🌏 Trump’s trade war
Plus: What are tariffs anyway?
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Here’s what you need to know
U.S. President Donald Trump’s new tariffs are here. With taxes on imports from Canada, China, and Mexico, prices are set to rise – and Quartz has compiled a guide on what to know.
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Trump has spared Mexico, one of the U.S.’s top trade partners. U.S. taxes on Mexican goods won’t take effect until March, but discussions are expected to continue.
The same goes for Canada, which is also working to beef up border security to combat the flow of fentanyl, as it also continues discussions with Trump.
… Meanwhile, business leaders and experts, including Mark Cuban and Larry Summers, are criticizing the tariffs, calling them “economically illogical.”
Those pesky tariffs could disrupt Temu and Shein’s growth – and Amazon (AMZN) may benefit. As new trade regulations hit, the fast-fashion giants may need to pivot to keep pace with Amazon.
Elsewhere, Google’s (GOOGL) set to report earnings on Tuesday after markets close. Analysts are forecasting the tech giant to report over $96 billion in revenue for its fiscal fourth quarter.
The doozy of tariffs, explained
As trade tensions continue to rise, Trump’s tariff policies are back in the spotlight.
From raising prices on imported goods or shifting manufacturing back to the U.S., the effects are complex. This is largely because global supply chains are more interconnected than ever before.
Ultimately, the higher costs get passed down to consumers, who end up paying more for things like cars, groceries, and gas.
But how do tariffs actually work, and what’s the real impact? Quartz’s Harri Weber breaks it down.
Trump’s tariffs could make your avocado toast more expensive
Trump’s new tariffs are set to raise food and beverage prices, with imports from Canada, Mexico, and China most affected.
Starting Feb. 4, items like avocados, tequila, and pineapples could cost more, forcing businesses to adjust. While Mexico and Canada’s tariffs are delayed until March, Canada has already retaliated, removing U.S. alcohol from shelves.
What are the top 10 food items that could see price hikes? Quartz’s Francisco Velasquez breaks it down.
💲 Trump says the pain from his tariffs will be worth it. Here’s how it affects your wallet — and taxes
🚀 Ontario is ‘ripping up’ its contract with Elon Musk’s Starlink to protest Trump’s tariffs on Canada
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Our best wishes on a safe start to the day. Send any news, comments, Google predictions, or tariff comments to [email protected]. Today’s Daily Brief was brought to you by Francisco Velasquez and Audrey McNamara.