CNBC’s Morning Squawk Newsletter
Good morning and happy Wednesday. I caught “Maybe Happy Ending” on Broadway last night. It’s a musical centered on robots—quite fascinating, actually—and it made me think about whether we’ll ever have humanoid robots belting out tunes.
This morning, stock futures are pretty much unchanged after a strong performance by all three major indexes yesterday.
1. Sense of Scale
Jensen Huang, the CEO of Nvidia Corp., spoke at the GTC conference in San Jose, California, back on March 18, 2026.
2. Tit for Tat
Canada made a significant announcement about retaliatory tariffs on the U.S., confirming they will implement 50% duties that correspond with the Trump administration’s tariffs. These new tariffs, which will go into effect on September 8, affect over 700 American goods and amount to about $20 billion total. Notably, Canada has increased tariffs on American steel and aluminum to 50%, which is a steep rise from the previous rates.
Just last week, President Trump hinted at a potential trade deal with Canada, but the discussions broke down amid accusations of last-minute changes from both sides. Canadian Finance Minister François-Philippe Champagne mentioned that the U.S. “asked too much and offered too little.”
3. Clear the Way
In related news, Iran and Oman are working on a proposal for a temporary joint shipping route through the Strait of Hormuz. This is particularly relevant as tanker traffic remains significantly low compared to prewar levels. Oman’s Foreign Minister, Sayyid Badr bin Hamad Albusaidi, expressed optimism about reaching an agreement to restore safe navigation soon.
The two nations are also contemplating a mission to clear mines from the strait, which contradicts recent comments from Trump who claimed that “all mines have been removed and/or detonated.” Meanwhile, crude prices have dipped further this morning after declining by over 3% yesterday.
4. Food for Thought
The Department of Health and Human Services is looking to establish two new deputy commissioner positions within the FDA. Reports indicate that Jared Seehafer, a current senior advisor, is the frontrunner for a role focused on technology, particularly regarding health and AI intersections. However, there’s no clear candidate for the second deputy position that will be centered on drugs.
These new roles would report to Heidi Overton, who has been nominated for FDA commissioner but hasn’t received Senate confirmation yet. There are suggestions that the appointments might allow the Robert F. Kennedy Jr.-led department to exert greater control over the FDA’s operations.
5. New Road Map
Waymo is preparing to enter its third international market, as the company announced it intends to start offering driverless rides in Germany by the end of 2027. This comes after a recent update on their progress in Munich, where they’re set to commence “phased” testing soon to adapt their technology to local driving conditions.
Waymo operates in 11 U.S. cities and aims to expand further while also testing in London and Tokyo, making Munich its first step into the EU market. Co-CEO Tekedra Mawakana spoke about how Munich is a premier hub for both mobility and engineering, viewing this move as a crucial step in their global expansion strategy.
The Daily Dividend
Bitcoin surpassed the $81,000 mark yesterday, suggesting that the recent crypto rally is gaining momentum. Here’s a glimpse of what that movement looked like:
