Tariff Spike & Walmart Cuts

📊 Market Snapshot

• DOW: 🔼 0.32% (39,558.11)

• S&P 500: 🔼 0.48% (5,246.68)

• NASDAQ: 🔼 0.75% (16,511.18)

• BTC: 🔽 1.99% (61,682.20)

• ETH: 🔽 2.06% (2,889.42)

📎 Market Clips

• Federal Reserve expected to cut rates twice in 2024

_{*Stock numbers as of market close, cryptocurrency as of 6:45pm EST yesterday. Source for Market Clips.}

First Report

🚗 100% Tariff on Chinese EVs

The US president, Joe Biden, has announced a 100% tariff on Chinese-made electric vehicles (EVs) to protect American manufacturers from cheap imports. This move, part of a broader package targeting $18bn worth of Chinese goods, is expected to heighten trade tensions between the US and China. The tariffs on EVs will increase from 25% to 100%, with other items like lithium batteries, solar cells, and semiconductors also seeing significant tariff hikes. Despite the risk of retaliation from Beijing, Biden believes this measure is necessary to curb China’s overcapacity in the EV sector and support the American green technology industry. 🔋📈

TL;DR ⏳: Biden introduces 100% tariffs on Chinese EVs to protect US industry, escalating trade tensions with China.

Second Report

🏢 Walmart Lays Off Hundreds

Walmart is laying off and relocating hundreds of corporate employees as it moves to centralize its workforce in Bentonville, Arkansas. This move affects remote workers and those in offices in Dallas, Toronto, and Atlanta. Walmart is building a new headquarters in Bentonville and is pushing for more in-person collaboration post-pandemic. While the exact number of affected employees is unclear, Walmart emphasizes support for those impacted by these changes. 💼🚫

TL;DR ⏳: Walmart is relocating and laying off hundreds of corporate workers to consolidate its workforce in Arkansas.

⚡ Quick Hits

1. 🏛️ Mike Johnson defends Trump outside N.Y. criminal trial

2. 🔥 First major wildfires of Canada's season hit northern U.S. air quality

3. 🎓 Harvard strikes deal with anti-Israel protesters to end encampment before commencement

4. 🛥️ 'Vessel of interest' seized in boating hit-and-run death of 15-year-old girl in Florida

5. 🇺🇸 Blinken tells Ukraine U.S. aid will make a difference against Russia's offensive

6. 📊 Trump leads in 5 key states, as young and nonwhite voters express discontent with Biden

7. 🕵️‍♂️ Chinese ambassador summoned by UK Foreign Office after three face spying charges

8. 🐋 Pod of killer whales attacks and sinks 50-foot yacht in Strait of Gibraltar

9. 💎 Diamond giant De Beers faces spin-off amid wider restructuring as Anglo American takeover pressure mounts

10. 🦞 Red Lobster closing dozens of locations as bankruptcy possibilities loom

Games

Fun Fact: Did you know? The longest applause for an opera performance lasted over 80 minutes! This epic ovation happened after Plácido Domingo's stunning performance in "Otello" in Vienna. Imagine clapping for so long your hands create their own show! 🎶🙌