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On the 2nd, US President Donald Trump once again pressured Harvard University for not adhering to government policy, warning that the institution could lose its tax-exempt status. Trump made the statement through social media platform Truth Social, saying, “We will revoke Harvard’s tax exemption status,” and added, “They deserve it.” Under US tax laws, non-profit organizations, including educational, religious, and charitable institutions like Harvard, benefit from various tax exemptions.

Harvard University has conflicted with the government, protesting President Trump’s demands for policy changes on campus, particularly regarding the eradication of anti-Semitism. The university also opposes the government’s interference in personnel matters, arguing that such actions violate academic freedom. In retaliation, the Trump administration has threatened to cut significant funding, prompting Harvard to file a lawsuit against the government to prevent such actions.

Apple has chosen to expand its production in India and Vietnam rather than the United States despite tariff pressures from the U.S. government. Apple’s decision highlights the company’s strategy to diversify its supply chain in response to the ongoing U.S.-China trade dispute. While U.S. President Donald Trump has encouraged companies to bring manufacturing back to the U.S., Apple has opted for India and Vietnam due to their cost-effectiveness and labour availability. Apple reported strong financial results for the second quarter of its fiscal year on May 1, 2025, with sales of $95.36 billion and operating profits of $29.59 billion, surpassing market expectations. CEO Tim Cook noted that the company had managed to minimize the impact of tariffs by optimizing its inventory and supply chain, even amid rising tariff costs. However, Apple also warned that it expects an additional cost of approximately $900 million due to tariffs in the upcoming quarter. In response to tariff pressure, Apple has shifted much of its production to India and Vietnam, with most iPhones sold in the U.S. now being produced in India, and iPads, Macs, Apple Watches, and AirPods made in Vietnam. Despite these efforts, Apple continues to rely on China for most of its global supply chain. Apple’s decision to avoid large-scale manufacturing in the U.S. is influenced by high labour costs, the lack of skilled workers, and infrastructure challenges. Apple has also taken steps to localize some production in the U.S., such as sourcing chips from U.S. states and working with American companies for iPhone glass. However, due to the ongoing tariffs between India, Vietnam, and the U.S., Apple remains exposed to the potential risks of reciprocal tariffs. Following the earnings announcement, Apple’s stock rose 0.39% during regular trading but fell over 3% in after-hours trading, signalling investor concerns about future tariff impacts on the company’s profitability.

Bloomberg reported on May 4th that major U.S. technology companies, including Apple and Microsoft, have outperformed market expectations in their recent earnings, easing investor fears about a “worst-case scenario” related to President Donald Trump’s ongoing tariff policies.

Despite trade tensions and tariffs raising concerns about profitability, the January-to-March performance reports released by tech giants indicate resilience in core business sectors such as cloud computing, consumer electronics, software, and digital advertising. While some results — like Apple’s — fell short in certain areas, most of the big players offered strong forward-looking statements that reassured investors.

Notably, Microsoft exceeded its sales forecasts, driven by robust demand for its Azure cloud services. Azure’s revenue jumped 33% year-over-year, outpacing even bullish predictions. Similarly, Google and Amazon’s cloud businesses saw substantial growth, with increases of 28% and 17%, respectively.

Although Apple and Google did not issue formal forecasts, their performance helped calm market nerves. Amazon’s profit forecast was more conservative, but CEO Andy Jassy emphasized that customer demand remains solid. Meta, the parent company of Facebook and Instagram, expressed optimism about the digital advertising market and raised its capital expenditure outlook — a move that suggests confidence in ongoing growth, particularly in AI infrastructure.

The report also mentioned that concerns about slowing capital expenditures in AI computing are starting to fade. This shift is boosting expectations for companies like Nvidia, which dominates the AI chip market and is scheduled to report its earnings at the end of the month.

Market analysts echoed this cautiously optimistic tone. Mark Rusini, chief investment strategist at Janie Montgomery Scott, noted, “Many investors expected pessimistic earnings reports, but even if some of the results were somewhat weak, it was not a ‘worst-case scenario.’” He added that the reports helped sustain a generally positive market outlook, despite continuing uncertainty. Hannah Howard, a portfolio manager at Gabelli Fund, remarked, “Tech companies are showing profitability and growth, securing more investment room,” and emphasized that expectations were exceeded across the board.

However, Bloomberg cautioned that the full impact of the tariffs may not become clear until the next earnings season, when companies report results from April to June — the first full quarter under the new tariff conditions. As such, volatility may persist in the tech sector as trade tensions and policy uncertainties continue to loom over Wall Street.

