China Demands US Revoke Tariffs; Trump Approval Rating Declines

China's Stance on Tariffs

• 🇨🇳 China has demanded that the US revoke all unilateral tariffs and stated that there are no ongoing talks to reach a trade deal.
• 🇺🇸 This comes after President Trump indicated a willingness to substantially reduce tariffs on China, a statement that seemed to be a shift in rhetoric.
• 🗣️ Trump had previously mentioned setting tariff rates for countries like China within the next two to three weeks.

Impact on US Industries and Businesses

• 🚗 The Trump administration is considering reducing certain tariffs on the auto industry, following warnings from car executives about severe impacts on profits and jobs.
• 📉 Retail executives from Walmart, Home Depot, and Target met with Trump, expressing concerns that import taxes could disrupt supply chains and increase consumer prices.
• 🌐 Citadel founder Ken Griffin noted that the trade war has diverted business leaders' focus from long-term growth to managing supply chains and sourcing goods globally.
• 🏭 Griffin also stated that the current trade environment is unlikely to encourage manufacturing to return to America.

Whirlpool's Perspective on Tariffs

• 🏠 Whirlpool CEO Mark Bitser believes that tariffs will ultimately benefit the company's position in the US home appliance market in the long term.
• 📈 While acknowledging short-term headwinds like higher component costs and competitor inventory loading, Whirlpool maintains its full-year forecast.

Trump's Approval Rating and Ukraine Conflict

• 📊 The New York Times reports that President Trump's approval rating has dropped to approximately 45%, down from 52% shortly after his inauguration.
• 🇺🇦 President Trump accused Ukrainian leader Volodymyr Zelensky of prolonging the war and suggested he has been harder to deal with than Putin.
• 💥 This statement followed a significant Russian barrage of missiles and drones on eight Ukrainian regions, including the capital Kyiv.

Market and Corporate News

• 📉 IBM shares fell nearly 8% due to government cost-cutting actions affecting federal contracts.
• 🍟 Chipotle lowered its full-year outlook after its quarterly sales declined for the first time in nearly five years.
• 📈 Texas Instruments saw its shares rise over 5% after providing a better-than-expected forecast, driven by improved demand for industrial and automotive components.
• ☁️ Investors are closely watching Alphabet's (Google) Q1 results, particularly the growth in its Google Cloud unit and its AI investments, amidst increasing regulatory scrutiny in the EU and US.

Other Notable News

• 🇻🇦 Pope Francis is lying in state at St. Peter's Basilica, with tens of thousands of people paying their respects.
• 🔥 A wildfire in Ocean County, New Jersey, has burned nearly 20 square miles and is 40% contained, with air quality alerts issued for the New York City area.
• ⚖️ Harvey Weinstein's retrial on rape and sexual assault charges has begun, with opening statements including a new claim from a former model.
• 🏛️ Senator Dick Durbin announced he will leave Congress at the end of his term in 2026.