Author Archive

• Morning News: April 21, 2025
  Eddy Elfenbein, April 21st, 2025 at 7:04 am

  Crime Syndicates in Southeast Asia Go Global, Defying Crackdowns

  China-Owned Supertankers Face $5.2 Million in Fees Per US Call

  China Warns Nations Not to Cut US Trade Deals at Its Expense

  China Is Finding Ways to Replace American Farmers

  China Wins Without Fighting While the US Flails

  DHL Suspends High-Value Deliveries to U.S. Consumers Amid Tariff Turmoil

  Japan Embraces Lab-Made Fuels Despite Costs, Climate Concerns

  BOJ Sees Little Need to Change Basic Rate Hike Stance

  Central Banks Stare Into Trade-War Abyss With Rate Cuts Primed

  Paul Volcker Never Was Precisely Because Monetarism Never Was, Nor Is

  Gold Hits Record as Dollar Sags and Trade War Concerns Persist

  Bitcoin Rebounds as Trump’s Push Against Powell Weakens Dollar

  Say ‘You’re Fired’ and Watch What Happens

  Trump’s Push Against Powell Is Latest Reason to Sell US Assets

  Fed’s Goolsbee Hopes US Not Moving to Where Monetary Independence is Questioned

  Trump Is Everywhere Except in the Economic Data

  The Trade Adviser Who Hates Trade

  Zuckerberg, Dimon Are Among Top Sellers Ahead of Tariff Stock Rout

  The Trump Billionaires Who Run the Economy and the Things They Say

  Trump’s Deals with Big Law Are Shakedowns in ‘Pro Bono’ Clothing

  Inside a Union’s Fight Against Trump’s Federal Job Cuts

  “More and More Cheating”: DOGE’s Cuts to the IRS May Have a Big Price Tag

  Tesla Bull Ives Warns of ‘Code Red’ If Musk Sticks With DOGE

  Aramco Agrees With China’s BYD to Explore New EV Technology

  Airbus Promised a Green Aircraft. That Bet Is Now Unraveling.

  A Weak Dollar and Record Gold Price Are More Bad News for Luxury Stocks

  Why It’s So Difficult for Robots to Make Your Nike Sneakers

  The Trump Tariffs Are Tilting the Scales in the Coke vs. Pepsi Battle

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• Morning News: April 18, 2025
  Eddy Elfenbein, April 18th, 2025 at 7:02 am

  EU’s Costa Says Russian LNG Phase-Out Makes Room for US Supplies

  U.S. Gas Exports to China Stopped After Beijing Imposed Tariffs

  Trump Moves to Levy Chinese Vessels in Widening Trade War

  President Trump Has Botched His Tariff War With China

  China Set to Leave Lending Rates Steady, but Tariffs Raise Easing Bets

  European Central Bank Cuts Rates Amid ‘Exceptional’ Tariff Uncertainty

  Trump Lashes Out at Fed Chair for Not Cutting Rates

  Fed’s Powell is an Exemplary Central Banker, ECB’s Villeroy Says

  Fed Proposes Averaging Large Bank Stress Test Results to Reduce Volatility

  It’s Gotten Riskier to Be a Long-Term Investor

  With Harvard Threat, Trump Tries to Bend the I.R.S. to His Will

  Scott Bessent’s Tightrope Walk

  Can Trump Really End Birthright Citizenship?

  White House Eyes Overhaul of Federal Housing Aid to the Poor

  Trump Administration Aims to Sell Housing Department Headquarters

  U.S. House Committee Urges Two U.S. Banks to Withdraw From CATL’s Listing

  The Dollar’s Monopoly in Payments Will Soon Be History

  A Weak Market for ‘Unicorns’ Muscularly Supports Meta Over the FTC

  Google Broke the Law to Keep Its Advertising Monopoly, a Judge Rules

  Google’s Money-Printing Machine Can Be Easily Dismantled

  Now Streaming on Netflix: A Show Where Profits Trump the Trade War

  Trump Would Put America First With Nippon Steel/U.S. Steel

  Meat Is Back, on Plates and in Politics

  Ivory Coast Seizes 594 Tons of Smuggled Cocoa Beans

  Gatorade Enlists Kendrick Lamar to Help Keep Its Sports Drink Lead

  Is This the End of Impulse Shopping?

