Good morning from the Financial Times.
Today is Thursday, March 27, and this is your FT news briefing.
U.S. president Donald Trump escalated his trade war yesterday.
And we have two CEO comeback stories for you.
How Rolls Royce revved up and how the outgoing CEO of Singapore's largest bank turned things around.
Rather than thinking, what would Jamie Dimon do?
It was instead, what would Jeff Bezos do?
And so it was really changing that mindset within the business to more like a tech company.
I'm Mark Filipino, and here's the news you need to start your day.
The US is going to impose 25% tariffs on automotive imports.
Donald Trump announced the move yesterday.
The US President said it would lead to, quote, tremendous growth in the American car industry.
Carmakers, however,
have said tariffs would upend their supply chains and increase the cost of cars in the US Shares in General Motors,
Chrysler's parent company, Stellantis, and Ford fell in after hours trading after the announcement.
The move follows a series of new tariffs from the president.
They include an additional 20% tax on goods from China and 25% levies on all imports of steel and aluminum.
The automotive tariff will begin next Wednesday.
Piyush Gupta will step down tomorrow after 16 years as the head of Singapore's biggest bank, DBS.
He joined in 2009 to steer the company out of the recession and helped build it into the regional champion it is today.