiate with, Trump.The New York Times - 6d -
The White House is using tariffs to restore manufacturing. Data suggests it will take time.
What the White House wants and what the economic realities of manufacturing and trade are don’t line up, experts say.NBC News - 6d -
Starmer will not impose immediate UK counter-tariffs to US steel levies
PM to take a ‘cool-headed’ approach as he tries to steer clear of transatlantic trade warFinancial Times - 6d -
Dick’s Sporting Goods faces tariff ‘unknowns’ and issues conservative outlook
“The convergence of sport and culture in our country has never been stronger, and with a series of major sporting events set to take place in the U.S.,” the company said.MarketWatch - 6d -
Trump halts plan for 50% steel and aluminium tariffs on Canada
It comes after the Canadian province of Ontario said it would suspend a 25% surcharge on US-bound electricity.BBC News - 5d -
Trump backs down on 50% steel and aluminium tariffs on Canada
U-turn comes after province of Ontario removes surcharge for power exports to the US but 25% levies to still take effectFinancial Times - 5d -
Toyota considers exporting from UK to US to ease impact of Trump tariffs
Senior European executive of world’s largest carmaker also warns of more turbulence for the sectorFinancial Times - 5d -
Wall Street reacts to Trump's tariff flip-flopping with Canada
U.S. stocks racked up heavy losses for a second straight day in a volatile session that had investors fixated on President Trump's ever-evolving trade war with Canada. Kelly O'Grady explains.CBS News - 5d -
Sony and Nintendo play the long game over Trump tariffs
Despite the recent sell-off, the broader outlook for gaming remains strongFinancial Times - 5d -
Tariffs have raised the probability of a U.S. recession to around 35%: Pimco
There is a "maybe 35% probability" that the U.S. will enter a recession this year, says Alec Kersman, managing director and head of Asia-Pacific at Pimco.CNBC - 5d -
FirstFT: EU retaliates to US tariffs on steel and aluminium imports
Also in today’s newsletter, Ukraine agrees immediate 30-day ceasefire and Palantir boss becomes one of highest paid tech bossesFinancial Times - 5d -
Trump’s tariffs won’t solve the opioid crisis, but a deal with China might
They provide leverage that Trump should use to strike a deal with China to more comprehensively regulate its pharmaceutical and chemical industries.The Hill - 5d -
Starmer says he is ‘disappointed’ by US tariffs on UK steel
PM vows to ‘keep all options on table’ after EU hits back against Washington with retaliatory measuresFinancial Times - 5d -
Tariffs Add to Automaker Concerns About Higher Steel Costs
Even before the new levies took effect, the industry was worried about prices after President Trump opposed a major merger in the steel sector.The New York Times - 5d -
Europe, Canada retaliate as Trump tariffs on metals take effect
Ursula von der Leyen, president of the European Commission, said in a statement that the EU "must act to protect consumers and business."ABC News - 5d -
EU and Canada retaliate after Trump’s metals tariffs take effect
Brussels and Ottawa hit tens of billions of dollars' worth of US imports with leviesFinancial Times - 5d -
Corporate Gloom Deepens as New Trump Tariffs Take Effect
Businesses need stability and clarity and instead they are getting calamity from Washington.Inc. - 5d -
Trouble is brewing for local beer companies as Trump slaps tariffs on aluminum
The math is tight for Thom Cheston.NBC News - 4d -
Former Treasury secretary on Trump's tariffs: 'People are overreacting a bit'
Former Treasury Secretary Steve Mnuchin believes that the economy is not in trouble and that people are overreacting to the new administration's policy changes.The Hill - 4d -
Chinese authorities summon Walmart executives over Trump’s tariffs
Move comes after reports that retailer asked its suppliers to cut prices in response to US leviesFinancial Times - 4d -
Trump’s tariff fight may be making this early recession signal go haywire
Bonds issued by retailers with “junk” credit ratings have been hit by selling as consumer confidence falls, but the selloff isn’t widespreadMarketWatch - 4d -
Trump downplays recession fears as Canada hits U.S. with retaliatory tariffs
NBC News Correspondents Aaron Gilchrist, Gabe Gutierrez and Brian Cheung and Elise Labott of the Council of Foreign Relations join Meet the Press NOW to discuss the escalating trade war between the ...NBC News - 4d -
US junk bonds slide as Trump’s tariffs spark economic worries
Premium investors’ demand to hold riskier debt jumps to highest level in six monthsFinancial Times - 4d -
Trump’s Tariff Threat Sends French Wine and Champagne Makers Reeling
Industry representatives warned that a 200 percent tax on European wines and spirits would halt shipments to the United States and wipe €4 billion off France’s trade balance.The New York Times - 3d -
S&P 500 tumbles into ‘correction’ on fresh Trump tariff threats
Gold surges to all-time high as investors seek safety amid doubts over Ukraine ceasefireFinancial Times - 3d -
Irish prime minister says "tariffs are damaging" amid Trump trade standoff
Irish Taoiseach Micheál Martin described the U.S. and Ireland's economic relationship as a "two-way street."CBS News - 3d -
Late Night Takes Shots at Trump’s Liquor Tariff Threat
Jimmy Kimmel pointed to the irony of President Trump “making it very expensive to get drunk. He’s the reason we need to get drunk!”The New York Times - 3d -
BMW warns of €1bn profit hit from global tariff war
Carmaker’s earnings down a third last year on weak demand from China and global recallFinancial Times - 3d -
Trump tariffs are proving ‘big headache’ for tech giants, says Foxconn
World’s biggest contract electronics manufacturer highlights disruption caused by trade policy to groups including Apple and AmazonFinancial Times - 3d -
Banks are feeling the strain as lower-income consumers struggle with inflation and tariff chaos
Banks are seeing lower credit-card spending, while delinquencies are rising.MarketWatch - 3d -
Buying a Car? Trump’s Tariffs Could Make It More Expensive.
New car prices could increase $4,000 or more, according to one estimate. And used cars could also rise in price. “It’s a crazy situation for consumers,” an expert said.The New York Times - 3d