A court ruled the 1977 International Emergency Economic Powers Act doesn't authorize tariffs. A three-judge panel determined Trump exceeded authority, jolting global financial markets and frustrating trade partners. The Trump administration appealed, with White House response unclear. Double-digit tariff hikes remain paused for 90 days, but uncertainty over eventual outcomes has stymied businesses. Stephen Innes of SPI Asset Management called it "a brief respite before the next thunderclap."
AP reports Trump told US steelworkers in West Mifflin, Pennsylvania, he will double foreign steel tariffs from 25% to 50%. This protective measure aims to shield domestic manufacturing and steel production. The policy shift will significantly impact economic conditions and trade relations, potentially reshaping market dynamics for American producers and international competitors.
Volvo Cars, owned by Chinese Geely Holding since buying from Ford in 2010, is cutting 3,000 jobs (15% of white collar workforce) in Sweden as part of an 18 billion kronor plan. CEO Håkan Samuelsson cited industry challenges including 25% US tariffs. With headquarters in Gothenburg and plants in four countries, Volvo reported 11% April sales drop. Its 2030 all-electric pledge was scaled back due to tariffs on EVs.
Federal Reserve's PCE index showed April inflation at 2.5% annually (down from March's 2.7%) with monthly core prices up 0.1%. Yearly PCE increased 2.1%, below economists' 2.2% expectation. President Trump's tariff policy effects aren't yet visible in data, excluding the US-China 90-day pause. May meeting minutes revealed Fed officials' inflation concerns. Nationwide's Bostjancic predicts companies will pass tariff costs to protect profit margins.
ACEA data shows Tesla's European sales dropped 49% in April despite 25% BEV market growth and EU's 2035 zero-emission target. Model Y upgrade failed as Tesla's market share fell from 1.3% to 0.7%, while BYD overtook Tesla. SAIC and Mitsubishi grew 24.5% and 22.1%. Musk's Trump ties alienated Europeans. Chinese models like BYD's half-priced Qin L and feature-rich Xiaomi SU7 dominate. Manufacturers evade 45.3% tariffs by establishing European plants, including Chery in Spain and BYD in Hungary.
Trump extended EU tariff threats until July 9 after speaking with von der Leyen, posting on Truth Social. Brussels and Washington negotiate to avoid trade war. Trump initially threatened 50% tariffs June 1, previously proposing 20% before reducing to 10%. Sefcovic seeks "mutual respect" while promising retaliation. Klingbeil discussed with Bessent, warning tariffs endanger both US and European economies. Trump imposed 25% tariffs on steel/aluminum and cars; 10% baseline tariff remains.
Court blocked Trump's April 2 "Liberation Day" tariffs, boosting markets despite appeal. Trump paused duties 90 days, secured Britain pact only. S&P 500 rose 3.8%, gold up 4%, dollar down 4%, Treasury yields hit 4.5%. Export-sensitive sectors led European gains; Wall Street futures rose 1.5%. Investors shifted to tactical trades with shorter horizons. Policy uncertainty delays business decisions, affecting growth. Asian markets, especially Korea and Japan, rallied. Central banks maintain cautious stance amid toxic trade uncertainty.
Trump's April 2025 tariffs on $1.2 trillion imports caused 0.3% GDP decline and 1-1.5% PCE increase. U.S.-China May agreement reduced rates (145% to 30% U.S., 125% to 10% China). Melanie Hart warns of China's leverage, while Chatham House notes recession risk. 90-day transition varies by country, with Wharton projecting 6% GDP reduction if sustained.
U.S. appeals court reinstated Trump's tariffs amid legal battles with economic implications for international relations. Prime Minister Mark Carney welcomed a separate ruling striking down tariffs, as the situation reframes global trade war. This development raises questions about U.K.'s trade deal with Trump, affecting Canada's economy, economic stability, cross-border commerce and trade agreements between nations.
Trump threatened 50% EU tariffs starting June 1, 2025, citing $250 billion deficit. Sefcovic and Greer discussed solutions after Brussels offered concessions including agricultural, energy imports. The European Commission threatened €95 billion retaliatory tariffs and WTO dispute filing. A July 8 deadline approaches after Trump's 90-day tariff pause. Capital Economics predicts Trump will push negotiations to the brink. Despite EU's goods surplus, the US exports $275 billion in services to Europe annually.
