TLDR 

MARKET RECAP → The three-week market sell-off deepened Monday as investors feared tariff uncertainty could push the economy into recession—concerns Trump didn’t dismiss in a weekend interview.

VOLKSWAGEN AND STELLANTIS DODGE TARIFFS, BMW TAKES THE HIT → Volkswagen and Stellantis secured exemptions from Trump’s 25% tariffs under USMCA rules, while BMW faces levies, warning they will raise costs and stifle innovation.

MARK CARNEY ELECTED CANADA’S NEXT PRIME MINISTER → Former central banker Mark Carney won Canada’s Liberal leadership, vowing to stand firm against Trump’s tariffs. An early election may be on the horizon. 🇨🇦

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TODAY’S TOP NEWS

Volkswagen and Stellantis Dodge Tariffs, BMW Takes the Hit

Volkswagen and Stellantis secured exemptions from Trump’s 25% tariffs by meeting USMCA trade rules, while BMW braced for levies on its Mexico-made vehicles.

Stellantis praised Trump’s exemption and committed to expanding U.S. production, boosting its stock by 2%. BMW warned tariffs would hinder free trade and raise costs.

Analysts flagged BMW’s exposure, estimating a €400 million EBIT impact. With EU auto tariffs looming on April 2, uncertainty continues to shake the industry.

TODAY’S TOP NEWS

Mark Carney Elected Canada’s Next Prime Minister

🇨🇦 Former central banker Mark Carney won the Liberal leadership race with 86% of the vote, replacing Justin Trudeau as Canada’s prime minister during a heated trade standoff with the U.S. under President Trump.

⚖️ Carney, a political outsider, positioned himself as the best candidate to handle Trump’s tariffs, vowing to keep Canada’s retaliatory tariffs in place until the U.S. shows “respect.” His economic background helped revive the struggling Liberal Party.

📊 The Liberals, once trailing by 20 points, are now tied with the opposition Conservatives ahead of an upcoming election. With no party likely to secure a majority, Carney is expected to call an early vote in the coming weeks.

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