India faces 50% tariffs

Imports into the U.S. from India will be taxed at 50% starting today. The steep levies comprise a 25% tariff intended to offset the U.S. trade deficit with India, plus a 25% punishment tariff because India continues to buy oil from Russia despite international sanctions intended to isolate Russia for its invasion of Ukraine. Before the war, Russian crude was 0.2% of India’s imports, according to the NY Times. In 2023, it was 45%.

Successful SpaceX Starship flight

Elon Musk’s space cargo company successfully conducted a test flight of the world’s largest and most powerful rocket, Starship, and its Super Heavy booster. The craft returned to Earth safely after a string of previous failures. The flight bodes well for NASA’s attempt to return astronauts to the moon in 2027 via a SpaceX vessel. 

Employers regain upper hand in job market

There is no longer a wage growth advantage for workers who switch into new jobs, according to research by Bank of America. For years, job hoppers tended to earn more, gaining pay rises as they accepted new roles, compared to those who stayed loyal to one company. But for the first time since 2010, that pay differential has been erased.

Piper Sandler warns of bond vigilantes

A new note from Piper Sandler warns that President Trump’s legally questionable attempt to fire Fed Governor Lisa Cook indicates that “the U.S. is moving away from free markets, limited government, and the rule of law at an astonishing pace.” If Congress won’t stop the President from politicizing the Fed, the note also reads, then “‘bond vigilantes’ will not save America from the developing problem.”

Investors unbothered by Trump’s war on the Fed

Meanwhile, investors are excited for a potential rate cut following Trump’s attempt to fire Cook. Jay Hatfield, CEO of Infrastructure Capital Advisors, told Fortune that “eliminating Fed incompetence is far more important than defending alleged Fed independence. The Fed has always been political; it’s only Trump who talks about it in public.”

Cracker Barrel shares jump 7% on logo reversal

Restaurant chain Cracker Barrel said on Tuesday it would revert back to its traditional “old timer” logo. It received days of withering criticism online for launching a new, modern-looking logo that ditched an image of an old man sitting in a chair next to a wooden barrel. President Trump praised the news. Shares in the company rose in after-hours trading and were up 7% this morning, premarket.

DOJ sued over Epstein files

The Trump Administration has been sued by a nonprofit group, the Democracy Defenders Fund, for allegedly failing to respond to its Freedom of Information Act request to release all documents the DOJ holds on the late billionaire Jeffrey Epstein that also mention President Trump.

S&P 500 futures were flat this morning premarket, after the index closed up 0.41% yesterday. STOXX Europe 600 was flat in early trading. The U.K.’s FTSE 100 was up 0.11% in early trading. Japan’s Nikkei 225 was up 0.33%. China’s CSI 300 was down 1.49%. The South Korea KOSPI was up 0.25%. India’s Nifty 50 was down 1.02% before the end of the session. Bitcoin rose to $110.6K.

First-of-its-kind Stanford study says AI is starting to have a ‘significant and disproportionate impact’ on entry-level workers in the U.S. by Nick Lichtenberg

Why every CEO—and every American—should be fed up with Trump’s Fed attack by Jeffrey Sonnenfeld and Stephen Henriques

Taylor Swift’s ‘amazing’ 8-carat engagement ring set Travis Kelce back $550,000, jewelry expert estimates by Eva Roytburg

The world’s youngest self-made billionaire says the secret to closing deals is exploiting investors’ greed and fear of missing out by Dave Smith

CEO Daily is compiled and edited by Joey Abrams and Jim Edwards.