Plus: Chappell Roan's comments about parents' being unhappy

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Good afternoon,

For all you foodies out there, the finalists for the 35th James Beard Awards are out! The awards recognize chefs, restaurateurs, authors, and journalists in the U.S. doing amazing work in the food industry. The winners will be announced on June 16, but I just love seeing the names and getting inspiration for any upcoming trips.

The only downside…getting a reservation 🤫

Cheers!

Lauren
Producer

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🚨 ONE IMPORTANT THING

Trump Imposes 10% Global Tariff, Massive Reciprocal Tariffs On 60 Countries & 25% Auto Tariff

President Trump on Wednesday announced a baseline 10% levy on all U.S. trading partners, in addition to significant reciprocal tariffs on about 60 "worst offender" countries that have trade policies unfriendly to the U.S.

Other headlines: The 25% tariffs on U.S. neighbors Canada and Mexico will remain, along with the 25% tariffs on auto parts and cars made abroad. Also, expect additional tariffs related to specific sectors like pharmaceuticals and semiconductors.

These tariffs are set to go into effect at different times over the next week, starting at midnight tonight with the auto tariffs. The White House has said the 10% tariff is non-negotiable, set to take effect April 5. CNBC analysts called it the "worst of the worst-case scenario" for the markets, as traders were hoping the President wouldn’t go as big.

The Trump Pitch: The US has been “ripped off” for years, and this will convince companies to move manufacturing and jobs back to the U.S.

The Pushback: This will immediately raise costs for U.S. businesses, increase prices for consumers and will lead to inflation and a potential recession.

WHAT THIS COULD LOOK LIKE

What Are Tariffs: Tariffs, or taxes on imports, require companies based outside of the U.S. (or American companies that import parts from abroad) to pay more to bring items into the country.
- Those costs ultimately get passed down to consumers.
  - 🚨 In the short-term, that could mean on average a $9,000-$25,000 increase on building a home here due to the foreign materials and appliances, and up to $8,000 for cars made with foreign parts or assembled abroad. Several automakers have already announced plans to increase car prices.
  - Expect higher prices on everything from seafood (we import 80% of it), to shoes and clothing, to furniture, to electronics.
- Tariffs are intended to reduce demand for foreign products over the long term and boost domestic manufacturing.
What’s the Goal: Trump is using these tariffs as a catch-all economic tool, promising short-term pain for long-term gains. He claims they will raise trillions in revenue and revive American manufacturing.
- He promised that stronger competition will lead to lower prices.
- Additionally, it serves as a negotiating tactic with countries that rely on American trade, like Canada, allowing Trump to achieve other non-economic goals.

A LOOK AT THE NUMBERS
Trump explained that he believes China charges the U.S. 67% in various tariffs and unfair trade practices, so “we’re gonna be charging a discounted reciprocal tariff of 34%.” A previous 20% tariff on imports from China will be added to the 34% reciprocal tariff, meaning companies will now face a 54% additional cost to import goods from China to the U.S.

These are set to be imposed — along with levies against Japan (24%), the E.U. (20%), and others — on April 9.

Other countries’ tariffs on the U.S. along with “currency manipulation and trade barriers” were factored into Trump’s reciprocal tariff rates.
Exemptions: The majority of pharmaceuticals come from abroad, and these will be exempt from the tariffs for now. Semiconductors, certain minerals, and copper will also be shielded from these levies.

UP NEXT
We can expect countries to announce their own counter tariffs on the U.S. in the coming hours and days, and others may lower their tariffs in response hoping to negotiate. It’s unclear how long these tariffs will be in place, if there is wiggle room to bring them down, or if they could go up.

Stocks are expected to react negatively tomorrow in the aftermath of the announcements, with after-hours trading down across the board.
Many industries are reacting, with the National Restaurant Association saying the levies “will create change and disruption that restaurant operators will have to navigate to keep their restaurants open,” and the National Retail Federation noting that these tariffs will create anxiety and uncertainty for American businesses and consumers.

