Flagship

Trump attack on Powell hits stocks

US stocks tumbled Monday as US President Donald Trump ramped up his attacks on Federal Reserve Chair Jerome Powell. The S&P 500 fell 2.4% as Trump called Powell a “major loser” for not cutting interest rates; the broadside rattled a market that “doesn’t like the Fed’s independence being challenged,” one trading expert said. The hit to stocks followed a week of relative market calm, but shows the “sell America” trade is gathering momentum ahead of crucial trade talks, Bloomberg wrote: The dollar also fell, and yields on US Treasury bonds rose, marking a “an exodus from American financial assets that no amount of negotiating can reverse,” a market analyst wrote.

Harvard sues Trump administration

Harvard University sued the Trump administration on Monday over the US government’s multibillion-dollar funding cuts to the nation’s oldest, and wealthiest, college. The federal lawsuit, which comes after Harvard rejected a slate of White House demands, sets up a landmark legal clash centering on President Donald Trump’s campaign to pressure universities to change their policies. Trump says the push is aimed at combatting antisemitism, but Harvard argued that is merely a pretext to force institutions to conform to the president’s worldview. “The tradeoff put to Harvard and other universities is clear: Allow the Government to micromanage your academic institution or jeopardize the institution’s ability to pursue medical breakthroughs, scientific discoveries, and innovative solutions,” Harvard’s lawyers wrote.

Hegseth under fire

US Defense Secretary Pete Hegseth is under increasing pressure following a flurry of firings at the Pentagon and reports that he included sensitive information in a second Signal chat. One Republican congressman said it was “unacceptable” that Hegseth reportedly shared details about strikes on Yemen with family members, while the secretary’s former spokesperson said US President Donald Trump “deserves better.” Trump has stood by Hegseth, and the White House denied a report that a search for his replacement is underway. In his second term, the president has been resistant to canning top officials, mostly because he “feels it would give his opponents a win,” Semafor’s Shelby Talcott and Burgess Everett wrote.

Pope Francis boosted ‘liberal energies’

World leaders paid tribute to Pope Francis, as analysts reflected on his legacy as the Catholic Church’s leader for 12 years. Through reform efforts and advocacy for marginalized groups, Francis, who died Monday aged 88, revitalized the Church “after decades of scandal, stagnation and increasing social irrelevancy,” National Catholic Reporter wrote. He relished speaking to journalists, allowing him to “inspire debate within the Church and shift its priorities without touching the letter of its laws,” a longtime Vatican reporter said, arguing Francis “gave a boost to liberal energies that will not subside anytime soon.” Some critics, though, argued he didn’t go far enough in his reforms, while “the old guard found him impatient,” The Economist noted.

Shipments canceled as trade war widens

Firms across a range of sectors cancelled shipments as the ramifications of the US-China trade war widened. Ford reportedly stopped sending pickup trucks and SUVs to China after Beijing imposed retaliatory tariffs, while Germany-based DHL said it would stop delivering packages worth more than $800 to the US. DHL’s move — which comes after Hong Kong’s postal service stopped shipping to the US — could be “a sign that the global trading system is starting to break,” an industry consultant said. The trade war’s impact on business is even bleeding into decades-old corporate rivalries: Pepsi imports its concentrate into the US from Ireland, so it will be subject to tariffs, while rival Coca-Cola, which produces in Puerto Rico, is better protected.

The World Economy Summit 2025 is bringing together the decision-makers who are shaping the future of global economic policy. The three-day summit, taking place from April 23–25, 2025 in Washington, DC, will focus on ways leaders across business, finance, tech, and beyond are navigating the complexities of tariffs, shifting trade dynamics, and evolving policy landscapes.

Featuring on-the-record conversations with Mary Barra, Chair and CEO, General Motors; Scott Kirby, CEO, United Airlines; Dara Khosrowshahi, CEO, Uber; Ted Sarandos, Co-CEO, Netflix; Evan Spiegel, CEO, Snap; Kathy Warden, Chair, CEO and President, Northrop Grumman, and more, the summit will facilitate in-depth discussions on how countries are adapting to these challenges and building resilience in a rapidly changing world.