  Value Retailers Have Been Waiting for the Higher-Income Consumer. They’ve Arrived.

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• Morning News: April 17, 2025
  Eddy Elfenbein, April 17th, 2025 at 7:03 am

  China’s Economic Protests Spiked to Record Ahead of Tariff Shock

  Can China Fight Deflation and Trump’s Tariffs at the Same Time?

  Tariff Pauses and Exemptions Prove the Need to Rethink

  Pre-Tariff Shopping Spree Comes to US GDP’s Rescue

  Fed Chair Lays Out Game Plan in Case of High Inflation and Slower Growth

  Powell Faces Pressure From the Markets and Trump Over Rates

  Trump Berates Fed’s Powell, Urges ‘Termination’ for Slowness

  Blackstone Urges Swift End to Tariff Turmoil as Deal Exits Slow

  Economic Uncertainty Has Never Felt This Uncertain

  Is This the Brink of the Recession We Had to Have?

  Congress Is Prioritizing a Tax Break That Few Americans Will Claim

  Harvard Says IRS Revoking Tax-Exempt Status Would Be ‘Unlawful’

  Harvard Proves the Only Choice Is to Fight

  This CEO Wants You to Know He Didn’t Steal Money While Cooking the Books

  Truist Q1 Profit Falls on Weakness in Investment Banking and Trading Business

  Global Payments to Acquire Worldpay for $24.25 Billion

  Travelers Profit Beats as Underwriting Gains Cushion $2 Billion Wildfire Hit

  U.S. Tries to Crush China’s AI Ambitions With Chips Crackdown

  Nvidia C.E.O. Meets With Chinese Trade Officials in Beijing

  The Trial Mark Zuckerberg Couldn’t Prevent

  Infosys Forecasts Slowing Sales Growth on Sluggish IT Spending

  D.R. Horton 2Q Results Weaken on Muted Spring Selling Season

  Tariffs Risk Higher Costs at New US Nuclear Plant, Says Builder

  Trade War Puts Canada’s Energy Security on the Ballot

  Trade Tensions With China Clear Path for Salt-Powered Batteries

  UnitedHealth Plunges After Cutting Outlook on Care Costs

  Lilly Soars After Weight-Loss Pill Results Rival Ozempic’s

  Tariffs Make Sour Grapes for American Winemakers

  Chinese Tea Chain CEO Becomes a Billionaire at 30 After US IPO

  Hermes to Raise Prices in the U.S. to Mitigate Tariff Hit

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• Morning News: April 16, 2025
  Eddy Elfenbein, April 16th, 2025 at 7:06 am

  The US Has Greenland (and Foreign Policy) Exactly Upside Down

  Both Admired and Resented by Trump, Japan Scrambles to Stay Close

  Asia’s Promises to Buy More US Gas May Prove Empty

  In US-China Trade Battle, Europe Is Seen With Decisive Role

  Even Without Add-Ons, Trump’s 10% Tariffs Will Have a Sting

  Trump’s Confused Thinking About the Dollar

  How Mar-a-Lago Memberships Explain Trump’s Tariff Obsession

  Stocks Tumble as Tech Investors Pull Back

  Global Tech Stocks Drop as ASML Warning Adds to Nvidia Curbs

  Now Is the Time to Ask: How Much Market Risk Can You Take?

