Crypto News: Heathrow Closure Causes Travel Chaos

Good morning. A power outage at London's Heathrow airport causes global travel turmoil. Donald Trump invokes a law from the 1950s to boost US output of critical minerals. And why a California wine enthusiast has stopped buying Italian reds. Listen to the day's top stories.

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Global travel was thrown into disarray after a major power outage shut London's Heathrow airport for at least the rest of the day. Planes en route to the world's fourth-busiest airport were diverted, with disruption expected to hit more than 1,300 flights. The airport is a major hub for transatlantic travel and the ripple effects are expected to continue for several days.

London Heathrow Airport Closed: Here's What We Know

Watch the Video

Donald Trump invoked emergency powers to boost the production of critical minerals in a bid to reduce reliance on China. Separately, the president said he'll be signing a natural-resources deal with Ukraine "very shortly." Here's a reminder of the key elements of an agreement that fell apart late last month.

Donald Trump and Elon Musk on March 11. Photographer: Andrew Harnik/Getty Images

Trump denied a report from the New York Times that said Elon Musk will be briefed about military planning for any potential war with China. Defense Secretary Pete Hegseth confirmed that Musk would visit the Pentagon, but said it was "fake news" that he'd see top-secret plans. Meanwhile, the world's richest man urged his employees at Tesla to "hang on to" their stock despite some "rocky moments" for the company that include its shares plunging more than 50% in just three months.

Global stocks stumbled on a batch of downbeat corporate results, which upset a market already grappling with worries about a trade war. S&P 500 Index futures dropped ahead of an event today known as "triple witching," where $4.5 trillion of options contracts will mature, probably stoking even more volatility.

More on those US corporate results that upset the stock market. FedEx—considered an economic barometer—cut its profit outlook saying inflation and uncertain demand are squeezing its bottom line. And Nike blamed tariffs and geopolitics for hurting its earnings.

Deep Dive: Counting the Tariff Costs

Shipping containers at the Port of Long Beach in California. Photographer: Eric Thayer/Bloomberg

In just a few short months, Trump has upended the $24 trillion market for global merchandise trade. Here's our guide to the measures implemented, those being planned, and why it matters.

The threatened 25% US tariff on imports from the European Union risks a 70% cut in the bloc's exports to the US, according to Bloomberg Economics.
Similar duties on most Canadian and Mexican imports, and increasing the charge on China to 20%, would create a huge disruption, with BE saying it risks a 65% drop in China's exports to America.
A reminder that the OECD said this week that Trump's aggressive trade policies may set the world on the path of slower growth and higher inflation. Here's why he thinks it's worth it.

The Big Take

The Haven-1 space station's primary structure awaiting further testing at the Mojave Air and Space Port in California. Photographer: Balazs Gardi

To the moon! One crypto billionaire is betting a chunk of his fortune on building the world's first commercial space station. Success would potentially put his startup in a position to replace the International Space Station. Failure could see Jed McCaleb lose $1 billion.

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Crypto Billionaire Enters Space-Station Race

Opinion

There's so much written about the Mar-a-Lago Accord that it's sometimes hard to remember that it hasn't happened yet, John Authers writes. Reaching a deal would be highly complicated, and other countries don't trust Trump. Brace instead for unbridled tariffs.

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Before You Go

Steve Nordhoff holds a 2021 Masseto from Italy that runs to about $800 a bottle. Photographer: Mariko Nordhoff

Wine enthusiast Steven Nordhoff typically spends about $25,000 a year adding to his 2,500-bottle collection, including reds from Italy or champagnes from France. But not now. Trump's threat to slap 200% tariffs on European wines and spirits has the Southern California family law attorney pausing his purchases from abroad.

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