Jack Sidders
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I'm Jack Sidders.
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Donald Trump's new 10% global tariffs are now in effect.
The US president signed an executive order last Friday authorising the 10% levy after the Supreme Court struck down his original sweeping duties.
Trump subsequently threatened to raise the rate to 15% but he has not yet officially issued a directive to increase it.
Eugene Soroka, executive director of the Port of Los Angeles, says firms have spent recent days scrambling to understand how the levies will affect them.
Eugene Sirocco was speaking as the White House says it is working on a formal order to lift the global rate to 15%, although no timeline for that move has been finalised.
Stocks fell in another AI scare trade after a research report outlined the sweeping potential impact of artificial intelligence on jobs, sectors and economies like the US.
Little-known research company Citrini imagined a world where consumers used AI agents to avoid credit card fees and delivery apps.
In response, stocks including American Express, Blackstone and DoorDash fell by at least 6%, something which surprised the report's co-author Alap Shah.
Speaking to Bloomberg, Shah added he thinks governments should start taxing AI to prepare for the effects of coming mass unemployment.
He expects AI could cut white collar employment by 5% over the next 18 months.
Standard Chartered has announced a fresh share buyback worth $1.5 billion.
That's as the bank reported weaker than expected fourth quarter earnings with adjusted pre-tax profit of $1.24 billion.
Profits were hit by a $233 million charge from the bank's Fit for Growth efficiency programme.
Standard Chartered says it expects income growth this year to be around the bottom end of the 5% to 7% range.
Progress towards gender equality at the top of British businesses is achingly slow.
That's according to the CEO of the FTSE Women Leaders Review, which has released its latest report.
Bloomberg's Tiwa Adebayo has more.