  The Financial Crisis of 2025? Better to Be Ready

  How Supreme Court Ruling Could Weaken Fed Independence, Shake Markets

  Harvard’s $9 Billion Battle With Trump Is Bad News for Massachusetts’ Economy

  U.S. Bancorp Profit Climbs with Higher Fees, Lower Costs

  PwC Shuts Operations in Nine African Countries

  The Chipmakers Caught in the Trade War Crossfire

  Taiwan’s Chip Companies Are Caught in the U.S.-China Tariff War

  Zuckerberg’s Unrelenting Paranoia Emerges in FTC Trial

  AI Needs Your Data. That’s Where Social Media Comes In.

  A MAGA-Backed AI Health-Care Unicorn Attracts an Unlikely Coalition

  Tariff Confusion Leaves Advertisers ‘Paralyzed’ and ‘Somber’

  Abbott to Expand US Manufacturing as Tariffs Loom

  United Airlines Tops Expectations Despite Travel Demand Worries

  How Costco’s Co-Founder Built the $400 Billion Retailer Behind Kirkland

  Heineken Tops Revenue View, Reaffirms Outlook Amid Tariff Concerns

  LVMH Loses Crown as World’s Most Valuable Luxury Company to Hermes

  The Succession Drama Inside Singapore’s Richest Family

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• CWS Market Review – April 15, 2025
  Eddy Elfenbein, April 15th, 2025 at 6:11 pm

  (This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)

  The stock market has seriously chilled out over the last few days. In fact, we’re not that far (-2.3%) from where the market was on March 13, after the S&P 500’s first leg downward.

  

  If some Rumpelstiltskin investor had fallen asleep one month ago and had awoken today, they’d probably conclude that this has been an uneventful four weeks.

  We aren’t seeing the big 3%, 5% or even 10% days that we saw not too long ago. For the last two days, the S&P 500 has closed up or down by less than 1%, and today’s change (-0.17%) is the smallest daily move in three weeks.

  I like to track the VIX (^VIX) which is the volatility index. Some investors like to call it the “Fear Index,” which is an apt name. Last week, the VIX jumped from 30 to 60. That’s a huge increase, but earlier today, the VIX fell back to 28.

  

  Are we in the clear? Not a chance. Or rather, even if we are, it’s safest to act as if we’re not. The problem for investors is that the market is still beholden to tariff politics. That means that any intemperate threat coming from the White House can upend the market. Morgan Stanley said to expect to be fooled “many more times” regarding tariffs. I think that’s right.

  The simple fact is that the S&P 500 is still below its 200-day moving average. Historically, that’s been a trouble area for the market. The index needs to rally more than 6% from here to be above its 200-DMA.

  The good news is that we now have other events to share the headlines with the tariff news. The most prominent is that Q1 earnings season is underway and that’s taken some of the spotlight off of tariff politics.

  Remember When the Market Doubled in 18 Months?

  One of the rules of thumb on Wall Street is that dramatic markets tend to be symmetrical. That’s a fancy way of saying that sharp drops are often followed by sharp recoveries, and long, drawn-out bears are followed by long, drawn-out bulls.

  A good example of this came during the Covid bear in 2020. The stock market peaked on February 19. Interestingly, it peaked on the same day this year.

  This was one of the fastest drops in Wall Street history. Thirty-three days later, the S&P 500 had shed 33%. But the bulls came roaring back (thanks to a lot of help from Uncle Sam).

  

  By June 8, the market had soared 44% off its low, and by August, the S&P 500 closed at a new record high. It took less than six months to erase one of the most brutal bear markets on record. In fact, it didn’t stop there. It took 18 months for the S&P 500 to double from its low.

  Of course, this behavior is only a rule of thumb. We know well that the market gods love to play with our emotions. What I’ve noticed is that when the market is at its low, no one thinks it is. Instead, everyone’s waiting for the next downward move which never comes. As Peter Lynch said, “I’m always fully invested. It’s a great feeling to be caught with your pants up.”

  An Early Look at Q1 Earnings

  Let’s take an early look at how the Q1 earnings season is playing out. So far, 72.4% of the companies that have reported have beaten their earnings estimates, 69% have topped their revenue estimates. A total of 55.2% have beaten on both.

