Good morning. President Trump’s tariffs kick in and even Texas oilmen are unhappy. A Meta whistleblower testifies to Congress. And why it’s time (sorry) to sell your Rolex. Listen to the day’s top stories.

President Trump’s tariffs are now in place and, outside the confines of the White House and Mar-a-Lago, few people are cheering. But they could’ve been even higher if trade adviser Peter Navarro had had his way. Trump told a fundraising gala for House Republicans that the US was earning "$2 billion a day" and cast his sweeping levies as "legendary." Coming soon: His long-promised tariffs on pharmaceutical drugs.

China responded to Trump’s so-called reciprocal tariffs with levies of its own, sending stocks into another tailspin. But the rhetoric took a personal turn as Beijing called out Vice President JD Vance for his reference to Chinese peasants.

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Still, the warnings are piling up. In financial markets, look no further than what was described as a “fire sale” in Treasuries that sent borrowing costs soaring. Billionaire hedge fund manager Ray Dalio said investors are too narrowly fixated on tariffs and not paying enough attention to the “once-in-a-lifetime” breakdown in monetary, political and geopolitical orders.

In corporate news, Delta pulled guidance for the year’s earnings because of concerns about where global trade is headed.Virgin Atlantic is paring back its winter schedule for London flights to JFK and Seattle. That doesn’t bode well considering the travel and tourism industry is vital to the US economy, contributing $2.3 trillion in 2022 and supporting about 9.5 million jobs.

Trump's NASA nominee Jared Isaacman will tell senators he aims to prioritize missions to Mars, potentially clashing with lawmakers focused on returning to the moon. Questions will probably focus on his close ties to SpaceX and unconventional background. Down the hall, a whistleblower will tell Congress that Meta threatened US interests through its ties with China.

Deep Dive: Unhappy Oilmen

Oil pumpjacks in the Permian Basin in Midland, Texas. Photographer: Joe Raedle/Getty Images

Few were as supportive of Trump’s presidential campaign as Texas oilmen. But the man they helped elect has helped tank prices, and the industry is worried.

• Half of the 20 worst-performing stocks on the S&P 500 since Trump announced his tariffs are in the oil, gas and petrochemical sector. And crude prices have plunged to the lowest in four years (a surprise increase in supply from OPEC+ hasn’t helped either).
• Executives are loathe to boost US oil supply with prices down more than 20% since Trump’s inauguration. It’s now hovering under $60 a barrel, below the level they say they need for new wells to break even.
• Trump isn’t worried. In fact, he’s a cheerleader for lower crude prices because he thinks it will lead to cheaper gas at the pump.
• “It’s going to be in the $2.50-a-gallon range—and maybe below that,” Trump said Monday. Not yet it’s not. Gas prices are still well above $2.50 in most of the US.

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The Big Take

Trade wars, tariff threats and logistics shocks are upending businesses and spreading volatility. Understand the new order of global commerce with the Supply Lines newsletter.

Opinion

The trillions of dollars shed by markets in recent days should be ample proof of the foolishness of the White House’s tariff strategy, Bloomberg’s editors write. The costs of an escalating standoff with China, though, could be much higher. Washington ought to be looking for ways to dial back, not deepen, this pointless conflict.

Before You Go

Rolex luxury watches. Photographer: Jason Alden/Bloomberg

Good news for anyone stuck with a gold Rolex and looking for easy cash. Demand is rising for used timepieces as precious metal prices soar and collectors seek dressier models. Three gold items—two Day-Date models and the Datejust 16233—have climbed the most places since the 2022 launch of the Bloomberg Subdial Watch Index.

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