Trump to appear at White House ceremony to announce new tariffs
He has said he will impose reciprocal tariffs to match U.S. rates with higher levels charged by other countries, but has not said how high those levels would be or which countries would bear the brunt. The uncertainty has rattled financial markets and businesses that have relied on trading arrangements that have been in place since 1947. The new tariffs are due to take effect immediately after Trump announces them, though the administration has not yet published an official notice as it is required to do.
Tesla quarterly sales plunge as Musk backlash grows
Tesla's quarterly sales plunged 13% to the weakest in nearly three years, hurt by a backlash against CEO Elon Musk's politics, rising global competition, and people waiting for a refresh to its highest-selling electric vehicle Model Y. Tesla shares fell in early trading. But they reversed course to trade up after Politico reported that Musk was planning to step down from his role as an advisor to U.S. President Donald Trump soon, as administration insiders increasingly view the billionaire as a political liability. Musk's role in spearheading federal cost-cutting in the United States and support of far-right parties in Germany and other nations, have produced a sharp response across the world. Protests have spiked, and Tesla cars and dealerships globally have become targets for vandalism. Some Tesla owners have been looking to disassociate themselves from Musk and data has shown many are trading in their vehicles. In the January-March period, the company globally recorded a bigger -than-expected drop in sales to 336,681 vehicles, down from 386,810 units a year ago. Shares of Tesla ended 5.33% higher $282.76. Separately, Rivian reported a 36% decline in first-quarter deliveries, as the electric-vehicle maker grapples with weak demand, sending its shares down 5.95% to end at $12.49.
TikTok bidders pile up as deadline looms with Amazon, OnlyFans founder in mix
As the weekend deadline for TikTok to find a buyer approaches, bidders for the short-video social media site are piling up. Amazon and, separately, a consortium led by OnlyFans founder Tim Stokely are the latest to throw their hats into the ring for TikTok. The site faces an April 5 deadline to reach a deal to find a non-Chinese buyer under threat of being banned from the United States. U.S. officials have raised security concerns over the app's ties to China, which TikTok and owner ByteDance have denied. Trump administration officials are meeting to discuss the various options for TikTok. Startup Zoop, which is run by Stokely, founder of adult content social media site OnlyFans, has partnered with a cryptocurrency foundation to submit a late-stage plan to bid for TikTok, the two told Reuters. A U.S. administration official confirmed Amazon had sent a letter to Vice President JD Vance and Department of Commerce Secretary Howard Lutnick.
Chinese firms place $16 billion in order for new Nvidia chips, the Information reports
Chinese companies including ByteDance, Alibaba and Tencent have placed at least $16 billion in orders for Nvidia's H20 server chips in the first three months of the year, the Information reported, citing two people with direct knowledge of the transactions. In February, Reuters first reported a surge in orders for the H20 - the most advanced AI processor legally available in China under U.S. export controls - driven by booming demand for Chinese startup DeepSeek's low- cost AI models. The H20 is the primary chip Nvidia is legally permitted to sell in China and was launched after the latest round of U.S. export restrictions took effect in October 2023.