  The S&P 500 is currently tracking at 6.76% earnings growth for Q1. That’s down from 7.03% from one month ago. The good news is that banks are doing a little better than we expected. Expected earnings for financials have been bumped up to 2.30% from 0.87% last month. The weak spot is energy. Last month, earnings for energy sector entities were expected to be down by 16.55%. Now it’s looking like energy’s earnings will be down by 18.87%.

  I also noticed that in the earnings calls, several CEOs had bleak outlooks on the economy. A recent poll of more than 300 CEOS found that 62% see a recession coming within the next six months. That’s up from 48% in March.

  It’s no secret what CEOs are concerned with. Three-fourths of them said the tariffs will hurt their businesses this year.

  Larry Finke, the head honcho over at BlackRock (BLK) said that we’re very close to a recession, “if not in a recession now.” Fink said, “I think you’re going to see, across the board, just a slowdown until there’s more certainty.”

  BlackRock is one of the behemoths of Wall Street. The firm currently has $11.58 trillion in assets under management. On Friday, BlackRock said it made $11.30 per share for Q1. That beat Wall Street’s consensus of $10.14 per share. The problem was revenue. BlackRock had $5.28 billion in revenue which was $60 million short of Wall Street’s consensus.

  Goldman Sachs (GS) reported a very good quarter. For Q1, the big bank made $14.12 per share compared with estimates of $12.35 per share. That’s an increase of 15% over last year. Revenue rose 6% to $15.06 billion. That topped estimates by $250 million.

  Bank of America (BAC) also posted good results. For Q1, BAC made 90 cents per share. That was eight cents more than estimates. Revenue was $27.51 billion. Expectations were for $26.99 billion. Bank of America said its net interest income was helped by lower deposit costs and higher-yielding investments.

  JPMorgan Chase (JPM) reported Q1 earnings of $4.91 per share on revenue of $46.01 billion. Wall Street had been expecting $4.61 per share on revenues of $44.11 billion.

  The big winner was equities trading. JPM’s revenue there jumped 48% to $3.8 billion. That beat expectations by $560 million.

  CEO Jamie Dimon was optimistic for his bank, but like the other CEOs, he was far more cautious on the overall economy. Dimon said, “The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and ‘trade wars,’ ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility.”

  Morgan Stanley (MS) said that its Q1 earnings rose 26% to $2.60 per share for Q1. That beat the Street by 40 cents per share. Equity trading soared 45% to $4.13 billion. That was $840 million more than expected.

  Earlier today, Johnson & Johnson (JNJ) said it made $2.77 per share for Q1. That was 17 cents more than estimates. JNJ’s sales rose 2.4% to $21.89 billion. That beat estimates of $21.58 billion.

  The company increased its guidance. JNJ now sees 2025 sales ranging between $91 billion and $91.8 billion. The company sees earnings coming in between $10.50 and $10.70 per share.

  JNJ also hiked its quarterly dividend from $1.24 to $1.30 per share. The new dividend is payable on June 10, with a record date of May 27. This is the 63rd year in a row that JNJ has increased its dividend. That’s one of the longest such streaks on Wall Street.

  There are few things to look out for this week. Tomorrow morning, Abbott Labs (ABT) will report its Q1 earnings. This will be our first Buy List stock to report. The stock is up close to 12% this year.

  For this year, Abbott sees its earnings ranging between $5.05 and $5.25 per share. For Q1, Abbott sees earnings between $1.05 and $1.09 per share. Wall Street has split the difference and expects $1.07 per share.

  Tomorrow we’ll also get reports on retail sales and industrial production, and Federal Reserve Chairman Jay Powell will be speaking at the Economic Club of Chicago.

  The Fed doesn’t meet again for another three weeks, and it’s doubtful they’ll make a move at their May meeting. It will be interesting to hear what Powell has to say, especially about tariffs.