Nvidia reports Q1 results Wednesday, projecting $0.88 EPS on $43.3 billion revenue. Data Center revenue expected at $39.2 billion, Gaming at $2.8 billion, China at $6.2 billion despite Trump's H20 ban following DeepSeek's breakthrough. CEO Huang criticized US policies at Computex. Trump axed Biden's AI diffusion rules before Nvidia announced providing GPUs to Saudi-backed Humain and building a second UAE Project Stargate using Blackwell systems, causing $5.5 billion in charges.
Gold reached records above $3,400 before settling under $3,370 in May 2024. This safe-haven asset preserves wealth during uncertainty, protecting against inflation and market volatility. Investment options include physical gold and ETFs, which offer efficient entry points. The Federal Reserve's potential rate cuts could boost prices. Investors should approach gold as a long-term hedge and diversification tool, while avoiding scams and predatory sellers during demand surges.
Video game retailer GameStop has purchased 4,710 bitcoin worth over $500 million, marking its first major cryptocurrency investment. This developing story triggered a 92-cent (2.6%) stock price increase to $35.97 in pre-market trading. Despite its lack of profits, this meme stock has surged 84% over 12 months, fueled by retail investors. The bitcoin purchase represents a significant strategic shift for GameStop. Updates will follow.
Trump Media plans raising $2.5bn for a Bitcoin treasury via stock and notes. Anchorage Digital and Crypto.com will custody holdings alongside existing assets. The Truth Social parent faces Warren's scrutiny over ETFs. Trump's family gained millions through NFTs, meme coins, and crypto ventures. During his Mar-a-Lago campaign, Trump secured crypto donor support, later hosting $Trump investors at his Virginia golf club, prompting ethics concerns.
San Francisco-based Salesforce is acquiring Informatica for $8 billion, offering $25 per share—an 11% premium. Informatica, previously taken private by Permira and Canada Pension Plan for $5.3 billion in 2015, went public in 2021. CEO Walia emphasized data's transformative power in AI. Washington highlighted leveraging capabilities in healthcare and financial services. Both boards approved the deal, closing in fiscal 2027. Salesforce reports quarterly results Wednesday; its stock rose slightly while Informatica's jumped 5.7%.
The TACO trade ("Trump always chickens out") tracks how markets react when Trump announces tariffs then reverses course. Since April 2's "Liberation Day," the Dow Jones drops during tariff threats but rebounds when policies soften, as seen with EU/China negotiations. Despite economic slowdowns, the S&P 500 shows long-term resilience. Vanguard's $650 billion S&P 500 ETF offers passive, diversified exposure, with dollar-cost averaging recommended over timing these choppy market fluctuations.
Trump imposed 10% baseline import tax and 20% on European imports using emergency powers from a 1977 law. The $80 billion collected last year funds the Treasury. Tax Foundation projects $4.5 trillion revenue reduction from extending tax cuts. The Uruguay Round established global tariff systems, with US-Mexico-Canada Agreement allowing duty-free trade. WTO data shows US tariffs (2.2%) remain lower than EU (2.7%), China (3%), and India (12%).
Americans' views of the economy improved in May after five months of declines, with the consumer confidence index rising 12.3 points to 98. Trump's 145% China tariff pause, UK agreement, and EU tariff delay until July 9 eased recession concerns. Despite adding 177,000 jobs in April with 4.2% unemployment, tariffs remain consumers' top concern. Gas prices at $3.17 and inflation easing to 2.3% improved outlook, boosting spending plans for homes, cars and vacations.
Southwest Airlines ends free checked bags May 28, charging $35 first bag, $45 second. Business Select fares, A-List Preferred members, and loyalty members retain free baggage. Southwest's $83 million baggage revenue trails Spirit ($774M), Frontier ($861M), and major carriers ($1B+ each). The industry collected $7 billion in baggage fees last year. Domestic overcapacity and rising costs prompted Southwest to end both free bags and open seating amid Elliott Investment Management pressure.
Q1 2025 credit card debt reached $1.18 trillion, up 6% yearly, averaging $8,000. Rates remain near record 23% despite Fed's planned 25-point cut and prime rate influence. Interest compounds daily after 21-25 days. Debt relief services offer personalized solutions, including 30-50% reduction through settlement. Above-minimum payments often prove insufficient.
