Trump to impose a 25% tariff on cars. President Trump ...
Trump to impose a 25% tariff on cars. President Trump announced his latest tariff move yesterday, saying he would implement a 25% import tax on “all cars that are not made in the United States.” This is aimed at spurring domestic manufacturing, but it’s also likely to lead to price hikes and complications for the US auto industry, which is dependent on supply chains that are intertwined with Canada and Mexico. The new tariffs will be in addition to those already in place. And the trade war is far from over: The president is expected to begin reciprocal tariffs on April 2, though he has indicated there could be "flexibility."
OpenAI reportedly expects to triple its revenue to $12.7 billion. But creating AI models is expensive, so it doesn’t expect to be cash flow positive until 2029 with a projected revenue of $125+ billion.
Russia said it won’t implement its Black Sea ceasefire with Ukraine until some of the sanctions against it are lifted, and President Trump said Russia might be “dragging their feet” as a tactic.
A federal appeals court refused to lift a judge’s order temporarily barring the Trump administration from using the Alien Enemies Act to deport anyone.
A Tufts PhD student from Turkey was arrested by immigration officers. The Department of Homeland Security told CBS she “engaged in activities in support of Hamas,” but did not provide details. The news organization said she was a co-author of an op-ed in the student newspaper urging the university to adopt student senate resolutions in support of Palestinians.
Vice President JD Vance plans to join his wife in Greenland, but the itinerary for the controversial trip has been scaled back.
Crude oil futures climbed Wednesday, helped by U.S. government data showing...
Crude oil futures climbed Wednesday, helped by U.S. government data showing an unexpected 3.3 M-barrel weekly draw in domestic crude inventories and a fourth straight decline in gasoline stocks.
Commercial crude stockpiles excluding the Strategic Petroleum Reserve fell by 3.3M barrels to 433.6M barrels in the week ended March 21, and were ~5% below the five-year average for the time of year, the Energy Information Administration reported, compared to a Wall Street Journal survey that expected a 1 M-barrel build.
U.S. gasoline inventories extended their decline to four weeks, falling by 1.4M barrels to 239.1M barrels, and were 2% above the five-year average; gasoline stocks were forecast to have declined by 1.8M barrels.
Front-month Nymex crudefor May delivery closed +0.9% to $69.65/bbl, and front-month May Brent crude finished +1% to $73.79/bbl, the highest settlement values for both since late February, while front-month Nymex April natural gas (NG1:COM) ended +0.5% to $3.861/MMBtu.
U.S. stocks snap 3-session win streak as Trump set to unveil automobile tariffs
All three major U.S. stock indexes snapped a three-day...
All three major U.S. stock indexes snapped a three-day stretch of gains to close lower on Wednesday, held down by President Donald Trump's plans to announce new automobile tariffs.
The Dow Jones Industrial Average fell 132.71 points, or 0.3%, to finish at 42,454.79, based on preliminary data. That was the biggest drop in a week.
The S&P 500 dropped 64.45 points, or 1.1%, to end at 5,712.20. That was the index's biggest decline in almost two weeks.
The Nasdaq Composite declined 372.84 points, or 2%, to finish at 17,899.01, its lowest point since March 10.
Charif Souki Plans Third US NatGas Venture, Including E&P Team
Lower 48 LNG export pioneer Charif Souki is planning a third natural...
Lower 48 LNG export pioneer Charif Souki is planning a third natural gas venture that will include an E&P team, he told Hart Energy’s DUG Gas Conference & Expo attendees in Shreveport, Louisiana.
Since emerging from a non-compete in late December with his most recent venture, Tellurian Inc., he said he’s been putting his “team back together.”
“Definitely [it will include an E&P team] because I still believe in the integrated solution for exporting natural gas from the United States. If you do it separately, it's more complicated. It’s important to have the ability to have the resource, produce it yourself, deliver it to a facility and put it on the water.
“Instead of getting Henry Hub prices, you get global prices,” Souki said.
Souki’s first LNG venture, Cheniere Energy, was initially built as an LNG importer during the aughts. At the time, North America appeared it would become short natural gas as conventional-rock formations’ output was in decline.
U.S. consumer confidence dropped to a 12-year low.
For the fourth straight month, American consumer confidence fell as inflation...
For the fourth straight month, American consumer confidence fell as inflation and worries over tariffs dimmed their view of the economy, per a report from The Conference Board. The reading was the worst in over a decade and below the threshold which the Conference Board says could forecast an imminent recession. “Consumers’ optimism about future income—which had held up quite strongly in the past few months—largely vanished,” a Conference Board economist said.
