Good morning. China retaliates against Donald Trump’s tariffs. Ford revs up its EV ambitions. And the Waldorf Astoria is finally getting new residents. Listen to the day’s top stories.
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China hit back withnew tariffs on US products and started an antitrust probe into Google in response to Donald Trump’s 10% levies. Beijing also added Calvin Klein owner PVH and gene sequencing company Illumina to a blacklist of entities. It’s the latest twist—and there are many more to come no doubt—after the president delayed tariffs on Mexico and Canada for a month. Watch this video on the consequences of escalating trade tensions.
Trump signs an executive order during a ceremony with Treasury Secretary Scott Bessent, left, and Howard Lutnick, commerce secretary nominee, right. Photographer: Chris Kleponis/CNP
Trump signedan executive action he said would direct officials to create a sovereign wealth fund and suggested it could be used to facilitate the sale of TikTok. The US would join countries like Norway in having such a fund, which would invest in national endeavors for the benefit of the American people. Also happening in DC, the Treasury Department was sued for giving Elon Musk's DOGE access to personal and financial information, setting up a legal showdown over the Trump administration's effort to shrink the government.
The US president said he wants an agreement with Ukraine for the war-torn country to offer access to its rare earths resources in return for aiding its defense against Russia. Trump has said he aims to reach a negotiated end to the nearly-three-year war between Russia and Ukraine. He’s also called on President Vladimir Putin to reach an agreement, or face further sanctions.
Here’s a novel proposal. El Salvador’s president made an extraordinary offer as the US seeks to ramp up deportations: the tiny Central American nation is willing to accept convicted criminals of any nationality, including American citizens. El Salvador has attracted outside attention through a sweeping crackdown on gang-related crime while the economy remains stuck.
Deep Dive: Ford’s EV Challenge
Ford’s EV losses reached a record last year. Photographer: Jennifer Emerling/Bloomberg
While the global slowdown hit every automaker, it left Ford especially vulnerable because it has no new EV models coming for more than two years.
Rivals have begun selling their own electric models and it will take years to execute on a strategy that could make Ford more competitive.
But Chief Executive Officer Jim Farley has the company’s electric ambitions riding on two key plays. To better compete on price and to fix the range problem.
The $22 billion vape industry is about to get even more hazy. Vapor startups are already at loggerheads with cigarette makers and the FDA, and Trump’s return promises to complicate the market even further.
The Conti Contessa moored at the Port of Vancouver in British Columbia, Canada. Photographer: Isabella Falsetti/Bloomberg
I used to think I was a pessimist about how far President Trump would go in imposing import tariffs on America’s trading partners, former central banker Bill Dudley writes. It’s worse than I thought.
A residence at the Waldorf Astoria in New York. Photographer: Colin Miller
Manhattan’s Waldorf Astoria is finally getting the first of its new residents, a decade after a Chinese firm bought it and converted a portion into condos. The adjoining luxury hotel is set to reopen in the spring, offering residents access to perks such as a 30,000-square-foot spa. Nice.
