Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) President Donald Trump signed a proclamation to implement a 25% tariff on auto imports, expanding a trade war designed to bring more manufacturing jobs to the US and setting the stage for an even broader push on levies next week.

(2) The European Union expects the US to apply a double-digit tariff rate across the bloc when President Donald Trump announces a sweeping package of so-called reciprocal duties on April 2.

(3) Across Wall Street, the world’s leading mergers and acquisitions advisers are sounding the alarm: the Donald Trump-driven deals boom they’d all been dreaming of isn’t happening yet.

(4) UK Chancellor Rachel Reeves did the minimum to preserve her credibility with markets by restoring her fiscal buffer to exactly where it was in October. In doing so, she ensured she would remain a hostage to fortune for months to come.

(5) European leaders are trying to carve out a role for themselves in US-led ceasefire talks over Russia’s war in Ukraine as more than 30 of them gather Thursday for an impromptu defense summit in Paris.

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