Suit & Times Daily Briefing – April 29, 2025

What We’re Covering Today

• 🇺🇸 Trump’s First 100 Days: Big Moves, Mixed Results
  From sweeping executive orders to soaring tariffs, Trump’s early flurry of action leaves a complicated and still-unfolding legacy.

• ⚡ Massive Power Outage Cripples Spain and Portugal, Millions Affected
  A rare and severe electrical grid failure brought much of the Iberian Peninsula to a standstill, leaving officials scrambling for answers.

• 🚗 Major Automakers Push Congress to Block California’s 2035 Gas Car Ban
  Leading automakers are lobbying hard to stop California’s aggressive zero-emissions rules, warning of higher prices and fewer choices for drivers.

• 🛃 Bessent: It’s Up to China to De-Escalate Trade Tensions
  Treasury Secretary Scott Bessent says China must move first to resolve escalating tariff battles as negotiations inch forward.

• 🏛️ Trump to Sign Executive Order Targeting Sanctuary Cities
  The administration plans to publicly name jurisdictions defying federal immigration laws in a new push to pressure local governments.

📈 The Ledger

Tracking key market indexes to give you a pulse on global financial movements. 

These indexes cover U.S. markets, global equities, small-cap stocks, volatility, and economic trends, offering a snapshot of where the market is heading.

🔹 Why These Indexes Matter:

• Broad Market Trends: The S&P 500, Dow Jones, and Nasdaq show how major U.S. companies are performing.

• Volatility & Risk: The VIX measures market uncertainty and investor sentiment.

• Global Perspective: FTSE 100, Nikkei 225, and MSCI World reflect international market health.

Trump’s First 100 Days: Big Moves, Mixed Results

The Story: Trump’s First 100 Days: Big Moves, Mixed Results

WASHINGTON (AP) — President Donald Trump promised sweeping changes at a breakneck pace — and in his first 100 days back in office, he delivered plenty of action. But whether all that motion adds up to lasting progress remains an open question.

Armed with a Republican-controlled Congress, Trump has rapidly signed executive orders, rolled out tariffs, cracked down on immigration, and taken direct aim at American institutions from universities to the Pentagon. Some promises have been kept. Others are stalled, conflicted, or already facing legal challenges.

Here’s a closer look at Trump’s early record:

🔥 Rapid Action, Uncertain Outcomes

• Inflation: Trump declared victory over inflation as it fell to 2.4%, but economists warn that his aggressive tariffs could push prices higher again.

• Energy: Declared an energy emergency to boost production, but promised utility bill savings won't show up until next year — if at all.

• Debt: Trump vowed to pay off the national debt but his tax cut plans may instead deepen it, as they did in his first term.

🛂 A Hard Line on Immigration

• Border Crossings: Illegal crossings from Mexico have plunged to their lowest levels in years.

• Deportations: ICE has ramped up arrests and deportations — some without hearings — sparking due process concerns.

🏭 Tariffs Roil the Economy

• Trade Policy: Trump’s sweeping tariffs have rattled global markets, raised recession fears, and driven up consumer goods prices despite promises of prosperity.

• Stock Market: The S&P 500 remains about 14% below its peak, rocked by tariff announcements and threats to fire Fed Chair Jerome Powell.

🏛️ Bold Moves, Legal Battles

• Education: Trump froze billions in federal funds to universities like Harvard over "woke" policies and threatened their tax-exempt status.

• Culture: DEI programs have been gutted across federal agencies, with some awkward missteps — including mistakenly targeting historic materials for removal.

🏳️‍🌈 Rolling Back Rights

• Transgender Policies: Trump banned transgender athletes from girls’ and women’s sports teams and moved to block transgender troops from serving.

🚀 Musk’s Deep Government Push

• DOGE: The new Department of Government Efficiency, a Trump-Musk creation, has gutted federal staff but struggled to deliver the promised $1 trillion in savings.

🇺🇸 Pardoning Jan. 6 Rioters

• Day 1 Pardons: Roughly 1,500 January 6 defendants — including violent offenders — were pardoned by Trump on his first day back in office.

