Erin Delmore
Appearances
Global News Podcast
Ukraine accepts 30-day ceasefire
Ontario's action was itself a retaliatory move against President Trump's sweeping 25% tariffs on all imported goods from Canada. Mr Ford said that he and US Commerce Secretary Howard Lutnick were now planning to meet later this week to discuss the trade tensions between the US and its biggest trading partner.
Global News Podcast
Ukraine accepts 30-day ceasefire
It's a remarkable turnaround after President Trump earlier threatened to increase tariffs on Canadian steel and aluminum by an additional 25%, bringing the total import tax to 50%. President Trump has now walked that back, but he reiterated his desire to absorb Canada into the U.S. as its 51st state. And a scheduled 25% tariff on steel and aluminum is still going into effect tomorrow.
Global News Podcast
Erdogan calls Turkey protests 'evil' as unrest continues
It's quite a big turnaround. When we separate out the numbers here, we see that BYD's total revenue for the year amounted to $107 billion. Rival Tesla came in just shy of $98 billion. And, you know, these are the two big names in electric vehicles right now. But it's different how they're going about their businesses and where they're dominating sales.
Global News Podcast
Erdogan calls Turkey protests 'evil' as unrest continues
There are a number of factors. And we can start by saying that the cars made by BYD, broadly speaking, are cheaper to build and cheaper to buy. And they also have a technology advantage. The company recently announced a new EV battery charging system that would refill most of the battery, a 400-kilometer ride, in about five minutes.
Global News Podcast
Erdogan calls Turkey protests 'evil' as unrest continues
And it's cutting edge technology like that that consumers are looking for. High tech features like advanced driver assistance technology, even in base models. And meanwhile, some criticisms of Tesla include an aging fleet, which is, you know, a byproduct of being first on the scene and having some very popular models out for a long time now.
Global News Podcast
Erdogan calls Turkey protests 'evil' as unrest continues
And, you know, as you mentioned, Elon Musk has become a bit of a polarizing figure. Either he is receiving benefits. support from people in the United States, especially those who are fans of President Donald Trump, who he is working for now, or blowback. And we have seen some violence, some vandalism at Tesla dealerships, and we have seen some Tesla owners selling their cars for that reason.
Global News Podcast
Erdogan calls Turkey protests 'evil' as unrest continues
And has there been any comment at all from Elon Musk? He said recently in an interview when he was asked how he was managing all of his companies and all of his endeavors with great difficulty, acknowledging that he has taken on a lot of responsibility and a lot of work. But one of the most interesting things that I think he says commonly is that Tesla is not just a car company.
Global News Podcast
Erdogan calls Turkey protests 'evil' as unrest continues
He talks instead about the technological advances that Tesla is making, this pivot toward autonomous vehicles, driverless cars, and a lot of the technological advances that the company is seeking to integrate to its products down the line. If we take it back to nuts and bolts here, one of the interesting things about BYD surpassing Tesla in revenue is that BYD sold more cars.
Global News Podcast
Erdogan calls Turkey protests 'evil' as unrest continues
When it came to EVs, they were pretty close to neck and neck, actually. But when you start talking also about hybrids and other passenger vehicles, that's where BYD really sold more individual vehicles.
Global News Podcast
Trump's tariffs explained
They're treading carefully, Sumi, and that's because they don't know what to expect out of this White House. Now, what investors want to hear is a concrete plan forward, what the strategy is. What they're hearing are the tactics President Trump and his inner circle plans on negotiating with some 70-plus countries. but they're not hearing what the strategy is to get to the end game.
Global News Podcast
Trump's tariffs explained
And Sumi, I'll remind you, consumer spending powers 70% of the U.S. economy. It's an overwhelming number.
Global News Podcast
Trump's tariffs explained
So this fear that goods coming into the United States could cost more because of tariffs, then businesses would either absorb that cost or pass it on to consumers, which could suppress consumer spending, that is top of mind for every business leader thinking about the health of their firm in the months and the years to come even.