🚨 ONE THING THAT’S SPARKING CONVERSATION

Singer Chappell Roan: I Don't Know Any Happy Parents In Their 20s

Singer Chappell Roan recently made some controversial comments on the “Call Her Daddy” podcast saying, “All of my friends who have kids are in hell.” The 27-year-old Grammy Award-winner added, "I actually don't know anyone who's happy and has children at this age, anyone who has light in their eyes, anyone who has slept."

The comments sparked a conversation about parents’ happiness and when is the right time to have kids. The data paints a complicated picture.

HAPPINESS VS. SATISFACTION
Parents report different levels of happiness at different stages of their children’s lives at home, with the lowest levels being reported during adolescence compared to when the kids are younger. A 2016 study found that parents in some countries are happier than non-parents, but the U.S. ranked the worst in the group of 22 countries with happiness levels dropping when people had kids. The authors attributed that to the lack of child-care policies, such as paid parental leave, in the U.S. that other places like Norway have.

Sociology professor Jennifer Glass noted to CNBC that happiness and satisfaction are different.
In 2023, following COVID-19 pandemic school lockdowns, 62% of U.S. parents with children under 18 reported to Pew that being a parent has been harder than they thought it would be. However, nearly 90% of parents call being a parent one of, or the most, important things to who they are as a person.

A LOOK AT THE AGE QUESTION
First, happiness for most adults comes in a U-shape. You are happiest in your 20s and later in life, while you are least happy in the middle. A global study from over a decade ago found that parents are less happy the younger they have their children, but childless people tend to be less happy from their 40s to their 60s.

But what is “young” and what people in their 20s can afford has also changed in recent decades.

The average age of a first-time mother in 2024 in the U.S. was 27.5; two decades ago that number was just under 25; and four decades ago, it was 22.7.

It comes as U.S. fertility rates have hit historic lows in recent years, with 47% of U.S. adults under 50 saying they are unlikely to ever have kids (up ten percentage points in five years), mostly citing concerns about changes to their lifestyle and finances.

With that, the cost of raising a child in the U.S. has increased over the past 20 years.

⏳ SPEED READ

🚨NATION

📌 Takeaways from the elections in Wisconsin and Florida (CNN)

📌 Wild weather expected Wednesday gets a rare ‘high-risk’ designation — the most severe category (AP)

📌 Judge dismisses corruption case against New York City Mayor Eric Adams (MO NEWS)

📌 Supreme Court appears divided over whether states can cut off Planned Parenthood funding (AP)

📌 Trump tells inner circle that Musk will leave soon; White House disputes claim (POLITICO)

🌎 AROUND THE WORLD

📌 Senior Russian official visits Washington for talks with Trump administration (CNN)

📌 Suspected U.S. airstrikes in Yemen kill at least 4 people near Hodeida, Houthi rebels say (AP)

📌 Taiwan denies Chinese strikes as Beijing escalates live naval drills around the island (NBC)

📱BUSINESS, SCIENCE & TECH

📌 Unanimous Supreme Court upholds FDA block of flavored vapes (ABC)

📌 Tesla reports 336,000 vehicle deliveries in first quarter, 13% drop from a year ago (CNBC)

📌 Norovirus outbreak hits more than 240 people on luxury cruise ship (CNN)

📌 FDA lays off bird flu leadership, among steep cuts to senior veterinarians (CBS)

🎬 SPORTS & ENTERTAINMENT

📌 Val Kilmer, ‘Top Gun’ and Batman star with an intense approach, dies at 65 (AP)

📌 Jason and Kylie Kelce announce birth of fourth daughter (CNN)

📌 David Fincher to direct Brad Pitt in ‘Once Upon a Time in Hollywood’ Netflix follow-up from a Tarantino script (VARIETY)

ICYMI FROM THE 📲

In case you missed it… It takes guts to sing an artist's song to them, and it can backfire on “American Idol.” However, the March 30 episode featured 26-year-old Yani belting out judge Carrie Underwood’s “Waiting All Day for Sunday Night,” the theme song for NBC's “Sunday Night Football,” and she made it through.

No guts, no glory.