In a Rose Garden speech anticipated with a level of hype usually reserved for Supreme collab drops, President Trump flipped the economic status quo that’s existed for decades on its head with the announcement of a minimum 10% tariff on all exporters to the US—plus higher reciprocal rates on countries he said maintain unfair trade barriers for American products.

“Reciprocal. That means they do it to us, and we do it to them. Very simple,” Trump said. Though the reciprocity won’t be exact: The president said the US would be imposing only half of what other countries levy on US imports, but that the figure being halved would include “the combined rate of all their tariffs, nonmonetary barriers, and other forms of cheating.”

Holding up an extremely memeable chart with a list of countries and their tariff rates on US goods, the president addressed some of the most significant new rates. Scheduled to kick in at midnight on April 9, they include:

• A 34% tariff on China. That’s on top of Trump’s previously announced 20% tariff, bringing the total to 54%. That’s likely to have a big impact, since the US imported $439 billion worth of Chinese products last year.
• Japan’s rate will be 24%, Vietnam’s 46%, and the EU’s 20%.

Mexico and Canada, already hit with 25% tariffs (with exemptions), won’t be getting additional ones. The previously announced 25% tariff on all foreign cars also went into effect last night.

Trump said he was putting an end to Americans being ripped off and that “jobs and factories will come roaring back into our country.”

Many economists see it differently, arguing that blanket tariffs slow economic growth and raise prices for consumers. The administration has said that government spending cuts and looser regulations will offset some potential impact.

Investors were spooked: Stocks plunged after hours as investors reacted to the tariffs being on the more aggressive side of what was expected. Companies that import their products, including Apple and Nike, were hit especially hard.—AR, NF

Tesla vehicle sales fell 13% last quarter. The EV-maker said it delivered 336,681 vehicles in Q1, making it Tesla’s worst quarter since early 2022. The lackluster sales come amid global backlash against CEO Elon Musk becoming the face of DOGE’s government spending cuts in the US and backing right-wing political parties in Europe, which has sparked protests at Tesla showrooms. The company’s output also took a hit because it partially shut down some factories for upgrades during the quarter to prepare for a Model Y redesign. Plus, it continues to face fierce competition in the Chinese market. Tesla’s stock initially tumbled on the delivery news, but climbed after Politico reported that Musk may soon be leaving his position at DOGE, freeing up more of his time to focus on his businesses.

The clock is ticking for a TikTok deal. With a Saturday deadline looming for TikTok’s Chinese owner ByteDance to sell the app or face a US ban, several new bidders have reportedly emerged. Amazon, AppLovin, Oracle, Blackstone, Andreessen Horowitz, and the founder of OnlyFans are all said to be among the bidders vying to take over the app that convinced you to freeze-dry your Nerd gummies. President Trump was expected to be briefed on a preliminary deal structure yesterday. Any deal would also need approval from China, which may not warm to the idea—though Trump has floated tying tariff relief to allowing a deal, or extending the deadline to keep TikTok on your phone, if necessary.

Corruption case against Eric Adams dismissed for good. A federal judge dismissed the bribery case against New York City’s mayor as the Department of Justice requested—kind of. The DOJ, which argued that the case was politically motivated and hindered Adams’s ability to cooperate with the federal government’s immigration priorities, wanted it dismissed without prejudice, meaning they could reinstate the charges in the future. But the judge dismissed the case with prejudice, meaning they can’t, saying that doing otherwise could give the impression that Adams “might be more beholden to the demands of the federal government than to the wishes of his own constituents.” Adams said he wanted to return to focusing on the city, maintaining “this case should have never been brought and I did nothing wrong.”—AR

The Abercrombie haul you’re planning to pay off over the next couple of months might show up the next time you apply for an apartment. Affirm, one of the largest Buy Now Pay Later (BNPL) lenders, is now reporting loans to credit bureau Experian.

The number of times you use a payment plan to cover spontaneous splurges won’t tank your credit score…yet. Right now, companies like Experian don’t have an easy way to reflect these interest-free, BNPL loans in traditional credit scores. Instead, credit reports from Experian will now list all of an individual’s short-term loans through Affirm—even if they were paid on time:

• Some analysts say this could be a win for younger consumers that lets them build up credit while allowing lenders to get a better picture of their financial health.
• Others warn that the change could be worrisome for lower income consumers, with “loan stacking” (aka shoppers juggling too many loans at once) already happening.

Big picture: BNPL loans exploded during the pandemic and left a sizable blindspot for credit bureaus. In 2022, Americans spent $34 billion in BNPL loans, up $10 million from the prior year, according to the Consumer Financial Protection Bureau. And it’s only getting easier to pay for basic items using the BNPL method: DoorDash now lets users pay for orders in four installments.—MM

Nintendo shared the scoop on its second-generation Switch yesterday, and notoriously hard-to-please gamers are actually excited about almost everything except the price tag.

Switch 2 launches on June 5 for $450, closer to the price of an Xbox Series X or PlayStation 5 than to the first-gen Switch (released in 2017 for $300). The new device’s launch buddy, an open-world Mario Kart exclusive to Switch 2, will bundle for $500 or will retail solo for $80.

Gamers are jokingly planning their ice soup budgets, and Nintendo is counting on its highly-anticipated new console to boost profits, which have been declining for more than a year.

Bells and whistles include: Eight times as much storage as the first Switch, backwards compatibility, and magnetic controllers that can each double as a computer mouse for certain games. Also:

• A new Discord/Zoom-like chat feature lets online subscribers live-chirp each other via a built-in mic and add-on camera accessory.
• A group of four people can play one person’s Switch 2 game on all of their devices through a new local multiplayer feature.
• Third-party big-hitters like Elden Ring, Cyberpunk 2077, and Electronic Arts’ Madden NFL and EA Sports FC are coming to Switch 2.

No scalpers allowed: Preorders open in the US next week, but Nintendo said it’s prioritizing online subscribers with 50+ hours of gameplay.—ML

The ranks of the monocle-wearing class are growing: Forbes has found there are now 3,028 billionaires on the planet. That’s a whole lot more than the 140 the magazine located when it started keeping a list in 1987. Twenty years later, there were 1,000 in total, and by 2017, the roll of the richest had reached 2,000. As of last year, there were 2,781. And it’s not just that there are more billionaires, it’s also that those in the rarest air are even richer than in years past—as of March 7, the world’s billionaires boasted a combined worth of $16.1 trillion, which is almost $2 trillion more than a year ago. The lion’s share of the people most likely to pull their Black AmEx from the pocket of their Loro Piana hoodies live in the US, which houses 902 billionaires, followed by 516 in China, and 205 in India.

But even as more businesspeople and lucky heirs get admitted to the billionaire’s club, the view hasn’t changed much at the tippy-top of the wealth pyramid. The top five—Elon Musk, Mark Zuckerberg, Jeff Bezos, Larry Ellison, and Bernard Arnault—were all comfortably atop last year’s list, too (just not in the same order).—AR