Good morning. Turns out tariff time isn’t here just yet—let’s see what happens in April. Meet the undocumented workers who built Elon Musk’s Tesla factory. And consider this your Valentine’s present: Two baby pandas are set for their public debut. Listen to the day’s top stories.

Donald Trump ordered his administration to consider imposing reciprocal tariffs on trading partners, signing a measure to study proposing new levies on a country-by-country basis. Howard Lutnick, the president’s nominee to lead the Commerce Department, said all studies should be complete by April 1 and that Trump could act immediately afterward. From politicians to investors, the global community is trying to decipher what he really wants.

On the international front, Trump floated the idea of a three-way meeting with the leaders of Russia and China in which the countries would agree to cut defense spending in half. He also said he’d love to have Vladimir Putin back in the Group of 7 (which was previously the Group of 8). As for Ukraine, President Volodymyr Zelenskiy is prepared to engage with Trump’s peace initiative but said he’ll speak to Putin only after agreeing to a game plan with European allies.

Elon Musk advocates for a border crackdown—but Tesla and SpaceX have relied on work by undocumented immigrants for years. The centerpiece of the carmaker’s growth in Austin is its 10-million-square-foot “gigafactory,” where such workers have been a regular presence since shortly after ground broke in 2020.

Good news, Gen Z! Apple and Google plan to restore TikTok to their app stores following a letter from the Department of Justice saying a ban wouldn’t be immediately enforced. The two companies had removed TikTok in the US last month to comply with a law passed in 2024, before Trump delayed it taking effect.

Over on Wall Street, Morgan Stanley paid CEO Ted Pick a cool $34 million for his first year leading the bank. Pick, 56, took the reins a year ago from longtime boss James Gorman, who was paid $37 million in his last year. How to spend the money? Perhaps invest in cricket?

Deep Dive: Wine & Dine

French champagne and wine on display in a shop window in Marseille. Photographer: Jeremy Suyker/Bloomberg

French wines and Irish butter are being shipped to the US in ever-higher volumes as the EU gears up for what could be a protracted rift with one of its main trade partners.

• Trump has complained that the bloc treats his country “ very unfairly,” citing the EU’s trade surplus as a reason for tariffs. The EU has vowed to respond in kind. 
• Goods are still flowing smoothly—for now—but producers are looking to get out ahead of any issues and offload supply.
• Wine shipments to the US in November were 18% higher than the same time a year ago, and imports of EU dairy goods are now the highest in at least 15 years.

The Big Take

Beach Club of Pristine Bay in Roatan.

A libertarian city dream in Honduras has become an $11 billion nightmare. Prospera touts itself as the world’s most ambitious experiment in self-governance, but critics say its founders have lost their way.

Opinion

Either Trump is the Wizard of Oz, manipulating reality behind the curtain when there’s nothing there, or he’s the Incredible Hulk, who will soon shock everyone by bursting out as the terrible Tariff Man, John Authers writes. The reality is somewhere between the two.

Before You Go

Twin panda cubs in their enclosure in Hong Kong. Photographer: Peter Parks/AFP/Getty Images

Move over, Moo Deng. Hong Kong is in a frenzy ahead of the weekend’s public debut of twin 6-month-old panda cubs at Ocean Park. City officials are hoping the black-and-white ambassadors may help trigger a viral moment similar to Thailand’s pygmy hippo.

Enjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:

• Markets Daily for what’s moving in stocks, bonds, FX and commodities
• Breaking News Alerts for the biggest stories from around the world, delivered to your inbox as they happen
• Supply Lines for daily insights into supply chains and global trade
• FOIA Files for Jason Leopold’s weekly newsletter uncovering government documents never seen before

Explore all newsletters at Bloomberg.com.