Trump’s signal that he wants to resolve trade disputes has Wall Street excited, but there’s no guarantee others will be willing to come to the table.
Happy Friday! We’ve got a new pope and he’s an American! Cardinal Robert Prevost, who hails from Chicago, will be known as Pope Leo XIV. Here’s everything you need to know about him. To be fair, we probably should have seen this coming with Gen Z’s obsession with „Conclave.“
In today’s big story, a trade agreement with the UK has Wall Street excited, but not everyone is convinced things are heading in the right direction.
You still have time to sign up for Tech Memo. It’s our new weekly BI newsletter from Alistair Barr on what’s happening inside the world’s most powerful tech companies.
What’s on deck
Markets: At Milken, billionaire and CEO concerns about the economy didn’t stop the party.
Tech: Google pushes back on claims it’s losing search to AI.
Business: Panasonic is cutting 10,000 jobs in a bid to boost efficiency.
But first, wheeling and dealing.
If this was forwarded to you, sign up here.The art of the trade deal
President Donald Trump seems to be entering the next stage of his wide-reaching trade war, and investors are loving it.
On Thursday, Trump announced a trade agreement with the UK that his administration said would bring opportunities worth $5 billion to US exporters.
The first deal made since Trump’s Liberation Day — when tariffs were widely implemented — was reason enough for investors to celebrate, sending major indexes rising.
But it wasn’t just the UK deal that had Wall Street excited. In announcing the agreement on Truth Social, Trump made clear he wasn’t done resolving trade disputes.
„This Deal shows that if you respect America, and bring serious proposals to the table, America is OPEN FOR BUSINESS. Many more to come — STAY TUNED!“ Trump said on the social media platform.
Trump’s post seemed to confirm what many had long believed: The threat of tariffs was merely a Trump negotiation tactic to secure better trade terms.
(BI’s Alice Tecotzky previously read Trump’s „The Art of the Deal“ to see how they compared to his approach to tariffs. There were plenty of takeaways.)
One trade agreement is still far from solving the whole trade war.
