U.S. President Donald Trump on Wednesday raised hopes for another month-long pause on steep new tariffs on imports from Mexico and Canada, saying they could take effect on April 2, and floated a 25% “reciprocal” tariff on European cars and other goods.
Reuters
A White House official, however, said Trump’s previous March 4 deadline for the 25% tariffs on Mexican and Canadian goods remained in effect “as of this moment,” pending his review of Mexican and Canadian actions to secure their borders and halt the flow of migrants and the opioid fentanyl into the U.S.
Trump sowed confusion during his first cabinet meeting on Wednesday, when he was asked about the timing for the start of the duties for Canada and Mexico and replied that it would be April 2.
“I have to tell you that, you know, on April 2, I was going to do it on April 1,” Trump said. “But I’m a little bit superstitious, I made it April 2, the tariffs go on. Not all of them but a lot of them.”
Trump’s comments prompted jumps in the value of the Canadian dollar and Mexican peso versus the greenback.
Canadian Innovation Minister Francois-Philippe Champagne told reporters that Canada would wait for signed executive orders from Trump before reacting.
“Our mission is still to avoid the tariffs, extend the suspension if we need to,” Champagne said. “We are prepared – there will be a targeted, strategic but a firm response” if Trump imposes tariffs.
Mexico’s Economy Ministry declined to comment on Trump’s remarks, but said Economy Minister Marcelo Ebrard will meet on Thursday with newly confirmed U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick on Friday.
Lutnick told the cabinet meeting that the fentanyl-related actions were paused for 30 days but referred to “overall” tariffs on April 2. He did not specify whether the March 4 deadline remained in effect.
“So the big transaction is April 2, but the fentanyl-related things, we’re working hard on the border,” Lutnick said. “At the end of that 30 days, they have to prove to the president that they’ve satisfied him in that regard. If they have, he’ll give them a pause, or he won’t.”
Trump has targeted early April for imposing reciprocal tariffs matching import duty rates of other countries and offseting their other restrictions. His trade advisers consider European countries’ value added taxes to be akin to a tariff.
Trump, asked whether he has decided on a tariff rate for goods from the European Union, replied: “We have made a decision, and we’ll be announcing it very soon, and it’ll be 25%, generally speaking, and that’ll be on cars, and all of the things.”
He said the EU is a “different case” from Canada and takes advantage of the U.S. in different ways.
“They don’t accept our cars. They don’t accept, essentially our farm products,” Trump said, adding that the EU was formed “in order to screw the United States.”
A European Commission spokesperson said the EU “will react firmly and immediately against unjustified barriers to free and fair trade,” including for tariffs that challenge legal and non-discriminatory policies.
“The European Union is the world’s largest free market. And it has been a boon for the United States,” the spokesperson said.
Roberta Metsola, president of the European Parliament, was planning to meet with U.S. lawmakers in Washington on Wednesday, but not with any Trump administration officials.
Also on Wednesday, the U.S. Senate voted 56-43 to confirm Greer as U.S. Trade Representative, putting a veteran of the Republican president’s first-term trade wars fully on the job.
Greer, who served as chief of staff to former USTR Robert Lighthizer, won the support of five Democrats, including both senators from Michigan, the center of the U.S. auto industry.
Trade groups welcomed Greer’s confirmation, lauding his commitment to consulting with industry and standing up for U.S. businesses, farmers and workers. “We share Ambassador Greer’s desire for an active and pragmatic trade policy that creates U.S. jobs and more resilient supply chains,” said Jake Colvin, president of the National Foreign Trade Council.
Greer told senators during his Senate confirmation hearing that he wanted to quickly renegotiate the U.S.-Mexico-Canada Agreement on trade to ensure China does not use it as a back door to the U.S. market to avoid other tariffs.
“Right out of the gate, I expect that we’ll be taking a second look at the USMCA,” Greer said.
Asked what changes he would like to see in the pact, Greer zeroed in on further tightening automotive content rules.
“I think we should look at the rule of origin for automobiles and aerospace and other things to look and see if we need to have any kind of restriction on content or value added from foreign countries of concern, or non-market economies,” he said, using language that U.S. trade officials often use to describe China.
Clean cosmetics brand Winky Lux announced on Wednesday the appointment of Lauren Bloomer as its new chief executive officer.
Lauren Bloomer, left, Natalie Mackey – Courtesy
The move follows a period of expansion at the New York-based company, including a majority investment from Core Industrial Partners in July 2024.
