Morning Business Report: BlackRock acquires Panama Canal ports as Trump threatens action

Global investment firm BlackRock has reached a $22.8 billion agreement to acquire two ports.

(LILAMAXMEDIA)- Global investment firm BlackRock has reached a $22.8 billion agreement to acquire two ports serving the Panama Canal from Hong Kong-based C.K. Hutchinson. The deal, set to be formally signed on April 2, comes as President Donald Trump raises concerns over Chinese influence in the region. Trump has threatened to retake control of the canal, citing what he calls unfair treatment of U.S. vessels.

In a move that could ease pressure on consumers, OPEC announced plans to raise oil production by 2 million barrels per day. The news sent crude oil prices downward in Tuesday trading, leading analysts to predict a drop in gas prices in the coming days.

New tariffs imposed by the U.S. at midnight Tuesday have sparked swift retaliation from key trading partners. China has responded with additional tariffs on American agricultural goods, while Canada has imposed a 25% retaliatory tariff on select U.S. imports. Mexico is expected to announce its own countermeasures on Sunday.

Despite concerns from economists about inflation, Goldman Sachs CEO David Solomon defended the tariffs, saying they are necessary to “level the playing field.” However, major retailers are already warning of price hikes. Target CEO Brian Cornell cautioned that tariffs on Mexican imports could force the company to raise prices on fruits and vegetables as early as this week.

Apple as introduced its latest iPad Air, now equipped with the high-speed M3 chip. The new processor boasts a performance boost of up to 35% for general computing tasks and 40% for graphics, making it the fastest iPad Air to date.

Nike has announced the release of the Air Force 1 Low in blue suede, a sneaker paying tribute to Elvis Presley’s iconic song. While pricing and an official launch date remain unknown, sneaker fans are encouraged to stay updated via Nike’s SNKRS app.