What we’re reading (3/4)
“Trump’s Tariffs Plunge Global Markets Into A Sea of Red” (New York Times). “Global markets plunged on Tuesday after U.S. tariffs went into effect on roughly $1.5 trillion worth of imports from Canada, Mexico and China, with another, and even broader, wave set to kick in as soon as next week. China and Canada have already responded, with Beijing targeting the American heartland with sweeping levies on imported food and halting log and soybean shipments from select U.S. companies. Mexico is expected to retaliate, too.”
“Trump Could Scale Back Canada, Mexico Tariffs Wednesday, Lutnick Says” (CNBC). “President Donald Trump will “probably” announce tariff compromise deals with Canada and Mexico soon, Commerce Secretary Howard Lutnick said Tuesday…Lutnick’s comments came minutes after the U.S. stock market limped to a close for a second day of sharp declines, spurred at least in part by investors’ fears that Trump’s aggressive policies will ignite a crippling trade war.”
“American Farmers Brace For Harm From Retaliatory Tariffs” (New York Times). “Agricultural producers of all sizes, from part-time farmers and small family farms to large ones, could take a hit as prices fall and some costs go up. Soybeans accounted for about half of U.S. agricultural exports to China last year, according to the Agriculture Department, but American soybean exporters to China compete with companies from Brazil. U.S. soybean futures fell about 1 percent on Tuesday. Futures on U.S. corn and wheat also fell.”
“Hong Kong-Based Company To Sell Panama Canal Ports” (BBC). “A Hong Kong-based company has agreed to sell most of its stake in two key ports on the Panama Canal to a group led by US investment company BlackRock…[t]hrough a subsidiary, CK Hutchison Holding operates ports at the Atlantic Ocean and Pacific Ocean entrances to the canal. It said Tuesday that it would sell its interests as part of a deal worth $22.8bn (£17.8bn). CK Hutchison is not owned by the Chinese government but its base in Hong Kong means it operates under Chinese financial laws. It has operated the ports since 1997.”
“This Scientist Left OpenAI Last Year. His Startup Is Already Worth $30 Billion.” (Wall Street Journal). “Silicon Valley’s hottest investment isn’t a new app or hardware product. It’s one man. AI researcher Ilya Sutskever is the primary reason venture capitalists are putting some $2 billion into his secretive company Safe Superintelligence, according to people familiar with the matter. The new funding round values SSI at $30 billion, making it one of the most valuable AI startups in the world.”
