Marc Ross Daily | March 11

Marc Ross Daily | March 11

Marc Ross Daily is geopolitical business news + intelligence for senior executives + comms pros.

Geopolitics is disrupting every business and industry. I am here to help.

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Happy Tuesday.

Here’s today’s Marc Ross Daily:

*** Globalization + Geopolitics ***

BBC: Canada's next PM Mark Carney vows to win trade war with Trump

Mark Carney to Donald Trump: ‘Canada never, ever will be part of America’: Politico reports Canada’s next prime minister uses leadership victory speech to warn Canadians that the US president wants to “destroy our way of life.”

+ "Americans should make no mistake. In trade, as in hockey, Canada will win."

Mark Carney’s in-tray: from tariffs to Canadian sovereignty: Canada’s new prime minister is taking over at a ‘nation-defining time’ and must tackle issues ranging from Trump and trade to defence and energy. The Times

Mark Carney takes on Trump’s America: New prime minister must still convince Canadians he can deal with the US president. FT - Editorial

Mark Carney must keep an expansionist America at bay: Canada’s new prime minister has momentum. Will that be enough to win him a general election? Economist

Doug Ford makes good on threat to slap 25 percent export tax on electricity to the US: TS reports the “tariff response charge” will be paid by utilities in New York, Michigan, and Minnesota importing power from Ontario generators of electricity.

AP: Ontario slaps 25% tax increase on electricity exports to US in response to Trump’s trade war

Doug Ford is channelling Canadians’ outrage about Donald Trump’s tariffs — and it’s not just Americans who are noticing: How the Ontario premier emerged as Canada's de facto communicator-in-chief during the trade war with the US. TS

Bloomberg: Canadian travel to US plummets amid tariff, statehood threats

A trade war could hit these communities hardest: Chinese and Canadian retaliatory tariffs are aimed at agricultural, manufacturing, and energy sectors that employ millions of Americans. WP

China’s tariffs on US agricultural products take effect: NYT reports the action came in response to the higher levies on Chinese imports that President Trump announced last week.

China rolls out US farm tariffs as Xi digs in for wider trade war: Fresh salvo against Canada seen as warning against aligning with Trump policy. Nikkei

+ Japan’s trade minister doubled down on a request for Japan to be excluded from President Donald Trump’s tariff campaign in his first in-person discussions with his US counterparts.

Trump's tariff threats paralyze European companies: With threats of 25% tariffs on the European Union, geopolitical upheavals and the 'law of the strongest' in business, companies are reeling from the Trump shock. In response, they are freezing their projects, trying to negotiate exemptions, and preparing to raise their prices. Le Monde

Ukraine is expected to propose an aerial and naval ceasefire with Russia during talks with the US.

Zelensky’s high-wire act: Satisfying Ukrainians and Trump: WSJ reports President Trump wants a quick peace deal, but Ukrainians resist capitulation to Russia’s demands.

Trump may resume Ukraine aid if pivotal meeting goes well, Rubio says: The Times reports Secretary of State Marco Rubio will meet with Ukrainian officials for the first time since the Oval Office blow-up between Donald Trump and Volodymyr Zelensky.

Trump may resume Ukraine aid if pivotal meeting goes well, Rubio says: WP reports Secretary of State Marco Rubio will meet with Ukrainian officials for the first time since the Oval Office blow-up between Donald Trump and Volodymyr Zelensky.

Rare earths reality check: Ukraine doesn't have minable deposits: Experts say proposed deal with US makes no sense. IEEE

Trump’s dealmaking is all about him: From effectively ending the war in Ukraine to setting tariffs, the president’s negotiating skills are coming up short. Timothy L. O'Brien

US dominates arms trade but Trump’s moves risk rattling buyers: America has benefited from rising European spending, though the president’s Ukraine policy is raising concerns about future purchases. WSJ

Trump is making Europe great again: The US president has provided the biggest stimulus towards European integration since the end of the Cold War. Gideon Rachman

Trump and the future of European security: Le Monde's Sylvie Kauffmann answers readers' questions: What does the future of European defense look like, now that the United States is retreating from the continent? Sylvie Kauffmann, foreign affairs columnist at Le Monde and specialist in international relations, answers reader questions on social media. Le Monde

France, seen as the spearhead of European defense, worries Russia: Macron and Putin on Friday engaged in a long-distance sparring match about Napoleon and imperialism. Le Monde

Inside Russia’s shadow war in the Baltics FT 

Trump’s blunt pitch for Greenland casts shadow over its elections: The Times reports as voters head to the polls on Tuesday, the main parties are slowing efforts to break away from Denmark.

