Diogenes-Light: Investors can expect more tariff trouble

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Weekend Briefing

From Reuters Daily Briefing

By Robert MacMillan, Reuters.com Weekend Editor

Welcome to today's edition of the Weekend Briefing, which – no surprise – tackles tariffs, trade and Treasuries selloffs. Recommended read: Donald Trump's administration wants to make 90 trade deals in 90 days. Experts say good luck with that. Our World News podcast explores Myanmar's challenges in recovering from a deadly earthquake. And this week's edition of City Memo takes us to Chicago.

Tariffs spur market motion sickness

REUTERS/Nathan Howard

It's not over: Wild swings in global markets will keep investors on edge in the coming week after a weakening dollar and a selloff in Treasuries compounded extreme equity volatility that set in after Donald Trump launched his tariff strategy against most other nations. Beijing raised its tariffs on U.S. imports to 125% after Trump raised duties on Chinese goods. U.S. stocks rose after Boston Fed President Susan Collins said the Federal Reserve is prepared to keep financial markets functioning. Gold hit a record high. U.S. consumer sentiment deteriorated and inflation expectations surged to their highest levels since 1981.
Deportation: A federal judge rebuked the Trump administration for failing to comply with her court order to provide details on the status of a Maryland resident it illegally deported to El Salvador. An immigration judge ruled that Palestinian activist Mahmoud Khalil can be deported despite being a legal U.S. resident who has not been charged with a crime. Another federal judge refused to limit the administration's immigration-enforcement activities in places of worship. The administration wants illegal immigrants to register with the government and is trying to revoke some immigrants' Social Security numbers.

U.S. retailers have a tariff problem

Alterations: Clothing and accessories retailers are delaying orders and freezing hires ahead of the tariff increases. While that's hard enough for major companies, some smaller operators fear they could go out of business. Here's a look at how the tariffs are hurting other businesses.
Take it easy: Corporate China spent years living by the 996 rule: work 9 a.m. to 9 p.m. six days a week. Now, companies are beginning to ease off. And Pakistan International Airlines caught sight of something that has eluded the national carrier for more than two decades: an annual profit.

Steve Witkoff's Russian embrace

Which way forward? The U.S. envoy leading talks with Moscow over the future of its war with Ukraine is alarming Republicans and U.S. allies with his embrace of Vladimir Putin's demands. Witkoff's views clash with Trump's Ukraine envoy Keith Kellogg, and reveal disagreement in the administration over how to break the deadlock between Russia and Ukraine. Martial law likely will continue in Ukraine, which will push back elections even as Russia and the U.S. put pressure on Kyiv to hold a new vote.
Trouble up north: The U.S. military fired the commander of its Space Force base in Greenland after Vice President JD Vance's visit and said it would not tolerate actions that "subvert" Trump's agenda. Colonel Susan Myers recently took issue with Vance's accusation that Denmark was failing to protect Greenland from Russian and Chinese incursion.

Gaza situation grows more dire

'Hell on earth': That's how the president of the Red Cross described the humanitarian situation in Gaza, warning that its field hospital will run out of supplies within two weeks. Gazans are struggling to find clean water and basic food supplies.
Migrants and refugees: Eight people, including five children, died on a three-hour walk to seek treatment for cholera after U.S. aid cuts forced local health services in South Sudan to close, a UK charity said. Doctors Without Borders said it identified cases of malnourished children in a migrant camp on the Greek island of Samos. A French presidential hopeful caused an outcry for suggesting that migrants awaiting deportation be sent to the French territory of St. Pierre et Miquelon off the coast of Newfoundland.

Before I forget…

- Talks to resolve the conflict between Morocco and separatists who want an independent Western Sahara should take place on the sole basis of a Moroccan plan that would give the region some autonomy under the kingdom's sovereignty, the Trump administration said.
- Intense rains in Bolivia have submerged grasslands near the Brazilian border where cattle once grazed, forcing them and the cowboys who herd them to swim to reach patches of higher ground.
- Anthrax has killed 50 hippos in the Kirunga National Park in the Democratic Republic of Congo.
- An Australian woman gave birth to a stranger's baby after a fertility doctor accidentally implanted the wrong embryo.
- The Social Security Administration abandoned plans to cut phone service for U.S. retirees. And tariff turmoil could undercut Trump's buyout offers to federal employees.
- Trump wants to make America's showers great again. "In my case, I like to take a nice shower, take care of my beautiful hair."

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