In response to President Trump’s tariffs on steel, aluminum, and a wide range of EU exports, the European Commission will unveil a list targeting up to €400 billion worth of US goods. This retaliatory measure, to be voted on by member states on Wednesday, initially focuses on the steel and aluminum tariffs, with further action on other tariffs to be considered later. The list, which may exclude certain products such as bourbon following lobbying efforts, aims for a proportionate response while acknowledging the need for a negotiated solution. The EU’s response comes amid global market turmoil and concerns of a potential global downturn.
Read More
Driven by higher US tariffs on Chinese and Vietnamese goods, Apple and Samsung are shifting some US-bound smartphone production to India. This strategic move leverages India’s lower tariff rates, potentially leading to significant expansion of iPhone and Samsung phone manufacturing within the country. While initially focused on the US market, this shift could represent a major leap forward for Indian tech manufacturing. The success of this strategy hinges on ongoing trade negotiations between the US and other nations, including India and Vietnam.
Read More
Elon Musk’s recent criticism of Trump administration officials, particularly regarding the president’s tariffs, signals a growing distance between the two. Musk, who has reportedly lost billions due to the tariffs’ impact on global markets, advocates for a “zero tariff situation” between the U.S. and Europe. Despite Trump’s continued defense of the tariffs and reported desire to keep Musk involved in the White House, Musk’s public dissent highlights a significant policy disagreement. This divergence comes amidst ongoing protests against both Musk and the Trump administration.
Read More
This article is protected by copyright of Fortune Media IP Limited. Its use signifies acceptance of the site’s Terms of Use and Privacy Policy, including opt-out options for data collection. The FORTUNE trademark is registered domestically and internationally. Finally, the site may receive compensation for certain product links.
Read More
Asian markets experienced a sharp sell-off on Monday, April 7th, driven by concerns over President Trump’s reciprocal tariffs and the potential for a US recession. Circuit breakers were triggered in Japan and Taiwan due to significant declines exceeding 8% and 9.8% respectively in their key indices. Other Asian markets, including Singapore, Hong Kong, South Korea, Australia, and India, also suffered substantial losses. These widespread drops followed a negative outlook in US futures markets, indicating continued global market volatility.
Read More
President Trump’s new tariffs, announced on “Liberation Day,” targeted numerous U.S. trading partners, notably excluding Russia, Belarus, North Korea, and Cuba. White House National Economic Council Director Kevin Hassett explained that this exclusion stemmed from a conscious decision to avoid complicating ongoing peace negotiations between Russia and Ukraine. Imposing tariffs at this juncture, Hassett argued, risked disrupting diplomatic progress. While Ukraine faced new tariffs, its economy minister deemed the impact manageable, despite significant trade with the U.S.
Read More
Driven by fears of a global recession and trade war sparked by President Trump’s tariff plan, the Australian share market experienced a significant plunge, losing over $160 billion initially before partially recovering to approximately $100 billion in losses. This sell-off, impacting sectors across the board, mirrored market crashes during the Covid-19 pandemic and Global Financial Crisis, but with the unique element of a single individual initiating the downturn. The Australian dollar also plummeted to pandemic-era lows against major currencies, reflecting concerns about reduced commodity demand in a slowing global economy. Investors anxiously await signs of a trade truce to gauge the market’s future trajectory.
Read More
BP chair Helge Lund will step down in 2026, following shareholder pressure and a reversal of the company’s net-zero strategy. This decision comes after activist investor Elliott built a large stake in BP, protesting the company’s shift toward green energy. The strategy, spearheaded by former CEO Bernard Looney, was ultimately abandoned in favor of increased fossil fuel production, a move that angered climate activists. Lund’s departure follows a “fundamental reset” of BP’s strategy aimed at improving performance and shareholder value. A search for his successor, led by senior independent director Amanda Blanc, is now underway.
Read More
Representative Don Bacon, a Nebraska Republican, opposes President Trump’s recent tariffs, arguing that past Republican support for protectionist trade policies contributed to the Great Depression. He supports bipartisan Senate legislation, the “Trade Review Act of 2025,” which would require congressional approval for new tariffs and limit the president’s unilateral tariff authority. Bacon will introduce a House companion bill, aiming to restore Congress’s constitutional role in setting trade policy. The bill faces an uphill battle in the House, but has garnered some support from Republican members.
Read More
New consumer protection laws ban hidden fees, estimated to cost consumers £2.2 billion annually, requiring businesses to include all mandatory fees in the headline price. The legislation also prohibits fake online reviews, addressing a problem impacting approximately 10% of all product reviews and impacting consumer spending of £217 billion in online retail. These changes, part of the Digital Markets, Competition and Consumer Act 2024, aim to create a fairer marketplace and empower consumers with greater transparency and control over their spending. The ban specifically targets unavoidable fees, while optional extras remain unaffected.
Read More
John Q. Hosedrinker