Markets’ Reprieve Proves To Be A Mirage Amid Tariff Saga

The millions of people who rely on medical devices like hearing aids or insulin pumps could face higher prices due to President Donald Trump’s tariffs.

Unlike pharmaceutical companies, medical device makers did not get a carveout from the levies. Some 40% of all devices are manufactured overseas, including in Mexico and Europe, which now face tariff rates of 25% and 20%, respectively. Even devices manufactured in the U.S. may require imported parts, which could be subject to tariffs.

The CEO of one health system based near Seattle told Forbes its costs could go up $10 million to $25 million a year due to tariffs. “The healthcare supply chain is fragile,” says Erik Wexler, CEO of Providence.

FIRST UP

Stock markets experienced tariff whiplash Monday, ending the day mostly down after a whirlwind trading session. All three indexes fell dramatically at opening, but then reversed course after an unsubstantiated claim circulated on social media saying the White House would pause the tariffs for 90 days before the Trump Administration called it “fake news.”

Bitcoin’s post-election gains were briefly erased Monday, as the token is one of several that has declined in value in recent days after Trump’s tariff announcement. The tariffs have wiped about $290 billion from the global crypto market’s aggregate capitalization since April 2, despite Trump’s embrace of the crypto industry.

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BUSINESS + FINANCE

The tariff saga continues, as Trump threatened to impose an additional 50% tariff on China, and the European Union is reportedly considering a 25% import tax on some U.S. goods. The White House already imposed one of the harshest levies on China, at 34%, on top of a 20% tariff imposed earlier this year, meaning the tax would climb to 104% under Trump’s latest threat.

WEALTH + ENTREPRENEURSHIP

Denise Prenosil, the ex-wife of Dick’s Sporting Goods Chairman Ed Stack, is now one of the richest women in America, thanks to the company’s incredible post-pandemic run. Prenosil is worth an estimated $1 billion as shares of the sporting goods chain soared more than 850% over the past five years.

The U.S. lags when it comes to privately financed infrastructure, but Michael Dorrell, CEO of infrastructure investment firm Stonepeak, has turned the market into a bonanza. Stonepeak manages a $72 billion infrastructure portfolio that includes wind farms, broadband service and fiber providers, and Forbes estimates Dorrell is now worth $8.5 billion.

MONEY + POLITICS

The Supreme Court voted 5-4 to block a district court judge’s order barring the Trump Administration from deporting Venezuelan migrants to El Salvador, but said that from now on, detainees under the Alien Enemies Act must receive notice that they are subject to removal and be given “a reasonable time” to challenge their deportation in the proper venue.

President Donald Trump’s tariff policies threaten his gains from his social media venture: After announcing the plans last week, Trump’s stake in the parent company of Truth Social plummeted about $260 million to $1.9 billion. But Trump is still ahead, since he invested no money in the business at the outset, and it has a super-high valuation relative to its underlying financials.

TRENDS + EXPLAINERS

If you’ve looked at your retirement or brokerage account the last few days, it probably hurt. But the losses you’re seeing don’t translate for tax purposes unless you sold investments. To figure out the realized gain or loss, subtract the basis (how much you paid for an asset) from the sale price.

DAILY COVER STORY

Meet The French Billionaire Amazon Trusts With Its Trickiest Logistics

French logistics company ID Logistics took a hit from President Donald Trump’s tariffs last week, and its billionaire founder and CEO Eric Hémar lost $200 million. It’s no surprise given that ID is caught in the middle of the international showdown.

ID—which manages the flow of goods in and out of warehouses for companies like Amazon and Inditex, packaging items before they’re shipped to consumers—is the leading logistics company in France, and also has a presence in 18 other countries. Approximately 70% of its $3.6 billion in revenue comes from outside of France, with the greatest share from Poland, followed by the U.S., then Spain and Portugal.

But Hémar doesn’t appear to be rattled. When asked about the tariffs, he responded calmly. “My business is domestic,” he said, “Where I am directly concerned is that my business is…