Trump Delays Tariffs on Autos; Germany Sends Bonds Spiraling

On today's podcast:

1) President Trump hits reverse on auto tariffs for Canada and Mexico for now. The Trump administration is exempting automakers from newly imposed tariffs on Mexico and Canada for one month, following pleas from industry leaders. The exemption applies to auto parts that comply with the USMCA trade pact. It comes as the president's set to meet with US tech leaders Thursday, whose companies also face the possibility of import tariffs and stricter export rules.

2) European leaders gather for an emergency summit on military defense. European leaders meet in Brussels for emergency talks on Ukraine and defense spending. They are discussing an EU proposal to unlock as much as €800 billion of funds across the bloc. Germany will seek a constitutional amendment to exempt defense from its budget limit.

3) A global bond selloff continues following Germany's historic spending plans. A global bond selloff continued due to Germany's spending plans, which are expected to reshape growth outlook on the continent. Investors are reacting to Germany's move to unlock hundreds of billions of euros for defense and infrastructure investments, which is expected to boost its economy and spill over to neighboring countries.

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