Luke Vargas

Thank you.

Thank you.

Markets brace for a big week of trade announcements as the U.S. puts universal tariffs back on the table.

Markets brace for a big week of trade announcements as the U.S. puts universal tariffs back on the table.

Plus, President Trump threatens sanctions on Russia as Ukraine peace talks stall, and Apple's satellite expansion plans landed in SpaceX's crosshairs. It's Monday, March 31st. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. Tariff week is upon us.

Plus, President Trump threatens sanctions on Russia as Ukraine peace talks stall, and Apple's satellite expansion plans landed in SpaceX's crosshairs. It's Monday, March 31st. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. Tariff week is upon us.

President Trump has set Wednesday as Liberation Day when he'll pull back the curtain on a range of new levies.

President Trump has set Wednesday as Liberation Day when he'll pull back the curtain on a range of new levies.

And even as that deadline nears, we report that the administration is still scrambling to nail down the specifics, including whether to impose individualized tariffs on specific trading partners or reach for across-the-board tariffs, potentially as high as 20 percent, that would affect virtually every country doing business with the U.S.

And even as that deadline nears, we report that the administration is still scrambling to nail down the specifics, including whether to impose individualized tariffs on specific trading partners or reach for across-the-board tariffs, potentially as high as 20 percent, that would affect virtually every country doing business with the U.S.

That's according to people familiar with conversations between the president and his team in recent days in which he's pushed them to be more aggressive. Trump for months promoted the idea of universal tariffs during his campaign, but later ditched the idea in favor of a so-called reciprocal tariff plan.

That's according to people familiar with conversations between the president and his team in recent days in which he's pushed them to be more aggressive. Trump for months promoted the idea of universal tariffs during his campaign, but later ditched the idea in favor of a so-called reciprocal tariff plan.

Yet administration officials said that reciprocal plan is still on the table, but that whatever is unveiled on April 2nd, Trump wants the policy to be, quote, big and simple. Well, suffice it to say, market watchers care a great deal about where the president lands on his tariff strategy. And here to parse the news heading into a pivotal week, I'm joined by journal reporter Caitlin McCabe.

Yet administration officials said that reciprocal plan is still on the table, but that whatever is unveiled on April 2nd, Trump wants the policy to be, quote, big and simple. Well, suffice it to say, market watchers care a great deal about where the president lands on his tariff strategy. And here to parse the news heading into a pivotal week, I'm joined by journal reporter Caitlin McCabe.

Caitlin, I see Goldman Sachs and Barclays are both out with new growth forecasts that really feature the growing risk of a global trade war front and center. Walk us through what they're saying.

Caitlin, I see Goldman Sachs and Barclays are both out with new growth forecasts that really feature the growing risk of a global trade war front and center. Walk us through what they're saying.

All right. So Barclays and Goldman, they're both seeing the risk of a trade war increasing based on actions likely coming out of Washington. But this does go both ways. Yesterday, we heard from German Chancellor Olaf Scholz, who pledged that the EU was ready to hit back against existing U.S. tariffs. So as you'll hear, he didn't exactly sound thrilled about it.

All right. So Barclays and Goldman, they're both seeing the risk of a trade war increasing based on actions likely coming out of Washington. But this does go both ways. Yesterday, we heard from German Chancellor Olaf Scholz, who pledged that the EU was ready to hit back against existing U.S. tariffs. So as you'll hear, he didn't exactly sound thrilled about it.

Caitlin, I guess we can see that sentiment kind of rippling through into market behavior today. Asian stocks falling and European markets opening lower as well.

Caitlin, I guess we can see that sentiment kind of rippling through into market behavior today. Asian stocks falling and European markets opening lower as well.