Good morning. Donald Trump’s tariff blitz unleashes delayed shock on the global economy. Amazon trails while Apple surprises. And who says sports and politics don’t mix? Listen to the day’s top stories.

President Donald Trump on Thursday formalized the array of high tariff levels and trade deals he has announced in recent weeks, the latest escalation in his attempt to disrupt and reshape the global economic order.

In theory, sturdy economic growth eases pressure on the Fed to lower interest rates, since consumers and businesses appear undeterred by high borrowing costs. If growth begins to slow, the Fed could seek to lower interest rates as a means of boosting economic performance.