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America’s Weekend Tariff Storm: Explained
Good morning, sharp thinkers!
Greetings, old pals and newcomers (we see you, weekend joiners!) You're about to devour the day's headlines in just a few minutes, from the Grammys aftershock (hello, Beyoncé) to Trump's bombshell tariffs. Let’s roll!
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Your roadmap to today’s key stories:
Remember when we broke the news that new tariffs were coming? They've arrived—and in a big way. Starting Saturday, imports from Canada, Mexico, and China will face up to 25% taxes. The strategy is to pressure U.S. trading partners on issues such as fentanyl trafficking, while critics predict higher prices on everything from automobile parts to electronics to gas.
Meanwhile, Canada and Mexico have enacted counter-tariffs, starting a full-blown trade war. It will be an economic rollercoaster for consumers, farmers, and manufacturers alike, especially with Trump's latest jabs at the EU, threats of more enormous tariffs on steel, semiconductors, and pharmaceuticals, and a possible national economic emergency declaration. Get ready to pay more at the pump—and for your guac, too.
Pack Your Parachute
Just days after we (yes, we!) warned you about Trump’s massive new import taxes, global markets are in a nosedive. The Dow futures dropped 600+ points overnight, while Bitcoin, oil, and practically every major index went red.
Source: Bloomberg
Why? As I said before, tariffs on Canada, Mexico, and China (with the EU on deck) mean pricier imports and factory slowdowns. Goldman Sachs is projecting 5% pullbacks in U.S. stocks.
Bottom line: Your Monday might come with sticker shock (especially if you love avocados).
Do it for the ‘Gram(my)
The fifth time's a charm: Beyoncé won Album of the Year for her rootsy, genre-bending Cowboy Carter, beating four previous attempts. Kendrick Lamar's "Not Like Us" slam-dunked its way into Record and Song of the Year (plus a couple more) like it was hopscotch.
Best New Artist went to Chappell Roan, Best Pop Vocal Album went to Sabrina Carpenter, and Best Rock Performance went to The Beatles (!). There were tributes to LA's wildfire responders, speeches about inclusivity, and a declaration that “DEI isn't a threat”—exactly the kind of Grand Ole Grammys we didn’t know we needed.
Bonus: Here's a partial list, including the full list of winners and nominees.
Fork Yourself
There's more to Musk in Washington than boardroom meetups. Apparently, DOGE tapped into Treasury's sensitive payment systems, such as Social Security and Medicare, while sending shockwaves through federal agencies. Workers are "resigning" in droves, and insiders describe locked databases and memos demanding radical cuts.
Trump invited almost all federal workers to quit now and get paid through September. Fans call Musk a genius at trimming "dead weight," while critics see him bulldozing government infrastructure. Either way, DC just got an extra-large serving of Musk—and it's making the Beltway mighty jumpy.
Breaking: An unexpected early-morning email tells USAID workers to stay home. (Last week, USAID laid off nearly 400 contract workers)
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Write for Fall: He was helped by sparking a drop in stock prices of $600B.
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🧮 Core Count: 5,600,000,000
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🗓️ Flashback:
1451 - Sultan Mehmed II, the Conqueror, inherits the Ottoman Empire's throne.
1870 - Iowa ratified the 15th Amendment to the United States Constitution, allowing suffrage for all races and colors.
1928 - Davidson Black reports the findings of ancient human fossils at Zhoukoudian, China, in Nature, calling them 'Sinanthropus pekinensis' (now called "Homo erectus").
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