🌎 Environmental Rollbacks

• Energy Policies: Trump revoked nonbinding Biden-era EV goals but faces hurdles in rolling back California’s gas car phaseout without new congressional action.

Why It Matters

• Inflation Battle: Trump's tariffs may undo gains in lowering inflation.

• Global Stability: Tariff wars and failed Ukraine ceasefire efforts have rattled allies and investors.

• Domestic Strain: Bold immigration enforcement and culture war battles have deepened divisions at home.

• Legal Risks: Several key initiatives are tied up in court — meaning many wins could still be reversed.

🔗 Read the full story → APNews

Massive Power Outage Cripples Spain and Portugal, Millions Affected

The Story: BARCELONA, Spain (AP) — A widespread blackout swept across Spain and Portugal on Monday, halting trains, cutting phone networks, shutting down ATMs, and plunging millions into chaos across the Iberian Peninsula.

Spanish power distributor Red Eléctrica called the incident "exceptional and extraordinary," warning that full restoration could take six to ten hours. The company declined to immediately speculate on the cause, fueling public anxiety as disruptions spread.

Prime Minister Pedro Sánchez said early indications pointed to a "strong oscillation" in the European power grid but emphasized that a definitive cause was still under investigation. He urged the public to avoid speculation and to limit emergency calls to genuine crises.

🚦 Major Disruptions Across Both Countries

• Transport: Trains ground to a halt in many regions, leaving thousands stranded during morning commutes.

• Communication: Phone services were knocked offline in several cities.

• Infrastructure: Traffic lights failed, ATMs went dark, and businesses were forced to close.

🇪🇺 A Broader European Concern

• This is Europe's second major power incident in just over a month, following the March 20 Heathrow Airport fire in London.

• While officials across Europe are on high alert for Russian-backed sabotage, Portugal’s National Cybersecurity Center said there was "no sign" of a cyberattack.

• Teresa Ribera, the European Commission's vice president for clean energy, called the blackout "one of the most serious episodes recorded in Europe in recent times."

Why It Matters

• Grid Vulnerability: Exposes Europe's growing concerns about the stability and security of its critical infrastructure.

• Economic Disruption: The blackout stalled commerce, transportation, and essential services for millions.

• Security Watch: Highlights heightened European fears of external sabotage amid ongoing global tensions.

🔗 Read the full report → APNEWS

Major Automakers Push Congress to Block California’s 2035 Gas Car Ban

The Story: WASHINGTON (Reuters) — Some of the biggest names in the auto industry are urging Congress to stop California’s ambitious plan to phase out the sale of gasoline-only vehicles by 2035, warning the rules could disrupt vehicle shipments nationwide as early as this year.

The Alliance for Automotive Innovation — representing companies like General Motors, Toyota, Volkswagen, and Hyundai — sent a letter Monday stressing that automakers could soon be "forced to substantially reduce the number of overall vehicles for sale" to artificially boost electric vehicle (EV) sales percentages in states adopting California’s rules.

🚗 What’s at Stake

• California’s Targets: 35% of light-duty vehicle sales must be zero-emission by 2026, ramping up to 80% by 2035.

• Ripple Effect: Eleven other states, including New York, Massachusetts, and Oregon — representing about 40% of the U.S. auto market — have adopted similar standards.

• Industry Pushback: Automakers warn that the mandates will shrink vehicle options, drive up prices, and hurt consumers already grappling with 25% tariffs on imported vehicles and parts.

⚖️ The Congressional Battle

• Upcoming Votes: The U.S. House will vote this week on repealing the EPA waiver that allows California’s EV mandate.

• Legal Uncertainty: The Government Accountability Office said in March the waiver might not be revocable under the Congressional Review Act, complicating efforts to overturn it.

• Additional Actions: Congress is also preparing votes to block other California regulations targeting heavy-duty vehicle emissions and pollution standards.

