Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
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Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Trump launched a trade war and Canadians are so mad they're booing the Star Spangled Banner.
Then Elon Musk was granted full access to the federal payment system to do some Doze-related cost-cutting. It's Monday, February 3rd. Let's ride. Let's ride.
Welcome back to the week. Unfortunately, it looks like we're in for a long spell of cold, dreary weather. Punxsutawney Phil, the all-knowing Groundhog, made his annual weather forecast yesterday at Gobbler's Knob in western Pennsylvania, and he saw his shadow, meaning six more weeks of winter. It was Phil's first forecast as a dad after he and his wife Phyllis welcomed two pups into the family last spring. But does father actually know best? While Phil is probably a loving parent, he is a piss-poor meteorologist. His predictions are correct only 35% of the time, according to the NOAA.
Oh my gosh, Neil, you're still getting your winter forecasts from Phil? Ditch Phil and instead listen to Staten Island Chuck. Staten Island Chuck is New York City's resident groundhog, and he did not see his shadow on Sunday. That means he is in direct opposition to Punxsutawney Phil. So who should you trust? Well, Phil is right 35% of the time, but NOAA data say that Chuck is right 35%. 85% of the time, it does have an asterisk, though. Phil has longevity on his side. He's been in the prediction game since 1887 compared to Chuck's 1981. But still, if you want accuracy, Staten Island Chuck is your guy.
It's not about being right. It is about being first. And maybe it's just cloudy, more cloudy in Staten Island than it is in Punxsutawney, Pennsylvania. Al, I'm saying you are part of the big Phil Cabal.
It's all about Staten Island, Chuck. Now a word from our sponsor, Wise. Neil, international travel, fun. International payments, a pain in the neck.
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It is a total headache. I'd rather have jet lag than deal with sneaky fees, but that's where Wise Business comes in.
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Let's start with the only trade news bigger than Luka Doncic going to the Lakers. On Saturday, President Trump followed through with his pledge to impose heavy tariffs on the U.S. 's three largest trading partners, 25 percent on imports from Canada and Mexico, 10 percent on Canadian energy products and 10 percent on Chinese imports. And what he described as retribution for the flow of migrants and drugs into the U.S., The tariffs will go into effect Tuesday at 12.01 a.m. Eastern Time and will have massive consequences for the global economy. To name a few, they'll upend supply chains carefully calibrated over decades, raise prices for American consumers and businesses, and possibly send Mexico and Canada into a recession.
You might be thinking, well, we had a trade war the first time Trump was in office, and it wasn't so bad. Inflation didn't spike. That is true. But round two is of much greater magnitude. Trump imposed tariffs on $380 billion worth of goods during his first term, mostly against a U.S. rival, China. This time, tariffs will affect $1.4 trillion worth of goods and primarily target U.S. allies.
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