International taxes

With big state incentives and tariff protection, a United Arab Emirates-based aluminum producer has pledged to build the first new U.S. smelter in decades.

Executive Director Gene Seroka said the port's downstream prospects are unclear as it deals with the "tariff whipsaw effect" from the Trump administration.

Markets are "tilting to a risk-off posture as participants brace for the chance of Trump tariff-sparked turbulence in the coming hours and days," said José Torres, senior economist at Interactive Brokers.

The U.S. economy added 139,000 jobs, a healthy clip that counters the president's calls for a rate cut to bolster the labor market.

The American Association of Port Authorities is pushing back at the Trump administration's One Big Beautiful Bill Act over plans to curtail two key grant programs vital to the maritime sector.

An economic slowdown partially fueled by tariff turmoil has forced West Coast states to lower revenue projections and slash budgets.

The macroeconomic boost from U.S.-China's 90-day pause on tariffs is partial and could prove temporary, S&P Global Ratings analysts said.

The muni market is recovering from tariff turmoil, and is more resilient than the day-to-day volatility suggests, Jamie Doffermyre of Truist Securities said.

Federal Reserve Vice Chair Philip Jefferson said in a speech Wednesday that elevated tariffs will likely lead to inflation, but time will tell how impactful that spike in prices might be.

Munis yields followed UST yields higher Monday, rising one to four basis points, depending on the scale, but the asset class outperformed USTs.