Good morning! U.S. will host the 2031 Women's World Cup, David’s Bridal has a new strategy, and Mexico's president is the winner of tariff week.
- Almost unscathed. T-day hit the global economy like a ton of bricks. President Donald Trump announced the details of his tariffs—a 10% "baseline" tariff on all imports to the U.S. plus additional tariffs ranging between 20% and 54% for countries Trump called the "worst offenders." The president says tariffs are intended to return manufacturing jobs to the U.S., a declaration of "economic independence." Yet stocks, in one day, lost $3.1 trillion in market value. Major indexes dropped 6%. Recession odds have reached 35%.
But two countries were spared the brunt of Trump's retaliation. Canada and Mexico saw no additional tariffs imposed—and Mexico has President Claudia Sheinbaum to thank for that.
