Good morning, Quartz readers!
Here’s what you need to know
President Donald Trump’s new tariffs took effect. They include 25% duties on all Mexican goods and most Canadian goods, plus 20% on goods imported from China.
China retaliated with its own measures. The global superpower imposed duties of up to 15% on major U.S. farm products.
Meanwhile, Prime Minister Justin Trudeau said Trump wants the ‘total collapse’ of Canada’s economy. The Canadian leader said this would make it easier for the U.S. to annex its neighbor to the north.
The Dow plunged over 700 points. Several companies warned Trump’s trade war could result in price hikes.
In other news, Apple just launched a new iPad. The new tablet is specifically designed to handle AI tasks.
Over half of the world’s adults are expected to be overweight by 2025. Despite the rise of weight-loss drugs, a new study projects 57% of men and 60% of women may be overweight or obese by 2050.
Target CEO says prices are going up
Target shoppers should brace for higher grocery prices.
CEO Brian Cornell told CNBC that fresh produce — particularly strawberries, avocados, and bananas — that is imported from Mexico, a key supplier during the winter months, will be directly impacted by ongoing trade policies.
“We will try to protect pricing, but the consumer will likely see price increases over the next couple of days,” Cornell said.
What other company is preparing for rising prices ? Quartz’s Francisco Velasquez has the details.
Trump’s crypto reserve
President Trump has unveiled plans for a strategic crypto reserve, shifting his focus from a Bitcoin-only reserve to a more diversified one. His plan involves a reserve comprising Bitcoin, Ether, XRP, Solana, and Cardano.
Some crypto leaders have criticized Trump’s proposal, arguing that if a reserve is established, it should be exclusively Bitcoin-based. Key details regarding the reserve are still unclear, including its size, timeline, and whether the Federal Reserve or another entity would manage it.
How would a crypto reserve work? Quartz’s Vinamrata Chaturvedi breaks it down.
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