April 23-25 | Washington, DC | Learn More

CATL’s latest battery innovations

Chinese battery giant CATL on Monday said its latest technology offered hundreds of miles of range in just five minutes of charging time, a major advancement in electric vehicle tech. Such charging capability would surpass that of CATL’s domestic rival BYD, and is far ahead of Western peers like Tesla and Mercedes-Benz. CATL — the world’s largest EV battery company — also claimed the new cells are lighter, cheaper, and more resistant to cold. Those innovations could alleviate some consumer hesitation about the efficiency and reliability of EVs, but because of geopolitical tensions, analysts question how fast the newest cells might be available outside China.

Chinese delivery giants feud

A spat between two Chinese retail giants spilled into public view Monday as competition heats up in the country’s lucrative instant-delivery sector. E-commerce firm JD.com accused rival Meituan, China’s market leader in food delivery, of coercing couriers not to work with other platforms. The claim, which Meituan denied, comes after JD made a fresh push into food delivery, saying it plans to add 100,000 full-time riders in the next three months. The dispute reflects “a deeper shift in consumer behavior” in China, Sixth Tone wrote, as younger shoppers are increasingly willing to pay for faster shipping. In India, too, companies are battling to dominate the rapid shipment market, with platforms promising deliveries in less than 10 minutes.

Google antitrust case enters new phase

The US government made its case Monday for why Google should be forced to sell its Chrome web browser, after the tech giant was found to have an illegal monopoly in online search. A judge will ultimately decide the case, which has the potential to transform Big Tech, but the Justice Department came out “guns blazing” in pushing for a breakup and arguing Google should license practically all of its search data to any competitor, Ars Technica wrote. The outcome will center on “what a fair search market actually looks like,” The Verge’s David Pierce wrote: Google, which is appealing the case in its entirety, argues “it became a dominant player in search simply by being the best.”

Europe defense efforts hit hurdles

Europe’s efforts to ramp up its defense production are hampered by the industry’s small-scale operations. Europe’s arms manufacturers are flush with orders as the US retreats, but they lack “the finances, logistics and contracts to invest in bigger assembly lines,” the Financial Times reported: Herstal, a small-arms maker, still makes each weapon by hand. Increased government spending helps, but the firms want longer-term certainty for bigger investments. Not all European defense is low-tech, though: Germany is tendering for an artificial intelligence-supported reconnaissance system, Handelsblatt reported, which would act as a digital command post, analyzing real-time data from drones, radar, and other intelligence sources, to defend NATO’s eastern flank.

US meat sales rebound

Meat sales are up in the US after years of decline. The US love affair with meat began after World War II, The New York Times reported, and accelerated in the 1970s with the rise of fast food. But consumption stalled in 2020 and by 2022 had fallen by 10 lb, or about 4.5 kg, per person from its peak, partly thanks to its reputation as bad for both climate and health. But babyback may be back: Meat sales hit a record high last year, perhaps driven by changing politics both on the left, with a growing farm-to-table movement, and the right, with Make America Healthy Again keen to replace seed oils with beef tallow.

April 22:

• The IMF reports its World Economic Outlook.
• Tesla, SAP, and RTX Corporation report first-quarter earnings.
• Path to Liberty: The Emergence of a Nation, an exhibit commemorating the 250th anniversary of the US’ founding, opens at New York’s Fraunces Tavern.

A new book traces the history of advice columns by examining the very first. In I Humbly Beg Your Speedy Answer, gender scholar Mary Beth Norton examines the Athenian Mercury, a 17th-century London broadsheet that promised to put to an expert panel — i.e., Mercury printer John Dunton and his brothers — “all the most Nice and Curious Questions Proposed by the Ingenious of Either Sex.” Reader inquiries came pouring in, kicking off a dynamic that’s persisted for centuries: “Who are wisest,” asked one, “those that marry for love or for convenience?” “They are both fools,” the columnist replied: Love without convenience “will soon wear threadbare,” while “conveniences without love are no better than being chained to a post for the sake of a little meat.”

US President Donald Trump’s tariff push is heaping pressure on blue-state House Republicans to get state and local tax relief for their constituents by lifting the so-called SALT cap on deductions, Semafor’s Kadia Goba reported.

“Hard-working families I represent face skyrocketing living costs and state and local taxes. The SALT cap hurts their bottom line even more,” Rep. Young Kim, R-CA, told Goba.

Though blue-state GOPers have folded on their demands in the past, Goba wrote, tariff pain gives them significantly more leverage, and their time may have come.