Good morning, Quartz readers!
HERE’S WHAT YOU NEED TO KNOW
Elon Musk is mad he didn’t get an invite to California’s upcoming EV party. The Tesla CEO is upset that market share limitations on a tax credit in the works would block his company from the benefit.
Subway’s CEO is getting off at the next stop. John Chidsey is resigning after five years at the sandwich chain.
Walmart is rolling back its diversity, equity, and inclusion efforts. It’s the latest — and biggest — company to lean into the DEI backlash.
The Trump bump Bitcoin rally is losing steam. The cryptocurrency is backing off record highs as investors take a breather on bidding it up.
Airlines are ripping you off with seat fees, the Senate says. A report from the Senate Permanent Subcommittee on Investigations calls out the industry for the billions it has raked in from the revenue stream.
Trump’s trade talk sounds scary…
Donald Trump is threatening to unleash huge tariffs on imported goods from Mexico, Canada, and his most hated point of origin, China. That might have some unintended consequences: The three countries contributed more than 40% of all American imports.
The immediate threat is to raise the cost of goods coming into the U.S. from those countries. Mexico and Canada by 25%; shipments from China would get a 10% surcharge. But those countries supply markets for everything from cars to couches to computers, and it’s not clear whether those numbers will come down in negotiations — or up because of a trade war.
How might consumers be affected by Trump’s trade policy aims? Quartz’s William Gavin explains the latest.
…but maybe it shouldn’t
While some observers are anxiously awaiting the chaos to be introduced by Donald Trump’s tariff threats, others have been slower to freak out. Lou Basenese, chief market strategist at Public Ventures LLC, thinks things won’t be as raucous as they seem.
The main reason he thinks that is because Trump’s pick for Treasury secretary, the investor Scott Bessent, could prove to be a moderating influence on the president-elect. “I think he’ll soften Trump’s tariff stance,” Basenese tells Quartz.
Is there reason not to fear the Trump-y trade talk? Quartz’s Andy Mills spoke to Basenese to find out.
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SURPRISING DISCOVERIES
Jesuit missionaries and 17th-century indigenous Americans bonded over their reverence for scent. Both groups’ belief systems were heavily dependent on their senses of smell.
Right-wing politicians are flocking to the personalized video platform Cameo. Matt Gaetz joins the likes of George Santos and Rudy Giuliani in giving greetings for tips.
NASA found an abandoned nuclear military base under Greenland. The U.S. and Denmark are worried that climate change could expose its waste to the elements.
One of Italy’s most iconic soccer teams got its colors from an English side. AC Milan founder Herbert Kilpin borrowed its red and black from a club in Nottingham.
Russian troops equipped a drone with a flamethrower. The invention is meant to thermite-spewing drones from Ukrainian forces.
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Our best wishes on a safe start to the day. Send any news, comments, tariff effect best guesses, and nuclear waste hideaways to talk@qz.com. Today’s Daily Brief was brought to you by Melvin Backman and Audrey McNamara.