Global News Podcast
Trump's tariffs explained
So investors on tender hooks at the moment, still feeling jittery, a bit yippy as President Trump characterized it yesterday, and trying to figure out what concrete plan and strategy they can hear from the White House.
Global News Podcast
Trump's tariffs explained
So when I ask that, I get a couple of different reactions, and a lot of it does depend on where people sit on the political spectrum. President Trump's broad narrative about being tough on China, about leveling the playing field, about making sure that other countries are paying to be in the U.S.
Global News Podcast
Trump's tariffs explained
market, are having fair, he calls fair, deals of trade with the United States, it's probably popular among his base. And people are willing to, as the president puts it, take a little bit of pain for long-term gain. But...
Global News Podcast
Trump's tariffs explained
There are a lot of folks in a lot of circles who are concretely worried about the price of goods rising in the United States on the heels of inflation that has really been an issue for households trying to balance their budgets since the COVID pandemic. And hidden today in the economic news was CPI data that came out at 8.30 Eastern this morning.
Global News Podcast
Trump's tariffs explained
showing some pretty encouraging data points both the core inflation number which strips out volatile food and energy prices and the headline inflation number which takes everything for the consumer price index actually came in better than expected showing a trajectory on inflation that fed officials would cheer the question is what happens next because immediately that data is backwards looking and it's not a really a trend line that we can account for if we suspect that these tariffs will stay in place and raise goods for average consumers
Global News Podcast
Trump's tariffs explained
Gone is the euphoria from yesterday's trading session when we saw all three major U.S. indexes rally to highs. Some not seen since 2020, some 2008. The NASDAQ, you have to go back to 2001. But sumi today is a different story. And the sell-off that we're seeing on Wall Street actually cuts in half those gains from yesterday. I want to draw a couple of goalposts for you.
Global News Podcast
Trump's tariffs explained
So right at this moment, we're seeing the S&P down 232 points. Now, at the session high today, it was down 103 points. At the session low, 341 points. So that shows you're sitting right about in the middle of the trading session today. But I want to point out, we saw an accelerated sell-off after the White House confirmed that China's effective tariff rate had gone up to 145%.
Global News Podcast
Trump's tariffs explained
There had been some question of whether the 125% increase was on top of the earlier issue 20% that the administration attributes to policing the fentanyl crisis. And sure enough, those stacked. So when we saw news that it was going to be 145% on China, we saw stocks sink even lower. Now, hear the president talk about strategy, because, Sumi, that is what investors want to hear.
Global News Podcast
Trump's tariffs explained
What is the path ahead? He said that there was going to be a transition cost. He said that there were going to be even transition problems. So investors want to know, is the transition problem the gains that have been sliced off yesterday's rally, or are there more to come? And that uncertainty has everybody on pins and needles here.
Global News Podcast
Trump threatens to escalate trade war with China
It seems from the bilat that he just held with Prime Minister Benjamin Netanyahu of Israel that he's occupying both lanes at the same time, that he is open to negotiations, but that he also intends on holding firm and that this is not about negotiating. And so for me, as a journalist now, I look to see what the president does beyond what he says. And
Global News Podcast
Trump threatens to escalate trade war with China
And what he has done in his meeting with Benjamin Netanyahu is apparently come to a deal. Netanyahu said that Israel will be eliminating the trade deficit with the United States. And he vowed to remove all trade barriers. So now we are looking to see how that holds up once that's been fully negotiated.
Global News Podcast
Trump threatens to escalate trade war with China
And if we begin to see other agreements come forward or if the president and his advisors say that they are standing firm.
Global News Podcast
Trump threatens to escalate trade war with China
It depends on how it moves forward. So certainly, and I'll run you through the back and forth that we've seen. You know, earlier this year, President Trump implemented 20 percent across the board tariffs on all Chinese goods coming into the United States. And again, we say as shorthand tariffs on China.
