Mar 1, 2018

Axios PM

1 big thing: Trump's trade war

President Trump is getting his tariffs, 25% on steel and 10% on aluminum. (The steel number is up from the recommended 24%, as Trump preferred the round number.)

  • The winners: Wilbur Ross and Peter Navarro.
  • The losers: The World Trade Organization, the stock market (the Dow ended the day down 420 points), Capitol Hill, Gary Cohn, James Mattis, Steven Mnuchin and Rex Tillerson.

Why it matters, via Axios' Jonathan Swan, who has dominated the trade story:

  • "These tariffs have the potential to roil markets and affect relationships with allies."
  • "Trump is also touching the third rail of international trade law — he’s using an arcane trade law known as Section 232 to justify his actions."
  • "He’s saying 'F You' to the World Trade Organization and arguing the global overproduction of steel and aluminum constitutes a national security threat to the U.S."
  • "He's also breaking with Capitol Hill and top officials — including Gary Cohn, James Mattis, Steven Mnuchin and Rex Tillerson — who have been arguing strenuously against these tariffs."

Go deeper: Swan's reaction to the tariff announcement is worth your time.

2. What you missed

A woman makes her way through the snow in Balloch, Scotland. Photo: Jeff J Mitchell/Getty Images

  1. Trump on big drug dealers: "Some countries ... have the ultimate penalty and they have much less of a drug problem then we do." Flashback.
  2. More than 2 million additional Americans were affected by Equifax's 2017 cybersecurity breach, the company admitted today. The total number of Americans affected is about 147.9 million.
  3. Uber has launched a new service that will allow hospitals, clinics, nursing homes and other health care organizations to order and schedule car rides for patients. The big picture.
  4. Former Uber CEO Travis Kalanick has joined the board of medical office software company Kareo. Details.
  5. A Massachusetts man was arrested today for allegedly sending a letter containing white powder to Donald Trump Jr.'s home last month. More.
  6. Georgia lawmakers approved a sweeping tax bill stripped of a jet fuel tax break, likely in retaliation for Delta Air Lines' decision to end its discount program with the NRA, reports the AP.
  7. Just posted: Facebook grapples with balance of humans and technology for safety.
3. 1 weather thing

"An already potent storm will track off the Atlantic coast and become a bomb cyclone that is likely to cause high winds, coastal flooding and heavy wet snow in the northeastern United States centered on Friday," per Accuweather.

  • "The full power of the storm will be felt in the Northeast..."
  • "For this winter, this storm may be second only in intensity to the storm from early January in the same region..."
  • "The most far-reaching effect of the storm will be high winds... [Gusts] approaching hurricane force are likely along the coast from Delmarva to eastern Massachusetts."