Markets Drop As Trump Announces, Then Un-Announces More Tariffs
Plus: Ukraine backs U.S. ceasefire plan if Russia agrees
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Good afternoon,
An air travel trend called “airport theory” is going viral on social media, in which travelers arrive at their gate just 15 minutes before their plane is set to depart.
Um, what?! Clearly, they’re not traveling with young kids!
From the looks of TikTok, many people trying this have lucked out and made their flights. But one TikTok user posted a PSA, saying, “For those of you thinking about testing out airport theory…,” then flashes to a gate monitor that read “flight closed.” AKA: They missed the flight.
What do the experts say? 15 minutes is cutting it “way too close,” but the TSA guidance of arriving two hours before a flight is too conservative.
Gary Leff, author of the blog “View From the Wing,” tells Fox News that airports do not want to be blamed if people miss their flights. Plus, people will shop at airport stores the longer they are waiting.
Not sure about you, but I can’t really relax until I’m through airport security. Which means, I’ll take an overly priced book from the gift shop for a little peace of mind. But if you’ve tried “airport theory” and it worked, consider me very impressed!
Jill
Mo News Podcast Host
🚨 ONE IMPORTANT THING
U.S. Recession Fears Reach Fever Pitch Amid New Tariffs, White House Mixed Messages
The U.S. stock market experienced further losses today as the global trade war took new turns. President Donald Trump seems to be spooking markets by making new tariff announcements – then rescinding them – amid talks of a possible recession. He did so again on Tuesday.
Yesterday marked the worst market day since 2022, and today, there were more drops.
The Dow Jones Industrial Average fell 1.1% (478 points), the S&P 500 dropped 0.8%, and the Nasdaq slipped 0.2%. It’s the worst two-day drop since August.
While Trump used to be known to use the U.S. stock market as a gauge for a healthy economy, he’s recently told reporters he’s not paying attention to it right now. Trump also referred to market drops as potentially necessary, and only painful for the “globalist” companies that don’t prioritize American jobs. That isn’t helping calm fears on Wall Street.
DOUBLING DOWN ON CANADA
Stocks today reacted to Trump’s announcement that he planned to double tariffs on Canadian steel and aluminum from 25% to 50% starting Wednesday, in response to the province of Ontario recently imposing a 25% tariff on U.S. electricity imports. (Those Canadian tariffs were in response to Trump’s original tariffs.) After the move, Ontario backed down from the 25% surcharge, and Trump then said he’d hold off on any additional levies.
Ontario Premier Doug Ford announced he had a “productive conversation” with U.S. Commerce Secretary Howard Lutnick today, and will be meeting with him again on Thursday to discuss a new trade deal. Canada is the U.S.’s top foreign source for both aluminum and steel.
Trump proposed a solution on Truth Social: "The only thing that makes sense is for Canada to become our cherished Fifty First State. This would make all Tariffs, and everything else, totally disappear."
What’s Trump’s goal? Some companies – including South Korea’s Hyundai and Japan’s Honda – are now looking to move production to the U.S. to avoid potential tariffs. If they follow through, the Trump administration will point to this as the long-term goal that makes any short-term economic pain worth it.
Drop in mid-February was when tariffs on allies got real and govt. cuts got going. Via: Axios.
Trump has been calling this “a period of transition.” Today, he met with the nation’s top CEOs as part of the Business Roundtable, many of whom are concerned about what all this chaos in DC is doing to the economy. Remember, markets thrive on predictability and stability.
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🚨 ONE THING THAT’S BREAKING
Ukraine Agrees To U.S. Proposal For 30-Day Ceasefire Deal; Will Russia Accept Deal?
Ukraine agreed to a 30-day ceasefire deal proposed by the U.S. on Tuesday, following U.S.-led talks in Saudi Arabia. Secretary of State Marco Rubio said it is now up to Russia to accept the agreement.
BEHIND THE NEGOTIATIONS
The deal was reached after more than eight hours of negotiations. After Ukraine's approval, the U.S. said it will now "lift the pause on intelligence sharing and resume security assistance to Ukraine."
"Ukraine expressed readiness to accept the U.S. proposal to enact an immediate, interim 30-day ceasefire, which can be extended by mutual agreement of the parties, and which is subject to acceptance and concurrent implementation by the Russian Federation," the joint statement from the U.S. and Ukraine said.
The two countries also said a rare minerals deal—giving the US access to valuable Ukrainian resources—would be concluded “as soon as possible.” That’s what Ukrainian President Volodymyr Zelensky went to the White House to sign a week and a half ago, before their Oval Office meeting ended in a fight.
STICKING POINTS
Russia currently occupies nearly 20% of Ukraine (land equal to the size of Pennsylvania). That is up from the 7% it controlled before its full-scale invasion in February 2022. Around 6 million Ukrainians live under Russian occupation.
Moscow is unlikely to relinquish this territory easily, and Zelensky remains concerned that Russia will ignore any deal and launch another invasion from the territory he already occupies. That’s why Ukraine is pushing for security guarantees from the U.S.
⏳ SPEED READ
🚨NATION
📌 Republicans advance a government funding bill to avoid a shutdown despite Democratic opposition (AP)
📌 'There's a serious safety issue', investigators say following DCA mid-air collision (NPR)
📌 Trump admin launches new app with "self-deport" feature (AXIOS)
📌 Judge orders urgent release of DOGE records, citing ‘unprecedented’ power and ‘unusual secrecy’ (POLITICO)
🌎 AROUND THE WORLD
📌 With Trump and independence on their minds, Greenlanders vote in parliamentary elections (AP)
📌 The list of the world’s top 20 most polluted cities is out. All but one are in Asia (CNN)
📌 Man arrested in connection with tanker-container ship collision in North Sea (ABC)
📌 Philippines' former president arrested on ICC warrant (AXIOS)
📱BUSINESS, SCIENCE & TECH
📌 Goodbye free bags on Southwest Airlines, company to eliminate perk for most customers (MO NEWS)
📌 Kennedy gives food company CEOs an ultimatum on artificial dyes (POLITICO)
🎬 SPORTS & ENTERTAINMENT
📌 Billy Joel postpones concerts for 4 months due to ‘medical condition’ (FOX)
📌 Gigi Hadid reveals she and Bradley Cooper met at a kid's birthday party, says he's 'very romantic' (YAHOO)
ICYMI FROM THE 📲
In case you missed it… An Orlando TV station was hit by a tornado on Monday, while Meteorologist Brooks Garner was live on air.
“I’ve been in this business 25 years, and I’ve never in my career had a tornado hit the studio. This is a very, very significant situation,” Garner said. On air, he urged the Fox 35 crew to take shelter.
No injuries were reported, and Garner noted that the tornado was not particularly powerful.
Well, that was a close one 😳
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