- In today’s CEO Daily: Diane Brady on how the tariffs are punishing Vietnam.
- The big story: Trump’s trade war has triggered fear of a liquidity crisis and people are calling for the Fed to step in.
- The markets: Everything is down, badly. Except China!
- Analyst notes from Apollo on the basis trade in Treasuries, JPMorgan on recession, Stocklytics on X’s declining ad reach.
- Plus: All the news and watercooler chat from Fortune.
Good morning. I wasn’t the only one who was shocked to see Vietnam tagged as one of President Trump’s worst offenders, slapped with a 46% tariff. I remember when I first went to Vietnam as a young reporter for a U.S. newspaper, I was struck by its beauty and the excitement people felt about opening up their battered economy to foreign investment. There were plenty of Americans roaming around to help them do it, inspired by potential profits—and perhaps a sense of obligation from the pain that country endured during the Vietnam War.
