Markets rocked by trade war fears

Plus, Trump's meme coin made nearly $100 million in trading fees.

Sign up for Reuters newsletters  Daily Briefing Daily Briefing By Kate Turton Entities behind Trump's crypto coin accumulate close to $100 million in trading fees, the Biden administration slowed Ukraine arms shipments, and tariffs trigger a stocks slump. Plus, Beyoncé wins top Grammys prize for first time. Today's Top News   Some ethics experts criticize Trump's potential conflict of interest in crypto. REUTERS/Kevin Lamarque/File Photo United States Entities behind President Donald Trump's crypto coin have accumulated close to $100 million in trading fees in less than two weeks, according to estimates from three blockchain analysis firms, a large windfall from a venture that has seen tens of thousands of small traders lose money. Trump said the sweeping tariffs that he has imposed on Mexico, Canada and China may cause "short term" pain for Americans. Europe breaking news correspondent Alun John speaks to the Reuters World News podcast about how markets are reacting to the news. Billionaire Elon Musk, who is heading Trump's drive to shrink the federal government, says work is underway to shut down the US foreign aid agency USAID. South African President Cyril Ramaphosa said that he looked forward to engaging with Donald Trump after the US president said he would cut off funding for South Africa, citing land confiscations. Officials have positively identified 55 of the 67 people killed in Wednesday's midair collision between an American Airlines passenger jet and a military helicopter over the Potomac River in Washington, D.C. In other news The Israeli military blew up buildings in the Jenin refugee camp in the occupied West Bank in an operation that the Palestinian state news agency said leveled around 20 buildings. Schools remained shut and additional flights were scheduled to help people leave the Greek island of Santorini as dozens of tremors shook the popular holiday destination for a fourth day. Australia's government carved out an exemption for YouTube when it passed laws banning social media access for children under 16, but some mental health and extremism experts say the video-sharing website exposes them to addictive and harmful content. Business & Markets   Investors bought dollars, sold stocks and fretted about inflation in a scramble to assess the risk of a trade war after Donald Trump put tariffs on top US trading partners. Oil prices rose, though gains were capped by concern over what could be an economically damaging trade war. Shares in some of the biggest European carmakers plunged Trump imposed the levies, raising concern over possible duties on EU imports. In Asia, shares of Japanese and South Korean car makers and their suppliers led declines. Dry weather has forced grains exchanges in Argentina, the world's top exporter of soy oil and meal and the No. 3 for corn, to cut their forecasts for the current crop, though farmers say the reality is likely worse. DeepSeek's emergence is changing the landscape for AI, offering companies access to the technology at a fraction of the cost, according to interviews with more than a dozen startup executives and investors. It also has the potential to push other AI companies to improve their models and bring down prices. Lawyers for Alphabet's Google and "Fortnite" maker Epic Games are set to square off before a US appeals court in California, as Google tries to undo a jury verdict and a judge's order forcing it to revamp its app store. Under Biden, internal debate and stockpile concerns delayed weapons to Ukraine   Ukraine received its first F-16 fighter jets more than a year after requesting them. REUTERS/Valentyn Ogirenko With Trump back in office, weapons supplies to Ukraine could be halted at any time. While Biden sped up deliveries after the US election, his final year in office was largely marked by delays caused by congressional inaction and months long internal debates. Adding to the confusion was a chaotic weapons-tracking system. Read our special report And Finally... Beyoncé's win came on her fifth nomination in the album category. REUTERS/Mario Anzuoni Beyoncé scored the top prize at music's Grammy Awards on Sunday, taking album of the year for the first time in her career with her country record "Cowboy Carter," at a ceremony that delivered a love letter to wildfire-ravaged Los Angeles. Read more Sponsors are not involved in the creation of newsletters or other Reuters news content. Advertise in this newsletter or on Reuters' website Reuters Daily Briefing is sent 5 days a week. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. Want to stop receiving this email? Unsubscribe here. To manage which newsletters you're signed up for, click here. Terms & Conditions and Privacy Statement © 2025 Thomson Reuters. All rights reserved. 3 Times Square, New York, NY 10036