Morning Business Report: Trump tariffs, media merger fight, market rebound, and Valentine’s plans

President Donald Trump has announced a new wave of 25 percent tariffs on countries that trade with Iran, including China.

(LILAMAX)- President Donald Trump has announced a new wave of 25 percent tariffs on countries that trade with Iran, including China.

According to the United Nations, Iran’s top export trading partners are Iraq, China, and Turkey. In addition to the tariffs, President Trump is also threatening possible military action involving Iran.

In media business news, Paramount Skydance is continuing its efforts to purchase Warner Bros. Discovery. The company says it plans to launch a fight for board seats at Warner to support the deal. Paramount has also filed a lawsuit seeking to force Warner to release more information about its merger agreement with Netflix.

On Wall Street, stocks started lower Monday following news of a criminal investigation involving the Federal Reserve chair. However, markets rebounded and closed at new record highs.

In the tech and healthcare sector, AI chipmaker Nvidia and pharmaceutical giant Eli Lilly announced a joint $1 billion investment to create a laboratory in San Francisco. The facility will focus on using artificial intelligence to accelerate drug discovery. Nvidia engineers will work alongside Lilly experts in biology, science, and medicine to generate large-scale data and build AI models to advance medicine development. The lab’s work is expected to begin early this year.

Meanwhile, White Castle says reservations are now open for its popular Valentine’s Day dinner event. This marks the 35th year the fast-food chain has transformed participating restaurants into “Love Castles.” The special dining experience has become a tradition for couples, families, and friends. Reservations can be made through OpenTable by searching for White Castle on February 14.