Greenland holds election in shadow of Trump: Le Monde reports the inhabitants of the autonomous Danish territory are going to the polls on Tuesday to elect their parliament. Among the issues that dominated the election campaign were independence and relations with Denmark.

British army must spend billions to prepare for war, ministers told: Drones, shells, and armoured vehicles must be bought off the shelf now to ward off increasing threats, the government has been warned. The Times

40%: The percentage by which Britain’s government is slashing the aid budget to boost defence spending.

Putin boots out more British diplomats in spying row: Politico reports Russia’s FSB accuses pair of “intelligence and subversive work” – as Britain brands the claims “baseless.”

WSJ: Pope’s condition is improving, Vatican says

Pope is no longer in immediate danger from illnesses, Vatican says: NYT reports though his condition has improved, Pope Francis will remain in the hospital for further treatment, the Vatican said in a statement.

Reuters: Israel urging UN agencies, aid groups to replace UNRWA in Gaza, envoy says

South Korea's martial law: How the president's plan came together and fell apart NYT

US, China discuss a Trump-Xi summit for June: WSJ reports talks about a “birthday summit,” which are in the early stages, come as the Trump administration is ramping up tariffs against China.

In new book, Dalai Lama tells followers to reject any successor chosen by China: WSJ reports the Tibetan Buddhist leader said the choice of a successor should be made according to traditional practices and that lamas, in which monks would conduct the search, setting up a clash with Beijing’s communist rulers.

Indonesia, Vietnam upgrade ties in face of US tariff risks: Nikkei reports Southeast Asian countries agree to comprehensive strategic partnership.

Argentine President Javier Milei signed an emergency executive decree on Monday to mandate a new deal with the International Monetary Fund, news outlets La Nacion and Clarin reported, signaling that a staff-level agreement is closer than ever.



***  US Politics + Elections ***

WSJ: Recession fears cause US stocks to lose their luster

FT: Wall Street stocks tumble as investors fret over US economic slowdown

Bloomberg: Markets rocked by Trump show economic fear across Wall Street

+ Billionaires at Trump’s swearing-in have since lost $209 billion

+ NASDAQ 100 sheds $1.1 trillion in value as tech meltdown spreads

+ Tesla tumbles most since 2020 on pullback in sales estimates

White House downplays economic ‘blips’ as stock market tumbles: WP reports top administration economist Kevin Hassett said he expects tax cuts to propel economic growth later this year.

Trump promised Americans booming wealth. Now he’s changing his tune. NYT reports President Trump’s sweeping promises are running headlong into the reality of governing.

Bloomberg: Stocks tumble most this year with recession warnings blaring

CNN: Dow falls by almost 900 points in market rout after Trump says he won’t rule out a recession

+ The selloff in US equities accelerated Monday with the S&P 500 dropping another 2.7% and the Nasdaq 100 losing 3.8%, it’s worst day since 2022.

Trump’s business acumen has long been his armor. It’s being put to the test. Politico reports the normally bullish Trump over the weekend declined to rule out the possibility of a full-blown recession as his tariff policies threaten to spark a massive global trade war.

Government shutdown? The House and Senate both need to pass a funding bill by midnight Friday or else the federal government shuts down. 

In Trump’s crowded White House, JD Vance finds a role behind the scenes: WP reports the vice president has balanced his love for public-facing mudslinging with a quieter portfolio as conciliator and backroom dealmaker.

FT: Musk claims cyber attack on social network X came from ‘Ukraine area’

Move fast and destroy democracy: Silicon Valley’s titans have decided that ruling the digital world is not enough. Kara Swisher

Trump touted sweeping tariff, DOGE plans — then adjusted as backlash grew: Adjustments on DOGE and tariffs suggest the president isn’t immune to political pressure, despite the scale of his proposals. WP

America is turning on Trump: From Elon Musk's DOGE chaos to cutting Medicaid, voters across the political spectrum are unhappy. Ross Barkan

CNN: Deleted tweets show top State Department official spread false rumor about Rubio’s sexuality, called him ‘low IQ’

Today: The House Financial Services Committee will hold a hearing on stablecoins and the “consequences of a US central bank digital currency.”

