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Recession Watch: US Factory Activity Slips as Materials Costs Rise on Tariffs (Bloomberg)
US manufacturing slipped back into contraction territory this month, plagued by a tariff-related rise in materials costs, while the service sector outlook deteriorated.
The S&P Global flash March factory index dropped nearly 3 points to 49.8 from the highest level since mid-2022. Figures below 50 indicate contraction. Despite an improvement in output among service providers, due in part to stronger demand, sentiment about prospects over the coming year slid to the second-lowest since 2022.
Tariff Status Check: Where Things Stand on the President’s Far-reaching Protectionist Agenda (Wall Street Journal)
Barriers to open trade are rising across the world at a pace unseen in decades, a cascade of protectionism that harks back to the isolationist fervor that swept the globe in the 1930s and worsened the Great Depression. It isn’t just President Trump’s extensive new tariffs, which have set off a barrage of retaliatory measures across Europe, China and Canada targeting hundreds of U.S. goods.
New Trade Weapon: Trump’s Threat of ‘Secondary Tariffs’ on Venezuela Oil Invents New Trade Weapon (Bloomberg)
Trump appeared to invent a new weapon of economic statecraft yesterday by threatening what he dubbed “secondary tariffs” on countries that buy oil from Venezuela to choke off its oil trade with other nations.
The threat, delivered via Truth Social post then confirmed in an executive order, said countries could face 25% tariffs on trade with the US if they purchase oil and gas from Venezuela, which is already under heavy US sanctions. The move was meant to pressure Venezuela for the “tens of thousands of high level, and other, criminals” that Trump said Venezuela has sent to the US.
Financial News: HSBC CEO Targets Asia, Middle East Growth After Revamp (Bloomberg)
HSBC expects to double down on its investment-banking operations in Asia and the Middle East after exiting key businesses in Europe and the US, Chief Executive Officer Georges Elhedery said.
The bank will focus on debt and other financing activities globally as well as mergers and acquisitions and equity capital markets in Asia and the Middle East, Elhedery said in a Bloomberg TV interview on Tuesday.
NYC Mayor's Race: Eric Adams Criticizes Challenger Andrew Cuomo, Reaffirms He's Running as a Democrat (ABC7 NY)
If there's doubt that the Democratic party primary for mayor of New York City will be a nasty affair, the events Monday have locked that into place.
There are 9 candidates, but 2 of the best known, Mayor Eric Adams and former Governor Andrew Cuomo, each under attack with claims they're drenched in Trump connections.
Adams wants New Yorkers to know that he is running for re-election despite the fact that he's skipped every candidate forum in the race.
New Book Out Today: Graydon Carter on life "When the Going Was Good" (CBS Sunday Morning)
Congrats! Securities Industry and Financial Markets Association Recognizes Bloomberg's Mary Schapiro (SIFMA/LinkedIn)
SIFMA has honored Bloomberg's Mary Schapiro with the 2025 Rauschman Award, which recognizes individuals who have made significant contributions to the financial services compliance and legal profession, fostered open communications among industry practitioners, and dedicated their careers to the promoting trust and confidence in the securities industry. Read the official announcement here.
Today in the Arts: Trump Calls on Colorado Governor to Remove 'Purposely Distorted' Portrait of Himself From Capitol in Denver (Politico)
President Trump on Sunday night disparaged a portrait of himself hanging in the Colorado Capitol as “purposefully distorted” and called on the state’s Democratic Gov. Jared Polis to take it down, Politico reports.
“Nobody likes a bad picture or painting of themselves, but the one in Colorado, in the State Capitol, put up by the Governor, along with all other Presidents, was purposefully distorted to a level that even I, perhaps, have never seen before,” Trump wrote to his social media platform Truth Social. He acknowledged that the artist, Sarah Boardman, had also painted a portrait of former President Barack Obama, which he said looks “wonderful."
On Monday, he got his wish. The executive committee of the General Assembly's legislative council issued a bipartisan directive that the portrait be "immediately" taken down. Here's the artwork in question:
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