Global News Podcast
Trump threatens to escalate trade war with China
But what we mean is that it is an import tax on goods that come into the United States from China that's paid by the American importers. And extremely likely, in fact, economists say there's virtually no way around it. to be paid by U.S. consumers. And so we saw that number at 20 percent. Then last week on, quote unquote, Liberation Day, went up by 34 percent and they stack. So that's 54 percent.
Global News Podcast
Trump threatens to escalate trade war with China
And then President Trump today threatens an additional 50 percent, bringing what would be the total number on China to 104 percent. Obviously, that is a huge number. And that makes a lot of goods that Americans are accustomed to getting very cheaply more expensive.
Global News Podcast
Trump threatens to escalate trade war with China
Anxious and eager is how I would probably characterize that. Obviously, we're hearing some extremely deep concern here on the consumer level. We're seeing that also reverberating at the investor level. But investors look to be a bit stuck, looking to follow the lead of whatever tiny bits of information managed to drip their way out of the White House or out of the Trump administration.
Global News Podcast
Trump threatens to escalate trade war with China
And what that leads to is an incredibly volatile day. We saw wild swings on Wall Street and trading closes at 4 o'clock p.m. Eastern time. But really throughout the day from the opening bell at 9.30 a.m. Eastern until 4.30, we saw the Dow swing more than 2,500 points. We saw the Nasdaq trading in a range that looked to be about 10%.
Global News Podcast
Trump threatens to escalate trade war with China
From top to bottom, we are not accustomed to seeing those kinds of numbers. And as you mentioned or alluded to, there was a bit of a blip earlier when a Trump administration advisor was thought to have said that there could be a reprieve on the majority of countries' tariffs. But the White House came and said that that information was improperly characterized and that isn't what he said.
Global News Podcast
Trump threatens to escalate trade war with China
And then we saw markets continue to sink and then also float their way around inflation. various levels all day. So really, incredibly unusual day, a perplexing day, a difficult day as investors as well as consumers and business leaders and economists and a lot of folks try to wrap their head around the new policy.
Global News Podcast
EU agrees to boost defence spending
We are talking about the goods that are covered by the existing North American trade agreement that was negotiated during President Trump's first term in office. Now, to be clear, that covers around 50% of imports from Mexico and around 38% of imports from Canada. Wenn man die Mathematik macht, sieht man, dass es einen großen Teil der Produkte gibt, die beeinflusst werden.
Global News Podcast
EU agrees to boost defence spending
Und wiederum, das ist ein ein Monat langer Verabschiedung. Präsident Trump hat bemerkt, dass dieser Verabschiedung am 2. April verabschiedet wird. Und er hat auch gesagt, dass reziprikale Tarife auf Länder, die Tarife auf die Vereinigten Staaten impfen, beeinflusst werden. Wenn man fragt, was seine Meinung verändert hat, spricht er über Gespräche mit Fahrer-Makern über den letzten Tag oder zwei.
Global News Podcast
EU agrees to boost defence spending
Und erinnere dich, in dem Hin und Her, was wir gesehen haben, über welche Tarife verabschiedet werden und wann, die Fahrer-Makern waren die ersten, um einen Verabschiedung zu bekommen. Und sie haben darüber gesprochen, wie ihre Suppleichäne und wie ihre unteren Linien gestrahlt werden würden.
Global News Podcast
EU agrees to boost defence spending
Was Sie hier mit dem Hin und Her sprechen, mit der Unwahrheit, was auf, was weg ist, was verabschiedet wird, was vorliegt, wie geplant, wir sehen es in den Märkten reflektiert, mit diesem Wipplash, diesem Seesaw-Motion. Alle drei größten US-Indexe sind in diesem Moment runter. Und viele Unternehmen und Verbraucher werden gefragt, wie sie in den nächsten Monaten in ihren Unternehmen planen werden.