Thursday 3 April 2025
The Mighty Headlines
Economics: President Trump imposes global tariffs
Business: UK law firm makes bonus dependent on staff using AI
Markets: Tesla shares fall on plunging sales
Foreign Affairs: US-Mexico border crossings lowest on record
Security and intelligence: US sends B-2 bombers to Diego Garcia
Domestic politics: UK won’t retaliate against US tariffs
The Mighty Stats
FTSE = 8,608.48 (down 0.3%)
S&P 500 = 5,670.97 (up 0.67%)
Nasdaq = 17,601.05 (up 0.87%)
CAC40 = 7,836.23 (down 0.51%)
£1 = $1.30 / €1.19
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The Mighty Detail
Economics: President Trump has announced tariffs of 10 per cent on the UK, 20 per cent on the EU and 34 per cent on China. The tariffs take effect from today. A 25 per cent tariff on all cars imported to the US also applies from today.
Business: The UK law firm Shoosmiths has said that it will make a £1 million bonus pot available for staff who use AI. Under the initiative, employees will be required to use Microsoft’s AI “Copilot” tool a million times together over the next year. This is around four times a day for each employee. Shoosmiths said that using AI would give staff more time to spend “on human-to-human work.” Last year the firm made over £200 million in revenue.
Markets: Tesla stock fell yesterday after the company reported its worst sales in almost three years. Tesla sold 336,681 cars last quarter. This is down by 13 per cent and 50,000 fewer cars than in the same period last year. Tesla shares have fallen by 44 per cent since their all-time high in December.
Foreign Affairs: According to the US Government figures, the number of migrants caught crossing the US-Mexico border has dropped to its lowest level on record. In March, around 7,180 migrants were arrested. Over the last four years, the monthly average was 155,000 migrants.
Security and intelligence: Amid mounting tension in Iran, the US is reinforcing its capabilities in the Middle East. It is being reported that six B-2 bombers have arrived at the US-British military base on Diego Garcia. B-2 bombers have stealth technology and are capable of carrying nuclear weapons.
Domestic politics: The UK Chancellor, Rachel Reeves, has said that the UK would not retaliate against US tariffs. Speaking at the Treasury Committee, she said that the Government would “approach this in a clear-headed way.”
The Mighty Calendar
What’s happening today?
NATO Foreign Ministers meeting, Brussels
Labour Party’s local election launch
Culture Questions in the UK Parliament
UK, US, EU services growth data (March)
US trade data (February)
US jobless claims (weekly)
Lookahead to tomorrow
China and Hong Kong public holiday (Ching Ming Festival)
US Federal Reserve Chair speaks about US economic outlook
Fifth anniversary of Sir Keir Starmer becoming Labour Party leader
Eurozone industrial production data (March)
UK construction data (March)
The Mighty Finale
🌤️Weather today
Another sunny, dry day across the UK…except for Cornwall (strong winds and rain for you). High of 19C and low of 8C in London.
✏️Life coaching quote of the day
“It is never too late to be what you might have been.' – George Eliot, author
Mighty takeaway: It is not too late for you to start over if you wish. Make the most of your one life!
That’s it for this morning. Thanks for reading and we’ll see you tomorrow.
Cheerio!
The Mighty Memo team