Morning Business Report: Global trade shifts, economic concerns, and a blockbuster movie debut

Some nations are signaling a readiness to renegotiate trade deals with the U.S.

(LILAMAX)- Some nations are signaling a readiness to renegotiate trade deals with the U.S., according to Treasury Secretary Scott Bessent. He revealed that 70 countries, including Japan and the European Union, have reached out for discussions. However, China has not expressed interest in revisiting trade terms. President Trump has vowed to impose an additional 50% tariff on Chinese goods unless China removes its retaliatory levies.

In domestic financial news, more Americans are tapping into their retirement accounts for emergency funds. Empower, a retirement plan provider, reports that hardship withdrawals from 401(k) accounts are running 15% to 20% above historical averages. These withdrawals allow individuals to access funds for urgent expenses like medical or housing debt, though they are subject to taxes and penalties.

The stock market has been highly volatile, with the Dow experiencing a 2,500-point swing between its low and high points of the day. The Nasdaq managed a positive close. However, Apple alone has seen a staggering $640 billion loss in value over just three days, raising concerns about the broader economic impact.

Talk of a recession is intensifying, particularly among CEOs. A recent CNBC survey revealed widespread concerns, with many executives predicting a downturn, potential job losses, and increasing pressure on American brands that rely on international sales.

On a brighter note, the Minecraft movie, a Warner Bros.-Discovery film based on the popular video game, debuted at No. 1 in U.S. and Canadian theaters over the weekend. The film, starring Jack Black and Jason Momoa, brought in a massive $163 million in its opening weekend, marking the biggest debut of the year.