🌏 More chaos
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The market selloff continued Monday, but stocks narrowed their losses and the Nasdaq was actually in the green by closing time. The S&P 500 briefly touched bear market territory.
Apple is tech’s biggest trade war loser, Wedbush says. Dan Ives says the iPhone maker faces a “complete disaster”.
Tesla’s spiral continues. Ives, one of Tesla’s biggest fans on Wall Street, says Elon Musk faces “a pivotal moment of truth”.
Speaking of Musk, he and Peter Navarro are in a fight. It is of course, all going down on social media.
Most CEOs now expect a recession, a new survey says. One executive nicknamed it the “Trump Recession.”
Meanwhile, BlackRock CEO Larry Fink says the recession is already here.
And everything from the trucking industry to music could get hit by AI. Here are seven jobs that experts predict will be affected most.
JPMorgan’s head honcho sounds the alarm
JPMorgan Chase CEO Jamie Dimon said in his annual letter to shareholders that more inflation and even a recession could be coming thanks to President Donald Trump’s trade war.
Dimon warned trade policy will likely spike inflation and is sure to slow growth — and that “at least until recently,” the U.S. economy was proving resilient “despite the unsettling landscape.”
He said all that changed when Trump announced sweeping tariffs on almost every American trading partner, which sent stocks to their worst week since the height of the COVID-19 pandemic.
Overall, he told shareholders to not only expect rising prices on imported and domestic goods, but to prepare for a bevy of uncertainty. Quartz’s Ben Kesslen has more.
Remember when ‘freedom fries’ were a thing?
Europe essentially said “talk to the hand” after America asked for eggs to ease grocery prices stateside.
This egg standoff exemplifies the new reality of international trade under Trump’s aggressive tariff regime. And experts are warning that millions of small, seemingly inconsequential acts of consumer defiance may damage the American brand in ways that outlast any formal trade policy.
Across Europe, Facebook groups have mushroomed with names like “Boycott USA: Buy French and European!” attracting over 20,000 members in France alone, which seems especially ready for “le boycott.”
Two days after Trump’s Canadian tariffs took effect, Hydro-Québec quietly stopped exporting electricity to New England — a region that typically relies on Canadian hydropower for up to 10% of its electricity. The company cited “market conditions,” but the timing raised eyebrows.
On top of that, cafes from Toronto to British Columbia have renamed their “Americanos” to “Canadianos.”
So how does today’s petty trade disputes lay the groundwork for tomorrow’s diplomatic failures? Quartz’s Jackie Snow has more.
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