🧠 Tit-for-Tariff: Nvidia cooked with $5.5B charge, China returns Boeing jet, Google running online ads monopoly

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🏛️ Financial News

• Federal Reserve 💵 Trump amps up feud with Fed over rates, accuses Powell of 'playing politics' – Reuters: In a Truth Social post, President Trump said Fed Chair Jerome Powell's termination "cannot come fast enough”, calling for the US central bank to cut interest rates, the sort of pressure that Powell just the day before had pledged to resist as the Fed grapples with an outlook complicated by Trump's policies.

  • CNBC: Trump will study whether to fire Fed Chair Powell

• Administration 🏛️ Here’s where Trump’s trade deals with China, Europe, Japan and other countries stand – MarketWatch: President Donald Trump has spent the week talking trade. But the hardest part may be yet to come.

• US Tariffs (Freight) 🚢 Trump administration announces fees on Chinese ships docking at US ports – CNBC: Steep levies on Chinese-made ships arriving at US ports, up to as much as $1.5M, have been proposed as part of a plan to bring more ship manufacturing back to the US. During the Biden administration, the US government began investigating China’s dominance in the shipbuilding industry, where it manufactures as much as 75%-80% of fleets, .

• Manufacturing 🏭 US inability to replace rare earths supply from China poses a threat to its defense, warns CSIS – CNBC: The Center for Strategic and International Studies warns the restrictions will likely result in a pause in exports and cause disruptions in supply to some US firms, as well as a range of advanced defense technology innovations. Beijing earlier this month imposed export restrictions on seven rare earth elements used in defense, energy and automotive technologies.

  Automotive 🚗 Volvo to cut up to 800 jobs at three US sites as Trump’s tariffs bite – USA Today: Volvo Group North America plans to lay off 550-800 workers at facilities in Macungie, PA, Dublin, VA, and Hagerstown, MD over the next three months due to market uncertainty and demand concerns in the face of President Donald Trump’s tariffs.

  Treasuries 💵 Why everyone is suddenly so interested in US bond markets – BBC: Initially, following the "Liberation Day" tariffs on April 2^nd when the stock market fell, investors did appear to flock to US bonds. However, when the first of these tariffs kicked in on April 5th, investors began dumping government bonds, sending the interest rate the US government would have to pay to borrow money up sharply.

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🚢 Tariff Update

• Airlines ✈️ China orders airlines to suspend Boeing jet deliveries amid trade war, Bloomberg News reports – Reuters: China has ordered its airlines not to take further deliveries of Boeing jets in response to the US decision to impose 145% tariffs on Chinese goods.

• China Tariffs (Freight) 🚢 Trade war fallout: Cancellations of Chinese freight ships begin as bookings plummet – CNBC: The number of canceled sailings of freight vessels out of China is picking up as ocean carriers attempt to manage a pullback in orders due to the trade war and tariffs. A steep decline in containers being shipped to the U.S. will have a big impact on the supply chain, from port to trucking, rail and warehouse economics.

• Europe Tariffs 🏰 EU dismisses US demands on food standards and ties to China  – Irish Times: EU standards on food health and safety will never be part of the negotiation ‘with the US or anyone else’, European Commission says.

• Canada Tariffs 🍁 Canadian small businesses are taking Trump’s tariffs personally – CNBC: For some Canadians, President Trump’s tariffs may mean an erosion of trust with trade partners. Canadian national pride has sparked resistance and inspired action from small businesses, as entrepreneurs are deciding which side of the border will absorb the costs of new tariffs.

🌎 Global Financial News

• China GDP 🐉 China’s first-quarter GDP tops estimates at 5.4% as growth momentum continues amid tariff worries – AP News: Q1-2025 GDP topped Reuters poll expectations for a 5.1% growth year on year, building on a recovery that began in late 2024, thanks to a broad policy stimulus push.

• European Central Banks 🏰 ECB cuts rates again as Trump tariffs weigh on economic outlook – euronews: As analysts had anticipated, the European Central Bank cut its interest rate for the seventh time in a year, by .25 to 2.25%, as threats to growth outweigh inflationary concerns.

• India GDP 🏛️ India’s inflation falls to cooler-than-expected 3.34% in March – CNBC: India’s annual inflation rate fell to a lower-than-expected 3.34% in March, the country’s Ministry of Statistics and Programme Implementation. The reading fell for a fifth straight month and came in slightly below the 3.61% seen in February, as growth in food prices continued to soften. The inflation data follows a second straight interest rate cut by the Reserve Bank of India at its meeting on April 9, bringing its policy rate to 6% amid growth concerns in the world’s fifth largest economy.

