Good morning, Quartz readers!
Here’s what you need to know
The Target backlash continues. Activists are coming for the retailer with a big boycott after it rolled back its DEI policies.
Delta teases a new, stealthy plane. The airline has partnered with California-based JetZero to craft a new type of plane which somewhat resembles a Stealth bomber.
Macy’s stock took a hit. The company joined several others in warning that tariffs could impact its business.
Walmart hopes China can save it. The retail giant is reportedly pushing its Chinese suppliers to absorb the costs of Trump’s tariffs
Meanwhile, Trump pauses Mexico and Canada tariffs, again. Trump announced that imports that comply with the USMCA trade agreement won’t be hit with new tariffs this month.
Not even Ozempic is safe from tariffs. Novo Nordisk CEO Lars Fruergaard Jorgensen said the company would not be “immune” to Trump’s proposed tariffs on the EU and pharmaceuticals.
The trade war and DOGE have caused a surge in layoffs. U.S.-based employers announced over 172,000 layoffs last month — a 245% increase from a month earlier, according to a new report.
A lose-lose game
S&P Global economists are warning that there will be no winner in Trump’s trade war.
The economists warn that Trump’s tariffs and ensuing trade war will reduce economic growth and boost jobless rates and inflation across the board.
They project that the U.S. will lose about 0.6% of its output over 12 months, while Canada and Mexico could be hit harder.
How will the trade war hit the U.S. economy? Quartz’s Josh Fellman has the details.
DeepSeek’s Chinese rivals
Before the Chinese AI startup DeepSeek made waves in Silicon Valley and on Wall Street this year, China’s artificial intelligence industry was already in the midst of a boom. Homegrown AI models, developed by some of the country’s biggest tech firms, were fast catching up to their Western counterparts.
DeepSeek’s chatbot has quickly become one of the country’s most-downloaded free apps, but it’s far from alone. Rivals such as Tencent and ByteDance have launched their own AI chatbots, fueling an intensifying competition in China’s AI landscape.
Who are DeepSeek’s homegrown rivals? Quartz’s Britney Nguyen breaks it down for Quartz’s Obsession.
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