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Trump hit US trading partners with sweeping tariffs. Some countries are prepared to hit back.

Apr 03, 2025 - businessinsider.com
The article discusses the impact of President Donald Trump's newly unveiled "Liberation Day" tariffs, which impose a 10% levy on almost all imported goods, with higher rates for certain countries like Cambodia, Vietnam, and China. These tariffs aim to boost US manufacturing but may lead to higher consumer prices in the short term. The announcement led to a significant drop in after-hours trading for S&P 500 and Nasdaq 100 futures. Meanwhile, some countries are preparing to retaliate against these tariffs, indicating a potential escalation in trade tensions.

In other news, Tesla's stock rose following reports that Elon Musk might leave the White House, and Google DeepMind is using aggressive noncompete agreements to retain AI talent. Additionally, BYD, a Chinese rival to Tesla, reported a 60% increase in sales, surpassing Tesla for the second consecutive quarter. The article also highlights concerns over corporate participation in LGBTQ+ Pride Month due to Trump's anti-DEI stance and mentions a few other business and tech updates, including a Macy's accounting error affecting executive bonuses and Meta's legal challenges related to its dealings with China.

Key takeaways:

  • Trump's "Liberation Day" tariffs impose a 10% levy on almost all imported goods, with higher rates on specific countries like Cambodia, Vietnam, and China.
  • Tesla's stock rose 5% amid speculation that Elon Musk could be leaving the White House, boosting investor confidence.
  • Google DeepMind uses aggressive noncompete agreements to retain AI talent, offering some employees a year of paid leave to prevent them from joining competitors.
  • BYD, a Chinese rival to Tesla, reported a 60% increase in sales, marking its second consecutive quarter of outselling Tesla.
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