Good morning. The U.S. has ordered money transmitters along the Mexican border to start filing reports on cash transactions greater than $200, reports Risk & Compliance Journal's Richard Vanderford, in a move the Trump administration said will help in the fight against drug cartels.

• The latest order: Money services businesses, a group that includes currency transmitters and check-cashing companies, in 30 ZIP Codes in California and Texas will need to file currency transaction reports with the government at a $200 threshold under what is known as a geographical targeting order, the Treasury Department’s Financial Crimes Enforcement Network said Tuesday.
   
• Lowered threshold: Banks and other financial businesses have long been required to file reports on cash transactions exceeding $10,000 to aid U.S. anti-money-laundering efforts.
   
• What it means: The transaction dragnet will add to the paperwork involved in many routine remittances from the U.S. to Mexico, but Treasury Secretary Scott Bessent said the move could also help the U.S. to battle cartels. Financial crime experts have said that criminal organizations have used small-dollar transactions to launder money from crime, including drug-trafficking.
   
• Why now? President Trump has repeatedly stressed combating drug cartels as a major administration priority and shifted some of the federal financial crime enforcement focus toward that area.

Bowman seen as front-runner for Fed’s top banking cop.

Advisers to President Trump have indicated to allies in recent days that Federal Reserve governor Michelle Bowman is the front-runner to serve as the central bank’s top cop on banking issues, according to people familiar with the matter.

Some Republican lawmakers have urged the vice chair for bank supervision be filled promptly after growing irritated by suggestions in public and private from Chair Jerome Powell to leave the position empty.

• A law firm punished by President Trump sued his administration on Tuesday, alleging the White House illegally targeted the firm and made it effectively impossible for its clients to obtain the representation of their choice.

Why the U.S. keeps losing to China in the battle over critical minerals.

When mining executive Shaun Verner first visited his company’s graphite deposit in Mozambique in 2017, he felt sure he had a winner. His goal: to challenge China’s dominance over the world’s supply of a critical mineral used in everything from electric vehicles to submarine hulls.

Backed by more than a hundred million dollars of U.S. government financing, Verner and his Australia-based company, Syrah Resources, opened the Mozambique mine and built a graphite-processing plant in Louisiana, the first of its type in the U.S.

China, which provides more than 90% of the world’s battery-grade graphite supply, jacked up its production, flooding the market and driving prices so low that Syrah couldn’t mine profitably. The company’s challenges help show why, in the David-versus-Goliath battle for the world’s critical minerals, China, the Goliath, keeps winning.

EU hits back as U.S. steel and aluminum tariffs take effect.

The Trump administration imposed 25% tariffs on all steel and aluminum imports, after the U.S. and Canada backed off threats to impose additional measures Tuesday, capping a roller-coaster day on Wall Street with investors rattled by uncertainty in trade policy.

The European Union announced retaliatory tariffs against the U.S. early Wednesday. Its levies will take effect at the beginning of April and target a range of U.S. products including bourbon whiskey, boats and motorcycles, the EU said. A second set is due in mid-April and will come after the bloc has consulted with EU countries and stakeholders.

• Trump’s Tariffs: Where Things Stand
• One of the Biggest Victims of Trump’s Metals Tariffs: The Ford F-150
• Trump’s Economic Messaging Is Spooking Some of His Own Advisers

• The growth gap between the U.S. and the eurozone that has driven a widening divergence in central-bank interest rates may be coming to an end.
   
• Executives from Delta Air Lines, American Airlines and other major carriers warned that demand from consumers, businesses and government customers has come under pressure in the first quarter. The most common factor: mounting economic uncertainty.
   
• The Trump administration said it would immediately lift a pause on intelligence sharing and military support to Ukraine following high-level talks with U.S. officials that led Kyiv to agree to a 30-day cease-fire.
   
• The Trump administration is turning its attention away from direct talks with Hamas and back to the main Gaza cease-fire negotiations in Qatar, after its discussions with the U.S.-designated terrorist group sparked concerns in Israel and produced little result.
   
• The Philippines on Tuesday arrested former President Rodrigo Duterte on a warrant from the International Criminal Court for alleged crimes against humanity during his war on drugs, in which police and state-backed vigilantes waged a violent campaign against those suspected of drug crimes.
   
• Elections in Greenland usually receive little attention beyond its Arctic sea borders, but President Trump’s bid to control the mineral-rich island has thrust voting there this week into the limelight.

• The House narrowly approved a Republican proposal to fund the government into the fall, as GOP lawmakers remained largely united following a last-minute push from the White House, overcoming Democratic opposition and setting up a fight in the Senate.
   
• As President Trump’s migration policy begins to bite, growing numbers of people are heading back through Panama and Colombia.
   
• The U.S. will continue restricting helicopter flights near Ronald Reagan Washington National Airport, following urgent recommendations from the National Transportation Safety Board, Transportation Secretary Sean Duffy said on Tuesday.
   
• McDonald’s wants more fast in its fast-food R&D.

Follow us on X at @WSJRisk. Follow Risk & Compliance editor David Smagalla @DSmagalla_DJ and reporters Mengqi Sun @_MengqiSun and Richard Vanderford @VanderfordRich.

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