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All Eyes on Looming Tariffs
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President Donald Trump is expected to unveil sweeping tariffs at an event at the White House Rose Garden on Wednesday that could include a broad range of products, sectors, and countries.
Trump has called April 2 “Liberation Day” for U.S. trade policy.
Today's annoucement will follow 25% tariffs on imported vehicles and parts introduced last week, and last month’s levies against China, as well as some against Canada and Mexico.
The tariff fight has ignited worries about a slowdown in economic growth, driving a steep selloff in shares of small companies and sending the yield on the 10-year Treasury note to its lowest level of the year Tuesday.
The White House played down concerns on Wall Street about President Trump’s reciprocal tariffs. “Wall Street will be just fine,” White House press secretary Karoline Leavitt told reporters on Tuesday.
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Fed’s Barkin: Trump’s Tariffs Could Hit the Economy More This Time
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Photo: Bastien Inzaurralde/Agence France-Presse/Getty Images
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Richmond Fed President Tom Barkin is seeing some evidence that the Trump administration’s tariffs could have a bigger impact on the economy than the levies imposed during the president’s first term.
The murky economic outlook makes it more challenging to determine the path of interest rates going forward, he told the Council on Foreign Relations in New York on Tuesday.
Yet Barkin said he is remaining cautious on formulating economic outlooks until the tariff policies are fully fleshed out. But there are indications that the latest trade policy decisions could affect the economy more this time around.
“I don’t think this is going to be 2018 or 2019 by the way. Just the tariffs announced so far, if you include Mexico, Canada, are four times the increase you saw in 2018,” Barkin said. (Barron’s)
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U.S. Factory Activity Retreated in March on Tariff Concerns
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Photo: David Ryder/Reuters
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U.S. manufacturing activity fell back into contraction in March, reflecting renewed concerns about cost pressures and demand in light of the uncertainty surrounding the Trump administration’s trade policy.
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U.S. Hiring, Quits and Layoffs Were Steady in February
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Photo: Michael M. Santiago/Getty Images
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Hiring and layoffs mostly held steady in February, the Labor Department said Tuesday, showing that an equilibrium of fewer opportunities but also with few big staff reductions continued in the first full month of the Trump administration.
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A Big Coal Plant Was Just Imploded to Make Way for an AI Data Center
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Credit: Thumb Coast Aerial with Implosion Technologies
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Why Millions of Student Borrowers Could See a Big Drop in Their Credit Scores
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More than 9 million student-loan borrowers could see a decline in their credit scores in the first half of the year, according to the Federal Reserve Bank of New York. Wall Street Journal reporter Oyin Adedoyin joins host Ariana Aspuru to discuss what you should do if you are at risk.
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Credit Agricole Gets ECB Nod to Raise BPM Stake
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Photo: Francesca Volpi/Bloomberg News
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8:15 a.m.: ADP National Employment Report
10 a.m.: Manufacturers' Shipments, Inventories & Orders (M3)
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8:30 a.m.: U.S. International Trade in Goods & Services
8:30 a.m.: Unemployment Insurance Weekly Claims Report - Initial Claims
9:45 a.m.: U.S. Services PMI
10 a.m.: ISM Report On Business Services PMI
2:30 p.m.: Federal Reserve Governor Lisa Cook delivers the University of Pittsburgh 2025 McKay Lecture
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Trump's Auto Tariffs Will Hit Canada's Motor Vehicle Industry Hard
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Canada's auto industry will be slammed by the 25% tariffs President Trump is imposing on U.S. imports. Oxford Economics estimates the levy on non-U.S. autos and parts imports will cut Canadian motor vehicle exports by more than 6% this year. That would equate to a loss of $550 million in vehicle and parts production and more than 2,200 industry layoffs this year, it says. If the tariffs are permanent, which Trump has vowed, Oxford's modelling suggests that by 2029 Canada's vehicle and parts exports would fall 10% below baseline assumptions and output in the sector would drop C$1 billion, while auto employment declined 5%-10%. And the economic impact roughly doubles in a scenario where Canada retaliates with parallel 25% tariffs on imported U.S. content of motor vehicles and parts, likely pushing up new car prices in Canada 5%-10%, Oxford says. — Robb Stewart
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President Trump on Tuesday demanded Republicans in the U.S. Senate to oppose a bill originally sponsored by Democratic Virginia Sen. Tim Kaine, which, if passed, could derail sweeping 25% tariffs on Canadian goods.
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The Trump administration is pursuing agreements with several more countries to take migrants deported from the U.S., according to officials familiar with the matter.
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Canadian Prime Minister Mark Carney reiterated his intention to slap retaliatory tariffs against the U.S. should the country be targeted under President Trump’s latest batch of tariffs coming Wednesday.
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Chinese companies have kept many goods flowing to the U.S. by manufacturing in Mexico, where products ship to the U.S. tariff-free under the U.S.-Mexico-Canada Agreement that Trump negotiated in his first term.
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In the unfolding global trade war, Brazil is betting it has some distinct advantages. Chinese buyers are already stockpiling Brazilian soybeans as Beijing retaliates against President Trump’s tariffs with levies on U.S. agricultural producers.
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WSJ Pro Central Banking brings you central banking news, analysis and insights from WSJ’s global team of reporters and editors. This newsletter was compiled by markets reporter Vicky Ge Huang in New York. Send your tips, suggestions and feedback to vicky.huang@wsj.com.
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