Market Overview & Trade Tensions - Market futures indicate a negative trend due to President Trump's tariff agenda, including a 35% tariff on Canadian imports and potential tariffs on the EU [2][3][4] - The Canadian dollar initially fell 0.6% against the US dollar following the tariff announcement, while the euro also declined, heading for a weekly decline of approximately 0.9% [5] - The dollar index is down around 9% this year, reflecting concerns about the impact of recent policy decisions on the US economy [6] Cryptocurrency Market - Bitcoin reached a new record high of $118,047.96, with Ethereum also experiencing a significant jump of 5.7% [7] - Bitcoin is becoming a less volatile asset, signaling a bullish trend, with developments in stablecoin and tokenization of stocks contributing to the crypto industry's growth [9][10] - Congress is expected to review three different crypto-related bills, potentially acting as a catalyst for further Bitcoin growth [10] Trending Stocks & Sector Performance - Car maker Stellantis is down over 2% in pre-market trading due to its exposure to Canadian tariffs, with the stock down nearly 15% this year [11][13] - Lionus Rare Earths surged as much as 16% as Western countries aim to reduce reliance on China, with the US government guaranteeing a price roughly double the current price offered by China [14][15] - Levi Strauss shares rose in pre-market after beating quarterly expectations, revising revenue forecasts to 1-2% growth despite tariffs [16][17] - The XLI industrials sector has quietly outperformed this year, driven by AI and aerospace, with Boeing and Airbus up over 30% year-to-date [17][19] Earnings Season & Economic Indicators - Levi and Delta reported solid earnings, with Delta reinstating guidance and shares rising around 12% [30][40] - Initial jobless claims declined by approximately 5,000 versus the prior week, indicating a relatively solid economic footing [33][43] - JP Morgan CEO Jamie Diamond is pricing in a higher probability of higher interest rates (40-50% chance) compared to the market's 20% [34][45] Apple's Challenges & Copper Market - Apple's stock is down 15% year-to-date, leading to discussions about potential CEO replacement due to struggles in AI [46][55] - A 50% tariff on copper has created a trade opportunity, with US copper prices surging 13% after the announcement and being roughly 28% higher than London Metal Exchange prices [58][59]

FEMA and Disaster Response - Congressman Jared Bosowitz criticizes Christine Gnome's leadership at FEMA, stating she "has no idea what she's doing" and that her decisions may have caused additional deaths in Texas [2][3][4][7] - FEMA is allegedly cutting grants to states for capacity building while simultaneously telling them they need more capacity, and pausing grants of $10 billion for previously approved disasters [3] - The acting FEMA administrator, David Richardson, reportedly has zero emergency management experience and makes no decisions without Christine Gnome's approval [4] - Swiftwater rescue crews were allegedly delayed for 72 hours due to Christine Gnome's lack of approval, rendering them useless upon arrival [4][5] - Congressman Bosowitz sent a letter to the Homeland Security and Transportation Committees requesting a full investigation into FEMA's decision-making timeline and deviation from protocols [7] - FEMA is deemed "mandatory" and essential for states like Mississippi, Louisiana, Alabama, South Carolina, and North Carolina to avoid bankruptcy after disasters [9][10][11] - There is a bipartisan bill to remove FEMA from Homeland Security to improve its speed and efficiency [9][10] - The regional administrator position in Florida (Region 4) is currently vacant, and regional offices are reportedly 20-30% empty due to forced departures [16] - Secretary of Homeland Security Christy Gnome allegedly delayed the federal response to deadly flooding in Texas for more than 3 days [31] - Secretary Gnome required direct approval of any DHS contract worth more than $100,000, creating a bottleneck and delay in disaster relief efforts [31] - A $3 million grant dedicated to creating a state-of-the-art system to warn local communities quickly about extreme weather was canceled [35] Tariffs and Trade - President Trump is threatening a new 35% tariff on goods from Canada and blanket tariffs of 15-20% on all remaining countries [29] - Mike Pence states that tariffs are a tax, and American consumers and businesses ultimately pay almost all of that cost, potentially leading to a $3,000 increase in the cost of goods for the average American household [29] - A 20% tariff on goods from Canada could lead to higher prices and empty shelves in the United States, potentially exceeding the worst inflation rate under Biden [29] Russia and Ukraine - The US is resuming deliveries of some weapons to Ukraine [29] - Secretary of State Marco Rubio met with Russia's foreign minister to exchange "new ideas" about ending the war, despite a massive Russian attack on Kyiv [29] - House Speaker Mike Johnson and Senate Majority Leader John Thun are prepared to move forward with new sanctions on Russia [29] - President Trump will have a major statement on Russia come Monday [29] Birthright Citizenship - A federal district court judge in New Hampshire issued a nationwide injunction to stop Donald Trump's executive order denying birthright citizenship to babies born in the US [24] - The judge certified a class-action lawsuit of babies born in the US who could be denied citizenship by Donald Trump's order [25] - The executive order allegedly violates the 14th amendment to the US Constitution and conflicts with binding Supreme Court precedent [28] Justice Department and Political Interference - A lawyer in the Trump Justice Department, Erez Reveni, was fired for telling a federal judge the truth about an immigration case [16] - Politico obtained emails and text messages showing that Emil Bove, a former criminal defense lawyer for Donald Trump, played a key role in a decision to deport Venezuelan immigrants to El Salvador despite a judge's order [17][18] - CIA Director John Ratcliffe allegedly ordered analysts to review the 2016 intelligence assessment on Russian interference in the election, but the review validated the original findings [36][37][38][39] - The Senate Intelligence Committee's 1300-page report confirms that Russia interfered in the election to denigrate Hillary Clinton and help Donald Trump [53][54][55]

