Good morning! U.S. will host the 2031 Women’s World Cup, David’s Bridal has a new strategy, and Mexico’s president is the winner of tariff week.
– Almost unscathed. T-day hit the global economy like a ton of bricks. President Donald Trump announced the details of his tariffs—a 10% “baseline” tariff on all imports to the U.S. plus additional tariffs ranging between 20% and 54% for countries Trump called the “worst offenders.” The president says tariffs are intended to return manufacturing jobs to the U.S., a declaration of “economic independence.” Yet stocks, in one day, lost $3.1 trillion in market value. Major indexes dropped 6%. Recession odds have reached 35%.
But two countries were spared the brunt of Trump’s retaliation. Canada and Mexico saw no additional tariffs imposed—and Mexico has President Claudia Sheinbaum to thank for that.
The Washington Post anointed Sheinbaum “the world’s leading Trump whisperer” in early March after she negotiated two delays of tariffs on her country. The relationship-driven U.S. president seems to have grown to respect Sheinbaum, even as relationships with other world leaders have fractured. In March, Trump said he decided to delay the tariffs “out of respect for President Sheinbaum.” He has called her a “very wonderful woman.” Mexicans appreciated Sheinbaum’s deft negotiation, with thousands gathering in March to cheer for her; she told them “we cannot cede our sovereignty.” Her domestic approval rating soared to 85%.
Yesterday, Sheinbaum credited her relationship with Trump for Mexico’s emerging, not quite unscathed, from Trump’s new tariff regime. “This has to do with the good relationship we have built between the Mexican and U.S. government, which is based on respect,” she said on Thursday. (Trump negotiated a trade agreement with Canada and Mexico during his first term.) Mexico’s trade minister called the lack of additional tariffs on Mexico a “major achievement.”
Of course, Mexico has trading partners besides the U.S. and will feel the impact of tariffs as part of the global economy. Some companies have already paused production at facilities in Mexico while they reassess global supply chains. Taking a cue from the U.S. playbook, Sheinbaum has debuted “Plan Mexico,” to promote the country’s domestic production. Still, Sheinbaum’s ability to navigate the dangerous waters of Trumpworld has made her stand out—just six months after taking office as Mexico’s first female president.
Emma Hinchliffe
emma.hinchliffe@fortune.com
The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world. Today’s edition was curated by Nina Ajemian. Subscribe here.
ALSO IN THE HEADLINES
- Hostess with the mostess. FIFA is planning to pick the U.S. and the U.K. to host the Women’s World Cup in 2031 and 2036, respectively. The U.S., which hasn’t hosted since 2003, would likely partner with Mexico and other Concacaf—the Confederation of North, Central America and Caribbean Association Football—countries. ESPN
- Wedding wear. David’s Bridal is expanding into menswear, following the company’s announcement in March of the “biggest shift” it has made since its founding 75 years ago. The wedding and formal dress company, which in 2023 filed for bankruptcy for the second time, has shifted to a digital-first focus under new CEO Kelly Cook. Retail Dive
- Menopause penalty. A new study has found that women see a drop in their earnings when they’re no longer of child-bearing age—the “menopause penalty.” The research found that women experience, on average, a 4.3% decrease in earnings in the four years after entering menopause. Fortune
- Lifestyle launch. Meghan, Duchess of Sussex launched her lifestyle brand As Ever this week with eight products—which sold out in an hour. The brand is partnered with Netflix, a result of Netflix chief content officer Bela Bajaria pushing Meghan to connect with the streaming company’s consumer products division. Meghan talks about the strategy in this interview: Inc.
MOVERS AND SHAKERS
Radhika Jones is stepping down as editor of Vanity Fair after seven years at the helm.
Togethxr, the company behind the viral “Everyone Watches Women’s Sports” shirts, named Nancy Dubuc executive chair. Dubuc is the former CEO of Vice.
LabCentral, which provides biotech startups with lab space, appointed Margaret O’Toole as CEO. Previously, she was the company’s EVP and COO; she was also the company’s first employee.
Chemical company BASF Corporation named Heather Remley president and CEO. Most recently, Remley was president of BASF's global engineering services division in Germany.
Employee Fiduciary, which provides businesses with 401(k) solutions, named Cindy Dash president. She most recently served as general manager and SVP at Broadridge.
Litera, a legal tech company, appointed Priyanka Singh as CFO. Most recently, she was CFO at Togetherwork.
MarginEdge, a payment platform for restaurants, appointed Emma Whelan as CFO. She was most recently SVP of finance and chief accounting officer at The Knot Worldwide.
ON MY RADAR
Her great-grandfather was behind the Smoot-Hawley Tariff Act. She thinks Trump’s tariffs are ‘terrible’ NBC News
Overlooked no more: Katharine McCormick, force behind the birth control pill New York Times
Want to sell more romance novels? First, have a really great hat Inc.
PARTING WORDS
“Somebody’s going to throw a mattress at you—but that is not reason enough to give up.”
— Slutty Vegan owner Pinky Cole Hayes, who was in a life-threatening car accident caused by a mattress hitting her windshield, on the inevitable bumps you’ll face in your career