Axios

Implementing the new reciprocal and baseline tariffs, on top of the other taxes on imports already imposed by the White House, would increase fresh produce prices by 4% and food prices overall by 2.8%, per the Yale Budget Lab's model. But prices for certain products will rise further.

🤐 "Liberation Day" wasn't so liberating for America's CEOs. We dive into this in today's Axios Communicators. PLUS... — The new IPO playbook feat. insight from Shahed Fakhari Larson, Ash Spiegelberg, Lacey Berrien, Marc Drechsler and Kate Bullinger — The communications vacuum created by sweeping layoffs at HHS — a spotlight on blake simpson of Adtalem Global Education — and Tumblr's revival READ: https://lnkd.in/edctPvVG

Global leaders and corporate executives alike are trying to figure out how to rejigger their economies to be less reliant on the U.S. in the longer run, even as they contemplate near-term retaliatory measures in hopes of lessening the tariff pain. https://trib.al/w90DM17

Corporate America's reaction to Trump's tariffs has been muted so far, with many relying on trade associations or special interest groups to speak on their behalf. https://trib.al/h1D8Jom

U.S. indices headed for their worst day since at least September 2022. As of 10:30 a.m. ET, the S&P 500 was off 4%, the tech-heavy Nasdaq was off 5% and the broad Russell 3000 was off 4% as well.

Stocks fell around the world Thursday morning, as Trump's sweeping tariff plan kicked off a trade war with broad consequences for the global economy. Apparel and retail companies led the decline.

BREAKING: Trump announced a baseline 10% tariff on U.S. imports, with steeper reciprocal levies on goods from Europe, Japan, China and more than 50 other nations.

TikTok has never had a suitor shortage, going back to when President Trump tried to ban the app in his first term. The problem has been Beijing and, to a lesser extent, TikTok's Chinese parent company ByteDance. And that still doesn't appear to have been resolved.

Join Axios’ markets correspondent Emily Peck NOW for a Reddit AMA on the DOGE federal worker firings. Submit your questions here: https://trib.al/5t2HlMq 

New for Axios: Some Canadians are ditching their winter homes in the U.S. as tensions between the two countries simmer. President Trump's tariffs and taunts may be the last straw for snowbirds who are already finding it more expensive to live south of the border, real estate agents say. https://lnkd.in/g3SJpqkn