zerohedge @zerohedge
Top Overnight News
Donald Trump’s team is still finalizing plans for reciprocal tariffs to be unveiled at 4 p.m., people familiar said. Proposals include a tiered system with a set of flat rates for countries and a more customized plan. Scott Bessent told lawmakers the tariffs will start at their highest level and countries can then take steps to bring them down. BBG
Planned new U.S. tariffs could have a huge impact on world trade, Bank of Japan Governor Kazuo Ueda said on Wednesday, warning of a possible hit to global growth hours before President Donald Trump is set to unveil reciprocal tariffs. RTRS
A group of 50 Republican and Democratic senators introduced a sanctions package to hit Russia and countries that buy its oil if President Vladimir Putin refuses to engage in good-faith ceasefire negotiations with Ukraine or breaches an eventual agreement: BBG
Walmart Inc. is continuing to push Chinese suppliers to cut prices by 10% to offset President Donald Trump’s tariffs, even after Beijing officials summoned the US retailer’s executives last month to discuss the issue. BBG (Ed. Note: WMT bet the farm on Chyna. Might've been a bad bet.)
Democrat wins the Wisconsin judicial race by ~9 points, a solid victory and one that raises a red flag for Republicans. Also, Republicans easily won both Florida special House elections, as expected, although the GOP underperformed the Nov margins of victory, raising potential warning signs for the party. Politico (Fraud, Inc. in 5 counties wins again)
Izzy Englander’s Millennium Management and Ken Griffin’s Citadel lost money last quarter even as other hedge funds gained: BBG
China has taken steps to restrict local companies from investing in the US ahead of new tariffs, people familiar said. Several branches of China’s top economic planning agency have been instructed in recent weeks to hold off on registration and approval for such firms. BBG
China highlighted US farmers and tech companies as beneficiaries of economic ties in the Communist Party’s official newspaper, an apparent appeal to cool trade tensions ahead of tariffs. BBG
China held a second day of drills around Taiwan, involving “precision strikes” on simulated targets including ports and energy facilities. BBG
Israel will broaden its ground operations in Gaza and turn seized land into buffer zones. Meanwhile, the Pentagon is deploying a second carrier to the Middle East as the US continues its strikes against Houthi rebels in Yemen. BBG
US crude inventories jumped by 6 million barrels last week, the API is said to have reported. That would be the biggest surge in eight weeks if confirmed by the EIA today. Supplies at Cushing climbed for the first time in four weeks. BBG
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