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 “further countermeasures” 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.
“Jobs and factories will come roaring back into our country, and you see it happening already,” Trump said on Wednesday. “We will supercharge our domestic industrial base. We will pry open foreign markets and break down trade barriers.”
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 “fantasy.”
Why don’t tariffs guarantee more jobs? Quartz’s William Gavin breaks it down.
More from Quartz
💥 Trump doubles down on his tariffs and says stocks will ‘boom’
🐄 Howard Lutnick is having a cow because Europe won’t take America’s ‘beautiful’ beef
🤑 America’s wealthiest shoppers are driving more spending than they have in decades
👩🏫 7 professions that are safest in a trade war
↘️ “Liquidation Day”: Why markets are bracing for a sharp downturn, according to a strategist
📱 Apple stock leads Magnificent 7 drop as Trump tariffs rattle Big Tech
🤣 Trump’s new tariffs would be laughed out of a high school economics class, analyst says
😮💨 Only a few major countries were spared Trump’s tariffs. Russia is one of them
✂️ Elon Musk’s DOGE job cuts are rippling through the economy
💻 Microsoft has adapted to change for 50 years. What’s next?
🥳 Microsoft will reveal its next moves on AI as it turns 50 tomorrow. Here’s what to expect
🖼️ 11 of the world’s most expensive and unique art collections
🤖 The 10 countries that use AI the most
🍕 RFK Jr. has less control over food than he thought. Here’s why
⭐️ The 5 most expensive Michelin star restaurants in New York City
Did you know we have two premium weekend emails, too? One gives you analysis on the week’s news, and one provides the best reads from Quartz and elsewhere to get your week started right. Become a member or give a membership as a gift!
Our best wishes on a safe start to the day. Send any news, comments, Subway nachos and Nike shoes to talk@qz.com. Today’s Daily Brief was brought to you by Bruce Gil and Kevin Ryan.