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Taking a second look: The Trump administration is reportedly revising its plan to impose steep port fees on Chinese-built vessels to lessen the impact on U.S. exports. The new plan is to base the fees largely on vessel capacity, resulting in lower fees for smaller ships. Read more from The Wall Street Journal.
CEO’s take on tariffs: JPMorgan Chase & Co. CEO Jamie Dimon says a recession is a “likely outcome” of the turmoil tied to President Donald Trump’s tariffs. “No one’s wishing for that but hopefully, if there is one, it’ll be short,” Dimon said Wednesday on Fox Business. Dimon says that, while he hasn’t seen an uptick in defaults yet, he expects them. Read more from Bloomberg. A subscription may be required.
Lowest in months: The interest rate for the most popular US home loan dropped to 6.61% last week, the lowest rate since October, giving a boost to mortgage applications. The average contract rate on a 30-year fixed-rate mortgage fell 9 basis points in the week ended April 4, the Mortgage Bankers Association said on Wednesday. Mortgage applications increased by 20% to the highest level since September. Read more from Reuters.
