Markets rocked by trade war fears

Plus, Trump's meme coin made nearly $100 million in trading fees.

Sign up for Reuters newsletters  Daily Briefing Daily Briefing By Kate Turton Entities behind Trump's crypto coin accumulate close to $100 million in trading fees, the Biden administration slowed Ukraine arms shipments, and tariffs trigger a stocks slump. Plus, Beyoncé wins top Grammys prize for first time. Today's Top News   Some ethics experts criticize Trump's potential conflict of interest in crypto. REUTERS/Kevin Lamarque/File Photo United States Entities behind President Donald Trump's crypto coin have accumulated close to $100 million in trading fees in less than two weeks, according to estimates from three blockchain analysis firms, a large windfall from a venture that has seen tens of thousands of small traders lose money. Trump said the sweeping tariffs that he has imposed on Mexico, Canada and China may cause "short term" pain for Americans. Europe breaking news correspondent Alun John speaks to the Reuters World News podcast about how markets are reacting to the news. Billionaire Elon Musk, who is heading Trump's drive to shrink the federal government, says work is underway to shut down the US foreign aid agency USAID. South African President Cyril Ramaphosa said that he looked forward to engaging with Donald Trump after the US president said he would cut off funding for South Africa, citing land confiscations. Officials have positively identified 55 of the 67 people killed in Wednesday's midair collision between an American Airlines passenger jet and a military helicopter over the Potomac River in Washington, D.C. In other news The Israeli military blew up buildings in the Jenin refugee camp in the occupied West Bank in an operation that the Palestinian state news agency said leveled around 20 buildings. Schools remained shut and additional flights were scheduled to help people leave the Greek island of Santorini as dozens of tremors shook the popular holiday destination for a fourth day. Australia's government carved out an exemption for YouTube when it passed laws banning social media access for children under 16, but some mental health and extremism experts say the video-sharing website exposes them to addictive and harmful content. Business & Markets   Investors bought dollars, sold stocks and fretted about inflation in a scramble to assess the risk of a trade war after Donald Trump put tariffs on top US trading partners. Oil prices rose, though gains were capped by concern over what could be an economically damaging trade war. Shares in some of the biggest European carmakers plunged Trump imposed the levies, raising concern over possible duties on EU imports. In Asia, shares of Japanese and South Korean car makers and their suppliers led declines. Dry weather has forced grains exchanges in Argentina, the world's top exporter of soy oil and meal and the No. 3 for corn, to cut their forecasts for the current crop, though farmers say the reality is likely worse. DeepSeek's emergence is changing the landscape for AI, offering companies access to the technology at a fraction of the cost, according to interviews with more than a dozen startup executives and investors. It also has the potential to push other AI companies to improve their models and bring down prices. Lawyers for Alphabet's Google and "Fortnite" maker Epic Games are set to square off before a US appeals court in California, as Google tries to undo a jury verdict and a judge's order forcing it to revamp its app store. Under Biden, internal debate and stockpile concerns delayed weapons to Ukraine   Ukraine received its first F-16 fighter jets more than a year after requesting them. REUTERS/Valentyn Ogirenko With Trump back in office, weapons supplies to Ukraine could be halted at any time. While Biden sped up deliveries after the US election, his final year in office was largely marked by delays caused by congressional inaction and months long internal debates. Adding to the confusion was a chaotic weapons-tracking system. Read our special report And Finally... Beyoncé's win came on her fifth nomination in the album category. REUTERS/Mario Anzuoni Beyoncé scored the top prize at music's Grammy Awards on Sunday, taking album of the year for the first time in her career with her country record "Cowboy Carter," at a ceremony that delivered a love letter to wildfire-ravaged Los Angeles. Read more Sponsors are not involved in the creation of newsletters or other Reuters news content. Advertise in this newsletter or on Reuters' website Reuters Daily Briefing is sent 5 days a week. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. Want to stop receiving this email? Unsubscribe here. To manage which newsletters you're signed up for, click here. Terms & Conditions and Privacy Statement © 2025 Thomson Reuters. All rights reserved. 3 Times Square, New York, NY 10036

