Morning Brew Daily
Macy’s Panics Over $154M Expense Cover Up & Space Rocket Wars Heat Up
Tue, 26 Nov 2024
Episode 461: Neal and Toby chat about the damage control Macy’s is having to do after finding out an employee hid $154M in delivery expense from its books, right before its earnings call. Then, California Governor Gavin Newsom offers a tax credit to counteract the possible repeal of a federal tax credit for EVs by the Trump administration. Meanwhile, Toby looks at the trend of basic coding becoming less popular, and now it’s all about AI coding. Lastly, the biggest headlines to know to end your day. Download the Yahoo! Finance App (on the Play and App store) for real-time alerts on news and insights tailored to your portfolio and stock watchlists. Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app. Listen to Morning Brew Daily Here: https://link.chtbl.com/MBD Watch Morning Brew Daily Here: https://www.youtube.com/@MorningBrewDailyShow 00:00 - Trump Proposed Tariffs 03:00 - Macy’s Missing $154M 07:55 - California EV Rebate 12:00 - RocketLab vs SpaceX 17:20 - Toby’s Trends 22:20 - Headlines Learn more about your ad choices. Visit megaphone.fm/adchoices
What are the implications of Trump's proposed tariffs?
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Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Gavin Newsom takes on Trump and Elon Musk in a Golden State electric vehicle brawl.
Then who is Rocket Lab, the scrappy SpaceX rival who just sent two rockets into orbit in 24 hours? It's Tuesday, November 26th. Let's ride. Good morning. We are officially over halfway through this short week. Keep on going. Donald Trump dropped some pre-Thanksgiving news yesterday, clarifying some details around the new tariffs he wants to impose.
In a post on Truth Social, he said that he will issue executive orders imposing tariffs on all imported goods from the U.S. 's three largest trading partners, China, Mexico, and Canada, on his first day in office. Specifically, Trump mentioned a 25% tariff on Mexican and Canadian goods and a 10% tariff on Chinese goods. Neil, all signs are pointing to these things actually happening.
Perhaps. He said that these tariffs would come as punishment for migrants and illegal drugs like fentanyl coming from places like Mexico and China and said that he would put these tariffs on until those were addressed. So we don't know whether this is the beginning of trade war 3.0 or a start of a negotiation. And we know that Trump has used tariffs as a...
point of leverage when starting negotiations. But if these tariffs were to come to pass, it would cause major upheaval in global trade. As you mentioned, these are the three largest trading partners of the United States. We trade $600 billion worth of goods with China, and goods are valued at more than $1.5 trillion that move among the three North American nations, United States,
Canada and Mexico. Everything would be impacted. We import autos, electronics, veggies and plastics from Mexico, among other goods. And then Canada, the largest export to the United States from there is gas and energy. They come from those pipelines to the Midwest. So expect if these come if these come to pass, economists say expect price hikes.
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