In the news...

US metal tariffs take effect around the world. The EU, Canada, Mexico, Argentina, Australia, Brazil, and South Korea, however, are exempt from the 25% tariffs on steel and 10% tariffs on aluminum imposed by the US on steel exporters. Japan, one of America’s closest allies, was notably absent from the list of exempt countries.

Dropbox starts trading. The data-storage company priced its IPO at the top of a price range (paywall), suggesting strong demand for new tech shares as more startups shun going public and prefer to receive private capital. Dropbox could be valued at over $9 billion.

Britain’s investigators will get a warrant to search Cambridge Analytica. A judge had delayed the process for 24 hours for unknown reasons, prompting worries that the hold-up would give the company an opportunity to destroy evidence. Several storage crates have reportedly been picked up from the firm’s London office building in the meantime.

Americans march in favor of gun control. A nationwide demonstration called “March for Our Lives,” organized by survivors of last month’s school shooting in Florida, will take place on Sunday.

The US slapped new tariffs on China…Trump described the move as a “reciprocal” response to unfair trade practices such as intellectual property theft. The tariffs target 1,300 products totaling about $50 billion in imports, and won’t take effect for a few weeks.

…And China hit back.Beijing said it may impose reciprocal tariffs on a potential list of $3 billion worth of 128 US imports, including steel pipes, pork, fruit, and wine. China’s US ambassador earlier said that his nation isn’t afraid of a trade war and will retaliate.

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