Four Republican senators helped Democrats pass a resolution Wednesday that would effectively repeal President Trump's tariffs on Canada.
Why it matters: The vote shows how deeply concerned some Republicans are about Trump's tariff policies, just as he rolls out even steeper tariffs on U.S. imports.
President Trump unveiled tariffs of at least 10% Wednesday on virtually the entire world, with one notable exception: Russia.
The intrigue: Press Secretary Karoline Leavitt told Axios Wednesday that Russia was left off because U.S. sanctions already "preclude any meaningful trade." However, the U.S. still trades more with Russia than with countries like Mauritius or Brunei that did make Trump's tariffs list.
The Trump administration is moving forward with a plan to close a trade loophole that previously allowed cheap goods from China to avoid tariffs.
Why it matters: Packages valued at less than $800 have enjoyed the "de minimis" exemption from added duties, which has enabled foreign online retailers like Temu and Shein to sell super cheap items to American consumers.
The details around "Liberation Day" tariffs have arrived.
A baseline 10% tariff will be placed on U.S. imports, with steeper reciprocal levies slapped on goods from a slew of other nations, President Trump announced from the White House Rose Garden this afternoon.
By the numbers: The reciprocal tariffs hit dozens of nations, including some of the country's largest trading partners, Axios' Courtenay Brown writes.
For China, the U.S. is levying a 34% tariff. Vietnam is getting 46%. Those were the two hardest hit. Other levies:
European Union: 20%
Japan: 24%
Thailand: 36%
Taiwan: 32%
India: 26%
Market impact: Stocks, which rose a bit as Trump started speaking, reversed sharply and plunged as he unveiled the reciprocal rates.
Nintendo's Switch 2 will arrive June 5 with features such as a larger, sharper screen and video chat capability.
State of play: The new gaming console will cost about $450, compared with the original Switch's starting price of about $300.
"Perhaps the most contemporary function yet for the Switch 2 is the ability to use the Joy-Con controllers like a computer mouse," AP reports. "The developer displayed multiple ways to use the new function, such as angling a club in a golf game."
Yes, but: The game will cost $50 more than expected, games industry researcher Joost van Dreunen said, likely due to what he called the "Trump tax": tariffs.
President Trumpannounced a baseline 10% tariff on U.S. imports, with steeper reciprocal levies on goods from a slew of other nations, including Europe, Japan and China.
Why it matters: Trump's announcement ends the free-trade era that has defined global commerce for decades — a move that risks higher consumer prices and economic damage.
House Democrats attempted multiple amendments to a stablecoin bill Wednesday morning that would prevent the president and other government officials from having a financial interest in a dollar-backed digital asset.
Why it matters: In the middle of negotiations on what would be the first piece of U.S. crypto legislation, the Trump-affiliated World Liberty Financial announced its own stablecoin product — triggering conflict-of-interest concerns and risking a partisan split.
There's been lots of reporting Wednesday on the TikTok situation, with Amazon, AppLovin and even the founder of OnlyFans reportedly throwing their hats into the ring as potential acquirers.
And a new report that Trump will propose a solution during today's tariff speech.
Intra-party concerns over optics and messaging are threatening support for a Senate Democrat's resolution to overturn President Trump's tariffs on Canada, Axios has learned.
Why it matters: The resolution, offered by Sen. Tim Kaine (D-Va.), is a rare shot for Democrats to peel off GOP votes and deal a major political blow to Trump's tariff policies.
Disgruntled Americans are using their wallets, votesand voices to send Elon Musk a message in a string of business and political losses for the world's richest man.
Why it matters: Musk's time as the chainsaw-wielding head of DOGE has made him the face of several controversial Trump administration policies, turning him into a target for protests and public backlash.
Automakers face a dilemma as President Trump's tariffs pile up: They can raise car prices, sacrifice profit margins or redirect R&D spending to expand U.S. manufacturing — but somebody has to pay the bill for the higher costs that compounding tariffs bring.
Why it matters: The auto industry can't absorb the costs of tariffs and invest in electrification and autonomy and software-defined vehicles and new factories, all while fighting off rising Chinese competitors.
Christine Hunsicker, the founder and now-former CEO of fashion tech company CaaStle, isn't just being accused of fudging some numbers. It sounds like she may have built an entire Wonka factory.
Zoom in: Axios has learned that Hunsicker last year told prospective investors that CaaStle generated $519 million in 2023 revenue. Audited financials sent on Saturday to shareholders show the actual revenue figure for the year ending Sept. 30, 2023 was only $15.7 million.
Private sector hiring was solid in March, at least according to one early indicator that suggests, for now, falling business confidence isn't translating into fewer jobs.
Why it matters: Wall Street economists are worried that the economy will buckle under the weight of President Trump's tariffs. That is validated by the sentiment indicators in free fall, but less so in the economic data reflective of what businesses are actually doing.
Tesla's vehicle deliveries plunged 13% in the first quarter, compared with a year earlier, as the company faces a backlash over CEO Elon Musk's political actions.
Why it matters: The datapoint marks one of the first significant indicators that Tesla's brand reputation is suffering from Musk's chainsaw-wielding leadership of the Department of Government Efficiency in the Trump administration.
Tariffs are meant to boost U.S. manufacturing and jobs, but the issue is complicated.
Why it matters: In the short run, U.S. manufacturers are going to hurt from these tariffs, and whether they lead to more jobs in the long term is an open question.
Foreign F-16s will be flying with upgraded electronic warfare packages as soon as next year, according to L3Harris Technologies.
Why it matters: The Viper Shield countermeasures are "digital armor" for the warplanes, Travis Ruhl, a director of international business development and former pilot, said in an interview.
The consequences of electronic warfare are underscored daily in Ukraine, where digital harassment harries surveillance and precision strikes.
Some Canadians are ditching their winter homes in the U.S. as tensions between the two countries simmer.
Why it matters: 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.
The new consensus among business owners and economists is that President Trump's colossal trade announcement Wednesday is just the start, not the end, of global economic uncertainty.
Why it matters: Many once hoped the much-hyped reciprocal tariff announcement would settle worldwide economic confusion.
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