Marc Ross Daily | April 15
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Here’s today’s Marc Ross Daily:
*** Globalization + Geopolitics ***
Trump is right about unfair trade, but tariffs aren’t the right fix: Protectionism makes industries less competitive. Allison Schrager
Trump is pursuing a radical agenda. Does he have a strategy, or is he winging it? The haphazard execution of the administration’s initiatives is leading to chaos and confusion for the American public and U.S. trading partners. Dan Balz
The reality is the US is losing control of the world: The American president wants the 'Pax Americana' to be sustained by tribute payments from the rest of the world in order to endlessly fund US deficits. But with American power already in decline, we must begin to imagine a world without it. Thomas Piketty
Short-term pain will lead to long-term gain, says Trump. Really? America will be a country with shabbier roads, older airports and more dated factories. Economist
The dollar keeps falling as its ‘safe haven’ status is questioned: NYT reports President Trump’s tariff blitz has rattled investors and shaken their faith in one of the most reliable and ubiquitous assets in the world economy.
Xi calls on China, Vietnam to oppose 'bullying' amid trade friction with US: NHK reports Xi Jinping has said in his talks with Vietnam's Communist Party General Secretary To Lam that the two countries should jointly oppose unilateral bullying.
‘No winners in a trade war’ says China’s leader Xi Jinping amid tariff anxiety in Southeast Asia: FC reports Xi Jinping looked to distance China from Trump’s tariff blitz while on a diplomatic tour that will cover Vietnam, Malaysia, and Cambodia.
Donald Trump’s China trade war a ‘boon’ for Brazil but sends US farmers reeling: FT reports Latin America’s largest economy is poised to extend its lead as China’s top food supplier.
Trump’s policy on China is a strategic blunder: US will pay a high price in both wealth and influence after underestimating Beijing’s resolve not to be pushed around. William Hague
Xi Jinping has something Trump doesn’t Benjamin Hart
Why Xi holds a stronger hand than Trump: The White House has miscalculated the balance of power in its tariff war with China. Gideon Rachman
America the unstable: The US will pay a market penalty for Trump’s turmoil. Rana Foroohar
+ Flexport ocean freight bookings from Vietnam passed bookings from China for the first time last week.
+ The US will begin imposing tariffs of more than 20% on most imports of tomatoes from Mexico, citing “unfairly priced” shipments from the country.
LVMH sales fall sharply in warning sign for the luxury industry: FT reports that slowing demand in the US and ongoing struggles in China will raise concerns for an industry grappling with Trump’s tariffs.
At China’s wholesale hub, US orders have suddenly halted. One example: Socks. Chinese sellers remain confident despite higher tariffs, saying it no longer makes sense to sell everyday goods to Americans. WSJ
‘It’s going to be messy’: Americans on how Trump’s tariffs are shaping their spending: Fallout from Trump’s trade war is forcing some Guardian readers to cut back or stock up on items from food to cars. Guardian
+ @FT: Since 1990 America has lost over 5mn manufacturing jobs. In that time, it has gained 11.8mn roles in professional and business services, and 3.3mn in transportation and logistical activities, linked to multinational supply chains.
+ A group of American businesses sued the Trump administration to block its sweeping tariffs from taking effect, arguing that it overstepped its authority in imposing the levies.
US tech tariff exemption will be temporary, says Trump: FT reports the US president says products given reprieve will fall under separate regime.
+ Apple has increased its iPhone production in India by almost 60%.
+ “The mass confusion created by this constant news flow out of the White House is dizzying for the industry and investors and creating massive uncertainty and chaos for companies trying to plan their supply chain, inventory, and demand.” -- Dan Ives, a senior analyst for Wedbush, sums up the latest twists and turns in the Trump administration’s tariff plans.
Global stocks lifted by US reprieve for Donald Trump’s tech tariffs: FT reports that the president suggests need for ‘flexibility’ but insists smartphone exemption is temporary.
Reuters: Nvidia to produce AI servers worth up to $500 billion in US over four years
CNBC: Nvidia to mass produce AI supercomputers in Texas as part of $500 billion US push
Bloomberg: Nvidia says it will build up to $500 billion of AI gear in US
Nvidia’s Made-in-the-USA move follows a familiar Trump pattern: WSJ reports the chip maker’s plan to build AI tech in Texas comes on the heels of a new tariff threat.
