Today’s Big Story

Trump Pledges New Tariffs

The president-elect said that he would impose across-the-board tariffs on Day 1

Following a lot of tough tariff rhetoric on the campaign trail, President-elect Trump pledged that immediately after taking office he will slap steep tariffs on Mexico and Canada, two of America’s closest allies, as well as China.

Posting on his Truth Social platform, Trump said that on the first day of his presidency he will charge Mexico and Canada a 25% tariff on all products coming into the U.S. He added in a separate social-media post that he would impose an additional 10% tariff on all products that come into the U.S. from China, though he didn’t specify whether that levy would come on his first day in office. Such a tariff would come on top of existing tariffs the U.S. has already imposed on Chinese goods. “This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!” he wrote.

According to experts who spoke to the New York Times, the tariff threats were a dramatic ultimatum against the three largest trading partners of the United States, and a move that threatens to sow chaos in America’s diplomatic and economic relationships even before Trump sets foot in the White House. News of the tariffs immediately set off alarms in the three nations, with the currencies of Canada and Mexico sliding against the dollar and a spokesman for the Chinese Embassy in Washington warning that “no one will win a trade war.”

Reuters reports that more than 83% of exports from Mexico went to the U.S. in 2023 and 75% of Canadian exports come here. These propsed tariffs also potentially spell trouble for overseas companies like the many Asian auto and electronics manufacturers that use Mexico as a low-cost production gateway for the U.S. market.

The U.S. is China’s largest trading partner on a single country basis, according to China customs data. The Asian country’s largest regional trading partners are the Association of Southeast Asian Nations and the European Union. China and the U.S. still have a “really important commercial and economic relationship,” Andy Rothman, investment strategist at Matthews Asia, told CNBC’s “Street Signs Asia”. He said that China is unlikely to take reciprocal action for now, and noted that Beijing has not typically responded aggressively. But plenty of fast fashion brands will be caught in the crossfire.

The ‘Busiest Thanksgiving Ever’

Record number of people to travel amid severe weather

Are you traveling for Thanksgiving this year? I am. In fact, I’m writing this newsletter somewhere over the Pacific Ocean, as I head from Tokyo to St. Louis, Missouri. And we’re not alone. According to AAA—even as severe weather threatens to disrupt travel—more than 80 million people are expected to travel during the long holiday weekend.

Stacey Barber, vice president of AAA Travel, told NPR that Thanksgiving is the busiest holiday for travel and records are expected to be set in all forms of transportation, even cruises. The Transportation Security Administration is preparing for the crush of hungry travelers, expecting to screen 18.3 million people from Tuesday, Nov. 26 to Monday, Dec. 2. They reminded Axios that “certain foods, such as gravy, cranberry sauce, wine, jam and preserves—which are considered liquids or gels—must be packed in a checked bag if they exceed 3.4 ounces.”

As if family stress and indigestion wasn’t enough, two major storm systems will potentially cause additional problems to much of the country, dumping rain and snow across communities and major cities. Already, 17,000 flights have been canceled or delayed because of severe weather since Friday. Be careful out there.

Formula 1 Expands

The allure of speed means the sport is getting bigger and more popular

Formula 1 confirmed on Monday that it has reached an agreement in principle with General Motors to add an 11th team to the grid for 2026, with the new outfit likely to be branded as Cadillac. ESPN said that the chance of the GM bid joining the grid “appeared to be dead in the water just months ago after initially being led by Andretti Global, but has now accelerated to being a fully-fledged team for the season after next.”

GM President Mark Reuss called F1 “the pinnacle of motorsports,” and told the Associated Press, “it’s an honor for General Motors and Cadillac to join the world’s premier racing series, and we’re committed to competing with passion and integrity to elevate the sport for race fans around the world.” The approval also ends years of wrangling that launched a U.S. Justice Department investigation into why Colorado-based Liberty Media, the commercial rights holder of F1, would not approve the team initially started by Michael Andretti.

If it seems like Formula 1 racing is suddenly everywhere, you’re not wrong. Its boost in popularity can be attributed to a potent blend of factors—a relentless pursuit of cutting-edge technology, the thrill of speed (and danger), not to mention a rich history with iconic names and a global reach that transcends borders. And many credit the Netflix docuseries “Drive to Survive” with introducing Formula 1 to a whole new generation of fans.

The Cost of Coffee Surges

Beans haven’t been this high in nearly three decades

Here’s a question: How many cups of coffee have you had today? Or maybe plan to have. Because the National Coffee Association says more Americans drink coffee each day—almost two-thirds of us—than any other beverage. Even water. But the cost of the beans for that cup of Joe recently touched their highest level since 1997.

And it’s all based on worries about crops in top growing regions, threatening to further raise costs for roasters and consumers. Arabica, the high-end variety favored for specialty brews, rose as much as 3% on Monday. According to Bloomberg, coffee prices have soared this year due to major supply disruptions in key producing countries from Brazil to Vietnam, with the more budget-friendly robusta type that’s used in instant drinks recently hitting the highest since the 1970s.

Concerns have mounted that supplies from Brazil will slow after a long drought that hurt coffee trees, which may reduce next season’s output. Coffee is grown in more than 50 countries, according to the U.S.-based National Coffee Association, but Brazil is the top producer worldwide, by far. Around 6.7 million acres of coffee bushes are spread across the country, which produced 63.4 million 60-kilogram bags of coffee in 2020. And if you buy your coffee at a shop, or enjoy a caffè mocha with a drizzle of chocolate syrup over a mound of whipped cream this time of year, brace yourself: Chocolate experienced its own price renaissance early in 2024.

Give the Gift of Great Skin

Get a head start on Onekind’s holiday sale with up to 50% off

We’ve been fans (and users) of Onekind’s skincare products for years now. They’re highly effective, thoughtfully formulated and feel great on the skin. The Dream Cream is a personal favorite—the soothing night cream goes on at the end of your nighttime routine and you wake up with noticeably brighter and smoother skin. But now I’m really interested in trying their newest products.

Santal Era is a new fragrance that comes in a rich, perfume oil perfect for the winter season. It combines notes of sandalwood and spices with sweet floral violet and warm leather and amber. They’ve also got a new set (serum, moisturizer and toner) that’s specifically engineered for stressed, damaged skin. It’s formulated to heal and hydrate your damaged skin barrier while targeting fine lines, loss of firmness, dark spots and premature aging. And during their holiday sale you can get them all at a 30 to 50% discount.

Take it one day at a time.