Marc Ross Daily | March 12
Marc Ross Daily is geopolitical business news + intelligence for senior executives + comms pros.
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Happy Wednesday.
Here’s today’s Marc Ross Daily:
*** Ross Rant ***
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*** Globalization + Geopolitics ***
Trump’s tariffs are no ‘emergency’: The President invokes a law that doesn’t give him power to impose sweeping tariffs. Someone should sue. WSJ - Editorial
Toronto Star: TRADE WAR WHIPLASH
CNN: Trump threatens new tariffs on Canada and warns he will shut down its auto industry
Reuters: Trump says he will double tariffs on Canada metals to 50%
Axios: Trump imposes new Canada tariffs, renews "51st state" demands
+ Last month, 72% of all US unwrought aluminum imports came from Canada
+ @MrMBrown: So that's now 5 times in 7 days US trade policy towards Canada has changed...
+ @EricBoehm87
March 3: "Tariffs on Canada!"
March 5: "Okay, no tariffs on cars but tariffs on everything else."
March 6: "Actually, no tariffs until April 2."
March 11: "Tariffs on Canada!"
+ The White House said that 25% tariffs on steel and aluminium from Canada and all other trading partners would go into effect on Wednesday.
Toronto Star: Flight deals, a case of 1,400 cans of beer and lap dances: Canadian companies offer deals linked to US tariff talk
CNN: Ontario premier threatens to ‘shut off electricity completely’ for US if trade war escalates
+ BREAKING: Ontario is suspending its 25% tariff on exports of electricity to Michigan, New York, and Minnesota, Premier Ford says. This comes after US Commerce Secretary Lutnick agreed to meet with Premier Ford on Thursday.
National Post: Canadians travelling to the US may be affected by new registration requirements
+ Here's what we know about the travel policy that came into effect March 9
+ Canadians planning to travel to the United States may be affected by a new policy that would have them register if they are south of the border for more than 30 days and submit to fingerprinting.
Not just tariffs: Trump’s wildest threats against Canada NY Mag
Doubled tariff on Canadian metals is abruptly called off: NYT reports President Trump had threatened to hit Canadian metals with 50 percent tariffs but opted not to go ahead after tensions de-escalated.
Ukraine peace plan: The US will immediately restore intelligence-sharing and security assistance to Ukraine, with Kyiv ready to accept a 30-day ceasefire with Russia.
European countries face growing pressure to seize frozen Russian assets: Le Monde reports political leaders are increasingly saying they want to use the €210 billion in frozen assets of the Central Bank of the Russian Federation to finance military aid to Ukraine.
Germany’s military is struggling as Trump tests NATO, report shows: Politco reports Germany’s Bundeswehr remains atrophying and ill-equipped despite political leaders’ repeated vows to reverse the force’s decline.
In France, one billionaire's media empire sides with Russia: Le Monde reports that since Donald Trump has made overtures to Moscow and JD Vance has proclaimed that free speech is threatened in Europe, the far-right broadcasters and newspapers owned by Vincent Bolloré are backing Vladimir Putin.
Ireland’s leader seeks to survive a brush with Trump: Politico reports that White House events for St. Patrick’s Day are normally a diplomatic dream for Dublin. This year is completely different — and dangerous for Ireland’s America-fueled economy.
Discord erupts in Nigel Farage’s Reform UK: But will that halt its rise in the polls? Economist
Portugal’s government collapses after losing parliament vote: Bloomberg reports the vote will likely lead the country to its third early election in just over three years.
China’s AI boom is reaching astonishing proportions: What might derail it? Economist
Why the US keeps losing to China in the battle over critical minerals: The West got its hands on one of the world’s best graphite mines—then things started going off the. WSJ
Kyodo: Britain sees "exceptional potential" in defense ties with Japan
Politico: JD Vance to visit India for second foreign trip as VP
There’s never been a better time to be anti-American: The nation’s staunchest defenders are being betrayed. Adrian Wooldridge
*** US Politics + Elections ***
Trump's economy shows concerning early signs: According to MarketWatch, this is the worst start to a presidential term since 2009, when the country was in the subprime mortgage crisis. Trump did not inherit an economy mired in crisis, of course; he inherited what was, at the time, the strongest economy in the world. That booming economy is no more: Goldman is now predicting higher inflation and slower growth than it had previously forecast, while its forecast for Europe is now stronger than it had been.
How the US economy went from booming to a recession scare in only 20 days CNN
The Times: Tariff chaos is necessary to ‘rebuild our country’, Trump says
Trump bets the economy on tariffs: He promised lower prices, but his trade policies will have the opposite effect. William A. Galston
Will there be a Trump recession? Economic signs are mixed, but his willy-nilly tariffs have markets worried. WSJ - Editorial
Trump’s erratic economic policies: The president has rattled the markets and prompted warnings of a possible recession. The Atlantic - Editorial
Trump’s metals tariffs will cost American industry dearly: Not least because the president keeps threatening to ratchet up duties. Economist
FT: Wall Street loses hope in a ‘Trump put’ for markets
Bloomberg: From baseball bats to caskets, New Trump tariffs set to hit home
+ The proposed tariffs are coming directly for more than $150 billion in imported consumer products as well as the raw steel and aluminum they hit last time.
CNBC: Airline CEOs warn domestic travel demand is slowing
FT: United and American warn on drop in demand for US air travel
Kohl’s shares dive after weak sales outlook: WSJ reports the department-store chain joins a growing list of companies warning of a slowdown in household spending.
Reuters: Persil-owner Henkel says US policies are hurting North American market
MW: Small-business people were jubilant over Trump’s victory in November. They’ve since grown very uncertain about the US economy.
+ Small businesses are aggressively raising prices, according to survey
+ The National Federation of Independent Business reported that its small-business optimism index fell 2.1 points in February to a reading of 100.7.
