Good morning. The world will tune into the Rose Garden this afternoon. Things aren’t going to plan for Elon. And Hollywood mourns a caped crusader. Listen to the day’s top stories.

Donald Trump’s team is still hashing out options for its long-awaited reciprocal tariff, people familiar said. Multiple proposals are under consideration, including a tiered tariff system and a customized reciprocal plan. How to trade it? No one really knows. We’ll just have to listen what the president says in the Rose Garden at 4 p.m. local time. As one big name in economics put it, the world is “flying blind.”

When money doesn’t always work. Elon Musk's candidate, Brad Schimel, lost a Wisconsin judicial race despite Musk pouring millions into the campaign. Susan Crawford won 55% to 45%. Watch her victory speech here. Better news for the GOP in Florida, where they held onto two House seats albeit with smaller margins than in November. 

And more disappointment is set to come Musk’s way today. In further proof that some of the world is souring on Tesla, first-quarter deliveries are expected to total about 390,000 units, down from earlier projections of more than 460,000. The big EV winner these days is China’s BYD.

Israel will broaden its ground operations in Gaza and turn seized land into buffer zones. On the ground, residents reported that bombing from the air, sea and land has continued for much of the morning. Here’s a reminder why Trump’s plan for Gaza isn’t going down well. Meanwhile, the Pentagon is deploying a second carrier to the Middle East as the US continues its strikes against Houthi rebels in Yemen.

Manhattan home sales had a strong start to the year as a bigger share of buyers chose to bite the bullet. “The consumer, if they can afford it, is not waiting anymore for rates to fall,” according to Jonathan Miller of appraiser Miller Samuel. But one Fed official warned that a slowdown in consumer spending due to tariff-related uncertainty could have negative consequences for the broader economy.

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Deep Dive: Getting Copper Out of Waste

A section of the Morenci open pit copper mine. Photographer: Rebecca Noble/Bloomberg

Donald Trump’s tariff obsession has turbocharged copper prices and sent miners scrambling to work out how to get more of the metal out to the market.

• Take the Morenci mining complex in Arizona. The largest copper mine in North America, it’s about the size of Brooklyn.
• All the easy stuff has been mined, leaving towering piles of waste rock that hold almost 10 million pounds of low-grade copper.
• Freeport-McMoRan is trying to retrieve the material in a way that’s cheaper, faster and greener than traditional mining. But the extraction process, known as sulfide leaching, is still in the development stage.
• Why is copper so much in demand? To start with, there are about 65 pounds of the metal in the average car and more than 400 pounds in the typical home.
• And in addition to being a staple in everyday construction, the push for AI tools and data centers is set to drive global demand for the metal even further.

The Big Take

Illustration: Joel Plosz

Wall Street is rewriting its energy playbook as Trump's policies breathe new life into fossil fuel financing. Goldman Sachs and JPMorgan are abandoning climate commitments and discussing lifting restrictions on controversial projects, sparking a reset in the $1.4 trillion global energy finance market.

Opinion

President Trump's "Liberation Day" may prove just as transformative to the world economy as the collapse of Lehman Brothers in 2008, John Authers writes. But whatever happens, don’t trust the initial market reaction. Witness how the S&P 500 ended the week of Lehman’s bankruptcy higher than it had started.

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Before You Go

Val Kilmer in 2012. Photographer: Andy Kropa/Getty Images

Val Kilmer, the brooding actor who played Batman, Jim Morrison and Iceman in Top Gun, has died. He was 65. With a reputation of being difficult to work with, he also took method acting to extremes. When playing Doc Holliday in Tombstone, he filled his bed with ice for the final scene to mimic the feeling of dying from tuberculosis.