Trump’s call to scrap ‘horrible’ chip program spreads panic: The president’s attack on the key tenet of the Biden administration’s industrial policy has set off concerns that he may claw back its funding. NYT

Science and tech agency cuts spark industry pushback: Axios reports the tech industry is throwing its weight behind science and tech work in government in response to the rollercoaster of federal employee firings and rehirings and the specter of more job and budget cuts.

+ Tech industry and advocacy groups sent a letter to Commerce Secretary Howard Lutnick on Monday warning that agency cuts could hobble America's global leadership in AI. Read the letter here.

Trump, with more honey than vinegar, cements an iron grip on Republicans: NYT reports in his second term, President Trump is cultivating warm relationships with GOP lawmakers — and using the implicit threat of ruining them if they stray — to keep them in line behind his agenda.

FL-GOV: A new Fabrizio Lee & Associates poll in Florida finds Rep. Byron Donalds (R) crushing Casey DeSantis (R) in a possible GOP gubernatorial primary matchup, 45% to 23%.

Utah to become first state to ban fluoride in public water: WSJ reports most public-health experts say the mineral additive is crucial protector against tooth decay.

Donald Trump Jr. has big plans for monetizing MAGA: At 1789 Capital, the president’s eldest son is chasing profit in the ‘parallel’ economy of Trump’s America. Bloomberg

*** Distribution + Innovation ***

AI can steal your voice, and there's not much you can do about it: Voice cloning programs — most of which are free- have flimsy barriers to prevent nonconsensual impersonations, a new report finds. NBC News

OpenAI strikes $12bn deal with CoreWeave: FT reports contract is a boost to the cloud computing provider ahead of its $35bn initial public offering.

Investors want a piece of DeepSeek. Its founder says not now. WSJ reports the chatbot startup has problems, but its founder doesn’t want new shareholders to be one of them.

Reuters: Foxconn unveils first large language model 

TC: Manus probably isn’t China’s second ‘DeepSeek moment’

Ex-DeepMind researchers’ new startup aims for superintelligence: Reflection AI is building coding agents that can function autonomously. Bloomberg

The quest for AI ‘scientific superintelligence’: An ambitious start-up embodies new optimism that artificial intelligence can turbocharge scientific discovery. NYT

How the AI talent race is reshaping tech job market: Nearly 1 in 4 US new tech jobs posted this year seek employees with artificial-intelligence skills, a sign the technology is permeating nearly every corner of the economy. WSJ

Bloomberg: Apple readies dramatic software overhaul for iPhone, iPad, and Mac

Rocket-Redfin deal ignites race for one-stop shop for home buyers: WSJ reports mortgage giant Rocket has agreed to buy Redfin in an all-stock deal valuing the online real-estate brokerage at $1.75 billion.

Bloomberg: Delta slashes its profit forecast on weakening travel demand

*** Culture ***

The gorgeous, unglamorous work of freedom: Notes from an “actualist” on what liberation requires. Bono

‘Lorne’ is one of the great showbiz biographies of our time. Its author tells us why the ‘SNL’ visionary almost didn’t take the job: Susan Morrison talks about her 10-year journey to write the definitive story of Lorne Michaels. TS

*** Sport ***

Stephen Curry joins alma mater Davidson as assistant GM for basketball: AP reports the four-time NBA champion and two-time league MVP will be the first active player in US major professional sports to take an administrative job with a college team. He will continue to play with the Warriors while serving in this newly created role.

+ Curry will draw resources and support from the Under Armour global sports marketing team, one of his major sponsors.

Reuters:  Liverpool sign multi-year deal with Adidas to replace Nike 

Jessica Berman is taking the NWSL to new heights Talia Barrington

Trump: Canada, Mexico trade war makes 2026 World Cup 'exciting': AFP reports speaking to reporters in the Oval Office alongside Gianni Infantino, the head of world football's governing body FIFA, Trump brushed off suggestions that his administration's ongoing spat with the USA's 2026 World Cup co-hosts could impact the tournament.

+ "Oh, I think it's going to make it more exciting," Trump replied when asked how the tensions between the United States, Canada, and Mexico might affect the event.

Still on top: India wins 2025 ICC Champions Trophy: The Score reports India won the 2025 ICC Champions Trophy on Sunday, defeating New Zealand by four wickets in the tournament final played in Dubai.

+ India successfully chased New Zealand's 251/7 and finished 254/6, with six balls left to play.


Enjoy the ride + plan accordingly. 

-Marc 

Marc A. Ross | Chief Communications Strategist @ Caracal