Office of the U.S. Trade Representative to impose a 25% tariff on certain Brazilian goods.

SEB chief economist Jens Magnusson said President Trump has issued a string of conflicting signals on major foreign-policy issues in recent days: ceasefires alternately holding and collapsing; negotiations starting and stopping; the Strait of Hormuz described as both closed and open; shipping through the strait alternately exempted from tariffs, then taxed, then restored to exemption. Magnusson said these shifts all occurred within a few days since last Sunday and that Trump’s prime-time address on Thursday is expected to cover a wide range of topics.

Federal Reserve Chair Kevin Warsh said if AI delivers disappointing returns, most AI-related capex can be repurposed for other uses.