What's up: The globalization era is over with Trump's tariff blitz; One tech CEO expects tariffs to hit growth prospects; New York’s hottest new department store has almost no tech.

Good morning, CIOs. President Trump in a Rose Garden event Wednesday blew up the globing trading era by announcing a suite of tariff hikes on major trading partners, including 20% for the European Union and 34% on China.

The tariffs will apply to more than 100 trading partners. All U.S. imports will be subject to a 10% tariff, effective April 5. Higher rates will be imposed on some nations that the White House considers bad actors on trade.

The administration is counting on the tariff blitz to bring more manufacturing back to the U.S., ushering in a golden age of plentiful manufacturing jobs and making "America wealthy again.

Many economists—and at least one technology CEO [more below]—aren't so sure, warning that tariffs could raise prices on a host of goods, from trucks to semiconductors for American consumers and businesses.

Overnight and this morning, the markets spoke.  Some highlights.

• U.S. stock futures slid. Contracts tied to the S&P 500 and Nasdaq-100 fell more than 3%. 
• Major global stock indexes dropped. Among the hardest hit: Japan’s Nikkei 225, which fell 2.8%. 
• U.S. Treasury yields dropped. The 10-year yield traded below 4.1% for the first time since October. Yields move inversely to bond prices.
• The WSJ Dollar Index fell to its lowest level of 2025. 

Apple supply chain needs another reboot. When Trump first pushed tariffs on China in 2018, Apple moved more production to Vietnam and India, the New York Times reports. On Wednesday, both countries were hit with tariffs of 46% and 26% respectively.

Apple led declines of big technology stocks, falling nearly 7% premarket. Most of the company’s hardware products are manufactured in China. Tesla, Nvidia, Amazon, Alphabet, Microsoft, Meta Platforms: The remaining six stocks in the Magnificent 7 also slid, falling between roughly 2% and 5% before the bell.

U.S. services industry a target. Now facing 20% tariffs, the European Union could respond by hitting the U.S. where it hurts, its massive services sector, the New York Times reports. 

We're screwed? U.S. manufacturing is geared toward advanced technology and doesn’t have ready domestic supplies of basic materials and components that can be much more cheaply produced overseas, the WSJ reports. Already, U.S. manufacturers are struggling with the rising cost of screws, nuts and bolts.

In the leadup to Wednesday, signs that Trump’s strategy was having an intended effect. Taiwan Semiconductor Manufacturing as well as Taiwanese electronics companies Foxconn, Compal and Inventec and German engineering giant Siemens are among the firms that have announced plans in recent months to increase investments in the U.S. 

Vineet Jain, co-founder and chief executive of Egnyte, which provides a platform that helps businesses manage, secure and govern their cloud content, tells the WSJ's Steven Rosenbush that the damage from the sweeping tariffs set into motion by President Trump won’t be easy to undo.

Highlights below. Read the full interview.

WSJ: How do you expect tariffs to affect your company?

Jain: We hit the quarter handsomely. If we project out to what the second half of the year entails, based on the pipeline and our sales cycle, we know [that in] Q2, we are fine. As it gets further out, it gets fuzzier and I can bet that the impact of what’s happening on the macro side will be felt in the second half of the year as a vendor, unless things are magically stabilized, which I don’t see a chance in hell of happening right now.

When the year started, I didn’t have that sentiment. I thought with the new administration, with more deregulation, with Lina Khan gone at the FTC…that animal spirits will be unleashed, and specifically M&A and IPO activity will increase. Well, that hasn’t materialized. Read more.

New York’s hottest new department store has almost no tech. The latest shopping experience in lower Manhattan is a 54,000-square-foot temple to Parisian style with a technology outlook that seems almost fin de siècle, the WSJ's Isabelle Bousquette reports.

Printemps New York, an outpost of the famed French department store, is starting out with minimal screens inside, no shopping app and no e-commerce website. The store is betting on an old-fashioned, face-to-face shopping experience as its killer app for drawing business. Read the story.