Labour tensions between Canada Post and 55,000 postal workers escalate with rallies in 13 cities. In strike position since May 23, the union implemented an overtime ban. Canada Post's final offer includes ending compulsory overtime and $1,000 bonuses, maintaining 14% wage hike and weekend shifts. Jobs Minister Patty Hajdu was asked to force a vote amid $1.3 billion losses, including $208 million from a 32-day strike during 2024's holiday season.
President Trump rolled back 50% EU tariffs threat, extending negotiations to July 9. U.S. futures jumped post-Memorial Day with S&P 500 6% from record highs. Apple up 1.9%, Tesla climbed 2.5%, and gold miners fell 2%. Trump Media planned $3B for cryptocurrencies. Nvidia reports earnings Wednesday. Kashkari advocated steady rates while Moody's cut U.S. credit rating. Trump's tax bill expanded federal debt. Upcoming: consumer confidence data, Fed minutes, and PCE data.
Global markets tumbled after Trump threatened 50% tariffs on EU starting June 1 and 25% on Apple unless iPhone production moves to US. S&P 500, Dow Jones futures fell 1.5%, Nasdaq 1.7%. Germany's DAX dropped 1.9%, France's CAC 40 2.4%. Treasury yields declined while oil prices fell—US crude to $60.13, Brent to $63.45. Ross Stores (-13%) and Deckers Brands (-19%) withdrew guidance citing economic uncertainty from tariff threats.
Jerome Powell defended Federal Reserve independence at Princeton amid Trump's criticism, emphasizing monetary policy autonomy and interest rate decisions for economic stability before November's election. Powell highlighted their inflation fight with 5.25% rate hikes while acknowledging potential cuts. The Fed Chair stressed central bank credibility, political neutrality, and reliance on economic data, admitting policy mistakes while reassuring financial markets that external pressure wouldn't influence decisions critical to stability.
U.S. stock futures steady after S&P 500 rose 2.1%, Dow 1.8%, and Nasdaq 2.5%. Investors await Nvidia earnings, where CEO Jensen Huang faces $5.5 billion Q1 charge from China export restrictions. Salesforce, acquiring Informatica, expects 7% revenue growth. Stellantis appointed Antonio Filosa as CEO to address U.S. tariffs and falling sales. Vail Resorts shares surge 11% as former CEO Rob Katz returns amid challenges including a ski-patrol strike.
MSC ELSA 3, a Liberian-flagged vessel traveling from Vizhinjam port to Kochi, capsized Sunday in the Arabian Sea due to compartment flooding. The ship carried 640 containers, including 13 hazardous and 12 calcium carbide containers that release flammable gas in seawater, plus 84.44 tonnes diesel and 367.1 tonnes furnace oil. Indian Coast Guard and navy rescued all 24 crew members, implementing pollution control as the spill threatens Kerala's biodiversity.
Trump's April 2 tariffs (10% baseline, 20% for China) threaten France's €9 billion aeronautics, €2.4 billion wine, €1.5 billion cognac, and €4.5 billion luxury exports. French wine industry anticipates €800 million export drop. Macron condemned these as "brutal," suspending French investments and supporting EU countermeasures (vote April 9). With France's economy "treading water" near recession, these tariffs risk triggering a global trade war despite France being less exposed than Italy and Spain.
NTSB investigates San Diego plane crash that killed six, including music agent Dave Shapiro of Sound Talent Group. His Cessna struck power lines near Montgomery-Gibbs Executive Airport where weather alert system and runway lights were down during fog. The overnight flight from New Jersey hit Navy housing, destroying Ben McCarty's home. Eight residents were hospitalized. Fatigue and weather are considered factors as 100 residents evacuated.
CRM releases first-quarter fiscal 2026 earnings May 28. Salesforce leads the customer relationship management space, benefiting from digital transformation and cloud adoption. Their Einstein Analytics platform and generative AI features drive growth amid remote work trends. Subscription and Support segment projects $9.2 billion (up 7.3%). Profitability improved through cost-cutting and staff reductions. Non-GAAP earnings forecast: $2.53-$2.55, representing 4.1% increase year-over-year. CRM carries Zacks Rank #3 (Hold).
Nvidia, AI chip giant and second-most valuable company, reports Wednesday with 7% expected movement to either $140.47 or $122.11. Shares rose 20% last month following a 10-for-1 split enabling Dow Jones inclusion. Despite a 9% February drop and falls after three reports, analysts expect 66% revenue and 40% earnings growth, with $164 average price target representing 25% upside. Most analysts recommend buying.
