good morning. I’ll be back in work week. Today we cover:
Trump’s Trade War Escalation
BP Activist Stake Building
Presidential election in Ecuador
M&A Advisory Fees for 2024 Check Wall Street Shift
Donald Trump threatens to impose a 25% tariff on all steel and aluminum imports from today with a new burst of protectionism from the White House as Beijing’s tariffs have come into effect on certain US goods. Masu.
The US president also spoke with reporters on a flight to New Orleans who attended the Super Bowl last night on a flight from Florida’s Mar Lago Estate to New Orleans, which led to new mutual tariffs on various countries later in the week. I warned that it would be installed.
Canada, China and Mexico are the largest exporters of US steel and aluminum products, but Trump’s proposed taxation could potentially involve the country from Brazil to Germany and South Korea.
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The latest announcement sent shockwaves across global financial markets. The dollar rose 0.3% against a basket of currencies, including the yen, euro and pound. Aluminum prices rose on the London metal exchange, while stocks in Korean steelmakers Hyundai Steel and Posco Holdings fell in Seoul, bringing down Alcelor Mittal, one of Europe’s biggest producers.
There were also gusts of diplomatic activities. South Korea’s Ministry of Trade and Industry and Energy held an emergency meeting with steel industry leaders, saying the European Commission will respond “to protect the interests of European businesses, workers and consumers from unfair measures.” . Please read the entire story.
For more information about Trump’s protectionist policies, if you’re a premium subscriber or want to upgrade your subscription, sign up for Alan Beatty’s weekly trade secret newsletter. You can also follow the latest trading data with FT’s Trump Tracker.
And here’s the other thing we keep tabs today:
AI: Vice President JD Vance and Openai CEO Sam Altman will be one of the guests at the AI Summit in Paris. Emmanuel Macron announced its investment in technology over 100 million euros ahead of the event.
Results: MacDonald’s and pharmaceutical company Inca report fourth quarter revenues and second quarter revenues by Coty, a cosmetics group.
Economic Data: Brazil’s central bank releases weekly economic survey results at over 100 financial institutions, while the country’s automotive manufacturers association Anfavea releases auto production and sales data compared to January.
Steve Bannon: Former adviser to Donald Trump faces a pre-examination meeting in criminal cases, which stems from the promotion of a nonprofit to build walls on the US-Mexico border.
Five more top stories
1. Donald Trump said he will try to cut billions of dollars from US defense spending as the next big goal in the Elon Musk-led effort to significantly reduce spending by US government agencies. In an interview on Sunday, the president said the Department of Defense has an annual budget of $800 million and has the next budget for billionaires’ tourist attractions. There is growing concern about a potential conflict of interest.
Details of Trump’s government’s cost reduction: A federal judge temporarily blocked Elon Musk and his team from accessing U.S. Treasury payment data.
Russell Vote: Musk’s “Government Efficiency Department” is at the forefront of the fight to cut government spending, but Donald Trump’s Budget Director is undoubtedly the commander of the operation.
2. BP’s shares rose almost 7% this morning as activist hedge fund Elliot Management acquired the shares. BP’s stock has not performed rival Shell in the past year. Investors complain about the company’s inability to finance, high levels of debt and lack of strategic clarity. There are details about Elliott’s movements.
3. According to a government report presented by the Russian Cabinet, Russian officials believe it is hampering Moscow’s efforts to bring the former Soviet states closer to orbit and develop economic ties with the southern part of the world. For more information about leaked paper, please see here.
4. Colombian President Gustavo Petro called on members of his front bench to quit yesterday following the resignation escalated by last week’s chaotic, televised cabinet meeting. Colombia’s first left-wing president, Petro took office in August 2022 with a promise to overhaul the country’s market-friendly economic model, but he was unhappy with lawmakers who opposed his radical agenda. I’m holding it. Find out more about the Chaos of Bogota.
5. Ecuador’s presidential election is set to head towards an April outflow between incumbent conservative President Daniel Novoa and former left-wing congressman Luisa Gonzalez, the country’s election council first voted yesterday. I mentioned it after the round of. The leak is a recurring role in the 2023 SNAP election, which will inaugurate Noboa. Read more about how candidates will stand after the first round of votes.
Big reading today
The nuclear industry has the problem of “negative learning,” says academic Bent Flyvbjerg. Infamous for cost overruns and endless delays, the industry is desperate to find a way to keep costs down. How does the industry solve costs and timeline problems? The construction of a new site on the East Anglia coast of England speaks a lot about current thinking.
We’re reading too. . .
Ruchir Sharma: Why are speculators still running wild when they run out of money? There’s something even bigger than AI and the Trump effect is at work.
US Politics: Only the courts between Musk and the Treasury acquisition, Rana Foroohar wrote.
WFH Puzzle: Companies tighten their hybrid work rules, but homework levels have been barely introduced so far, writes Pilita Clark
Weekend Essay: How the Nobel Prize-winning economist Daron Acemoglu trade war, hub-harm of the technology industry, and loss of faith in US institutions spirals.
The chart of the day
JPMorgan Chase and Investment Banking Boutique Evercore have driven out Morgan Stanley as a major rival to Goldman Sachs, a core wall street business of Dealmaking’s advice. M&A rate data for 2024 confirms changes in Wall Street hierarchy over the past decade.
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Take a break from the news. . .
Chess Grandmaster Hansnyman sits for lunch with Fort. Neiman should enjoy the brilliance of a bright young chess career. However, the 2022 cheating scandal made him an outstanding anti-hero of the game. The 21-year-old tells Oliver Lauder how he plans to restore his reputation and become a world champion.
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