Forbes Daily: Markets Brace As Trump Triggers Trade War Among Allies – Forbes

America’s top philanthropists are richer than ever, but their giving isn’t necessarily keeping pace with their rising wealth.

The 25 biggest givers are worth a combined $1.6 trillion in 2025, an increase of 18.5%, according to Forbes’ newly released 2025 list of America’s Most Generous Philanthropists. But their lifetime charitable giving only went up by 14%.

Of course, some are more generous than others. Warren Buffett tops the list for the fifth year in a row in terms of total amount given in his lifetime, at $62 billion. And in six years, MacKenzie Scott has made more gifts at a faster pace than everyone on the list except Buffett, Bill Gates and Melinda French Gates.

FIRST UP

The U.S. stock futures slumped early on Monday as global markets braced for the fallout of President Donald Trump’s decision to impose 25% tariffs on most imports from Canada and Mexico, as well as a 10% on Chinese imports. The order will go into effect on Tuesday, and Trump acknowledged U.S. consumers will feel “some pain,” though it’s unclear at this point if the president intends to negotiate. Canada and Mexico both levied retaliatory tariffs on U.S. imports, while China said it would file a lawsuit with the World Trade Organization and take “countermeasures” in response to the move. MORE: Trump’s tariffs made a partial exception for Canadian energy, which is set to be taxed at 10%, though that could still bring an enormous hit to oil traders. With producers in turn likely to cut refined fuel production, Americans should expect to see higher gas prices.

Elon Musk early on Monday said President Donald Trump “agreed” that the USAID should be shut down, hours after the president attacked the humanitarian aid agency’s leadership, calling them “a bunch of radical lunatics.” Operatives from the Department of Government Efficiency, which Musk leads, were reportedly stopped by senior USAID security officials Saturday while trying to access materials at the aid agency’s office, including classified information they didn’t have clearance for.

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BUSINESS + FINANCE

The stock market closed out a whirlwind week Friday, reversing gains from earlier in the day as the White House reaffirmed President Donald Trump intended to enact tariffs on Canadian, Mexican and Chinese imports Saturday. Despite Nvidia’s record-breaking loss in reaction to DeepSeek’s cheaper AI model, it was still a historically strong January, with the Dow Jones Industrial Average up nearly 5% and the S&P 500 almost 3%.

Timothy Massad, the former chairman of the U.S. Commodity Futures Trading Commission, detailed the lack of a regulatory framework for crypto in an interview with Forbes, and said he doesn’t see the need for a strategic crypto reserve. And he believes it was “plainly wrong” for the Trump Organization to issue memecoins the Friday before the president’s inauguration.

WEALTH + ENTREPRENEURSHIP ​​

The $700 million VanEck International Investors Gold Fund has delivered 6.3% annually over the past decade, and while that’s ahead of the 5.1% average Morningstar calculates for the precious metals category, it’s short of the gains that would have been had from a stock index fund. But gold is considered a hedge against inflation, and sometimes it works: Gold was up 27% in 2024.

TECH + INNOVATION ​​

A wave of venture capital partners are leaving heavyweight firms to join emerging funds or start their own. “The golden handcuffs are breaking,” one leader of a large endowment told Forbes. “Financial loyalty at VC firms has never been weaker.”

Meta is reportedly considering a reincorporation from Delaware to a new state, less than a year after SpaceX and Tesla CEO Elon Musk moved his companies’ incorporation from Delaware to Texas. Over 60% of Fortune 500 companies were incorporated in Delaware as of 2023, according to CNBC, and it’s unclear why the tech giant is mulling a move from the long-established tax haven.

SPORTS + ENTERTAINMENT

Despite the Kansas City Chiefs’ performance on the field, they are longtime financial underdogs compared to the Philadelphia Eagles. On Forbes’ most recent list of the NFL’s most valuable teams, Kansas City ranked 24th at $4.85 billion—16 spots and $1.75 billion behind Philadelphia.

Feuding with Drake turned Kendrick Lamar into hip-hop’s hottest artist in 2024, and now he’s preparing for the biggest gig of his life: headlining the halftime show at Super Bowl LIX on Sunday. But as has been custom for halftime headliners, Lamar won’t be paid for the performance, though the tradeoff is well worth it when you consider the boost previous performers have received.

DAILY COVER STORY

Zyn, But With Weed: The Pouch Craze Hits The Cannabis Industry

TOPLINE As nicotine pouches have become a multibillion-dollar industry, cannabis companies like Cannadips are getting in on the craze.

Cannadips, which is based in Arcata, a town in California’s Emerald Triangle, makes marijuana-derived THC pouches that are sold in dispensaries in California and Arkansas. With 15 pouches to a tin, Cannadips, like Zyn, comes in several flavors, including mint, tangy citrus and orange creamsicle.

“When we launched, it was for football players, baseball players, outlaws, country guys, NASCAR guys—you know, it was a redneck vice,” says cofounder Case Mandel. “Now, pouches are going crazy.”

Cannadips generated more than $7 million in revenue last year and hopes it can double that number this year when it expands to Missouri. Cannadips also has a CBD and hemp-derived cannabinoids line, which is sold online thanks to the Farm Bill, and in Sheetz gas stations in Pennsylvania and Ohio. Bolt Runners, the parent company, also manufactures other types of pouches, including ones infused with caffeine for Upperdeckys, the brand launched by Max VanderAarde, the social media Zynfluencer better known as Cheddy. Bolt Runners also manufactures its own nicotine pouch called Ammo and makes nootropics-filled pouches for companies like Aura and Rebel.

Its cofounders are hoping to replicate the massive success of Zyn, which dominates the multibillion-dollar nicotine pouch industry with nearly 70% market share.

WHY IT MATTERS “Nicotine pouches have taken the country by storm and have become both a political and cultural touch point,” says Forbes staff writer Will Yakowicz. “Cannabis-infused pouches now stand to benefit from what Zyn and others in the nicotine space have done—created a multi-billion dollar market.”

MORE How Zyn Conquered America

FACTS + COMMENTS

Inflation has remained stubbornly above policymakers’ 2% target, according to data released Friday. The data bolsters the case for the Federal Reserve’s recent decision to halt its rate cuts:

2.8%: The increase in the core personal consumption expenditures index year-over-year in December (the Fed’s preferred inflation metric)

46: The number of consecutive months annual core PCE inflation has been above 2.5%

2027: When Fed policymakers expect inflation to reach 2%, according to median forecasts last month

STRATEGY + SUCCESS

Most people experience imposter syndrome at some point in their career, the key is transforming your self-doubt into a superpower. Instead of letting the feeling linger, reframe it as a question: “What would it take for me to feel ready for this?” Create a daily habit of challenging your fears, and instead of worrying about worst case scenarios, focus on what would happen if you succeeded.

VIDEO

QUIZ

The 2025 Grammy Awards ceremony was held Sunday night, and one mainstay of the recording industry received an award that had infamously eluded them throughout their career. Who was it?

A. Miley Cyrus

B. Kendrick Lamar

C. Lady Gaga

D. Beyoncé

Check your answer.

Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.