DOGE's biggest fans, Trump's trade war begins, and China hits back: Politics news roundup
Plus, Pfizer's CEO is "cautiously optimistic" about RFK Jr., and Trump Media's "America First" investment plans
Elon Musk’s Department of Government Efficiency is here, and defense contractors can’t wait for the “revolution” to reach the Defense Department. So far, his focus has been on other areas, but they’re betting that Musk — himself a defense contractor through SpaceX — slashes a lot of red tape.
Meanwhile, President Donald Trump’s tariffs have finally hit China — even as Canada and Mexico get a chance to catch their breath — sparking a new trade war. Google $GOOGL (GOOGL), Apple $AAPL, Illumina $ILMN (ILMN), and others are already in China’s crosshairs for repercussions. The tariffs themselves spell danger for a number of companies, including automakers and e-commerce retailers like Shein and Temu, if they stick around for a while.
Elon Musk’s Department of Government Efficiency (DOGE) came into existence with the pledge to slash red tape and dismantle the federal bureaucracy. Although it certainly hasn’t been free of controversy, there’s one group of people that have stars in their eyes: defense industry CEOs.
The company that owns President Donald Trump’s Truth Social now plans to let consumers invest in companies that benefit directly from his campaign promises.
President Donald Trump’s proposed tariffs on Mexico and Canada could be devastating for the auto industry, according to Ford $F Motor Co.’s (F) CEO.
China’s antitrust watchdog is reportedly eyeing a formal probe into Apple $AAPL’s (AAPL) fees for app developers, giving CEO Tim Cook another problem to worry about as the U.S.’ trade war with Beijing kicks off.
Chinese e-commerce giants Temu and Shein have been preparing to maintain their U.S. customer base following the end of the de minimis exemption. — Francisco Velasquez
China’s first major response to President Donald Trump’s tariffs wasn’t like the U.S.’s approach, which tackled all Chinese imports. Instead, Beijing singled out a handful of big areas — and major companies — to pile on the pressure.
Pfizer $PFE (PFE) CEO Albert Bourla told investors Tuesday morning that he is “cautiously optimistic” about working with Robert F. Kennedy Jr., the expected next head of the U.S. Department of Health and Human Services (HHS). — Bruce Gil
The United States Postal Service early on Wednesday said it would resume accepting packages from China and Hong Kong, reversing a brief hours-long freeze.
Mexico President Claudia Sheinbaum has announced a pause to President Donald Trump’s new tariffs on imports after a meeting between the two world leaders.
Chipotle $CMG downplayed concerns about potential tariff hikes on imported ingredients like avocados and chicken during the company’s Feb. 4 earnings call. — Francisco Velasquez
Big Pharma is downplaying — for now — the potential negative impacts of President Donald Trump’s China tariffs on their industry. — Bruce Gil
Pharma industry groups are sounding the alarm, warning that President Donald Trump’s tariffs could worsen drug shortages, drive up prices, and push generic manufacturers out of the U.S. — Bruce Gil