Statistics Canada releases March and first quarter 2024 real gross domestic product figures today. Flash estimates from the end of last month projected 1.5 percent annualized growth, while economists in a Reuters poll predict 1.7 percent. The report includes early April performance indicators and shows how U.S. tariffs affected the economy before next week's central bank interest rate decision.
Nippon Steel's $15-billion U.S. Steel acquisition, backed by Trump, would create the world's third-largest producer after Baowu and ArcelorMittal, generating 70,000 jobs. U.S. Steel shares surged 21% while Nippon gained 7%. The $14 billion investment includes a coal-dependent blast furnace despite industry's low-carbon shift. Offering 40% premium, Nippon targets 100 million metric tons capacity as U.S. consumption rises 2% after 1.5% drop.
May jobs report expects 130,000 new jobs with unemployment steady at 4.2%, masking decade-low hiring rates. Recent graduates (22-27) face 5.3% unemployment amid a "perfect storm": Big Tech's efficiency push, Trump's tariffs, and AI filling entry-level roles. Software development jobs dropped 40% since February 2020. Fed Chair Powell noted the difficult hiring environment. Oxford economist Matthew Martin cites a "smaller pool of jobs" while Indeed's Stahle warns of concerning trends.
BMO earned $1.96-billion ($2.62/share) and National Bank $896-million ($2.85/share) in Q2, exceeding forecasts despite setting aside $1.05-billion and $545-million for potential defaults. Both cited tariff tensions, rising unemployment, and declining GDP growth as concerns. National's Canadian Western Bank acquisition expanded its Alberta/BC presence, increasing integration costs. Revenue rose 33% while expenses jumped 32%. Both raised dividends by 4 cents amid economic uncertainty.
CEOs from American Airlines, United Airlines, Delta Air Lines, Southwest Airlines, JetBlue Airways, Alaska Airlines, and Atlas Air, alongside FedEx and UPS executives, issued a joint letter urging Congress to approve billions for modernizing the failing U.S. air traffic control system. They cited the FAA's wildly outdated technology and recent Newark Airport failures, emphasizing the need for immediate action before the busy summer travel season commences with the Memorial Day holiday weekend.
CEO pay increased 9.7% to median $17.1 million at S&P 500 companies, which saw 23% stock growth and 9% profit increases. Median employee pay rose 1.7% to $85,419. Top earners: Rick Smith ($164.5M), Lawrence Culp ($87.4M), Tim Cook ($74.6M). Among 27 women CEOs, median pay was $20 million. The typical pay ratio was 192:1, reaching 1,300:1 at Carnival. Average US worker earns $65,460 annually.
Dogecoin, peaking at $0.73 during Musk's SNL appearance, now trades at $0.22 with potential 72% drop to $0.06. Despite Trump's pro-crypto policies and December's $0.47 peak, fundamental issues persist: unlimited supply of 149.3 billion tokens, only 2,107 accepting businesses, and Musk's departure signal continued decline.
The Trump administration resumed student loan collections May 5 after a five-year pandemic pause. Among 43 million borrowers owing $1.6 trillion, 5 million are in default with 10 million potential defaults expected. Consequences include 15% wage garnishment, tax refund and Social Security seizures. Older Americans comprise 20% of borrowers but 33% of delinquencies. With no statute of limitations, defaulted loans can be pursued indefinitely. Options include loan rehabilitation through nine on-time payments or loan consolidation.
Global markets rallied after Trump delayed 50% EU tariff until July 9. Von der Leyen tweeted "Good call with POTUS" as White House shelved threat. STOXX Europe 600 rose 1% while US markets closed for Memorial Day. Euro gained, gold declined. Trade representatives planned Monday talks. US stocks previously posted weekly declines: Dow shed 256.02 points to 41,603.07, S&P 500 slid 39.18 points to 5,802.83, Nasdaq dropped 188.53 points to 18,737.21.
The Ukrainian watch officer of Cypriot-flagged NCL Salten fell asleep, causing the 135m container ship to crash into a Norwegian garden Thursday. No injuries occurred. Previously grounded in 2023, the vessel missed Johan Helberg's Byneset home by five meters. Neighbor Bard Jorgensen described the experience as "terrifying." Refloating efforts remain unsuccessful. Logistics company NCL called it "serious." Charged with negligent navigation, the officer admitted dozing off while alone. Police are investigating crew rest violations.
