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President Trump’s threat to raise tariffs on European cars is a warning for U.S. trading partners that the Iran war hasn’t dissuaded him from his trade agenda, the WSJ’s Kim Mackrael and Gavin Bade write.
Trump said Friday that the U.S. would increase tariffs on European cars and trucks to 25% from the 15% agreed to as part of a preliminary trade deal last summer. The move upends a period of relative calm in economic relations between the U.S. and EU.
Beyond the tariff threat on European cars, Trump has publicly floated abandoning a trade deal he signed with Mexico and Canada that is up for review this year. The administration is also working on replacing tariffs that were struck down by the Supreme Court earlier this year. The U.S. is still negotiating details in its agreements with several Asian countries, and recently targeted Vietnam with fresh concerns.
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A gob of molten glass that will be formed into fiber-optic thread at a Corning plant. JEREMY M. LANGE for WSJ
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Nvidia is investing $500 million in Corning in a partnership with the glassmaker to expand manufacturing of fiber optics for AI infrastructure, the Journal’s Nicholas G. Miller reports. Through the partnership, Corning will boost its U.S.-based capacity in optical connectivity manufacturing by 10 times and expand its U.S. fiber production capacity by more than 50%.
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That includes the construction of three new manufacturing facilities in North Carolina and Texas. Corning’s profits have surged on accelerated demand for its fiber optics, used to transfer data quickly and at scale. Earlier this year, Meta agreed to a multiyear deal worth up to $6 billion to buy fiber-optic cable from the company.
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518,773
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Total carloads and intermodal units carried by U.S. railroads in the week ended May 2, up 3.9% from the same week last year, according to the Association of American Railroads
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Daimler Truck backed its guidance as first-quarter order growth was fueled by a strong recovery in the U.S., which the company expects to continue. (WSJ)
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Uber Technologies’ CEO said there were early signs of improvement in the company’s freight arm, which returned to growth for the first time in nearly two years. (WSJ)
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Instacart said consumers were continuing to spend on groceries, though a focus on affordability was pushing them to value-focused retailers. (WSJ)
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Denmark’s Orsted maintained its full-year guidance as a jump in offshore generation drove a rise in earnings, despite Trump’s opposition to wind energy. (WSJ)
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German auto-parts company Continental stuck by its guidance, but said weak global markets hampered sales growth and higher raw-material prices could have a delayed effect. (WSJ)
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BMW signaled it was on track to hit its targets despite an earnings hit in the first quarter from fierce competition in China and global tariffs. (WSJ)
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Airlines are implementing new safety precautions for portable chargers, a leading cause of cabin fires on airplanes. (WSJ)
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Canadian Pacific Kansas City and CSX launched their first Southeast Mexico Express intermodal trains, more quickly linking the Southeast with Texas and Mexico. (TrainsPRO)
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