Welcome back to Worldwide Exchange. As we close in on the 6 a. m.hour, a check on a few big stories that we're following this morning. President Trump announcing the US will apply 35% tariff to all imports from Canada beginning next month, reviving tensions with a major trade partner. The president also revealing he plans to impose blanket blanket tariffs of 15 or 20% on most of our trading partners.Secretary of State Marco Rubio making some comments after meeting with China's foreign minister in Malaysia t ...

The chaos wrought by a recent wave of US tariff actions may be obscuring early signs of recovery in South Africa’s economy, Standard Bank says https://t.co/A5E6K2TwQI ...

The president warned that any retaliatory tariff increases by Canada will be matched and added to the existing 35% levy. (Photo: Samuel Corum via Getty Images) https://t.co/NljeJn817u https://t.co/UrgO7f447B ...

Trump Says He Will Impose 35% Tariff On Canada—Baseline Tariffs On Others Will Rise To 15-20% https://t.co/OUDORP6dDb https://t.co/CM9yDgWO73 ...

American manufacturers are highly dependent on copper imports and a newly announced 50% tariff could complicate an already muddied landscape. https://t.co/PrM7HEaoyd ...

Trade Policy Changes - US President considers raising universal baseline tariff from 10% to 15% or even 20% [4] - Potential doubling of the baseline tariff, impacting the cost of goods bought from abroad [4] - Initial postponement of major tariffs deadline suggested a potential softening of trade stance, but subsequent threats indicate otherwise [5] Canada Trade Relations - US President announces 35% tariffs on imports from Canada [1][2] - Canada is the second largest US trading partner and the largest buyer of American goods last year [2] - Exemptions for USMCA compliant goods and lower 10% tariff for energy imports may soften the impact [2] - The decision on tariffs is not final [3] Broadening Trade War - New tariff threats against Canada and Brazil [5] - Potential 50% tariff on copper and 200% tariff on pharmaceuticals [6] - A vast expansion of the trade war on multiple fronts is occurring [6]

The tariff landscape is becoming more confusing. Get clarity today on Bloomberg Surveillance Radio. @tomkeene @davidgura are live right now on YouTube. https://t.co/i7nwerLU8D ...

Stocks Retreat as President Trump Ramps Up Tariff Fight. Get market insight on Bloomberg Surveillance. @tomkeene @davidgura are LIVE on YouTube https://t.co/m9IglISGoz ...