Trump's 10% Levy Takes Effect, AI Disrupts Markets, More
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News when you want it with Bloomberg News Now. I'm Jack Sidders. And I'm Caroline Hepke. 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.
Many companies were working on their ledgers and trying to calculate what their new effective tariff rates would be. Now, these tariffs under Section 122 of the Trade Act are a lot more prescriptive, have many more exclusions, and are temporary, which means there will be more debate, more capitulation going down the line, and more uncertainty.
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.
An assessment by the European Union has found that President Trump's planned 15% increase, though, means that levies on some goods would be above the 15% ceiling agreed in the EU-US trade deal. On Monday, the European Parliament suspended legislative work on approving that agreement, requesting clarity on Trump's new trade policy. Josh Wingrove is Bloomberg's White House reporter.
Even by the standards of this administration, which is not exactly like prodding itself on meticulous long-term planning and sticking to it, this has been chaotic. And so some of the fallout we're seeing is from the lack of specificity, the sort of the Europeans complaining that some of their tariffs have effectively risen. That's because they've sort of papered over quickly these tariffs without exclusions and sort of, you know, nip and tuck around some of the deals that were painstakingly negotiated, in particular how they stack on top of each other.
Josh Wingrove speaking there after President Trump said on social media on Monday that he'll put much higher tariffs on countries that, quote, play games with the Supreme Court ruling.
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.
I thought there was going to be a small reaction. It was definitely larger than we expected. But I think it's not that surprising when you take a step back and consider where the markets are in the US. The AI trade has been going on for three and a half years. It's been more or less a straight line up. Essentially, like everyone is max long today. And so there really aren't many incremental buyers left. And so it, on the one hand, you know, spooks people when you do consider what is negative about this. But I think specifically, the market right now is trying to digest this idea that AI has gotten a lot more powerful in the last six months.
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.
What are the implications of Trump's new 10% global tariffs?
Jamie Dimon says that he sees parallels now to the 2008 global financial crisis when a rush to make loans ended disastrously. Speaking to investors yesterday, the JP Morgan CEO suggested that some lenders are making riskier decisions in a bid to boost net interest income.
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