Nvidia, the leading developer of artificial intelligence (AI) chips, is creating modified chips specifically for the Chinese market to sidestep increasingly strict U.S. export regulations, according to a report from The Information on May 3rd.

The company has reportedly informed key Chinese clients, including tech giants Alibaba, ByteDance (the parent company of TikTok), and Tencent, that it is redesigning certain chips to remain compliant with U.S. laws while still maintaining business ties with China. These efforts follow recent regulatory changes by the U.S. government that tightened restrictions on the export of advanced semiconductors to China, including Nvidia’s H20 chip — previously its most powerful AI chip allowed for export under the rules.

Originally designed as a scaled-down alternative to the high-performance H100 chip, the H20 was Nvidia’s workaround for earlier regulations. However, the Biden administration recently broadened its restrictions to include even the lower-powered H20, effectively cutting off that export route. As a result, Nvidia is now racing to develop a new AI chip that satisfies U.S. export controls while still being viable for Chinese companies.

During a visit to Beijing last month — shortly after the U.S. imposed the new restrictions — Nvidia CEO Jensen Huang reportedly met with customers and presented plans for the forthcoming chip. Sources say sample versions could be available as early as June. Nvidia is also said to be working on a China-specific version of its latest Blackwell chip, designed to meet both regulatory requirements and the needs of its Chinese clients.

The stakes are high: Nvidia estimated that the restrictions on H20 exports could result in a revenue loss of around $5.5 billion. Given that the company controls more than 90% of the advanced AI chip market, U.S. export controls are playing a significant role in shaping the global AI landscape — as Washington seeks to preserve its technological edge and national security interests by curbing China’s access to critical AI hardware.

Starting this summer, commuters in New York City can expect improved bus service on several key routes, including those in Queens between Flushing and Bayside. The Metropolitan Transportation Authority (MTA) announced on April 17 that service will be increased on 16 bus routes across four boroughs—Queens, Brooklyn, the Bronx, and Staten Island—beginning June 29. The MTA stated, “We expect this increase in service to significantly reduce commuting times and bus waiting times.”

In Queens, service will be expanded on several heavily used routes:

• • Q13 (Flushing–Fort Totten)
  • Q28 (Flushing–Bayside)
  • Q66 (Flushing–Long Island City)
  • Q69 (Long Island City–Astoria)
  • Q35 (Rockaway–Midwood)
  • Q43 (Jamaica–Floral Park)

Many of these lines are popular among Korean residents and other local communities.

Brooklyn routes with expanded service include B17, B26, B74, and B103. In the Bronx, service will increase on the Bx10, Bx17, Bx23, and the combined Bx28/38 routes. Staten Island will see improvements on the S46/96 and the S79 Select Bus Service.

The MTA also noted that express bus routes already began operating with increased service as of March 30. This includes eight routes overall—one in Brooklyn, two in the Bronx, four in Staten Island, and one in Queens (QM15: Lynnwood–Cross Bay Blvd–Woodhaven Blvd–Manhattan Midtown).

Queens Borough President Donovan Richards highlighted the importance of this move, noting, “In the case of Queens, more than 800,000 residents use MTA bus service every day to get to work, school, and home.” He also emphasized that Queens will soon see the launch of newly reorganized bus routes for the first time since the 1950s, further modernizing the borough’s transit infrastructure.

This service expansion is being supported by $8 million in funding from the “Outer Borough Transportation Improvement Account,” a fund established by the New York State Assembly in 2018 to enhance public transportation in the city’s outer boroughs.

On the 20th, Bloomberg News reported that several top U.S. executives, including Meta CEO Mark Zuckerberg and JP Morgan Chase CEO Jamie Dimon, sold significant amounts of their company stocks during the first quarter of this year—just before the New York Stock Exchange experienced a sharp downturn following President Donald Trump’s announcement of reciprocal tariffs earlier this month.

Citing analysis from insider trading firm Washington Services, Bloomberg noted that Mark Zuckerberg sold approximately 1.1 million shares of Meta stock through the Chan Zuckerberg Initiative (CZI), the philanthropic organization he co-founded with his wife, Priscilla Chan. The sales, executed in January and February when Meta’s stock was at an all-time high, totalled around $733 million (roughly 1.04 trillion Korean won). Since then, Meta’s stock has dropped by 32% from its February peak, as of the closing price on the 18th.