Global trade uncertainty intensified amid U.S. tariff rulings and Trump accusing China of violating deals. Treasury yields hit 4.40% as PCE inflation cooled to 2.1%. S&P 500 and Nasdaq approached record highs despite tariff chaos. Trump's bill adds $4 trillion to federal debt. Deutsche Bank warns foreign investor tax could trigger "capital war." Fed expects September rate cut, while ECB rate cut and May employment report highlight next week.
Hudson's Bay, Canada's oldest company liquidating stores after seeking creditor protection, plans selling 28 of 96 prime leases to Ruby Liu for an undisclosed amount. Canadian Tire purchased Bay's name for $30-million. Liu, Central Walk chairwoman owning Tsawwassen Mills, Mayfair, and Woodgrove malls in B.C., aims to launch "New Bay" modern stores in Alberta, B.C., and Ontario. The deal requires court approval and landlord consent, with 12 parties bidding for 39 leases.
MOEX index dropped from 2,735 to 2,711 points by 5:30 p.m. after Trump called Putin "crazy" Sunday and threatened sanctions over Russia's Ukraine attacks. Sovcomflot led with 5% losses, while En+ Group, Gazprom and VK Group each fell over 4%. Investment firm Finam cited Trump's remarks as the main decline driver amid growing economic uncertainty. Two dozen Russian companies advised against 2024 dividends.
2025's ETF market contradicts Bogle's vision with fees at 65 basis points across 350 new offerings. Vanguard, BlackRock, and State Street's near-zero core fees enable investment in specialized products like T-REX offering 200% GameStop returns, XRP crypto token funds, and catastrophe bond ETFs. Bloomberg Intelligence reports leveraged ETFs reached $22 billion within 4,000 total ETFs. Morningstar notes the market's "hard right turn" while average fees remain 17.5 basis points.
ANA Flight 114 from Tokyo to Texas made an emergency landing in Seattle Saturday after a man experiencing a medical crisis attempted to open exit doors and was restrained. Port of Seattle police removed him and a second unruly passenger. The flight reached George Bush Intercontinental Airport four hours late. Similar incidents occurred on Jetstar, American Airlines, and Asiana flights, with safety as top priority.
Trump escalated trade threats via Truth Social, targeting Apple with a 25% iPhone tariff and a 50% EU tariff starting June 1. Over 60 million phones sell annually in America. Markets dropped: S&P 500 futures lost 1.5% and Apple shares fell 3.5%. Despite White House negotiations, Trump told Tim Cook iPhones must be manufactured domestically. Apple plans to make most US-bound iPhones in India by 2026, avoiding potential China tariffs.
Seven people were killed, including the locomotive driver, and 30 hospitalized after a bridge collapse and train derailment in Russia's Bryansk region bordering Ukraine early Sunday. Russian Railways reported the train's locomotive and cars derailed when a road bridge's span structure collapsed due to "illegal interference." State news agencies cited medics confirming the deaths. Governor Alexander Bogomaz stated two children were hospitalized, one seriously.
U.S. consumer spending rose 0.2% in April amid tariff landscape uncertainty, reported the Commerce Department's Bureau of Economic Analysis. Inflation remained benign with underlying price pressures at four-year lows. The saving rate jumped to 4.9% from 4.3%. The economy contracted 0.2% in Q1 after 2.4% growth, due to import floods. Chinese import duties decreased from 145% to 30% until mid-August.
While the Federal Reserve maintains the federal funds rate in these uncertain times, short-term CDs (six to nine months) offer higher Annual Percentage Yields than 12-month or longer terms. This creates a win-win: superior returns without extended fund lockup. With fixed rates and predicted gradual cuts, now is optimal to lock in above-average yields in this stable stock market alternative, though early withdrawal penalties apply before maturity.
Tariffs inflate necessities, burdening low and middle-income Americans, says Gentell CEO David Navazio. Medicare and Medicaid face higher medical costs. William London of Kimura London & White LLP notes consumers compromise on quality for electronics, appliances, food, and clothing, increasing credit card debt while cutting discretionary spending. UPS and FedEx shipping costs rise, causing order cancellations, according to consumer advocate Michael Podolsky of PissedConsumer.com. Consumers change shopping habits, seeking retailers with transparent tariff policies. People delay retirement contributions as tariffs erode purchasing power.