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Pro's number one most trusted app, based on August 2025 proprietary survey. Here is your Morning Brief for Thursday, March 5th. I'm Luke Vargas for The Wall Street Journal. China has cut its annual economic growth target to a range of four and a half to five percent, the lowest expansion goal since 1991. The new target kicks off the next five-year plan for the world's second-largest economy.
With Chinese household spending and investment slowing down, China's growth in recent years has been fueled by exports. But the new plan suggests that Beijing wants to dial down trade tensions and rely less on export-driven growth and instead focus on technological self-reliance, including through its cutting-edge AI, EV, and robotics industries.
A federal trade court judge has ruled that the Trump administration is on the hook for more than $130 billion in tariff refunds. The judge grew impatient when a Justice Department lawyer said that the government hadn't formalized its position on refunding tariffs and said that issuing refunds would be time-consuming.
The ruling comes as more than 2,000 companies have filed lawsuits seeking to claw back money they've paid in duties, including Costco and FedEx. And Morgan Stanley is laying off 2,500 employees, or around 3% of its global workforce.
We report that many of the cuts took place yesterday and are affecting all of the bank's major divisions, investment banking and trading, wealth management, and investment management. Morgan Stanley and its Wall Street peers are coming off one of their strongest years on record, as trading desks navigated volatility, the wealthy continued to spend, and big companies struck more deals.
Asian stocks have ended the day higher. European stocks are also up in midday trading, and U.S. stock futures are down ahead of earnings from Costco and Kroger. And we've got a lot more coverage of the day's news on the WSJ's What's News podcast. Add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.
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