The tariff fight is far from over
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This post originally appeared in the Business Insider Today newsletter.You can sign up for Business Insider's daily newsletter here.Happy Friday! If you're grabbing an Uber or Lyft this weekend and a Tesla shows up, do yourself a favor and don't bring up Elon Musk. Whether you love him or hate him, chances are your driver doesn't want to talk about it. (And if you insist on doing it, they'll probably just say what they think will get them the best tip.)In today's big story, tariffs against Canada and Mexico have been mostly delayed by a month in yet another turnaround in the ongoing trade war.What's on deckMarkets: One betting market has the odds of a US recession at 32%.Tech: Microsoft is talking up a massive quantum-computing breakthrough. Amazon execs aren't buying it.Business: Some senators want to take a closer look at X's advertising tactics.But first, another postponement.If this was forwarded to you, The big storyTariffs? What tariffs? Getty Images; Jenny Chang-Rodriguez/BI So, about those tariffsTwo days after implementing a 25% tax on Mexican and Canadian goods, President Donald Trump is pulling a U-turn.The president announced a one-month pause on tariffs for both countries' imports that fall under an agreement called USMCA. If you're a bit rusty on your global trade regulations, USMCA was the trade deal that Trump negotiated between the US, Canada, and Mexico to replace NAFTA.The trade pact covers most goods, making Trump's announcement almost equivalent to the monthlong pause on tariffs he initiated in February.The offer didn't extend to the other target of Trump's tariffs, China, which has issued retaliatory tariffs.There's long been speculation that Trump's tariffs were merely a negotiation tactic to get better trade terms from other countries. And the president's willingness to issue another reprieve from his trade taxes could be proof of that.But the market's willingness to accept the ongoing uncertainty might only extend so far. Investors are already on edge as fears of a potential recession start to bubble up.Stocks rebounded on Wednesday after Commerce Secretary Howard Lutnick hinted a resolution to the tariff situation could be coming. But despite the official announcement on Thursday, stocks finished down considerably. The S&P 500 closed 1.78% lower, while the Nasdaq Composite dropped 2.61%.Trump's flip-flopping may not pay off in the long term. That's according to supply chain and conflict resolution scholars, who said his tariff tensions are eroding the US's relationships with its allies. Tyler Le/BI Things aren't likely to calm down in the meantime.The February jobs report comes out this morning. It will help inform the Federal Reserve's decision on interest rates on March 19, which is less than two weeks away.And the fight over tariffs is far from over. Canada and Mexico's postponement is only until April 2. That also coincides with the kickoff of more tariffs. This time they're targeting foreign agricultural goods and other products. Trump also mentioned South Korea, India, and the European Union over what he said were unfair trade relations.There's no shortage of experts weighing in on what it all means. If you want to sound smart about the Trump tariffs, here are some of the best thinkers to follow.News briefSBF's crisis manager quit after the crypto scammer's surprise Tucker Carlson interview.Top NY Times editor Joe Kahn says the paper is adding readers in red states and still has room to grow.Deloitte and Accenture workers worry about losing their jobs as DOGE focuses on consulting contracts.It's the end of a wild era for Yeezy and Adidas.Salesforce cuts diversity hiring goals, joining Meta and Google in scaling back DEI initiatives.Broadcom just proved Nvidia will be looking over its shoulder for a while longer.Trump, once a crypto skeptic, establishes a bitcoin reserve.Sorry, American firms, the AI trade has moved to China.3 things in marketing1. Economists and betting markets agree: Odds of a recession are rising. The chance of a US recession jumped to 32% on Thursday on Polymarket, up 23% from late February. Wall Street economists say the reason is Trump-shaped the administration's unpredictable policy moves could shake consumer confidence to the core.2. Inside "Project Voyage," Goldman Sachs' grand plan to thin its ranks, cut costs. In addition to moving the bank's annual culling of underperformers up the calendar, CEO David Solomon plans to relocate employees from New York City to lower-cost areas like Dallas and Salt Lake City, people familiar with the program told BI. One former employee said Project Voyage is a multi-year plan, and you can expect these divisions to be the most impacted.3. How much do investment bankers really make? As Wall Street waits to see if a dealmaking rebound will fully materialize this year, recruiting firm Prospect Rock Partners heard from over 900 investment bankers on how much they earned in 2024. Check out some of the survey's highlights.3 things in tech1. The petition to standardize closed captions. BI's Katie Notopoulos has a bone to pick with streaming services: Captions are too hard to figure out. Every streamer has a different interface, posing a challenge for the 63% of Americans under 30 who prefer subtitles. Maybe you're swiping up, but what if it's actually down? Perhaps you accidentally click the dreaded "Play from the Beginning" button in the process. She thinks it's all too much, and it's also an accessibility issue.2. Amazon calls BS on Microsoft's quantum-computing claims. In an email to CEO Andy Jassy, Amazon's head of quantum tech expressed doubts that Microsoft's Majorana 1 quantum computing chip could do all it was hyped up to do, according to a copy of the email obtained by BI. Industry experts said tech companies might be generating more hype than substance in their attempts to outdo each other in the field.3. The shortcut for cheap AI. Distillation using one model to improve another has more potential today than ever, thanks to the plethora of open-source models that can serve as "teachers." While some developers celebrate the concept, the big AI companies behind foundation models need to justify and protect their pricey offerings.3 things in business1. These senators want an investigation into Elon Musk's X. Democratic senators Elizabeth Warren, Cory Booker, Richard Blumenthal, Adam Schiff, and Chris Van Hollen are calling for a DOJ probe into X. Specifically, they want to know if X is leveraging Musk's political status to pressure companies into advertising on the social media platform, referencing an article from The Wall Street Journal article last month. Read the letters they sent to the DOJ and the FTC.2. Playing dress up with an AI twist. Fashion app Doji uses AI to help users virtually try on clothes, and early beta testers are loving it. One fan is none other than Reddit cofounder Alexis Ohanian, who's also backing it through his venture capital firm Seven Seven Six.3. Social Security employees can't read news sites at work anymore. As the Trump administration continues restructuring the Social Security Administration, a recent agency-wide email announced new browsing restrictions for employees' work computers. Restrictions prohibit workers from checking the news, online shopping, and visiting sports sites. According to the email, the goal is to limit risk and protect sensitive information.In other newsI tried ChatGPT's new Deep Research. It was worth the extra wait of up to 30 minutes for its reports.A Las Vegas bar, a wedding venue, and a Swedish hotel: How retired Boeing 747s are being turned into tourist attractions.US-made Patriot missiles have protected Kyiv. Europe doesn't have an easy replacement.Kentucky's bourbon makers are up in arms about Canada yanking their bottles off shelves.VC Kelly Barton balances investing with winning IRONMAN world championships. Here's why she says her passion makes her a better investor.'Reacher' spinoff 'Neagley' will be out by the end of 2025 'with a bit of luck,' author Lee Child said.Software engineers at Google, Microsoft, and more share their best tips for landing a coding job in tech.DOGE cuts have pushed layoffs to the highest level since the pandemic. Robert Alexander/Getty Images BI Anadolu/Anadolu via Getty Images What's happening todayThe Bureau of Labor Statistics releases the February jobs report.Federal Reserve Chair Jerome Powell will address the 18th annual U.S. Monetary Policy Forum.President Trump speaks at the White House Crypto Summit.The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Elizabeth Casolo, fellow, in Chicago.
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