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🌎 Stock Market

• $NFLX ( ▲ 1.19% )  ▶️ Netflix Keeps Things Humming In Q1, Topping Expectations – Deadline: The streaming giant announced total revenue of $10.5B in the first report it did not disclose quarterly subscriber data, as it shifts its strategy to focus on revenue and other financial metrics as performance indicators.

  • Yahoo! Finance: Netflix is charging ahead as one of the stock market's favorite recession plays

• $UNH ( ▼ 22.38% )  ⚕️  UnitedHealth stock craters in worst day since 1998 on 'unusual and unacceptable' results – Yahoo! Finance: UnitedHealth (UNH) stock cratered just over 22% Thursday — its biggest single-day drop since August 1998 — after its first quarter earnings missed expectations and the company cut its full-year profit guidance.

• $TGT ( ▲ 2.93% )  🛍 Target CEO Cornell meets with Sharpton to discuss DEI rollback as civil rights leader considers boycott – CNBC: The discussion comes as the big box retailer faces calls for a boycott and a slump in foot traffic that began soon after it announced plans to walk away from some DEI initiatives. Sharpton has not called for a boycott of Target, but said he’ll consider it if the company doesn’t reaffirm its commitment to Black businesses, employees and consumers.

• $LLY ( ▲ 14.3% )  💊 Eli Lilly’s weight loss pill succeeds in first late-stage trial on diabetes patients; shares jump 14% – CNBC: The oral GLP-1 pill helped Type 2 diabetes patients lower their blood sugar and body weight and showed safety on par with popular injections on the market. The trial data is among the pharmaceutical industry’s most closely watched studies of the year, as they bring Eli Lilly one step closer to offering the first needle-free alternative in the booming weight loss and diabetes market.

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🚀 Magnificent 7

• Mag 7 🚀 Nvidia and Apple stocks show how investors are firefighting Trump's tariff changes – Yahoo! Finance: The two tech stocks' volatility since Trump's "Liberation Day" reciprocal tariff announcement is one of the more salient examples of how investors are battling through ever-changing aggressive trade rules from the administration.

• $GOOG ( ▼ 1.38% )  🔍 Google hit with second antitrust blow, adding to concerns about future of ads business – CNBC: A federal judge ruled Google held illegal monopolies in online advertising markets due to its position between ad buyers and sellers. The ruling followed a September trial in Alexandria, Virginia, and represents a second major antitrust blow for Google in under a year. Google is simultaneously battling with the government in court while trying to fend off emerging players in generative artificial intelligence.

• $NVDA ( ▼ 2.87% )  🧇 Nvidia to record $5.5B in charges due to US export ban on its H20 chip for China – TheRegister: The Trump administration's newly-implemented export controls has barred the sale of Nvidia's H20 GPU’s into China, Hong Kong, forcing the company to take a $5.5B charge, revealed in a regulatory filing. One analyst has said export restrictions would result in ceding the Chinese AI market to Huawei.

  • Yahoo! Finance: Nvidia CEO stresses importance of China market in Beijing visit, Chinese state media reports

• $AAPL ( ▲ 1.4% )  🍎 Apple airlifted iPhones worth a record $2B from India in March as Trump tariffs loomed – CNBC: Apple airlifted devices on concern President Trump’s impending tariffs would push up costs. The smartphone maker stepped up production in India and chartered cargo flights to ferry 600 tons of iPhones to ensure sufficient inventory in one of its biggest markets.

• $TSLA ( ▼ 0.08% )  🔌 Exclusive: Tesla to delay US launch of affordable EV, a lower-cost Model Y, sources say – Reuters: The production launch has been delayed on Tesla's long-awaited plans for an affordable US-made EV, including a stripped-down version of its best-selling electric SUV, the Model Y.

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🏖️ Personal Finance

• Healthcare ⚕️ UnitedHealth’s stock plunges on higher medical costs. That may mean trouble for Medicare insurers – CNBC: Those “ominous signs” from the health-care giant of an accelerating medical costs trend could potentially be a warning sign for other companies with so-called Medicare Advantage plans.

• Consumer Goods 🛒 Trump tariffs: When consumers should expect inflation, price hikes to hit wallets – CNBC: Trump’s global tariffs excludes any shipments already “on the water” from the new country-specific trade rates. While inflation and price hikes across consumer goods are coming, there is no justification for companies to raise prices today on immediately incoming shipments based on the country-specific tariffs.

• Taxes 💸 With the IRS expected to lose about a third of its staff after firings and buyouts, wealthy taxpayers and attorneys are struggling to navigate the new regime. – CNBC: The upside for high earners is clear: Fewer agents means fewer audits and reviews. At the same time IRS audits and enforcement fall, accountants and tax lawyers say it’s likely the agency will have less capacity to provide decisions or paperwork that can solve a tax problem.

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We’ll be back next Saturday morning to recap the week’s financial news.

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✨ Happy Unprompting,

Rawee
[email protected]

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