Markets
An everything rally as trade tensions ease. Trump postpones auto tariffs against Canada and Mexico last minute, bringing $F to gain $5.9%. Germany’s #DAX sees strong gains after new government announces expansive fiscal policies and a constitution reform allowing for steeper budget deficits. $BTC reclaimed $90k. China commences Two Sessions meeting.
Headlines
• White House Grants One-Month Tariff Exemption for Automakers
For FTA compliant imports from Canada and Mexico. More exemptions may be on the way.
• Automakers Receive One-Month Tariff Exemption; Stocks Rise
• Trump’s Tariff War Puts CEOs on the Front Lines
The likes of Target, Best Buy, Hasbro. Hasbro intends to bring down the ratio of toys manufactured in China and sold in the US from the current 40%.
• Supreme Court Rejects Trump Bid to Delay Foreign-Aid Payouts
• Judge Blocks Trump Administration Cap on Research Costs
The administration proposed a 15% rate cap on indirect research costs funded by NIH.
• Trump Speech Provides Opening for Lawyers Challenging Musk’s DOGE Authority
“I have created the brand new Department of Government Efficiency. DOGE. Perhaps you’ve heard of it. Perhaps. Which is headed by Elon Musk, who is in the gallery tonight.”
• U.S. Suspends Intelligence Sharing With Ukraine
Ukraine got cut-off weapons. Now intelligence.
• Stock market today: S&P 500, Nasdaq, Dow rally after Trump pauses Canada, Mexico auto tariffs
ADP data shows 77k new jobs in Feb, a big slowdown from January.
• Ford, GM, Stellantis granted 1-month tariff exemption after call with Trump
“Reciprocal tariffs will still go into effect on April 2nd, but at the request of the companies associated with USMCA, the president is giving them an exemption for one month so that they are not at an economic disadvantage,” said White House press secretary Karoline Leavitt.
• BlackRock’s Panama Canal deal is latest win for chief Larry Fink in strong start to Trump era
BlackRock is buying ports on each side of the Panama Canal from the HK-based company CK Hutchison Holding, at a price of $22.8b.
• Elon Musk says Post Office, Amtrak should be privatized
USPS lost more than $100b since 2007.
• Trump called the CHIPS Act a ‘horrible thing.’ Cutting off funding might not be so straightforward
Commerce Department allocated or paid out $36b of the $52.7b CHIPS Act.
• Germany’s fiscal U-turn could be a ‘game changer’ for the country’s sluggish economy, analysts say
Germany may revise its constitution, allowing for a structural budget deficit exceeding 0.35% of GDP. This rule has made Germany’s outstanding government debt 60% of GDP, on the lower-end of big EU nations. It could change.
• Apple co-founder Steve Wozniak blasts Musk’s DOGE over ‘sledgehammer’ approach to government layoffs
Says Trump and Musk are bullies, suspects X account suspension.