Reuters: Tariffs on imported semiconductor chips coming soon, Trump says
Toronto Star: Trump says he might give tariff exemption to Canadian auto parts
Trump tariffs: EU pauses countermeasures until July: DW reports the EU said the bloc would hold off on retaliatory tariffs to allow "time" for negotiations. Meanwhile, Chinese President Xi Jinping said there are "no winners" in trade wars.
China halts critical exports as trade war intensifies: NYT reports Beijing has suspended exports of certain rare earth minerals and magnets that are crucial for the world’s car, semiconductor and aerospace industries.
How India’s middle-class debt crisis is threatening growth: A rise in unsecured credit among a consumer group that symbolises the country’s investment potential is hurting its economic ambitions. FT
Sudan: 400,000 forced to flee Zamzam camp in Darfur: DW reports The United Nations has reported that fighting in Darfur has forced hundreds of thousands to flee the region's largest displacement camp. An upcoming international aide conference hopes to open the door for more support.
Russia continues to rain down death on Ukrainian cities: Economist reports soldiers can hold the line, but drones and missiles are killing civilians.
Ukraine, allies decry deadly Russian strike on Sumy: DW reports after more than 30 civilians in Ukraine were killed by a Russian missile strike, US President Donald Trump called the attack a "horrible thing." Ukraine's President Volodymyr Zelenskyy urged for more pressure on Russia to end the war.
EU issues US-bound staff with burner phones over spying fears: FT reports that European Commission officials heading to IMF and World Bank spring meetings advised to travel with basic devices.
Why this French tech company wants to build an internet that doesn’t have to rely on Donald Trump’s America Toronto Star
The challenge of reindustrialization in France: Factories, yes, but 'not in my backyard': Le Monde reports a number of industrial projects are being challenged by groups of local residents and environmental opponents. These tensions raise the question of the social acceptability of factories at a time when France is seeking to reindustrialize.
Ecuador imposes state of emergency before razor-close election: BAT reports on the eve of a too-close-to-call presidential run-off and reacting a dramatic rise in drug-linked violence, Ecuador declares a state of emergency in seven of its 24 provinces, including the capital.
Javier Milei’s big move to normalise Argentina’s economy: A gob of IMF cash will help partially float the peso, but political and market risks abound. Economist
Trump, Milei and how to lose the trust of markets and voters: Trump stepped back from the edge, at least momentarily, even though he is keeping his finger on the trigger. Agustino Fontevecchia
What the polls in Canada are really saying: A top Canadian pollster explains how Trump completely upended the election. Politico
‘Sometimes the truth hurts’: Doug Ford weighs in as polls suggest Carney’s Liberals remain ahead of Poilievre’s Conservatives: Toronto Star reports Mark Carney's Liberals are solidifying their lead over Pierre Poilievre's Conservatives, according to Star's election predictor, the Signal.
Can Mark Carney stand up to Donald Trump? Supporters say the former central bank governor is the man for the moment as he campaigns to be Canada’s PM. FT
Canadians are cashing out their American vacation homes: WSJ reports political uncertainty, coupled with a weak Canadian dollar, is driving owners to sell properties they’ve had for decades.
As trade war tensions rise, one US city sends love to Canadian tourists: ‘We’re with you’: Toronto Star reports the city that is heavily reliant on Canadian tourism is trying to show appreciation for its northern visitors — and hopefully, stave off a boycott.
Army to control land on Mexico border as part of base, migrants could be detained, officials say: AP reports a long sliver of federal land along the US-Mexico border that President Donald Trump is turning over to the Department of Defense would be controlled by the Army as part of a base, which could allow troops to detain any trespassers, including migrants.
Trump official who oversaw closure of USAID has left State Department: WSJ reports Pete Marocco led the foreign-assistance mission at the State Department.
Trump plan would slash State Dept. funding by nearly half, memo says: WP reports funding for the United Nations, NATO, and 20 other organizations would be ended, the internal document states. It also describes a total cut in funding for peacekeeping missions.
