Donald Trump announced that 25% tariffs on all steel and aluminium imports into America would go into effect on March 12th, granting no exemptions. Canada and Mexico are among the country’s biggest suppliers of the metals—although the measures will also hurt America itself. Mr Trump imposed similar levies during his first term, but eventually reached deals with many of the countries most affected.
Hamas said it would delay the release of more Israeli hostages. Under its ceasefire deal with Israel the militant group was due to free three of those being held captive this Saturday. It accused Israel of stopping displaced Palestinians returning to Gaza. Mr Trump called for an end to the truce if the hostages were not returned, warning that “all hell” would then break loose.
Mr Trump also said that Palestinians removed from Gaza under his plan for America to take over the enclave would have no right to return. He told Fox News that he hoped to persuade Egypt and Jordan to agree to take in displaced Palestinians, threatening to withhold aid if they didn’t. He said Gaza would become “a real-estate development for the future”.
Elon Musk and a group of investors offered to buy OpenAI, an American artificial-intelligence startup, for $97bn. Sam Altman, OpenAI’s boss, rejected the bid, which was first reported in the Wall Street Journal. Mr Musk and Mr Altman co-chaired OpenAI when it was founded as a charity in 2015, but Mr Musk left in 2019. He has since started a rival AI firm.
BYD, a Chinese electric-vehicle firm, unveiled a new self-driving system called “God’s Eye” that it plans to enable in almost all of its new cars. “Autonomous driving is for everyone,” said Wang Chuanfu, the company’s founder, who likened driver-assistance systems to seat belts and airbags. On Tuesday BYD’s shares surged by as much as 4.5%, briefly reaching an all-time high.
Kering, the French luxury group that owns Gucci, reported a 12% year-on-year drop in sales in the fourth quarter of 2024. Last week the conglomerate sacked Sabato De Sarno, Gucci’s top designer, in an attempt to boost the struggling fashion brand. Growth in the luxury sector has sputtered as middle-class shoppers in the West have been squeezed by high interest rates and cooling job markets.
America’s Department of Justice ordered federal prosecutors to drop a corruption case against Eric Adams, the mayor of New York City. Mr Adams was indicted in September and pleaded not guilty. He has been currying favour with Mr Trump for months, visiting him at Mar-a-Lago in January and attending his inauguration. He reportedly ordered his top officials not to criticise the president.
Figure of the day: 30%, the proportion of Sotheby’s total revenue which the auction house earned from private sales, up from 12% a decade ago. Read the full story.
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