ibt-mailOct 16, 2024, 9:55 AM

Trump Doubles Down On 'Obnoxious' Tariffs, Putin Claims

Newsletter Oct 16, 2024 Quick Six Trump doubles down on 'obnoxious' tariffs, Putin claims Donald Trump on Tuesday said that companies will drop plans to build factories overseas when faced with

Newsletter Oct 16, 2024

Quick Six

Trump doubles down on 'obnoxious' tariffs, Putin claims
Donald Trump on Tuesday said that companies will drop plans to build factories overseas when faced with the threat of high tariffs on shipping goods to the U.S. The former president has vowed a 10% to 20% across-the-board tariff on imports, 60% on Chinese goods, and a 200% levy on cars made in Mexico. Trump said his tariff plan was to "make it so high, so horrible, so obnoxious" that foreign countries would cave under the pressure. Trump pushed back on economists' claims that tariffs would hike costs for consumers and businesses would be faced with jacked-up imports.
WHAT TRUMP DIDN'T SAY ABOUT HIS TALKS WITH PUTIN

Nasdaq temporarily halts trading on Trump's Truth Social
The Nasdaq Composite temporarily halted the trading of Trump Media & Technology Group (DJT) during Tuesday's session due to volatile swings in the owner of Truth Social. After Trump Media saw 150% in gains last week ahead of the Nov. 5 election, it was on a similar path until Tuesday afternoon, when a 6% downturn prompted the stock to be pulled from trading for only a few minutes before sinking to nearly 10% by the 4 p.m. closing bell.
SEE WHAT'S BEHIND TRUMP MEDIA STOCK'S WILD RIDE

Holiday spending forecast to rise despite 'cautious' shoppers
Shoppers are expected to make retailers' days merry and bright this US holiday season by "cautiously" increasing their spending over last year, according to the National Retail Federation. The industry group forecast that November and December total sales would grow between 2.5% and 3.5%, compared to the same period in 2023. That means retailers could ring up $979.5 billion to $989 billion worth of purchases, up nearly $30 billion from 2023.
SEE HOW HOLIDAY NUMBERS MIRROR 2024 PROJECTIONS

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Markets

DJIA	42,740.42	-0.75%
S&P 500	5,815.26	-0.76%
Nasdaq Composite	18,315.59	-1.01%
Japan: Nikkei 225	39,319.14	-1.48%
UK: FTSE 100	8,249.28	-0.52%
Crude Oil Futures	71.10	0.74%
Gold Futures	2,676.40	-0.09%
Yen	149.19	-0.02%
Euro	1.09	-0.06%
* As of market close

US threatens to withhold Israeli military aid

The US warned Israel on Tuesday that it could withhold some of its billions of dollars in military assistance unless it improves aid delivery to the war-battered Gaza Strip within 30 days. The warning comes a year into the Israel-Hamas war in which President Joe Biden has repeatedly pleaded with Israel to spare Palestinian civilians, although he has only once made good on a promise to stop a weapons shipment. In a letter sent Sunday, Secretary of State Antony Blinken and Defense Secretary Lloyd Austin told "the government of Israel that there are changes that they need to make ... from the very, very low levels that it is at today."

SEE THE LAW THAT BIDEN IS TRYING TO USE AGAINST ISRAEL

About 3 in 10 cameras on border don't work

About 3 in 10 cameras part of Border Patrol's main surveillance system along the southern U.S. border are not working, making it more difficult for border agents to address crossings between ports of entry. The memo says about 150 out of 500 surveillance cameras mounted on towers are not operational due to "several technical problems." Since their introduction in 2011, the cameras have been vital for monitoring remote areas without deploying hundreds of agents in vehicles.

SEE WHY REQUESTS FOR REPAIRS HAVE GONE UNANSWERED

Humanoid artist's work going up for auction

The robot artist Ai-Da, a humanoid powered by artificial intelligence, will be the first of its kind to have a painting sold at a major auction house. The work, due to go under the hammer at Sotheby's in London, is a "haunting" portrait of the English mathematician Alan Turing, one of the fathers of modern computing. Entitled "AI God", the portrait is expected to fetch between GBP100,000 to 150,000 (US$130,000 to $196,000).

SEE HOW THE HUMANOID ARTIST MADE ITS FIRST CREATION

Extra point

Who is the artist and artwork that fetched the most money at auction?

Tuesday's answer: NATO's 12 founding nations (Belgium, Canada, Denmark, France, Iceland, Italy, Luxembourg, Netherlands, Norway, Portugal, the UK, and US) signed the 1949 treaty in Washington, D.C.

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