  That’s all for now. I’ll have more for you in the next issue of CWS Market Review.

  – Eddy

• Morning News: April 15, 2025
  Eddy Elfenbein, April 15th, 2025 at 7:03 am

  Oil Goes From Bad to Worse in First Takes on 2026

  Trump Throws Another Hail Mary

  Trump’s Give-and-Take Tariff Strategy

  Trump’s Dilemma: A Trade War That Threatens Every Other Negotiation With China

  China’s Port Cargos Start to Slow as Tariff Tensions Escalate

  China’s Halt of Critical Minerals Poses Risk for U.S. Military Programs

  China Orders Boeing Jet Delivery Halt as Trade War Expands

  China’s Murky Bankruptcies Expose Hazards for Foreign Investors

  Trump’s Trade War With China Could Be Good for India. But Is It Ready?

  Japan Economy Minister Urges ‘Win-Win’ Solutions Ahead of U.S. Trade Talks

  German Economic Sentiment Collapses on Trump’s Tariff Chaos

  Will Policy Chaos Trigger a Flight From the Dollar?

  The Dollar Keeps Falling as Its ‘Safe Haven’ Status Is Questioned

  Bitcoin’s Response to Tariffs Says a Lot About the Dollar

  Bank of America Profit Boosted by Trading Gains, Interest Income

  Bessent Says ‘Everything’s On the Table’ for Taxes on Wealthiest

  Harvard’s Vow to Resist Trump Sets Up $9 Billion Funding Fight

  Inside Trump’s Plan to Halt Hundreds of Regulations

  Apartment Developers Who Overbuilt Luck Out With Tariffs

  US Travel Industry Braces for Impact of Foreign-Visitor Slide

  The Next TikTok Shutdown Is Likely to Be Longer

  Japan’s NTT Has Become an Under-the-Radar AI Powerhouse

  AI to Prop Up Fossil Fuels and Slow Emissions Decline, BNEF Says

  Ericsson Posts Rise in North American Network Spending Ahead of Tariffs

  GM’s Mary Barra Has to Make a $35 Billion EV Bet Work in Trump’s America

  American Airlines to Provide Free Wi-Fi, Joining Race to Court Connected Travelers

  J&J Increases Outlook After Beating 1Q Expectations

  Albertsons’ Profit Outlook Trails Estimates, Stock Declines

  Publicis Confirms Outlook After Organic Growth Beats Expectations

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• Morning News: April 14, 2025
  Eddy Elfenbein, April 14th, 2025 at 7:01 am

  EU Top Diplomat Hails Progress in Finding Ammunition for Ukraine

  The Former C.I.A. Officer Capitalizing on Europe’s Military Spending Boom

  China’s Trade War Leverage Over US Becomes Clearer

  A Devastating Trade Spat With China Shows Few Signs of Abating

  China Halts Critical Exports as Trade War Intensifies

  At China’s Wholesale Hub, U.S. Orders Have Suddenly Halted. One Example: Socks.

  Why Wouldn’t China Weaponize Its $760 Billion Treasury Holdings?

  Italian Tycoon Eclipses BlackRock in Li Ka-shing’s Port Deal

  Trump’s Tariffs Leave No Safe Harbor for American Importers

  Trump Has Added Risk to the Surest Bet in Global Finance

  Weak Dollar Wishes Are Scary When Granted

  Stock Market’s Extreme Moves Portend Lasting Trouble for Traders

  Volcker’s Lessons for Restoring Dented US Credibility

  The Treasury Secretary Is Wrong About How Most Retirees See the Stock Market

  Tether Emerges as Major Crypto Lender Since Collapse of Sector

  Goldman’s Stock Traders Ride Volatile Markets to Record Quarter

  Citigroup Turns Cold on US Equities, Joining Wall Street Peers

  Brookfield Has Billions Riding on a Private Equity Revival in the Middle East

  Most CEOs Were Doubting Their Boards Even Before Trump’s Tariff Turmoil, Survey Finds

  Elon Musk and the Dangerous Myth of Omnigenius

  Cuban Exiles Are Losing Their Privileged Migration Status Under Trump

  This Company’s Surveillance Tech Makes Immigrants ‘Easy Pickings’ for Trump

  Trump Warns Tariffs Coming for Electronics After Reprieve

  Tim Cook’s ‘Long Arc of Time’ Prepared Apple for the Trade War

  Intel Close to Unveiling Deal to Sell Altera to Silver Lake

  Trump Wants to Reverse Coal’s Long Decline. It Won’t be Easy.