Trump imposes tariffs on Canada, Mexico, China

Musk aides seize control of federal-worker data

Sign up for Reuters newsletters Weekend Briefing Weekend Briefing From Reuters Daily Briefing   By Robert MacMillan, Reuters.com Weekend Editor Welcome to the Weekend Briefing. You might have heard about Chinese AI startup DeepSeek and why it's freaking out the tech world. Our correspondents Jeffrey Dastin and Anna Tong join the World News podcast to tell us what it's all about. And our City Memo takes us to Taipei. Trump hits Canada, China and Mexico with tariffs   REUTERS/Carlos Barria The latest: It'll be 25% for Canada and Mexico and 10% for China. While Donald Trump promised to bring down costs for ordinary Americans, their grocery bills likely will rise. The president also said wider tariffs on oil and natural gas will come later this month, though possibly at a lower rate. Some Trump allies in Congress are saying as delicately as they can that tariffs could hurt their states' economies. Barred: Aides to Elon Musk who are running the government's human-resources agency locked career civil servants out of computer systems that contain federal-employee data. Trump largely froze foreign aid, and may move USAID into the State Department after putting dozens of officials on leave. A federal judge blocked Trump from freezing federal grants, loans and other financial assistance. The administration is cutting jobs at the Justice Department as it targets prosecutors and FBI officials involved in the investigation of the Jan. 6 Capitol riot and lawyers who participated in cases against Trump. His aides told federal workers to look for private-sector jobs and take a "dream vacation" if they take Trump's early-resignation offer. Wiping out 'gender ideology' Binary work: The CDC removed web pages with HIV statistics and other data to comply with Trump's orders on gender identity and diversity. A judge blocked federal prison officials from transferring a transgender woman to a men's facility and denying her access to gender-affirming care. He ordered an end to federal funding or support for helping transgender children transition, and said he would end federal funding for "anti-American ideologies," such as white privilege and unconscious bias. DEI: Trump suggested that government efforts to diversify the workforce helped cause the deadly midair collision between a passenger jet and an Army helicopter as the plane tried to land at Reagan National Airport. Summary killings and mass rape in eastern Congo Report: The U.N. rights office documented the summary executions of at least 12 people by Rwanda-backed M23 rebels as well as new cases of sexual violence by Congolese armed forces and their allies. Learn more about what is happening in the eastern regions of the Democratic Republic of Congo. Wanted: Migrants in Italy condemned Rome for releasing a Libyan policeman wanted by the ICC and allowing him to return home. Some accused the government of freeing Osama Elmasry Najeem because Italy relies on Libyan security forces to slow the flow of boat migrants. Prosecutors are investigating Prime Minister Giorgia Meloni and three other officials over Najeem's release. UNRWA carries on Gaza relief work Banned: The aid group's spokeswoman said its Palestinian staff in the West Bank and East Jerusalem are facing stone-throwing and hold-ups at checkpoints and its sites. Israel said some UNRWA staff were involved in the Oct. 7 Hamas attacks and kidnappings of Israelis and banned the group from operating. Today: Hamas handed over three Israeli hostages and Israel released dozens of Palestinians in exchange as the Gaza truce holds. The U.N. secretary-general demanded that 2,500 children in Gaza be released for medical treatment after U.S. doctors told him they were at imminent risk of death. Starbucks mobile coffee orders: Hot, disruptive The beverage you're about to enjoy: CEO Brian Niccol wants Starbucks coffee shops to have more comfortable seating and a personal touch for customers. Its popular mobile-ordering program is getting in the way. Arabica futures hit record highs on the ICE exchange. Maybe that'll help. Stop right there: Walgreens suspended its dividend. The Justice Department sued to block Hewlett-Packard Enterprise's $14 billion deal to buy Juniper Networks. And NATO said acts of sabotage carried out across the alliance over past years included a plot to kill defense-industry leaders, including the head of Rheinmetall. Before I forget… Have you ever tried to operate a drone when it's -40 degrees outside? Russia has, and that alarms NATO states, which are working on making tougher models that can survive the Arctic. Jews in Australia are hiring security guards and removing visible signs of their religious identity after police said they foiled a planned antisemitic attack using a trailer filled with explosives. A man who brought his family back to Pakistan after living in the U.S. for more than two decades confessed to shooting his teenage daughter dead because he didn't like what she was posting on TikTok. Trump's military deportation flight to Guatemala last Monday likely cost $4,675 per migrant. That's more than five times the price taxpayers would have paid to send them first class on a commercial airplane. A tuberculosis outbreak in the Kansas City area has grown into one of the largest ever recorded in the U.S. Cozy video games can be good for you, new research suggests. Play with our little radish and find out. Sponsors are not involved in the creation of newsletters or other Reuters news content. Advertise in this newsletter or on Reuters' website Listen to the Reuters World News podcast Weekend Briefing is sent once a week. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. Want to stop receiving this email? Unsubscribe here. To manage which newsletters you're signed up for, click here. Terms & Conditions and Privacy Statement © 2025 Thomson Reuters. All rights reserved. 3 Times Square, New York, NY 10036