AP: Trump criticizes Iran for ‘tapping us along’ with second round of nuclear talks set for Saturday
*** US Politics + Elections ***
How to turn Trump’s economic chaos against him James Carville
Voters are not happy with Trump’s trade war: The economy was a longtime polling asset for the president. Now, it’s a liability. Leon Sit + Max McCall
Trump’s tariffs war is sparking uncertainty for North Carolina farmers: “It’s always been a guessing game here on the farm, but I think it’s more of a guess now than it’s ever been in my lifetime,” one North Carolina farmer said last week. WP
Trump throws another Hail Mary: Coach Woody Hayes’s warning could apply to the ambitious and confident president. Walter Russell Mead
YouGov: President Trump approval:
Approve: 41%
Disapprove: 54%
Republicans set to largely avoid town halls during the congressional recess: NBC News reports as lawmakers head home for two weeks, Democrats are again taunting Republicans about the anger they’ve faced at town halls.
The Hill: Republicans fear Trump’s trade war could lead to political wipeout
Risk of failure looms large as GOP starts drafting the ‘big, beautiful bill’: Politico reports Republicans are hoping that speed and a push from Donald Trump can keep their legislative agenda afloat.
White House to ask Congress to claw back funding from NPR and PBS: NYT reports the plan is to request that $1.1 billion in federal funding be rescinded for the Corporation for Public Broadcasting, a person briefed on the matter said.
Kristi Noem’s made-for-TV approach to homeland security: WSJ reports the agency’s chief has put her focus on messaging as much as action.
A podcast star rallied Silicon Valley to back Trump. Now he’s the nation’s tech czar. David Sacks led the tech elite’s rightward shift. Now the investor and longtime Musk associate is helping Trump unchain the crypto industry. WP
MAGA’s class warfare against knowledge workers is personal Ed Kilgore
AP: Suspect arrested in arson fire that forced Pennsylvania Gov. Josh Shapiro, family to flee residence
Harrisburg man to be charged with attempted murder for allegedly setting fire to Gov. Josh Shapiro’s Harrisburg residence: The Philadelphia Inquirer reports Gov. Josh Shapiro (D) and his family were uninjured, but the fire caused a "significant amount of damage" to parts of the governor's mansion, according to state police.
Suspect in Pennsylvania governor’s mansion fire charged with terrorism: WSJ reports Gov. Josh Shapiro and his family were asleep in the house when Cody Balmer broke in and lit several fires, according to authorities.
New Mexico man arrested for ‘hurling firebombs’ at Teslas: WSJ reports Attorney General Pam Bondi says she is seeking up to 40 years in prison.
Greene bought market dip before Trump paused tariffs, profiting from the rally: NYT reports the Georgia congresswoman purchased at least tens of thousands of dollars in stock the day before and the day of President Trump’s pause of a sweeping set of tariffs that sent the market soaring.
Whitmer says she didn't want her picture taken when she hid her face in the Oval Office Detroit News
Whitmer makes light of viral Trump moment in Detroit speech to business leaders Detroit Free Press
Detroit Free Press: Duggan talks 2-party 'death grip' on Michigan, predicts 'nastiest' campaign cycle in 2026
Detroit Free Press: Mike Rogers makes it official, he's running again for Michigan's next open US Senate seat
US prepares to challenge Meta’s social media dominance: NYT reports on Monday, Meta will face off against the federal government in a landmark antitrust trial over claims that it illegally quashed competition by buying Instagram and WhatsApp.
Reuters: Facebook owner Meta bought Instagram, WhatsApp instead of competing, FTC says at trial
Meta fights to keep Instagram and WhatsApp, as antitrust trial begins: WSJ reports the Federal Trade Commission says Meta has monopolized the social-media market—and should be broken up.
Zuckerberg takes stand to defend Meta against antitrust suit: NYT reports Mark Zuckerberg went to court on Monday in a trial focused on his company’s acquisitions of Instagram and WhatsApp. The case could reshape Meta’s business.
Elon Musk and Jack Dorsey want to kill IP law. That would be a huge mistake: As the two tech moguls call for the abolition of intellectual property law, experts warn that such a move could gut innovation and dismantle decades of legal protections. FC
GM’s Mary Barra has to make a $35 billion EV bet work in Trump’s America: The US automaker is up against tariffs, an oil-loving president and Elon Musk in the White House. Bloomberg
Bloomberg: Harvard hit with $2.2 billion freeze after defying Trump
Harvard says it will fight demands from Trump administration: WSJ reports the university will resist demands from the government, which has threatened to withhold nearly $9 billion in funding.
