Tariff hit: Ford Motor paid out more than $800 million in tariffs last quarter, despite manufacturing most of its vehicles in the U.S. The tariff bill came from parts imported from outside of the country as well as from fees on steel and aluminum. The hit helped wipe out the company’s net profit, leading to its first quarterly loss since 2023. Read more from The Wall Street Journal.
Growing footprint: JPMorgan Chase has built 1,000 new branches in seven years. That’s more locations than most of its competitors operate in total. The firm has roughly 5,000 branches, the most of any American bank, according to Federal Reserve data from March. Read more from CNBC.
Talks to continue: The U.S. will enter a 90-day negotiating period with Mexico over trade as 25% tariff rates stay in place, part of the rush of trade activity Thursday before President Donald Trump plans to impose a broad set of global import taxes starting Friday. Trump posted on his Truth Social platform that his phone conversation with Mexican leader Claudia Sheinbaum was “very successful in that, more and more, we are getting to know and understand each other.” Read more from the Associated Press.
