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Bessent strikes defiant tariff tone as he rejects US recession

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US Treasury Secretary Scott Bessent on Sunday struck a defiant tone in the face of global financial markets selling off sharply in response to new US tariffs, arguing the new duties were necessary and rejecting the idea that they would cause a US recession. 

“I see no reason that we have to price in a recession,” Bessent told NBC’s Meet the Press with Kristen Welker

Bessent gave no indication that President Donald Trump was willing to back down on the sweeping new tariffs he introduced last week. He said more than 50 countries had called the administration seeking negotiations, but any talks are going to take time. 

From the US perspective, other countries “have been bad actors for a long time,” Bessent said, adding that the issues could not be negotiated away in a matter of days or weeks. 

“We’re going to have to see what the countries offer and if it’s believable,” he said. “I think we are going to have to see the path forward.” 

He added, “After decades of “bad behavior you can’t just wipe the slate clean.” 

Bessent’s efforts to calm the markets came the day after an additional 10% duty on all US imports went into effect Saturday. Additional tailored tariffs of up to 50% are due to go into effect on imports from roughly 60 countries on Wednesday. 

The announced tariffs will take US import taxes to their highest level in more than a century and have prompted widespread downgrades in growth expectations for the US and global economies. Economists at JPMorgan on Friday said they now expect the US to slip into a recession this year. 

Trump, who has spent the weekend fielding phone calls and competing in the club championship at his Florida golf club, has said he wants to reshape the global economy in America’s advantage. He argues that the tariffs will bring a wave of new investments as companies build new factories in  the US, bringing jobs and wealth home to the US. 

The main target of his ire is a US trade deficit in goods that topped $1 trillion last year. In the past two trading days US equities lost $5 trillion in value as investors sold off stocks in anticipation of a US and global economic slowdown.

This story was originally featured on Fortune.com



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Volunteer days are vital to employees’ wellbeing…and your business—this CEO explains why

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‘Making a difference together’: Dift helps partners including Accor and BNP Paribas combine social impact with emotional marketing

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Consumers value companies that create meaning, as do employees. This growing demand has created opportunities for platforms to facilitate meaningful corporate engagement through innovative solutions that give back to society.

French startup Dift is one example, with a platform that helps companies reward their clients and employees with donations that support social and environmental causes of their choice — joining the dots between marketing and impact.

Originally called Captain Cause, Dift rebranded in 2024. The new name is a contraction of the “don” (the French word for “donation”) and “gift”, which the startup hopes will become ubiquitous enough to turn into a verb.

“Our dream at Dift is for as many people as possible to discover local causes that resonate with them. Because we know that giving makes people happy,” Dift cofounder and CEO, Georges Basdevant told Fortune. “To achieve this, we have a message for all Chief Marketing Officers of visionary brands: Have you considered involving your customers in your impact initiatives?”

Basdevant may be a dreamer appealing to visionaries, but he is also a doer. So is Dift president and cofounder Frédéric Mazzella, who previously cofounded French ridesharing unicorn BlaBlaCar in 2006.

With 80 million passengers in 2023, BlaBlaCar is now one of Europe’s top scaleups (although it has no plans to IPO just yet). But the carpooling app hit plenty of bumps along the road, and only reached profitability in 2023 after a “pretty rough” pandemic.

This taught Mazzella a thing or two about navigating uncertainty, and how some fundamentals, like people’s instinct to connect and contribute, never change. That’s why he’s betting that even in tough times for companies and households, Dift’s model will find its footing.

“Crisis or not, one thing remains clear: the expectation for businesses to align profit with purpose is here to stay. This is a fundamental trend—90% of consumers expect brands to take action, according to a Oney study,” Mazzella said.

Brands are listening, too. Dift is only three years old, but has already secured major customers such as Accor, Carrefour, Engie and FDJ. This also helped it expand its reach beyond France; Accor’s loyalty program ALL, for instance, has more than 100 million members worldwide.

The use case itself is both simple and impactful: Thanks to Dift, ALL members can use their points to support causes, such as providing clean water to areas in need or helping unemployed people train for new job opportunities.

According to Accor’s Chief Loyalty & E-commerce Officer, Mehdi Hemici, the initiative has raised over 225,000 euros since its inception. “By integrating sustainability into our loyalty program, we are redefining how travel and purpose can go hand in hand.”

For companies, this also ensures that impact is not only a cost center. There is business value to be derived from emotional marketing, which can also be more efficient. “It creates a new bond between companies and their clients based on action around a shared purpose,” said Mazzella.

The trend is expanding to financial giants too: Dift distributed more than €10 million to date, and recently expanded its reach through a partnership with BNP Paribas. The bank had already introduced a mechanism to incorporate a donation component into its financial products, which Dift will now help scale.

According to Youri Siegel, Head of BNP Paribas Global Markets Sustainable Structuring, the goal of the initiative is to “encourage philanthropic engagement among both institutional and retail investors, enabling them to make a positive impact through their investments.”

Dift has impact embedded into its DNA, while being VC-compatible: In 2022, this ‘mission-driven company’ raised a €3.5 million seed round led by VC firm OneRagtime, with participation from MAIF Impact, Daphni, AFI Ventures and VNV Global. “As Patagonia shows,” said Basdevant, “nothing brings people together more than making a difference together.”

This story was originally featured on Fortune.com



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Dow futures climb as stocks point higher after Trump issues temporary tariff exemptions on key tech imports

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  • US stocks were poised for more gains heading into a new trading week after a series of wild swings last week as investors navigated the latest twists and turns in President Donald Trump’s trade war. Late Friday, his administration unveiled tariff exemptions, but he warned they are temporary.

Stock futures pointed higher Sunday night, signaling more gains after markets endured a series of wild swings last week as President Donald Trump’s tariff regime has been a moving target.

Futures for the Dow Jones Industrial Average rose 124 points, or 0.31%, while S&P 500 futures were up 0.58%, and Nasdaq futures jumped 0.85%.

The yield on the 10-year Treasury was little changed at 4.497%, and the US Dollar Index ticked 0.24% lower, though the greenback gained 0.14% against the euro.

US crude oil prices dipped 0.26% to $61.34 a barrel, and Brent crude fell 0.29% to $64.57 as fears of a tariff-induced global recession weighed on energy demand forecasts.

Early last week, stocks tumbled as markets continued to reel from Trump’s aggressive “Liberation Day” tariffs, then they soared when he announced a 90-day hold for most of them. But stocks sank later as China retaliated but rallied on Friday.

Then in a notice published late Friday night, US Customs and Border Protection issued new guidance on his so-called reciprocal tariffs, carving out exemptions for smartphones, chips, as well as other top consumer electronics and tech components.

Wedbush analyst Dan Ives called the exemptions the “best possible news for tech investors,” allowing Apple, Nvidia, Microsoft and tech giants to breathe a sigh of relief.  

But on Sunday, Trump and administration officials warned the reprieve is only temporary as new duties will hit tech imports, though presumably the rates won’t be as high as the 145% level China faces.

While Trump can give stocks a boost, bond and currency markets may not be so easily impressed as they rapidly de-dollarize.

That’s as US assets that were traditionally viewed as safe havens are losing that status amid a shift away from the dollar, with former Treasury Secretary Larry Summers warning that US bonds are trading like those of an emerging market nation.

“The market is rapidly de-dollarizing,” George Saravelos, global head of FX research at Deutsche Bank, said in a note this past week, adding that “the market has lost faith in US assets, so that instead of closing the asset-liability mismatch by hoarding dollar liquidity it is actively selling down the US assets themselves.” 

This story was originally featured on Fortune.com



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