Similarly, Oracle CEO Safra Catz sold 3.8 million shares valued at $705 million (also about 1.04 trillion won) during the same quarter, at a time when Oracle’s stock was also trading near record highs. Oracle’s share price has since plunged 12% following Trump’s April 2 announcement on tariffs. Bloomberg estimates that Catz’s total assets—including both sold and remaining shares—are worth approximately $2.4 billion (3.4 trillion won).

JP Morgan Chase CEO Jamie Dimon was also among those offloading shares, having sold $234 million (about 330 billion won) worth of company stock in the first quarter. Bloomberg estimates Dimon’s net worth at $3 billion (roughly 4.3 trillion won).

Other notable executives include Stephen Cohen, CEO of defence tech firm Palantir Technologies, who sold $337 million (around 480 billion won) in company shares. In total, 3,867 insiders at publicly traded U.S. companies sold a combined $15.5 billion (22 trillion won) in stock during the first quarter of 2025.

While that figure represents a drop from the same period last year—when 4,702 insiders sold $28.1 billion in shares—it still underscores a trend that often raises red flags for investors. For instance, Amazon founder Jeff Bezos alone sold $8.5 billion (12 trillion won) worth of stock in the first quarter of the previous year.

Insider stock sales are often seen as potential warning signs, since executives are assumed to have deeper knowledge about their companies’ outlooks. The timing of these sales—especially ahead of significant market volatility—may further heighten investor concerns.

On April 9th, just 13 hours after the United States officially implemented reciprocal tariffs on dozens of trading partners, President Donald Trump abruptly announced a 90-day suspension of those tariffs for all countries except China. The decision came as part of a broader move to ease international trade tensions while doubling down on punitive measures against Beijing.

Trump declared that while the U.S. would raise tariffs on Chinese imports from 104% to a steep 125%, countries currently in negotiations with the U.S. over tariff and non-tariff barriers would be granted a temporary reprieve. For those nations—approximately 70, including South Korea—the reciprocal tariffs were reduced to a basic rate of 10%, effective immediately.

Despite the temporary easing, the administration emphasized that key tariffs, such as the 25% duties on steel and automobiles, would remain in place. Trump’s decision came shortly after China announced a new round of retaliatory measures, prompting him to escalate tariffs further. “I will immediately raise the tariff to 125%,” Trump posted on his social media platform Truth Social, directly responding to Beijing’s actions.

He added that more than 75 countries had opted not to retaliate and had entered negotiations with the U.S. As a result, these countries would benefit from the 90-day grace period and the reduced 10% tariff rate. “These will also be implemented immediately,” he wrote.

Just days earlier, on April 2nd, Trump had unveiled a sweeping policy to implement reciprocal tariffs of 10% or more on all U.S. trading partners, citing widespread use of tariffs and non-tariff barriers against American goods. On April 5th, the U.S. began enforcing a base 10% tariff across the board, followed by additional country-specific tariffs targeting 57 entities—including major economies like Korea, Japan, China, and the European Union—starting at 12:01 AM on April 9th.

However, as global markets reeled from fears of an escalating trade war, Trump reversed course within hours, suspending the more aggressive country-specific tariffs for all but China. The administration’s sharp pivot appeared influenced by China’s uncompromising stance. In addition to matching U.S. tariff hikes, China issued a travel advisory against the U.S., signalling a full-scale confrontation rather than retreat.

On April 8th, Trump had already raised tariffs on Chinese goods from 84% to 104%. His April 9th moves to raise them again by 21 percentage points to 125% reflects the growing strain in U.S.-China relations. While other nations have moved to de-escalate, China’s firm countermeasures have placed it on a collision course with Washington, shaping the next phase of the global trade standoff.

Following another sharp drop in the stock market, the Trump administration dismissed concerns, characterizing the decline as routine and not a cause for alarm. On the 10th, Treasury Secretary Scott Besant stated there was “nothing unusual today,” despite the ongoing market volatility, which came even after a 90-day delay in tariffs for countries other than China.

Speaking during a White House Cabinet meeting led by President Trump, Besant noted, “The inflation numbers were good today, oil prices were down, and we have a successful bond market.” On the topic of tariff negotiations, he expressed confidence, saying, “They are going to come to us with their best offer,” and assured that “we will be in a very clear position within the next 90 days.”

When asked directly about the day’s sharp market decline, President Trump responded dismissively, saying, “I didn’t see it,” citing that he had been in the Cabinet meeting for two and a half hours. This contrasted with his reaction the day before, when the market rallied sharply after the announcement of the 90-day grace period. Trump had welcomed that surge enthusiastically, calling it “a record day.”

