Tariffs are back

Bloomberg Morning Briefing Americas  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Read in browser

Good morning. Tariffs are back with a bang. Donald Trump’s international aid cuts have been devastating for many. And Californians discover Miami’s oceanfront. Listen to the day’s top stories. — Angela Cullen Market Snapshot S&P 500 Futures 7,460.50 +0.2% Nasdaq 100 Futures 28,648.25 +0.1% WTI Crude Oil Futures $89.94 -2.4% Market data as of 06:51 AM ET. Data is subject to provider delays. Your watchlist Tariffs returned with a bang as President Donald Trump imposed 10% to 12.5% duties on imports from most major US trading partners, rebuilding a wall of levies struck down by the Supreme Court. They follow a probe alleging about 60 nations failed to curb forced labor that the US says harmed American workers. The measures take effect as Trump’s earlier 10% global import tax expires. Here’s the full list. Asian nations grumbled while stopping short of retaliation. AI demand and exemption for many goods mean trade is soaring despite the hurdles. A disgruntled China is also likely to grin and bear it, according to Bloomberg Economics, but Canada isn’t prepared to take it all lying down. Vietnam, meanwhile, appears to be heeding US pressure to crack down on counterfeit goods. Its officials discovered some 50,000 pairs of allegedly fake Nike shoes being readied for export in a raid on a Ho Chi Minh City factory. Iran rejected a US ceasefire deal presented by mediators, the New York Times reported, although Tehran disputed this in comments to state media. Trump said he’s considering a “massive attack” to push Iran to the negotiating table. Brent crude retreated after hitting $100 a barrel. Ship-tracking data showed some movement in the Red Sea as a Greek tanker carrying Saudi crude exited with its transponder off, while a Chinese vessel and Russian cargoes headed toward the Bab el-Mandeb strait off Yemen after Houthi attacks heightened risks. Karen Hao: AI Doesn’t Have to Be Built This Way The author of ‘Empire of AI’ argues that artificial intelligence can be developed without concentrating power, exploiting workers or consuming vast amounts of resources. Read more Cockroach revolt. Indian Prime Minister Narendra Modi is trying to calm mounting anger over exam question leaks as students prepared nationwide protests. In a rare move, he posted a video saying the culprits had been caught and that his government is pushing for “fast-track courts and stringent punishments.” The upstart Cockroach Janta Party — spawned on social media as a joke from an apartment in Boston — is proving a greater test for Modi than established opposition political groups. Deep Dive: Destination Miami 387 Ocean Blvd, which sold for $32,500,000. Source: Legendary Productions It should come as no surprise that Miami’s metropolitan area is now more expensive than greater New York City, as wealth continues to migrate to low-tax states. South Florida’s waterfront mansions have become coveted addresses for the ultra-rich. But it isn’t NYC’s pied-à-terre levy that’s driving the boom. California’s proposed billionaire tax is accelerating an exodus of tech moguls to Miami. Sergey Brin and Larry Page made the move this year, and Mark Zuckerberg has splashed out in the area, too. The influx has the local ultra-luxury real estate market on pace to shatter records. For Ken Griffin, one property isn’t enough. The hedge fund billionaire can lay claim to an entire city block after Miami agreed to sell him a parcel in the Brickell financial district. Since relocating four years ago, he’s gone to extraordinary lengths to make himself at home. Yet for many New Yorkers who moved south in search of more bang for their buck, the math no longer adds up. Here’s why. The Big Take Flooding in the low-lying village of Kimorigo, about 27 miles from the slopes of Mount Kilimanjaro. Photographer: KC Cheng/Bloomberg Trump’s USAID cuts halted critical infrastructure projects around the world, with devastating consequences, as Bloomberg’s investigation in Kenya reveals. Big Take Podcast The Great American Glove Failure Opinion Will this view soon be wiped out by mirrored satellites? Photographer: Oleh_Slobodeniuk/E+ Reflect Orbital should ponder the fate of Phaethon as it sets out to control and monetize the sun’s light with a fleet of giant space mirrors, writes Lara Williams. Earth’s orbit is already a crowded and chaotic Wild West. More Opinions Marc Champion Trump’s Saudi Nuclear Deal Is Too Important to Lie About Howard Chua-Eoan Solo Diners Are the Face of ‘Me-conomics’ Beth Kowitt Not Even Ranch Dressing Can Save Salad Now Play Alphadots! Our daily word puzzle with a plot twist. Today’s clue is: Place for free spirits Play now! Before You Go Illustration by Rachel Levit Ruiz for Bloomberg Russia’s censorship crackdown is reviving “tamizdat” — a Cold War term for books smuggled out of the Soviet Union for publication abroad. Cultural organizations have joined forces with bookstores, wholesalers and book-fair organizers to build a literary resistance among the Russian diaspora. A Few More The Creator Economy Has a New Middle Class Schools Are Cutting Women’s Scholarships Even When They Don’t Have To Brewers Are Betting on Vietnam to Drive Much-Needed Growth 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: Money for insights, ideas and tools for doing more with your money 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 Explore all newsletters at Bloomberg.com. We’re improving your newsletter experience and we’d love your feedback. If something looks off, help us fine-tune your experience by reporting it here. Follow Us You received this message because you are subscribed to Bloomberg’s Morning Briefing Americas newsletter. If a friend forwarded you this message, sign up here to get it in your inbox. Unsubscribe Bloomberg.com Contact Us Bloomberg L.P. 731 Lexington Avenue New York, NY 10022 |