Good morning. The House gives part of Donald Trump’s tariff agenda a thumbs down. Old Economy stocks are on the march. And hotel bakeries are the new trendy bars. Listen to the day’s top stories.

— Angela Cullen

Donald Trump’s tariff agenda took its strongest political hit yet as the House passed a bill to scrap some of his levies on Canadian imports. Six Republicans broke ranks in a rare election-year rebuke, reflecting deepening unease with the president’s economic policies. While Trump is all but certain to veto any repeal of his tariffs, the vote sends a message and highlights his increasingly fragile hold on a razor-thin House GOP majority.

American Airlines flight attendants are calling for CEO Robert Isom to go, blaming leadership for botched winter storm preparations and weak results. They plan a protest outside the company’s Fort Worth headquarters. Instagram boss Adam Mosseri was grilled at a landmark trial over social media addiction for keeping features on the app that researchers warn are harmful to teens. Here’s how lawsuits are seeking to make social media safer for kids.

It’s the (old) economy, stupid. Once-sleepy companies that move goods—and people—through America’s roads, rails, skies and waterways are mobilizing. After years of lagging major benchmarks, the Dow Jones Transportation Average has outpaced the S&P 500 in the past six weeks as investors pivot from megacap tech to stalwarts like CSX, FedEx, Old Dominion Freight Line and even United Airlines.

Speaking of stalwarts, TIAA-owned Nuveen is acquiring Schroders, ending more than two centuries of independence for the UK’s largest standalone asset manager, a relic of an age when the City of London’s merchant bankers ruled finance. The surprise deal is set to vault Nuveen into the top tier of active managers. Bruno Schroder may have conceded defeat to the barons of Wall Street when he sold his family’s investment bank back in 2000, but he was always adamant he’d never do the same for its cherished asset manager.

A Hermès Birkin handbag Photographer: Nathan Laine/Bloomberg

In other corporate news, Anthropic is close to completing a funding round that promises more than $20 billion from investors including Peter Thiel’s Founders Fund, D.E. Shaw and Dragoneer, and a valuation of about $350 billion. SoftBank’s investment gains on its OpenAI stake helped it return to quarterly profit. A boom in Meta and Oakley smart glasses drove a sales surge at EssilorLuxottica. And Hermès sales beat estimates on robust demand for its Birkin bags. CEO Axel Dumas, an heir to one of Europe’s biggest fortunes, divulged that Jeffrey Epstein once crashed a meeting he attended in Paris despite his efforts to avoid the disgraced financier’s clutches.

Deep Dive: Anatomy of an Insider Trade

Illustration: Stella Murphy

Codename “Sangria.” An M&A specialist, a trader they called “the cowboy,” and a paintball executive. They form the cast of a criminal case French investigators allege led them to key members of an international insider dealing ring they’ve been chasing for almost two decades.

• A trial in Paris offers a rare and detailed view into the alleged mechanics of what prosecutors claim was a multi-million-euro insider trade surrounding the confidential purchase by French industrial gases company Air Liquide of US rival Airgas a decade ago.
• The suspicious activity attracted the attention of France’s equivalent of the US SEC, the Autorité des Marchés Financiers, which was tracing their movements while police had tapped their burner phones.
• While criminal insider trading cases are rare in France, it’s not the only country to bring charges against suspected participants of the loosely organized network. The motley crew of bankers, traders and entrepreneurs has also come to the attention of authorities in the US and the UK.

Opinion

AI is already a triumph of human ingenuity, and it could prove transformational, write Bloomberg’s editors. But financial authorities must be vigilant and spend more time considering what might go wrong.

Our daily word puzzle with a plot twist.

Today’s clue is: Peace offering

Play now!

Before You Go

A Grolet feast at Airelles in St.-Tropez. Photographer: Calvin Courjon

Hotel bakeries are emerging as the new bars, with celebrity pastry chefs and bread-makers drawing crowds. From London to Dubai, these stylish spaces offer a sweet escape and social media-worthy moments. 

Bloomberg House Miami: For the first time, Bloomberg House goes beyond Davos, arriving on April 29-30 at the Formula 1 Miami Grand Prix. Join global leaders for compelling conversations and exclusive gatherings across finance, entertainment, technology and sports. Learn more.

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