China Denies Trade Talks as Trump Reverses on Tariffs, Powell, and Ukraine

China's Trade Stance

• 🇨🇳 China has demanded the U.S. revoke all unilateral tariffs and stated there are no talks on reaching a trade deal.
• 🇺🇸 This comes after President Trump expressed willingness to substantially pare back tariffs on China, citing issues like fentanyl.

Trump's Shifting Tariff Policies

• 📉 Stocks saw gains reverse after President Trump eased rhetoric on China and Jerome Powell.
• 🛍️ Executives from major retailers like Walmart, Home Depot, and Target voiced concerns that import taxes disrupt supply chains and raise prices.
• 💡 Citadel founder Ken Griffin noted the trade war has devolved into a "nonsensical place," diverting focus from long-term business growth.

Auto Industry Tariffs Under Consideration

• 🚗 Auto executives warned that tariffs could severely impact profits and jobs.
• 🛠️ Proposals include exempting vehicles and parts from additional duties on steel and aluminum imports, or fully exempting parts complying with the USMCA trade pact.
• ❓ President Trump's stance on auto tariffs has been inconsistent, with discussions underway regarding potential reductions.

Whirlpool's Tariff Outlook

• 🏠 Whirlpool CEO Marc Bitzer stated that while there are short-term headwinds from higher component costs, tariffs will benefit the company long-term in the U.S. home appliance market.
• 📈 Whirlpool maintained its full-year forecast despite potential tariff impacts.

Trump's Approval and Ukraine War

• 📊 President Trump's approval rating has reportedly sunk to about 45%, potentially linked to controversies over tariffs.
• 🇷🇺 Russia launched missile and drone attacks on eight Ukrainian regions, killing at least nine people.
• 🕊️ President Trump accused Ukrainian leader Volodymyr Zelenskiy of prolonging the war and expressed hope for a deal with both Russia and Ukraine.

Harvard's Legal Fight

• 🎓 Harvard University aims to expedite its legal battle with the Trump administration over $2.2 billion in federal funds.
• 🏛️ The university will not seek a temporary block on the funding freeze but will pursue a quick judgment on its claim that the administration threatens its independence and free speech.