🌍 California’s Argument

State officials argue the aggressive EV targets are vital for reducing greenhouse gas emissions and combating climate change. However, even some states aligned with California, like Maryland, have delayed full compliance beyond 2026 due to market concerns.

California initially outlined its clean car roadmap in 2020, setting a vision for at least 80% of new cars to be fully electric and the remainder plug-in hybrids by 2035.

Meanwhile, the Biden-era aggressive federal fuel economy rules are also under review, with the Transportation Department considering rollbacks under President Trump’s administration.

Why It Matters

• National Impact: California’s influence over the auto market could affect car choices and pricing across the entire country.

• Policy Precedent: Blocking the EPA waiver would dramatically shift how much autonomy states have to set environmental regulations.

• EV Industry Jitters: Automakers are already struggling to scale up EV production quickly enough to meet the strict sales thresholds.

🔗 Read the full report → Reuters

Bessent: It’s Up to China to De-Escalate Trade Tensions

The Story: Treasury Secretary Scott Bessent said Monday that China holds the key to cooling off trade tensions, amid growing global market volatility and uncertainty over new U.S. tariffs.

In an interview on CNBC’s Squawk Box, Bessent placed the burden squarely on Beijing, emphasizing that China's trade surplus with the U.S. makes current tariff levels of 120%-145% "unsustainable." He stressed that the White House is evaluating "very good proposals" from multiple countries and signaled a deal with India could be finalized soon.

Since President Trump’s April 2 announcement of sweeping tariffs, the U.S. has been negotiating with 15 to 18 trading partners. Bessent hinted that India would likely be one of the first nations to strike a new agreement with the U.S.

Bessent also noted that European nations are likely "in a panic" as the euro strengthens against the dollar, suggesting the European Central Bank may soon start cutting rates to curb the euro’s rise. Despite mixed signals from the White House regarding the status of U.S.-China talks, Bessent maintained that negotiations would not be conducted publicly through the media.

🧐 Why It Matters:

• Tariff Impact: New tariffs are destabilizing global markets and raising recession fears.

• India Trade Deal: A deal with India could show early diplomatic wins for the Trump administration.

• Europe’s Worries: A surging euro adds pressure on European central bankers amid U.S.-EU trade strains.

• Mixed Messages: Conflicting reports on U.S.-China negotiations add to uncertainty over global trade direction.

🔗 Read the full story → CNBC

Trump to Sign Executive Order Targeting Sanctuary Cities

The Story: President Trump will sign a new executive order Monday directing the federal government to publicly name and shame sanctuary cities that do not comply with federal immigration enforcement.

At an immigration-focused briefing marking his 100th day back in office, Press Secretary Karoline Leavitt said Attorney General Pam Bondi and Homeland Security Secretary Kristi Noem will be tasked with creating a list of jurisdictions obstructing immigration laws. The list will spotlight cities and states refusing to cooperate with federal immigration enforcement efforts.

Trump will also sign a second executive order aimed at boosting law enforcement powers to pursue criminals, with both orders scheduled for a 5 p.m. signing ceremony.

The move follows a federal court ruling last week that blocked a previous Trump order to cut federal funding from sanctuary jurisdictions, ruling it likely unconstitutional. Nonetheless, Trump’s administration is pressing forward aggressively with immigration crackdowns, showcasing over 100 recent ICE arrests during Monday’s event.

The White House says Trump will have signed over 140 executive orders in his first 100 days, emphasizing a fast-moving agenda focused on immigration, law enforcement, and trade.

🧐 Why It Matters:

• Public Pressure: Trump aims to publicly shame cities opposing federal immigration policies.

• Legal Battles: The administration’s prior efforts to defund sanctuary cities have already been blocked by courts.

• Law Enforcement Expansion: Trump pairs immigration crackdowns with broader law-and-order initiatives.

• Aggressive First 100 Days: Over 140 executive orders signed, showcasing Trump’s high-velocity return to power.

🔗 Read the full story → The Hill

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💡 That’s it for today’s briefing. Stay sharp, stay informed, and we’ll see you tomorrow!