Marc Ross Daily | April 29
Marc Ross Daily is geopolitical business news + intelligence for senior executives + comms pros.
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Happy Friday.
Here’s today’s Marc Ross Daily:
*** Globalization + Geopolitics ***
Toronto Star: Liberals win
Globe + Mail: Liberals set to return to power
+ Carney leads party to remarkable turnaround only months after Conservatives were poised to win majority
Global News: Mark Carney’s Liberals projected to form government
+ CTV News predicts a Liberal minority government
Mark Carney wins full term as Canada’s prime minister on anti-Trump platform: NYT reports CBC/Radio Canada, the national broadcaster, projected a win for the Liberal Party in an extraordinary election that was dominated by President Trump’s threats to Canada’s sovereignty and its economy.
Mark Carney’s Liberals win pivotal Canadian election: FT reports the former Bank of England governor capitalises on anti-Trump sentiment to secure mandate for his party.
Mark Carney’s Liberals projected to win Canadian election: WSJ reports the former central banker vowed to counteract Trump’s threats to Canada’s economy and sovereignty.
In stunning comeback, Carney’s Liberals win Canada’s federal election: WP reports the result marked a reversal in fortunes for a party that was on track for a massive drubbing only months ago and capped a campaign upended by President Donald Trump.
Trump’s attempt to upend the global order has already been defeated: America has emerged from the trade war as an international laughing stock. Jeremy Warner
Donald Trump, beware – this is what a global liberal fightback looks like: From the Canadian elections to universities and civil society, the campaign to turn the tide against anti-liberal nationalists is at last underway. Timothy Garton Ash
Why Trump’s economic disruption will be hard to reverse: The president’s turnover of the economic order has unleashed changes that could prove lasting, because other countries will adjust. NYT
Trump and the abstract art of the unilateral deal: Donald Trump will mark his 100th day in office this week having upended the global trading system, provoked the specter of looming recessions for the US and world economies, and undermined the long-standing roles of the dollar and US Treasuries as safe havens. All these things are likely to cast a shadow over the next 100 days and beyond. Shawn Donnan
The spectre of dollar doomsday still looms: Whatever happens with Trump’s tariffs, investors need to prepare for a new market paradigm. Rana Foroohar
UK and EU to defy Trump with ‘free and open trade’ declaration: The draft UK-EU agreement is one of several being drawn up ahead of a May 19 summit. Politico
Trump trade war dominates BRICS meeting in Brazil: AFP reports the foreign ministers of Brazil, China, Russia and other BRICS members began two days of talks in Rio de Janeiro Monday aimed at forging a united front to US President Donald Trump's aggressive trade policies.
China says it can live without US farm and energy goods: FT reports top policymakers seek to reassure public that economy can withstand worst of trade war.
Trump’s China attacks are unleashing wave of nationalist support for Xi: Even critics of the Chinese leader want him to stand firm in the face of an unprecedented economic attack. Bloomberg
Bloomberg: US Treasury head Bessent: ‘It’s up to China to de-escalate’ in trade war
IBD: Port of Los Angeles warns 'difficult decisions' ahead as shipments from China cease
+ "Essentially all shipments out of China for major retailers and manufacturers have ceased," according to Port of Los Angeles Executive Director Gene Seroka.
CNBC: Empty shelves, trucking layoffs lead to a summer recession in Apollo’s shocking trade fight timeline
Tariff to recession timeline:
+ April 2: Tariffs announced, containership departures from China to the US slowing
+ Early-to-mid May: Container ships to US ports come to a stop
+ Mid-to-late May: Trucking demand comes to a halt, leading to empty shelves and lower sales for companies
+ Late May to early June: Layoffs inthe trucking and retail industries
+ Summer 2025: recession
Source: Apollo Global Management
Trump to soften blow of automotive tariffs: WSJ reports that after negotiations, companies paying Trump’s car tariffs won’t also be charged for other levies.
Tariffs on Chinese-made machinery drive up costs for US manufacturers: The US economy depends on Chinese tools needed to make everything from cars to electronics in American factories. WP
IBM to invest $150bn in US manufacturing over next five years: The Times reports the computer business is latest example of a US technology group boosting its home investment since President Trump’s punitive global tariffs were unveiled.
Bloomberg: Nvidia, Eli Lilly among CEOs to tout US investments with Trump
Pirelli strips China’s Sinochem of control in attempt to avert exclusion by Trump in US: FT reports the board’s vote is only a first step to ending tyre company’s links with Chinese state-owned group.