  The New Technologies Buoying Efforts to Cut Ship Emissions

  RFK Jr. Needs to Explain Himself

  Pfizer Abandons Obesity Pill After Liver Injury in Setback

  DaVita Says Ransomware Attack Affecting Some Operations

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• Morning News: April 11, 2025
  Eddy Elfenbein, April 11th, 2025 at 7:02 am

  Why Should Iran Believe Anything the US Threatens or Promises?

  China Raises Tariffs on U.S. Imports to 125%, Calling Trump’s Policies a ‘Joke’

  The U.S. and China Are Going to Economic War—and Everyone Will Suffer

  How This Trade War Is Different From All Other Trade Wars

  The ‘China Shock’ Offers a Lesson. It Isn’t the One Trump Has Learned.

  German Finance Chief Sees Chance for Stronger Euro Role in Trade

  Gold Price Forecasts Raised as Rally Continues

  Treasuries Are Trading Like Risky Assets in Warning to Trump

  Markets Worry About Finding an Exit From Trump’s Trade Fight

  Undaunted Retail Investors Bruised by S&P 500’s Big Reversal

  Warren Urges S.E.C. to Investigate Trading Around Trump’s Tariff Pause

  Trump Puts Wall Street Leaders in Tight Spot

  JPMorgan’s Stock Traders Notch Record Revenue on Market Chaos

  Wells Fargo Beats Profit Estimates but CEO Warns Tariffs Could Slow Growth

  Morgan Stanley’s Profit Beats on Strength in Wealth, Equity Trading Units

  BlackRock Net Income Falls, Assets Hit Record $11.6 Trillion

  Hedge Fund Sculptor Joins Rush of Financial Firms in Abu Dhabi

  CEOs Just Got a Lesson In How to Influence the White House

  Relief at a Trade Hub on the Southern Border, but No End to Its Unease

  Tariff Turmoil Will Continue Unless Congress Steps In

  A Look at Revenue Sources to Pay for US Tax Cuts

  Tesla Stops Taking Orders in China for Models Imported From the US

  Europe’s Offshore Wind Industry Needs a Lifeline

  Tariff Uncertainty Is Punishing California Almond Growers

  California Can Fend Off Trump’s Climate Attack. Cities Might Not

  What’s Wrong With Apple?

  GSK CEO Says She’s Already Tariff-Proofing Britain’s Global Drugmaker

  LG and Samsung Are Pioneering the Netflix Model for Home Appliances

  Who Wants to Run Vanity Fair? Everyone? Anyone?

  Twinkies’ New Owner Courts a Novel Group of Snackers: Stoners

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• Morning News: April 10, 2025
  Eddy Elfenbein, April 10th, 2025 at 7:05 am

  RBA Governor Says It’s Too Early to Set New Rates Course

  Philippine Central Bank Resumes Rate Cuts

  German Economic Institutes Slash 2025 Growth Forecast as Tariffs Bite

  Trump Reverses Course on Global Tariffs, Announcing 90-Day Pause

  Trump Tariff Concerns Still Weigh on Dollar, US Futures

  EU to Halt Counter-Tariffs After Trump Sets 90-Day Pause

  After Tariff Climbdown, World Asks: Is it Method or Madness?