With the appointment of Bloomer, co-founder Natalie Mackey will continue to drive the brand’s creative evolution as creative director.
“I am honored to join a brand as spirited and innovative as Winky Lux,” said Bloomer.
“Working closely with Natalie, whose creative vision has been the heartbeat of this company from day one, I look forward to building upon its strong foundation. Together, we will further ignite the brand’s growth, ensuring that each new chapter reflects our commitment to quality, creativity, and fun.”
A consumer goods and beauty expert, Bloomer brings more than 23 years of expertise in brand strategy, omnichannel growth, and team leadership to Winky Lux.
Before joining Winky Lux, the executive served as president of the Good Glamm Group, where she oversaw international expansion and served as a board member for WYN Beauty by Serena Williams. She also spent 14 years at the Estee Lauder Companies, where she held leadership positions at Becc Cosmetics, the Estee Lauder brand, and Clinique. She also held previous positions at the Clorox Company and the Boston Consulting Group.
“I have always believed that great leadership fuels creative innovation,” said Mackey. “After an extensive search for a visionary leader who shares our passion for redefining beauty, I am thrilled to introduce Lauren as our new CEO. This decision is a pivotal step for Winky Lux as we continue to grow while staying true to our core values of Joy, Playfulness and Community.”
Founded in 2015 by Natalie Mackey and Nate Newman, Winky Lux is an innovative beauty brand that offers “clean, joyful” makeup.
E-commerce firm eBay forecast first-quarter revenue below Wall Street estimates on Wednesday, signaling weak demand for products such as collector’s items and refurbished goods, sending its shares down 7% in extended trading.
Ebay
High interest rates and persistent inflation have hampered U.S. consumer spending for two years, leading to sluggish demand for non-essential items such as collectibles and luxury accessories.
The e-commerce company has been pressurized by decreasing advertising revenue and faces intense competition from Amazon, opens new tab and China’s Alibaba Group, opens new tab, the B2B online marketplace.
The elimination of selling fees for consumer-to-consumer sellers for all items excluding cars sold domestically in the UK is also expected to pressure eBay’s take rate, which is how much money a business makes from a transaction.
The company expects revenue in the range of $2.52 billion to $2.56 billion for the first quarter, compared with analysts’ average estimate of $2.59 billion according to data compiled by LSEG.
EBay expects gross merchandise volume, a key industry metric that denotes the total value of goods and services sold on the marketplace, between $18.3 billion and $18.6 billion for the quarter, below estimates of $18.8 billion.
Revenue for the fourth quarter ended December 31 was $2.58 billion, compared to analysts’ average estimate of $2.57 billion according to data compiled by LSEG.
Off-price retailer TJX Cos on Wednesday forecast annual comparable sales growth and profit below Wall Street estimates amid concerns of muted consumer spending, even as it beat expectations for the crucial holiday quarter.
TK Maxx
TJX’s tepid forecast follows cautious annual projections from retailers, including behemoth Walmart and home improvement chains Home Depot and Lowe’s.
“Per usual, (TJX) followed up the (quarterly) beat with what we expect will be conservative guidance,” said BMO Capital Market analyst Simeon Siegel.
“We continue to believe TJX wins because they are becoming an increasingly important value option for consumers.”
U.S. customer spending has taken a hit from high interest rates and persistent inflation for two years. The uncertainties in the economy are exacerbated by President Donald Trump‘s new tariff on Chinese goods and proposed levies on some other countries.
However, executives at TJX — which sources its products globally, particularly from China, India and southeastern Asia — said direct imports from China are an “extremely small percentage” of its business, with a possibility for higher costs only in the short or medium term.
“Fiscal 2026 guidance assumes a small negative impact on the first half of the year from the current China tariffs on merchandise that we were committed to,” Chief Financial Officer John Klinger said on a post-earnings call.
Shares of the TJ Maxx parent were up nearly 4%, after it also announced a plan to repurchase shares worth $2 billion to $2.5 billion during fiscal 2026.
TJX expects comparable store sales to grow between 2% and 3% during fiscal 2026, compared with analysts’ average estimate of a 3.4% rise, according to data compiled by LSEG.
It forecast annual earnings per share of $4.34 to $4.43, compared with the estimate of $4.59.
Net sales of $16.35 billion for the quarter ended February 1 beat the estimate of $16.20 billion.
Its per-share profit of $1.23 was also above analysts’ expectation of $1.16.
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