🌍 US and UK drop tariffs

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Here’s what you need to know

The US and UK agreed to roll back Trump-administration tariffs. The US will no longer slap 25% on British steel, while extra taxes are also being removed from American bourbon and jeans.

Russian oligarchs are finding ways to avoid sanctions. Two yachts linked to Roman Abramovich—and worth more than $1 billion—are docked in Turkey, while another billionaire, Alisher Usmanov, said his assets were “long ago transferred into irrevocable trusts.”

The Securities and Exchange Commission won’t free Elon Musk from his “Twitter sitter.” As part of a deal with the SEC over an allegation of securities fraud in 2018, Musk must still run his tweets past a lawyer before posting, although it’s unclear whether he ever has.

Banks seized $2 billion in cash from Evergrande. The Chinese real estate developer said it will delay the release of its annual earnings.

Disney workers across the US walked out. The House of Mouse finds itself in a balancing act between calls for standing up for social issues and responding to political pressure.

The world’s number one female tennis player retired at just 25. “I am spent,” said Australian Ashleigh Barty, the winner of three Grand Slam tournaments.

MacKenzie Scott donated $436 million to Habitat for Humanity. It’s the biggest publicly disclosed donation from the philanthropist and ex-wife of Amazon founder Jeff Bezos.

What to watch for

The UK is facing a cost-of-living crisis—fuel, home energy, and food are becoming more expensive as the economic effects of the pandemic linger, and a war in Europe further increases pressure on prices. Inflation for February hit 6.2%, the government announced today.

Today’s Spring Statement, one of two major annual financial reports, may contain more policy remedies than chancellor Rishi Sunak would have wanted.

What Sunak could do:

• ⛽️ Reduce duty on fuel. Currently, gasoline is taxed at £0.58 per liter (approximately $0.20 per gallon), and there’s talk of a £0.05 reduction.
• 👴 Increase state pensions. Activists and economists argue pensioners will bear the brunt of the cost-of-living crisis, but last year, the government suspended the “triple lock” of linking pension increases to whichever was higher out of wage rises, inflation, or 2.5%.
• 💰 Increase welfare checks/suspend tax rises. Highly unlikely, given the Conservative Party’s traditional antipathy towards state benefits, and the need to fund essential health services following a debilitating pandemic.

Climate risks—and rewards

The SEC has new rules for businesses that require them to disclose their greenhouse gas emissions and the way climate change affects their finances.

The idea is that shareholders will use that information to better understand the specific risks that climate change poses to the companies they want to invest in. But it’s not all about threats—businesses that move toward a lower-carbon economy will have opportunities to create new products and get ahead of regulation.

Some companies already publish the type of information that the SEC wants. Unilever, for example, provides a case study for how an extreme weather event might impact palm oil production. Quartz visual journalist Amanda Shendruk used this case study, and climate forecasts from Shell and Black & Decker, to create a guide on the corporate risks exposed by the SEC’s new climate rules.

🍿 Here we go again

Some movie sequels, like 2021’s Spider-Man: No Way Home, are slam dunks, and some, like Speed 2: Cruise Control, are dead in the water. Presenting: the long-awaited showdown between media and entertainment reporter Adario Strange and executive editor and host Kira Bindrim, as they decide on the value of sequels, once and for all.

But first, let’s define some terms.

🤖 A sequel follows the story of existing characters and expands on the plot, like Blade Runner 2049.

🐍 A reboot is the same story, repackaged, like the 2021 Dune.

🤑 A franchise is a whole universe that can include sequels and reboots that, with spinoffs and merchandise, is all about content being monetized in every possible way. If you’re thinking Marvel, you’ve hit the nail on the head.

The latest episode of the Quartz Obsession podcast is out now at a podcast platform near you.

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Surprising discoveries

Kid Rock claimed Donald Trump consulted him on North Korea. The musician said the former US president also ran a tweet about the Islamic State terror group by him in 2017.

Pusha T dissed McDonald’s with a new song for Arby’s. The rapper said he didn’t get paid enough to write the iconic jingle “I’m lovin’ it.”

Can only people understand geometry? The ability to imagine a triangle is perhaps what makes us human.

A library is collecting banned books. The tiny library on an island off the Maine coast will buy texts that have fallen out of favor.

Birkenstock and Manolo Blahnik paired up. Is this the most startling fashion collab to happen?

Our best wishes for a productive day. Send any news, comments, comfy cork-soled stilettos, and banned books to hi@qz.com. Get the most out of Quartz by downloading our iOS app and becoming a member. Today’s Daily Brief was brought to you by Amanda Shendruk, Hasit Shah, Susan Howson, Michelle Cheng, and Morgan Haefner.