White House trade adviser Peter Navarro also weighed in, appearing on CNN to address market concerns. Known as Trump’s “tariff strategist,” Navarro downplayed the market drop, stating, “We had the highest increase in history yesterday.” He added, “Of course there will be some setbacks, and that’s a normal retracement after a big day.” He concluded, “It’s not a big deal.”

Despite public reassurances, the mixed messaging and uncertainty around tariff policy continue to weigh on investor sentiment, with markets reacting sharply to any signals of economic instability or trade tensions.

A group of New York City Council members has introduced a bill that seeks to make food waste separation a voluntary practice rather than a mandatory, fine-enforced policy. The proposed legislation, Int. 1236, was introduced on April 10 by Councilmembers David Carr, Vicky Palladino, and Joanne Arriola, all members of the Council’s Common-Sense Caucus.

The bill comes just 10 days after New York City began enforcing its food waste separation regulations, which require residents to separate organic waste for composting. Since enforcement began on April 1, the New York City Department of Sanitation has issued 2,462 tickets, collecting a total of $61,550 in fines. Notably, during the first week of enforcement, the amount of food waste collected jumped by 240% compared to the same period last year, from 737,000 pounds to nearly 1.8 million pounds.

Mayor Eric Adams defended the city’s policy, stating that the goal of food waste separation is to promote environmentally friendly composting, not to generate revenue through fines. “Food waste separation is an eco-friendly policy for composting, not a means to raise fines,” he said.

Despite the mayor’s assurances, critics of the enforcement argue that the fines are excessive and unfair. Councilmember Ariola, one of the bill’s sponsors, stated, “No one should be forced to compost or punished for not doing so.” She went on to compare the current enforcement of food waste rules to “cash embezzlement.”

Under current city policy, households with one to eight units face a $25 fine for the first violation, $50 for a second, and $100 for each subsequent offense. For larger residential buildings with nine or more units, the penalties start at $100 for a first offense and escalate to $200 and $300 for subsequent violations.

If passed, the proposed legislation would eliminate these fines and change food waste separation from a mandatory, punitive program to a voluntary one, potentially reshaping the city’s approach to organic waste management.

The U.S. government has initiated investigations into the national security risks posed by the import of semiconductors and pharmaceuticals. These investigations could lead to tariffs or other restrictions designed to bolster domestic production of critical technologies and healthcare products.

On April 14, the Department of Commerce announced in the Federal Register that it had launched two separate investigations under Section 232 of the Trade Expansion Act. This legislation grants the president the authority to impose import restrictions if certain products are deemed a threat to national security.

The semiconductor-related investigation will examine a wide range of items, including semiconductor substrates and bare wafers, legacy and advanced semiconductors, microelectronics, and components of semiconductor manufacturing equipment. It will also evaluate derivative products—such as electronic devices that incorporate semiconductors—highlighting the potentially broad scope of the review.

The pharmaceutical investigation, similarly, will focus on finished drugs, essential raw materials like active pharmaceutical ingredients (APIs), and medical countermeasures, including vaccines and antibiotics. The investigation aims to assess vulnerabilities in the pharmaceutical supply chain, especially concerning public health crises.

President Donald Trump has strongly advocated for reducing foreign dependence on key sectors like semiconductors and pharmaceuticals. Citing national security concerns, he has threatened tariffs as a tool to incentivize domestic manufacturing. Under his administration, Section 232 has already been used to impose 25% tariffs on steel, aluminium, and various automotive products.

Given this precedent, there is a high probability that these new investigations could lead to similar tariffs or import quotas. According to the Federal Register, both investigations officially began on April 1, and a formal notice will be published on April 16, after which the Department of Commerce will collect public comments for 21 days.

For semiconductors, the Department is soliciting input on issues across the entire supply chain, including U.S. demand, domestic production capacity, foreign subsidies, state-backed overproduction, export controls, and the necessity of trade barriers like tariffs or quotas.

For pharmaceuticals, public input is being sought on supply chain vulnerabilities, unfair trade practices, and the potential for foreign governments to weaponize pharmaceutical exports during crises.

Once the investigations are underway, the Secretary of Commerce has 270 days to deliver a report to the president, outlining whether the imports in question pose a threat and recommending potential remedies. The president must then decide within 90 days whether to act on those recommendations.

Although the process could take up to a year, the Trump administration appears to be moving quickly. Secretary of Commerce Howard Rutnick stated in an interview that semiconductor tariffs could be announced “probably within a month or two.”