Trump’s ‘Freedom Day’ tariffs were worse than expected – a global sale

• Daily in today’s CEO: New taxes for Diane Brady Trump’s international trade.
• Great story: Tariffs were worse than expected.
• Markets: The global sales path.
• Analytical notes From the drift, UglyAnd hug it, these tariffs, jobs and Tesla.
• Moreover: All News and Sucicooler chat Fortune.

Good morning. Friend or enemy? Yesterday, the Donald Trump is important yesterday as the United States opened the target against all trade partners. Title numbers to know: 10% initial tariff in some imports, special and high tariffs in some countries, including 34% (above 20%), 20% and 46% and 49% in the Cambodia and 49%. “They do it for us, we are doing them,” he said during the presidential rose garden tariff. Some dishes to think like a drop:

Worse than expected. As white house Iron Until Tuesday, plans, the markets showed a number of signs of life for investors for compromising the last minute. After the announcement on Wednesday, the stock futures received a dive. Only half of what Americans purchased are made in America Trading Department InformationAnd industries like the car sector with complex global supply chains.

This damaged the manufacturers’ Chinese + 1 strategy. Some Asian countries are particularly heavy shot 40% or more tariffsA blow to the US producers, a blow to the production of China outside China, especially in areas such as weaving and electronics, as well as in the areas of Bangladesh and Cambodia. Gap Inc-Hom Gap, AthleteThe Banana Republic and the old fleet – reduced the exposure to China in recent years Sources of the vast majority of worn From Asian countries, new tariffs hit hard. Change takes time.

A global decline can damage all companies. Trump described yesterday’s tariffs “Type” to America’s trade partners. From anger Foreign leaders It is clear that our partners boycotting US products and trips to foreign consumers. The enmity, O, Goldman Sachs and Moodys’s Economists are bad for work To predict lower growth from the scars of the tariff scars. This week, the quantum computing company spoke with Ionq CEO CEO Nikcolo de Masi. “We build all our items in America,” he said. “We do not negatively affect the tariffs, but our ability to succeed in realistic, Asia and Europe is more likely to be there.” If a commercial war is whip the nationalist instincts, it is harder to do it.

This can destroy the fields of economy and industry. Jacques Vandermeiren, CEO of the port of Antwerp-Bruges, the second largest port of Europe, My colleague told Peter Vanham Earlier, this fall, “If Trump puts up to 10 percent, we will be busy.” In addition, Vandermeiren warned that Europe can write a disaster for steel, aluminum, automatic and other export-oriented industries. Switzerland’s watch industry The product is more exported to the United States compared to other countriesNow 31% will approach the tariff. Will they solve Rolex or Patek Philippe for a substitute? I doubt.

Many negotiations will be held in the coming days and know that the work leaders know that what appears on the paper at a press conference can not be moved on the border or quickly turns the opposite. US consumers with more than two-thirds of GDP are not looking for all these tariffs that will help them in the end. Consumer thinking Followed by the University of Michigan This year extends to the lowest level since 2022.

The man Smith once wrote that the nations rarely developed their neighbors. In 1776, the Germanilism died and the United States was born. The young nation was released from the British government, the young nation later used the tariffs to develop the host industry competing on the world stage. With a close connection in the world, now returns to the last time in the early 1900s, because the cars can only be very different from the scene.

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Contact CEO every day through Diane.brady@fortune.com

This story was first displayed Fortune.com

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