The Tariffs Heard Around The World

PRESENTED BY INNOVATING WITH AI

TGIF, TFP. Of the more than 180 countries the White House announced tariffs on yesterday, a handful might be ones you’ve never heard of — like the Heard and McDonald Islands. Where’s that, you ask? It’s an island off the coast of Antarctica that, funny enough, has no people. But it does have a lot of penguins. Looks like those birds are going to have a harder time getting their frozen fish stick empire off the ground now.

For a little more serious take on tariffs, keep on scrolling.

After President Donald Trump’s sweeping minimum 10% tariffs (an additional levy on imported goods) were introduced, global markets — and the US markets, especially — sank to their lowest levels in years.

Why It Hurts: The White House hopes that tariffs lead to a “Made In America” revolution, bringing back manufacturing from overseas and ultimately employing more American workers. That goal will take some time (that is, if that’s the ultimate result)... but in the meantime, a 2008-like recession may loom as a consequence.

Behind the Chaos: Happy Liberation (From Your Market Cap) Day.

Closing Bell: The tariffs will affect everything from cars to clothes to toys, meaning companies will either need to absorb the costs themselves or pass them on to consumers. According to JPMorgan economist Michael Feroli, the tariffs are equivalent to the largest tax increase since 1968, which could raise the cost of goods, hurt consumers’ spending power, and, as many saw today, put a dent in people’s 401Ks or pensions.

Mark Cuban, who knows a thing or two about money, said, “It's not a bad idea to go to the local Walmart or big box retailer and buy lots of consumables now.” Yikes.

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A new report by the nonprofit FilmLA found that the occupancy of soundstages — the large, warehouse-like spaces where movies and shows are filmed — fell to their lowest levels ever (other than in 2020).

The Big Picture: Film and TV production has yet to bounce back from the pandemic, two strikes in 2023, and high inflation as much as the industry had hoped. While that’s a global problem, LA has been hit the hardest… which could endanger production infrastructure (which supports 618,000 jobs and generates $115 billion in economic activity) in the very home of the entertainment industry.

Behind the Scenes: What’s Hollywood without film and TV production?

Final Take: A major culprit of the drop was the end of the “peak-TV era,” which has resulted in fewer shows being greenlit. That’s further hampered by the new normal of shows having fewer episode counts and longer delays between seasons. Additionally, many lower- and mid-budget projects have had to leave LA to film in states with better tax incentives (New York, Georgia) to stay on budget. Filming in LA is simply too cost-prohibitive for those movies.

It’s no wonder that grassroots movements like the “Stay in LA” initiative, Governor Gavin Newsom’s push to more than double film and TV tax incentives, and two other production-focused bills in the state legislature are gaining so much momentum.

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79.8% of you voted No in yesterday’s poll: Are you into mixed martial arts?

“MMA is just an excuse for paid street fighting. I’m a 4th Dan Tang Soo Do.”

“I enjoyed watching UFC fights with friends when I was in high school, and I’ve recently started exploring different martial arts as a hobbyist, but the culture around MMA is really off-putting.”

“My kids, 3 and 5, both do freestyle martial arts, which got me into it, too. It’s taught them good listening skills, how to focus and meditate, and confidence.”

“It’s a powerful, magical discipline for mind, body, and spirit.”

Let’s keep the conversation going. Join our Poll Of The Day newsletter, so your opinions can shine. Discover how your views line up with your peers’, check out cool insights, and have some fun. It’s data with personality.

🛰️ Amazon is readying to launch its first batch of Kuiper internet satellites this month.

🤖 AI video startup Runway raised $308 million to develop its fledgling film and animation studio.

🔋 Space startup Aetherflux, founded by Robinhood co-founder Baiju Bhatt, raised $50 million to build a solar-power grid in space.

📦 The White House has officially (for real this time) ended the trade rule that allowed Shein and Temu to ship products to the US on the cheap.

👕 T-shirt startup True Classic scored an $850 million valuation after receiving investment from 1686 Partners — the PE firm founded by the son of Chanel’s owner.

🍷 Ryan Reynolds has cast Peggy the Hairless Pug (who played Deadpool’s dog) as the face of the boxed-wine brand, Ugly Estates.

📱 Amazon, AppLovin, and OnlyFans are all making bids for TikTok. This is getting out of hand.

🤑 X may start selling dormant usernames on the platform for at least $10,000. Okay, then.

🤳 The kids have discovered Tumblr… and they love it.