  Trump’s Trade Math Ignores a Major Export: American Services

  Trump’s Encouragement of Stock Investors Draws Scrutiny

  From ‘Be Cool!’ to ‘Getting Yippy’: Inside Trump’s Reversal on Tariffs

  Bully or Chicken — Playing Trump With Game Theory

  This US Import Rule Shows How Global Trade Went Wrong

  Sell-Off in U.S. Bonds and Dollar Raises Questions About ‘Safe Haven’ Status

  Can Britain Be a ‘Sensible, Stable’ Haven in Trade War? Some See Potential.

  Fed Leans Against Inflation and Away From Preemptive Rate Cuts

  How to ‘Recession-Proof’ Your Portfolio During Trump Tariffs, According to Experts

  How Financial Tech and Outsourced Banking Made Saving Risky Again

  China to Curb Imports of U.S. Films in Response to Trump Tariffs

  U.S. and China Headed for ‘Monumental’ Split, Putting World Economy on Edge

  What to Know About the Latest China Tariffs and What They Mean for Prices

  China Says Its Own Consumers Will Save the Day. But They’re Not Buying.

  More Americans Are Making Only Minimum Payments on Credit Cards

  House Delays Vote on Tax-Cut, Debt Limit Plan Amid Deficit Spat

  US Defense Is Collateral Damage in the Trade War

  Copper Industry Takes Sanguine View on Tariffs at Chile Summit

  Tesla Supplier STMicroelectronics Backs CEO After Italy Criticizes Management Amid Board Feud

  BMW Deliveries Slip on China Weakness, Despite Strong Quarter in Europe and U.S.

  Chicago Hot Dog Eatery Portillo’s Slims Down Menus to Expand Nationally

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• Morning News: April 9, 2025
  Eddy Elfenbein, April 9th, 2025 at 7:03 am

  India’s Millions of New Investors Are Reeling From Tariff Turmoil

  China Condemns American ‘Protectionism’

  Stocks Tumble as China Retaliates With 84% Tariff on US Goods

  European Officials to Vote Today on First Retaliatory Tariffs

  ECB Should Cut Key Rate as Euro Stages Surprise Rally, Villeroy Says

  Tectonic Shifts in Global Trade Represent New Risk, Says Russian Central Bank

  One of America’s Biggest Ports Fears a Cargo Slump Is Next

  Trump Says Pharmaceutical Tariffs Coming ‘Very Shortly’

  India’s Drug Makers Shudder as Trump Again Threatens Tariffs

  Dalio Sees Once-a-Lifetime Collapse in Economic, Political Order

  104% Is Doubling Down on Dumb

  Inflation Is a Mind Game, Too

  Treasuries ‘Fire Sale’ Sends Long-Term Yields Soaring Worldwide

  U.S. Bond Sell-Off is Another Worrisome Echo of the Liz Truss Fiasco

  A Severe Test Lies Ahead for the Federal Reserve

  Shadow Banks Are Too Big to Stay in the Shadows

  Big Banks’ Record Trading Streak Overshadowed by Tariff Upheaval

  Trump Tariffs Threaten Spread of Big Batteries on the Power Grid

  Five Takeaways From Trump’s Plan to Rescue Coal

  How Trump Is Putting Law Firms in a No-Win Situation

  A $12,800 Tariff Hit Has Some Homebuilders Eyeing Side Gigs

  Apple Supplier Luxshare to Maintain Vietnam Production Hub to Support U.S. Market

  Delta Pulls Outlook as Trump’s Trade War Squeezes Air Travel

  Airlines’ Dreams of a Banner Year Are Over

  Walmart Maintains Sales Forecast Despite Tariff Pressure

  Volkswagen Vehicle Deliveries Rise Despite China Weakness

  Gold Rolexes See Sharp Rise in Demand as Metal Hits Records

  The Strange Case of an Hermès Heir, an Emir and a Deal Gone Wrong

  Harry’s Razor Brand Seeks to Build a Consumer Goods Empire

  Can Hobby Lobby, With Its Conservative Principles, Win Over New York?

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