đ Trumpâs tariff tease
Good morning, Quartz readers!
HEREâS WHAT YOU NEED TO KNOW
Elon Musk is mad he didnât get an invite to Californiaâs upcoming EV party. The Tesla CEO is upset that market share limitations on a tax credit in the works would block his company from the benefit.
Subwayâs CEO is getting off at the next stop. John Chidsey is resigning after five years at the sandwich chain.
Walmart is rolling back its diversity, equity, and inclusion efforts. Itâs the latest â and biggest â company to lean into the DEI backlash.
The Trump bump Bitcoin rally is losing steam. The cryptocurrency is backing off record highs as investors take a breather on bidding it up.
Airlines are ripping you off with seat fees, the Senate says. A report from the Senate Permanent Subcommittee on Investigations calls out the industry for the billions it has raked in from the revenue stream.
Trumpâs trade talk sounds scaryâŠ
Donald Trump is threatening to unleash huge tariffs on imported goods from Mexico, Canada, and his most hated point of origin, China. That might have some unintended consequences: The three countries contributed more than 40% of all American imports.
The immediate threat is to raise the cost of goods coming into the U.S. from those countries. Mexico and Canada by 25%; shipments from China would get a 10% surcharge. But those countries supply markets for everything from cars to couches to computers, and itâs not clear whether those numbers will come down in negotiations â or up because of a trade war.
How might consumers be affected by Trumpâs trade policy aims? Quartzâs William Gavin explains the latest.
âŠbut maybe it shouldnât
While some observers are anxiously awaiting the chaos to be introduced by Donald Trumpâs tariff threats, others have been slower to freak out. Lou Basenese, chief market strategist at Public Ventures LLC, thinks things wonât be as raucous as they seem.
The main reason he thinks that is because Trumpâs pick for Treasury secretary, the investor Scott Bessent, could prove to be a moderating influence on the president-elect. âI think heâll soften Trumpâs tariff stance,â Basenese tells Quartz.
Is there reason not to fear the Trump-y trade talk? Quartzâs Andy Mills spoke to Basenese to find out.
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SURPRISING DISCOVERIES
Jesuit missionaries and 17th-century indigenous Americans bonded over their reverence for scent. Both groupsâ belief systems were heavily dependent on their senses of smell.
Right-wing politicians are flocking to the personalized video platform Cameo. Matt Gaetz joins the likes of George Santos and Rudy Giuliani in giving greetings for tips.
NASA found an abandoned nuclear military base under Greenland. The U.S. and Denmark are worried that climate change could expose its waste to the elements.
One of Italyâs most iconic soccer teams got its colors from an English side. AC Milan founder Herbert Kilpin borrowed its red and black from a club in Nottingham.
Russian troops equipped a drone with a flamethrower. The invention is meant to thermite-spewing drones from Ukrainian forces.
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Our best wishes on a safe start to the day. Send any news, comments, tariff effect best guesses, and nuclear waste hideaways to [email protected]. Todayâs Daily Brief was brought to you by Melvin Backman and Audrey McNamara.