Trump rebuilds tariff wall

Bloomberg Morning Briefing Americas  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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Good morning. Donald Trump revives his tariff agenda. California’s gubernatorial race takes shape. And travelers pay for the luxury of not thinking about money. Listen to the day’s top stories. — Hellmuth Tromm and Rose Henderson Market Snapshot S&P 500 Futures 7,612.25 -0.2% Nasdaq 100 Futures 30,752.00 +0.1% WTI crude oil futures $96.26 +2.7% Market data as of 07:01 AM ET. Data is subject to provider delays. Your watchlist Donald Trump is rebuilding his tariff wall. The US is proposing tariffs of at least 10% on imports from the EU, Canada and other trading partners, with goods from countries including China and Japan facing a higher 12.5% levy. The measures follow a probe into products allegedly made with forced labor. Canada has tabled new trade proposals, though officials cautioned that talks could still take a negative turn. US stocks are struggling to add to record gains as cracks emerged in the US-Iran ceasefire, and pushed oil higher again. The latest flare-up saw US forces intercept Iranian missiles and drones and strike a command center. Meanwhile, SpaceX is pushing ahead with its IPO, reportedly planning to sell 555.6 million shares at $135 each in a record $75 billion offering. In California’s gubernatorial primary, Republican Steve Hilton and Democrat Xavier Becerra surged to the top of a crowded field, though the state’s heavy reliance on mail-in ballots means a final result may be days away. Elsewhere, the US Supreme Court allowed Alabama to eliminate a majority-Black House district for the November midterms, while former US Navy helicopter pilot Rebecca Bennett was projected to win the Democratic primary for a key suburban New Jersey House seat. Fraud Conviction Deals Blow to Short Sellers’ Shrinking Universe Read more CBS News fired 60 Minutes correspondent Scott Pelley after the veteran journalist accused Editor-in-Chief Bari Weiss of “murdering” the program. Pelley also questioned the qualifications of Nick Bilton, the author and documentarian who was appointed to lead the CBS news magazine last week. Weiss took over as editor-in-chief of CBS News after Paramount Skydance acquired her media outlet, the Free Press, last year. Popular acne treatments from influencers such as Dr. Pimple Popper and major brands including Proactiv contained benzene far above US safety limits when they were recalled last year, according to government test results. The products contain benzoyl peroxide, an acne-fighting ingredient that can degrade under certain conditions and form benzene, a known carcinogen. Spring Sale: Save 60% on your first year Get the numbers behind the narratives. Enjoy unlimited access to Bloomberg.com and the Bloomberg app, plus market tools, expert analysis, live updates and more. Offer ends soon. Unlock 60% off Deep Dive: Drivers Go Electric Dashboard of an electric Ford F150 truck. Photographer: Chona Kasinger/Bloomberg Growing numbers of Americans are finding relief from soaring fuel prices in a used-car market awash with affordable electric vehicles. As gasoline costs climb, a glut of secondhand EVs is turning excess inventory into bargains. Carmakers had been struggling to sell new EVs as higher prices, steep financing rates and concerns over driving range contributed to a slowdown in adoption. But the average cost of a new car broke $50,000 for the first time last year, meaning EVs don’t look as expensive anymore. In fact, more than a third of used battery-powered cars sell at half that amount. Gasoline prices have become a particular pain point too as the continued effective closure of the Strait of Hormuz squeezes fuel supplies, adding to the appeal of EVs. The Big Take Revolut’s UK office. Photographer: Vivian Wan/Bloomberg Revolut CEO Nik Storonsky turned a scrappy startup into a fintech juggernaut with 75 million customers. Now he has to convince the world that his company is as safe as a bank as he prepares for a near-$200 billion initial public offering within the next two years. Big Take Podcast Huge AI Bonuses Cause Worker Rift at Samsung Opinion Gemini AI signage. Photographer: David Paul Morris/Bloomberg Google’s AI shift is causing a collective freak-out as everyone is uncertain about how the radical changes to search are going to play out, Parmy Olson writes. One thing is clear: advertisers are facing a major shakeup. More Opinions Chris Bryant SpaceX’s Capital Needs Are Out of This World Bill Dudley The Federal Reserve Requires Better Communication, Not Less Play Alphadots! Our daily word puzzle with a plot twist. Play now! Before You Go Paraiso de la Bonita, a Luxury Collection Resort, Riviera Maya. Source: Rafael Luhrs/Marriott The ultimate luxury vacation? Not thinking about money. Travelers are increasingly choosing all-inclusive resorts where the bill arrives before the trip begins—and the only thing left to calculate is how long to stay by the pool. A Couple More Wemby and Hungry Knicks Fans to Propel NBA Finals to Ratings Highs Beat the World Cup Crowds in Mexico City at These Five Under-the-Radar Restaurants More From Bloomberg Enjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too: AI Today chronicles the disruptions and threats of AI Market Moves delivers the pulse of the market to your inbox Markets Daily has what’s moving in stocks, bonds, FX and commodities Opinion Today for an afternoon roundup of our most vital opinions Texas Edition dives into the companies and people powering America’s second-largest economy Explore all newsletters at Bloomberg.com. We’re improving your newsletter experience and we’d love your feedback. 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