
- In today’s CEO Daily: Most of the tariffs may be gone but CEOs tell Diane Brady they don’t appreciate the chaos and disruption they caused.
- The big story: The bond market forces Trump to capitulate.
- The markets: Relief rally!
- Analyst notes from Wells Fargo, UBS, Goldman Sachs, and Wedbush on the tariff fiasco and Bank of America on digital media adspend.
- Plus: All the news and watercooler chat from Fortune.
Good morning. I was chatting (about tariffs, of course) with the CEO of a major multinational company on Wednesday when the news broke that President Trump had decided to halt reciprocal tariffs on America’s trading partners for 90 days (resetting back to a universal 10% on non-retaliating countries), while raising tariffs on China to 125%. This CEO has staff on the ground in China. His reaction: “My head is spinning right now.”