Delta Air Lines is flying a new Airbus SE plane through Japan to skirt US import tariffs as President Donald Trump’s trade war threatens the flow of new jets to the the aviation industry.
The trouble with MAGA’s manufacturing dream: Donald Trump underestimates the difficulty of producing in America—and how his own policies will make it harder. Economist
Why Trump can’t build iPhones in the US: The administration wants the iPhone to be manufactured in America. The components that power it show why that is highly impractical. FT
Conclave to select new pope will begin May 7, Vatican announces: WP reports with 135 cardinals eligible to vote, the coming conclave is set to be the largest in the history of the Catholic Church and one of the most unpredictable in decades.
Picking a Pope: Inside the world’s most secretive election: Cardinals will be confined in the Sistine Chapel, after it is swept for surveillance devices. WSJ
Francis: The most important Argentine in history: Monarchs, heads of state, religious leaders, and the Catholic faithful will descend on the Vatican today in huge numbers as the world bids a final farewell to Pope Francis, the Flores-born kid who ascended to one of the powerful positions in the world. BAT
Telegraph: Spain declares state of emergency after major blackout
Euro News: Millions could still spend night in the dark as Spain and Portugal work to restore power
Massive power outage hits Spain and Portugal: WP reports a blackout of uncertain cause spread chaos across the Iberian Peninsula and beyond, bringing life to a standstill.
Spain, Portugal hit by sweeping blackout: WSJ reports transportation and cellphone systems suffered major disruptions, as Spain’s grid operator said it would take several hours to fully restore power.
5,000: The number of Africans living in Scotland in 2001.
Israeli spy chief to step down after clash with Netanyahu: NYT reports the departure of Israel’s domestic intelligence chief appeared to end his unusually public clash with the prime minister.
Saudi Arabia and Qatar to repay Syria’s debts to World Bank: FT reports support is first funding from Riyadh as war-ravaged country seeks to rebuild its economy.
North Korea's diplomacy of 'survival': Le Monde reports despite severe United Nations sanctions and deep isolation, Pyongyang remains a significant player on the international geopolitical stage. Its leaders skillfully exploit global crises, supported by experienced diplomats.
ST: North Korea confirms troop deployment to Russia, hails ‘heroes’
The Russian military moves that have Europe on edge: Putin is expanding bases and preparing to move more troops to European border regions far from Ukraine; ‘we’re expecting some conflict with NATO.’ WSJ
Euro News: Kremlin announces Ukraine ceasefire to coincide with World War II 'Victory Day'
Russia has rejected a Ukraine war peace deal proposed by Donald Trump, the US president, because it does not grant international recognition to territory seized by Moscow’s troops.
Macron sets 10-day horizon to amplify Western pressure on Russia: Le Monde reports the French president added that he believed he had 'convinced the Americans of the possibility of an escalation of threats and potentially sanctions' against Moscow.
Europe fears Trump preparing to walk away from Ukraine talks: FT reports officials are worried US president will use minor progress in talks as ‘excuse’ to disengage.
How Ukraine could break the western alliance: The US and Europe have fundamentally different views on the threat from Russia and the protection of democracy. Gideon Rachman
Palau’s president vows to stand with Taiwan ‘til death do us part’: FT reports Surangel Whipps Jr warns Pacific nations must show economic gains to justify snubbing Beijing.
ST: China, Philippines trade barbs over disputed South China Sea reef
China, Philippines make rival claims in disputed South China Sea: WSJ reports both countries plant flags on a collection of sand bars, heightening a standoff between Beijing and Manila, a US ally.
Asia hand Kurt Campbell fears US-China miscalculation in Trump era: Ex-deputy secretary of state urges Japan to be 'intrepid,' take bigger regional role. Nikkei
Singapore’s billionaire class unsettled by moves to narrow wealth gap: The city-state’s popularity as a base for the super rich leaves the ruling party with a delicate balancing act. Bloomberg
ST: US in touch with India and Pakistan, urges both to work towards a ‘responsible solution’
India signs deal to purchase 26 Rafale fighter jets from France: Le Monde reports the Indian defense ministry confirmed the purchase that had been in talks for years.