+ The NFIB’s uncertainty index rose 4 points to 104, the second-highest reading ever, which in its current monthly form dates back to 1986.
WP: House passes bill to avert government shutdown, sending it to Senate
House GOP passes bill to avert a shutdown, daring the Senate to accept it: NYT reports Republicans need the cooperation of several Democrats in the Senate to move the bill past a filibuster and to passage before a midnight deadline on Friday.
Education Department plans to fire up to half its staff: NYT reports an announcement could come as soon as Tuesday, according to people familiar with the situation, and could portend a move to essentially dismantle the department.
What Elon Musk’s suit says about Trump and power: When Elon Musk puts on a nice suit, it has a way of looking like a demotion. NYT
DOGE is the deep state: A shadowy group of unelected figures reshaping the federal government to their own benefit from the inside? Sounds familiar! Wired
Turmoil within DOGE spills into public view as Musk’s group confronts a PR crisis: WP reports Elon Musk’s DOGE is hunting for “wins” as it races to finish slashing the federal bureaucracy and move on to the more constructive work of building digital tools for the government.
Cybertruck owners are joining a Facebook support group—and want to be a protected class: FC reports cybertruck owners say they have been targets of anti-Elon Musk backlash. One even demanded harassment of Teslas be labeled a hate crime.
The best- or worst-timed book in history: “The Technological Republic” calls for techies to work with Washington. But that is already under way. Economist
The crypto summit was just a Trump-thanking contest Matt Stieb
NIST cuts would put US behind AI eightball, tech groups warn Commerce secretary: FedScoop reports in a letter to Howard Lutnick, leading tech associations say downsizing NIST “will have ramifications” for the country’s ability to lead on AI.
+ Trump’s AI executive order paved the way for NIST-developed technical standards and the agency’s AI Risk Management Framework, the tech groups noted. Those initiatives plus Commerce’s “light-touch, non-regulatory approach” has led to continued U.S. innovation and global competitiveness, per the letter, which was signed by the Software & Information Industry Association, Americans for Responsible Innovation, the Center for AI Policy, the Computer & Communication Industry Association, Engine, the Internet Infrastructure Coalition, TechNet, and the Information Technology and Innovation Foundation’s Center for Data Innovation.
Democracy dies in dumbness Bret Stephens
Can anything stop bird flu? A virus run rampant, health systems hollowed, public trust destroyed … This is the way the next pandemic might work. NY Mag
NH-SEN: Former New Hampshire Gov. Chris Sununu (R) is reconsidering a run for US Senate.
NBC News: Former Rep. Katie Porter launches run for California governor
MI-GOV: Lieutenant Governor Garlin Gilchrist (MI-D) announces Democratic bid to become Michigan's first Black governor.
*** Distribution + Innovation ***
The rise and fall of the ‘Napa Valley of cannabis’: Pueblo, CO, had high hopes for a legal-marijuana boom; financial troubles now plague the industry. WSJ
Volkswagen pins growth hopes on US despite tariffs: FT reports carmaker wants bigger American market share to offset declines in China and Europe.
Richard Branson wants space flights to blast off from UK: The Times reports the Virgin Galactic boss says he wants a British spaceport to launch tourist flights, with Cornwall being an obvious candidate.
Eric Schmidt joins Relativity Space, a rocket start-up, as CEO: NYT reports the former Google chief executive is taking a controlling interest in Relativity Space, which aims to build low-cost, reusable rockets to compete against Elon Musk’s SpaceX and to reach Mars.
What the dot-com bust can tell us about today’s AI boom: This week marks the 25th anniversary of the NASDAQ peak, but all wasn’t lost in the ensuing downturn. WSJ
Reuters: Meta begins testing its first in-house AI training chip
Reuters: China's Manus AI partners with Alibaba's Qwen team in expansion bid
Reuters: Celestial AI raises $250 million as it looks to speed up links between AI chips
CNBC: OpenAI to pay CoreWeave $11.9 billion over five years for AI data centers, services
AI robotics startup Dexterity lands $1.65 billion valuation: Bloomberg reports the startup is one of a growing number of companies that want to remake warehouses using AI.
How Gen AI could change the value of expertise HBR
CNN: Celine Dion warns fans to beware of fake, AI-generated songs appearing online
Sony is experimenting with AI-powered PlayStation characters: The Verge Sony’s advanced technology group has created an AI-powered version of Aloy from PlayStation’s Horizon games.
*** Culture ***
What Prince Harry’s settlement means for him and for Britain’s Royal Family: Harry won an apology and damages from Rupert Murdoch’s UK tabloids. Could the lawsuit’s end also help heal the rift with his brother, William, and his father, King Charles III? NYT
How Angostura has maintained the best kept secret in cocktails for 200 years: Only 5 anonymous employees know the secret recipe for this legendary cocktail bitters. Food + Wine
*** Sport ***
The WNBA should be careful about adding too many teams too fast: There’s no reason to give investors a discount before the league’s media deal is potentially reevaluated. Bloomberg
Manchester United is tackling the wrong problem: A decade of accumulated sporting failure is now hitting the club’s bottom line. John Burn-Murdoch
Man Utd admit spending £2bn on stadium rather than team is a risk: The Times reports Sir Jim Ratcliffe reveals plan for new 100,000-seater ‘Eiffel Tower of the north’ but club know it will be a challenge to stay competitive during five-year construction of tent-like arena.
+ @FOS: Dave Portnoy says he was contacted about a position in the Department of Commerce in President Donald Trump's administration. @stoolpresidente said it would have required him to give up running Barstool Sports.
Enjoy the ride + plan accordingly.
-Marc
Marc A. Ross | Chief Communications Strategist @ Caracal
Marc Ross Daily | March 12
