Commerce Secretary Hints at Tariff Deal

U.S. stock futures climbed Tuesday night following remarks from Commerce Secretary Howard Lutnick, who suggested that President Trump may reach a tariff compromise with Canada and Mexico. Dow Jones futures gained 266 points (0.6%), while S&P 500 and Nasdaq-100 futures rose by 0.7% and 0.8%, respectively. This rebound comes after sharp market declines earlier in the week, driven by investor concerns over the economic impact of newly imposed 25% tariffs. Lutnick, speaking on Fox Business, indicated that an agreement could be announced as early as Wednesday. Meanwhile, the S&P 500 briefly dipped below its post-election level gains amid the broader market downturn.

Sources: CNBC

Trump Welcomes Ukraine’s Willingness to Sign Minerals Deal, Engage in Peace Talks

President Trump announced that Zelensky expressed willingness to sign a minerals agreement with the U.S. and begin peace negotiations regarding the ongoing war with Russia. Trump revealed Zelensky's message during his address to Congress, stating that Ukraine was prepared to move forward under his leadership. However, Zelensky described a recent White House meeting—where Trump and his vice president reportedly berated him for requesting additional aid—as "regrettable." U.S. officials have since encouraged Zelensky to publicly express gratitude to Trump. The minerals deal, which has not yet been finalized, would grant the U.S. access to revenue from Ukraine’s natural resources but does not include explicit security guarantees. Meanwhile, France and Britain have offered to send peacekeeping troops to Ukraine if a ceasefire is reached, though Russia has rejected such proposals.

Sources: Reuters

BlackRock-Led Group Buys Panama Canal Ports

After weeks of pressure from President Donald Trump, an investor group led by BlackRock announced a $19 billion acquisition of two key ports near the Panama Canal from Hong Kong-based CK Hutchison. The deal, which also includes over 40 other ports worldwide, helps relieve tensions between Panama and Trump, who had claimed China controlled the waterway. While Panama’s president downplayed geopolitical concerns, analysts see the move as an example of Trump’s "America First" policy benefiting U.S. corporations. The purchase marks BlackRock’s largest infrastructure deal, executed through its subsidiary Global Infrastructure Partners (GIP). The sale reportedly came under political pressure, with CK Hutchison seeking an American buyer. Trump’s administration, including Treasury Secretary Scott Bessent and Secretary of State Marco Rubio, was briefed on the deal and supported it. Meanwhile, Trump has also criticized Panama Canal fees, calling them excessive.

Sources: The New York Times

IRS Drafts Plans to Cut 50% of Workforce

The IRS is drafting plans to reduce its workforce by up to 50% through layoffs, attrition, and incentivized buyouts, according to anonymous sources. This move is part of the Trump administration's broader effort to shrink the federal workforce. So far, around 7,000 probationary IRS employees with less than a year of service have already been laid off. The administration has also offered buyouts to most federal workers through a “deferred resignation program,” though IRS employees involved in the 2025 tax season are restricted from accepting buyouts until after the filing deadline. Agencies have been ordered to submit workforce reduction plans by March 13, but it remains unclear whether the White House will approve the IRS’s proposal or the timeline for its implementation.

Sources: Associated Press

Retailers Warn of Price Hikes Following Trump’s Tariffs

Major U.S. retailers, including Target and Best Buy, have warned that President Trump’s new tariffs on imports from Canada, Mexico, and China will likely result in higher consumer prices as early as this week. Target CEO Brian Cornell stated that while half of the company’s goods come from the U.S., it relies on Mexico for key produce items such as strawberries, bananas, and avocados, which could see price increases soon. Best Buy CEO Corie Barry similarly cautioned that suppliers are expected to pass on tariff-related costs to retailers, making price hikes across electronics and other goods "highly likely." Trump’s tariffs include a 25% tax on imports from Canada and Mexico and an additional 10% levy on Chinese goods, on top of a pre-existing 10% tariff.

Sources: The Verge

Goldman Sachs to Cut Vice Presidents in Annual Layoffs to Boost Efficiency

Goldman Sachs is preparing for its annual round of layoffs, with a particular focus on vice presidents, as part of CEO David Solomon’s broader effort to improve efficiency. Sources indicate that the firm has acknowledged hiring too many vice presidents in recent years relative to its overall workforce. The layoffs, expected to affect 3% to 5% of the firm’s 46,500 employees, are likely to take place in the spring rather than the usual September timeline, allowing for earlier performance boosts. Employees targeted for cuts were reportedly given hints through poor performance reviews and smaller bonuses. Despite these reductions, Goldman’s overall headcount is expected to remain stable as new hires replace departing staff. The bank is also investing in artificial intelligence, which is expected to lead to further job reductions in operations and back-office roles.

Sources: The Wall Street Journal