Trump Imposes 25% Tariffs on Imported Cars to Boost U.S. Manufacturing

President Trump announced a 25% tariff on all foreign-made cars and light trucks, part of a broader plan to reshape U.S. trade policy and promote domestic manufacturing. The tariffs will go into effect April 2, with collections starting a day later. Trump emphasized that vehicles built in the U.S. will be exempt and described the policy as a long-awaited corrective to what he sees as unfair trade imbalances. The administration claims the measure will raise over $100 billion annually.

However, the announcement sent shockwaves through the automotive and financial markets, with shares of major automakers—including Ford, General Motors, and Stellantis—dropping sharply in after-hours trading. European officials quickly denounced the move, with European Commission President Ursula von der Leyen warning of retaliation and calling the tariffs harmful to both sides of the Atlantic. Trump also granted a temporary exemption for cars imported from Mexico and Canada under the USMCA deal.

Sources: CNBC

Wall Street Suffers Losses as AI Stocks and Tariff Concerns Weigh

Wall Street saw a notable downturn on Wednesday, with major indices dragged lower by steep losses in prominent tech stocks. The S&P 500 fell 1.1%, breaking a streak of calmer trading, while the Nasdaq composite led the decline with a 2% drop, primarily driven by a sell-off in “Magnificent Seven” stocks like Nvidia and Tesla. Nvidia alone fell 6%, adding to a 15.5% year-to-date loss, while Tesla declined 5.6%, now down over 32% in 2025 amid concerns about political backlash against CEO Elon Musk. Broader investor sentiment remains cautious, particularly with the looming threat of new U.S. tariffs. This uncertainty led Barclays to lower its year-end target for the S&P 500 and reduce corporate profit estimates. Despite a solid job market and strong economic indicators like an unexpected rise in durable goods orders, confidence among consumers and businesses appears to be weakening.

Sources: Associated Press

Judge Allows NYT Copyright Suit Against OpenAI to Proceed

A federal judge ruled Wednesday that The New York Times' copyright lawsuit against OpenAI can move forward, rejecting the tech company's attempt to dismiss the case. The decision, made by Judge Sidney Stein of the Southern District of New York, keeps the core copyright infringement claims intact, though it narrows the lawsuit's scope. This ruling sets the stage for a closely watched legal showdown that could shape how generative AI companies use copyrighted content to train their models. The Times accuses OpenAI and its partner Microsoft of using its journalism without permission or compensation to build ChatGPT, arguing that doing so violates copyright law and undermines the paper's business model. OpenAI, in contrast, claims its practices are protected under the "fair use" doctrine and emphasizes that its models are trained on publicly available data in ways that support innovation. A trial date has not yet been set, but the case is expected to involve extensive evidence gathering and legal arguments about whether AI-generated content qualifies as transformative and whether it acts as a market substitute for original journalism.

Sources: NPR

Europe Gathers in Paris to Forge Ukraine Support Plan

European leaders are meeting in Paris to strengthen their joint support for Ukraine as the war with Russia grinds on and U.S. involvement becomes increasingly uncertain. Over 30 officials, including heads of state and EU representatives, are expected to attend the summit — the latest in a series of high-level gatherings spearheaded by France and Britain to coordinate European aid and planning. The central topic is a proposed “reassurance force” that could be deployed in Ukraine post-war to deter further Russian aggression. However, the idea remains controversial and vague, with no concrete troop commitments beyond France and the U.K. French President Emmanuel Macron emphasized that any European troops would not engage in combat but would help train and support Ukraine’s military from positions far from the front lines. Zelensky expressed hope for meaningful military and strategic commitments, while Macron and other European leaders continue pushing for greater “strategic autonomy” in a shifting global security landscape.

Sources: The New York Times