President Trump said he plans to keep tariffs in place on Chinese goods for a "substantial period of time," possibly even after a trade deal is forged to ensure Beijing's compliance, Bloomberg reports.
Why it matters: China has been pushing the Trump administration to eliminate tariffs in any forthcoming deal, so the president's comments are certainly not a carrot for China's end of the bargain. Despite that, Trump said the trade negotiations are "coming along nicely."
The Business Roundtable's first quarter survey of more than 130 of the nation's top CEOs showed that chief executives dialed back expectations that they would see increased revenue, hire more workers and invest in capital expenditures over the next six months.
Why it matters: This marks the fourth consecutive quarter that the BRT's Economic Outlook Index has dropped.Sentiment surveys like these are watched closely because of their forward-looking nature, which could hint at what's ahead for the economy. If companies do rein in plans for hiring and spending — key drivers of growth — it could have big implications for an economy that's already feared to be slowing.
Levi Strauss is expected to price its IPO on Wednesday night, kicking off what should be a banner year for mega-listings.
Buzz: Reports are that the denim giant has strong investor interest that could push above its $14–$16 indicative range, the top end of which would raise around $586 million at an initial market cap of nearly $6.2 billion.
Nexstar agreed Wednesday morning to divest 19 of its local TV stations in 15 markets across the country in order to gain regulatory approval in its deal to acquire Tribune Media.
Why it matters: Regulators have rules about how many stations one operator can own in a single market, so that they can ensure a diversity of voices exists in each community. Nexstar is divesting these stations to get the merger approved under these rules.
Mozambique has declared a state of emergency after flooding that followed Cyclone Idai.
Backdrop: The storm has destroyed an estimated "90%" of Mozambique's fourth-largest city, Beira, which has a population of nearly half a million. So far 1.5 million people have been displaced or otherwise affected by the storm.
Every big grocer in America has spent the last year assuring shoppers and investors that it is not falling behind when it comes to grocery delivery. Walmart is touting delivery partnerships with Point Pickup, Skipcart, AxleHire and Roadie. Kroger is expanding its autonomous delivery service from city to city. Target has teamed up with Shipt.
Reality check: But experts watching food retail tell Axios that they have yet to see a clear demand signal for food delivery. Retailers may be running at this logistically difficult, extremely low-margin service for relatively little return.
JW Player, a technology company that powers the videos that run on many publishers' websites, is expanding its ads business by adding three new partners to its video ad product, the company tells Axios.
Why it matters: JW Player has been used by thousands of publishers for years to reliably deliver video, but now, it wants to use that technology to help publishers more reliably deliver quality ads.
President Trump once again blasted General Motors and the United Automobile Workers this week for closing a Chevrolet Cruze plant in Lordstown, Ohio, as union activists accused the carmaker of favoring hedge funds over the workers laid off amid plant closures.
Why it matters: Ahead of Trump's visit to Ohio later this week where he's expected to push for more manufacturing jobs, the closure of the GM plant has become a key issue in a state critical for him in 2020. The closure in Lordstown was part of a 15% cut to GM's salaried workforce in North America, affecting jobs that the president promised were "all coming back" to the state in 2017.
Fox Corp., formed from the leftovers of Disney's acquisition of 21st Century Fox, added former House Speaker Paul Ryan to its board of directors on Tuesday, per Variety. Fox Corporation was established as a stand alone company Tuesday. The close of the 21st Century Fox and Disney transaction will happen on Wednesday.
Our thought bubble, Per CNN, Paul Ryan and Rupert Murdoch "have been friendly for many years," with Murdoch naming Ryan as a 2014 presidential candidate that he had "particular admiration for."
Stagwell Group, an investment company in Washington, D.C. that specializes in advertising and marketing companies, has agreed to make a $100 million equity investment in MDC Partners, an ad agency holding group with dozens of brands but still considered tiny compared to major ad holding companies like Omnicom, WPP or Publicis.
Why it matters: Stagwell president and managing partner Mark Penn says there's a sweet spot in the ad agency world where he thinks his bet will pay off.
During a difficult year for U.S. agriculture amid President Trump's trade war with China, record-breaking floods in the Midwest are causing farmers to lose their livestock en masse, further putting their livelihoods at risk, the New York Times reports.
Why it matters: Lessened demand due to Trump's trade policies and greater international competition in agriculture already pushed Farm Belt bankruptcies last year to the highest level in a decade. Now, the floods across the Midwest could cause a $400 million hit to the state's livestock sector as farmers in the region are cut off from their cattle herds — and the supplies necessary to care for them.
Kevin Rudd — the former Australian prime minister, who's now president of the Asia Society Policy Institute — warns that President Trump's freewheeling diplomatic style won't work with Chinese President Xi Jinping.
What's happening: Rudd tells Axios that Trump's preferred approach — meeting Xi at Mar-a-Lago to hash out a final deal — isn't a realistic way to get there. "The deep Chinese learning from the Hanoi outcome is that we Chinese would never allow that to happen to our leader," Rudd says.