*** US Politics + Elections ***
You’re failing on the economy, Americans tell Trump in Times poll: President’s approval rating is dropping as only a tenth say they are better off in the 100 days since he took office. The Times
100 days of Donald Trump: US in a 'whirlwind': Republican Donald Trump has been US president for 100 days. Which of his promises has he kept? And what do Americans think about their country in transition? DW
Tracking the highs and lows of Trump’s first 100 days: Tariffs, trade wars, and executive orders. On today’s Big Take Podcast: Breaking down the breakneck speed of President Trump's first 100 days. Bloomberg
Trump’s cosplay cabinet: The president’s appointees often appear to be acting out a made-for-television version of their jobs rather than actually doing them. Ashley Parker
Constantly in motion, Trump’s cabinet portrays a White House that’s always winning: On social media, top officials stream an intimate window into their work that runs counter to the obstacles facing the White House agenda. WSJ
Trump’s ‘buoyant’ trade warrior flexes his power over global business: Howard Lutnick, the secretary of commerce, has become a go-to for major companies seeking relief from tariffs. But he’s not always friendly to their interests. NYT
Trump floats improbable income-tax cut tied to tariffs: WSJ reports the president suggests eliminating income taxes on most households, but the math doesn’t add up.
These GOP lawmakers could sink Trump’s ‘big beautiful’ tax bill: As Congress returns, small blocs of Republican dissidents on SALT, Medicaid, and other issues could thwart the GOP agenda. WSJ
Trump to sign order escalating battle with sanctuary cities: WSJ reports the action comes after setbacks in the president’s effort to target Democratic jurisdictions that don’t cooperate with immigration enforcement.
Trump pushes out AI experts hired by Biden: The shift, say the former officials, represents an enormous waste of federal resources, as agencies across the Trump Administration are looking to draw workers with the very experience they just let go. It also means agencies may have to increasingly rely on costlier outside companies for that expertise. The White House and the Office of Management and Budget did not respond to requests for comment. Time
American students turn to UK as Donald Trump takes aim at US universities: FT reports searches for British courses surge following US president’s assault on Ivy League institutions, data shows.
Trump enters new phase with focus on foreign policy, deregulation, midterms: WSJ reports the president is expected to shift his focus abroad as he works to negotiate trade deals and launch high-level discussions with China.
“We’re in a race with China”—DOT eases autonomous car rules: ARSTech reports domestic AVs can now get FMVSS exemptions for no rearview mirrors or steering wheels.
How Lindsey Graham is accommodating himself to Trump’s foreign policy: “Yeah, I think Europe’s gone woke, don’t y’all?” the one-time hawk asked a crowd back home in South Carolina. WP
In generational shift, Schatz joins race to be Senate’s No. 2 Democrat: The 52-year-old senator from Hawaii is officially running to become Senate whip after two decades of static leadership. WP
Pritzker thunders against ‘do nothing’ Democrats as he stokes 2028 talk: NYT reports in a fiery speech in New Hampshire, the Illinois governor railed against both President Trump and what he called the “simpering timidity” among some Democrats.
Kamala Harris will jab at President Trump in the keynote address at the Emerge gala on Wednesday, making her first public remarks since leaving office in January, a source told The Hill.
Elite universities join forces to resist Trump: WSJ reports the separate from the public dissent, a group of school leaders are strategizing behind the scenes about how to respond and push back against the White House.
The MAGA lobbyists upending Washington with McDonald’s and bear hunting: Washington’s hottest new lobbyist has no experience in Washington but a long friendship with Donald Trump Jr. WSJ
Trump-aligned club for the ultra rich launches in Washington: The launch of “Executive Branch” comes as Trump world looks to remake Washington. Politico
Mike Lindell’s lawyers used AI to write brief—judge finds nearly 30 mistakes: ARSTech reports Lindell brief has many defects including "cases that do not exist," judge says.
How Ezra Klein’s YouTube makeover points to podcasting’s TV future: Major news outlets, like The New York Times and The Atlantic, and ex-cable stars are finding audiences on YouTube. “It is television,” says Mediaite founder Dan Abrams. “Anyone who still thinks of YouTube as something for your phone or computer isn’t paying attention.” VF
The group chats that changed America Semafor
*** Distribution + Innovation ***
AI pioneer Geoffrey Hinton says world is not prepared for what's coming: Nobel laureate Geoffrey Hinton, often called a "godfather of artificial intelligence," spoke with Brook Silva-Braga at the Toronto offices of Radical Ventures about the future of AI earlier this month — nearly two years after they first sat down to discuss the evolving technology. He shares some of his early takeaways about AI, which he says has evolved "even faster than [he] thought."CBS Mornings (Full Interview)
We now know how AI ‘thinks’—and it’s barely thinking at all: The vast ‘brains’ of artificial intelligence models can memorize endless lists of rules. That’s useful, but not how humans solve problems. Christopher Mims
In the age of AI, we must protect human creativity as a natural resource: As AI outputs flood the Internet, diverse human perspectives are our most valuable resource. Benj Edwards
Altman and Nadella, who ignited the modern AI boom together, are drifting apart: The OpenAI and Microsoft CEOs helped each other become power players in generative AI but are now preparing for independent futures. WSJ
Companies are struggling to drive a return on AI. It doesn’t have to be that way. Successful AI adoption begins with a targeted approach, and proceeds with careful orchestration and scaling across the organization. Steven Rosenbush
Meta’s ‘digital companions’ will talk sex with users—even children: Chatbots on Instagram, Facebook, and WhatsApp are empowered to engage in ‘romantic role-play’ that can turn explicit. Some people inside the company are concerned. WSJ
OpenAI now lets users shop for products within ChatGPT, the latest move by the artificial intelligence startup to expand the reach of its popular chatbot and challenge rivals like Google.
