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šŸŒ The market’s very bad day

Plus: three ways Big Tech is vulnerable to tariff retaliation

Good morning, Quartz readers!


Here’s what you need to know

The Dow nosedived over 1,600 points. Stocks plunged in the wake of President Donald Trump’s tariffs.

Delta, United, and other airlines’ stocks got hammered. Investors fear tariffs could result in customers cutting back on travel.

Lululemon, Nike and other apparel stocks also took a hit. These companies source a majority of their merch from countries targeted by Trump’s tariffs.

Walmart, Best Buy, and other retail giants also felt the heat. These retailers are bracing for tariff-driven price hikes.

Amid the chaos, Ford extended customers a hand. The car maker is offering buyers employee pricing on a wide selection of vehicles.

…Meanwhile, Microsoft is rethinking its AI plans. The tech giant has reportedly stopped or delayed several data center projects around the world.

Subway has foot-long nachos now. The sandwich chain is now offering a footlong trough of $5 Doritos nachos.



Big Tech is caught in the middle

President Donald Trump announced sweeping tariffs on Wednesday — including a 20% levy on EU imports — that sent tech stocks tumbling. EU chief Ursula von der Leyen said the bloc is finalizing retaliatory tariffs on up to roughly $28.4 billion worth of U.S. goods in response to the 25% tariffs on steel and aluminum that took effect last month. While negotiations are ongoing, she warned of ā€œfurther countermeasuresā€ if talks fail.

French and German officials hinted at targeting U.S. tech giants, citing their dominance in Europe. This could include anti-trust probes and trade restrictions on services. The first round of EU tariffs drops April 14.

How else is big tech vulnerable to European tariff retaliation? Quartz’s Ece Yildirim has the details.


Where are the jobs?

President Donald Trump’s tariffs aim to bring jobs and factories back to the U.S., but the reality is more complicated.

ā€œJobs and factories will come roaring back into our country, and you see it happening already,ā€ Trump said on Wednesday. ā€œWe will supercharge our domestic industrial base. We will pry open foreign markets and break down trade barriers.ā€

While some companies, like OpenAI and JCB, have announced investments, large-scale reshoring remains rare. Supply-chain experts say businesses are still crunching numbers rather than breaking ground on new factories.

For instance, fully shifting Apple’s production to the U.S. could push iPhone prices to a whopping $3,500, a scenario one analyst calls a ā€œfantasy.ā€

Why don’t tariffs guarantee more jobs? Quartz’s William Gavin breaks it down.



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