Harvard rejects Trump administration’s demands with federal funding at risk: WP reports the university’s response comes after the government announced a federal review of nearly $9 billion in funding for Harvard and its affiliates.
Uber and Lyft drivers in California could get the right to unionize under this bill: FC reports Assembly Bill 1340 would give rideshare drivers in California the right to unionize and negotiate for better pay, protections, and transparency—setting up a likely clash with Uber and Lyft.
*** Distribution + Innovation ***
A Blue Origin rocket sent pop star Katy Perry and company founder Jeff Bezos’ fiancee Lauren Sánchez on a trip to the edge of space and back, the first time an all-female crew went to space in more than 60 years.
Honda Motor Co. has created a space business unit in the US to promote its technology and spur more collaboration with American companies.
Self-driving truck startup Kodiak to go public in $2.5 billion SPAC deal: WSJ reports the deal comes amid slow market for US IPOs as several firms work—and sometimes struggle—to automate long-haul trucking.
Beyond BP: John Browne on the oil company’s green U-turn: Former CEO reflects on renewables backlash as he prepares to stand for election as Cambridge university chancellor. FT
60%: The percentage of general admission ticket buyers at Coachella who used "Buy-Now-Pay-Later" to finance their tickets, per Billboard.
Movie and TV filming in the greater Los Angeles area declined 22% in the first quarter, reflecting a worldwide slump in production and California’s continued loss of business to other areas.
When will AI be smarter than humans? Don’t ask: The term “artificial general intelligence” is being bandied about by some of tech’s smartest people, but nobody knows what it really means. Gideon Lichfield
Khosla-backed energy startup nabs $258 million to help power data centers: Mainspring Energy’s generators are able to run on different types of gas, including carbon-free hydrogen. Bloomberg
Netflix is testing new search technology for subscribers that employs artificial intelligence to help them find TV shows and movies, expanding its use of the technology. The OpenAI-powered search engine lets customers look for shows using far more specific terms, including the subscriber’s mood, for example.
Netflix aims to join the $1 trillion club: WSJ reports the streaming service has shared financial performance targets with staff that underscore its dominance.
AI+EQ is transforming healthcare, not just for doctors: As doctors use AI to rehumanize patient care, the systems below the surface need a human touch, too. FC
AI weather models promise super granular, specialist forecasts: The insurance industry is helping develop a new way to predict flooding down to the neighborhood level and warn communities. Bloomberg
Google is searching for an answer to ChatGPT: Big changes are underway for the internet’s most popular product, and Google (and the web) may never be the same. Bloomberg
Cyberattacks by AI agents are coming: Agents could make it easier and cheaper for criminals to hack systems at scale. We need to be ready. Rhiannon Williams
The most dangerous hackers you’ve never heard of: From crypto kingpins to sophisticated scammers, these are the lesser-known hacking groups that should be on your radar. Wired
*** Culture ***
A celebration of curiosity: David Hockney's greatest hits at the Fondation Louis Vuitton: The Paris institution has dedicated a major retrospective to the 87-year-old British painter. Le Monde
What makes Wes Anderson's style so unique? The American filmmaker has created around 20 short and feature films with his own colorful and poetic touch. But what makes his films so distinctive? After 19 hours of viewing, Le Monde's Les Décodeurs offer you a brief guide to the world of Wes Anderson. Le Monde
*** Sport ***
The lunch with Jack Nicklaus that won Rory McIlroy the Masters: Rory McIlroy burst onto the scene as a powerful dynamo. He finally won the career grand slam by evolving his game to navigate courses like a wily veteran. WSJ
Rory McIlroy’s messy masterpiece at Augusta: After a hectic, near-disastrous collapse, a golfing giant finally seals the deal. Jason Gay
NYT: Dallas Wings select Paige Bueckers with No. 1 pick in WNBA draft
Detroit Free Press: Joe Dumars, former Piston, a 'serious frontrunner' to become head of Pelicans basketball ops
Enjoy the ride + plan accordingly.
-Marc
Marc A. Ross | Chief Communications Strategist @ Caracal
Marc Ross Daily | April 15