Hugging Face is selling a programmable, 3D-printable robotic arm that can pick up and place objects and perform a few other basic chores.
Nscale, a startup that is less than a year old, is already trying to raise about $2.7 billion to build artificial intelligence infrastructure on the back of a pending partnership with ByteDance.
Bloomberg: Elon Musk’s XAI holdings is in discussions to raise $20 billion
DeepMind UK staff seek to unionise and challenge defence deals and Israel links: FT reports the move by employees at Google’s AI arm follows discontent after weapons and surveillance pledge is dropped.
These autistic people struggled to make sense of others. Then they found AI. For people living with autism, experiencing awkward or confusing social interactions can be a common occurrence. Autistic Translator claims to help some people make sense of their social mishaps. WP
Mastercard announced that it will give merchants the option to receive payments in stablecoins amid increasing global regulatory clarity on the digital assets that are usually pegged to fiat currencies.
Silicon Valley billionaires literally want the impossible: ARSTech chats with physicist and science journalist Adam Becker about his new book, More Everything Forever. ARSTech
Sweetgreen’s CEO on robots, ‘MAHA,’ and why salads are so expensive: Jonathan Neman set out to make fast food healthier, co-founding the salad chain in Washington. Now, what goes in our food is political. NYT
Amazon to launch first project Kuiper internet satellites: What to Know: The spacecraft are the online giant’s entry into beaming wireless service from space, but the company has much to do before it can compete with SpaceX’s Starlink. NYT
Amazon set for launch of Starlink-rival satellites: AFP reports after delaying an earlier attempt due to bad weather, Amazon is preparing to launch its first batch of Project Kuiper internet satellites on Monday, stepping into direct competition with Elon Musk's Starlink.
Japan News: Japanese automakers plan to use latest Chinese tech in their EVs
Free Press: Ford said it's made a breakthrough in battery tech to make cheaper EVs with longer range
A $20,000 electric truck with manual windows and no screens? Meet Slate Auto. Owners can buy kits to add accessories and features to the Slate Truck. ARSTech
Five years after he escaped in a crate, fugitive Carlos Ghosn is teaching business strategy: We visited Ghosn in Lebanon where he’s avoiding arrest warrants from Japan and France. WSJ
*** Culture ***
The man in the midnight-blue six-ply Italian-milled wool suit: A perfect suit, made by an expert tailor out of superlative fabric, would do nothing less than transform me. Gary Shteyngart
Trump’s blue suit at Pope’s funeral draws attention: President Trump’s choice stood out in a sea of world leaders and famous faces who were dressed in customary black. NYT
Free Press: The White Stripes headed to Rock & Roll Hall of Fame; 22nd Detroit act to be inducted
*** Sport ***
TA: Shedeur Sanders, Deion taught a hard lesson in humility in QB’s NFL Draft slide
The NFL Draft’s big snub gets football’s worst job. Can he make a miracle happen? Shedeur Sanders is selected by the Cleveland Browns, a franchise with a long history of success-deprived quarterbacks. Does he have a shot to win the job and reverse the trend? Jason Gay
DC Commanders announce $3.7B deal to move team to RFK Stadium site: WP reports he development, anchored by a roofed, 65,000-seat stadium, will be funded primarily by the Commanders, who would put up $2.7 billion, while DC taxpayers would pay $500 million.
Whitehall officials ‘pushing for the Open to return to Trump-owned Turnberry’: Guardian reports that sources say bosses at R&A, which organises the annual golf tournament, were quizzed about 2028 event.
Enjoy the ride + plan accordingly.
-Marc
Marc A. Ross | Chief Communications Strategist @ Caracal
Marc Ross Daily | April 29
