Trump Said to Plan Narrower Scope for Tariffs

Good morning. Trump’s tariffs may be more targeted than occasionally threatened. Coffee keeps getting more expensive. And there’s a new spot for French cuisine in Hong Kong. Listen to the day’s top stories.

Donald Trump’s planned “reciprocal tariffs” expected April 2 are set to be more focused than the barrage he has occasionally threatened, officials familiar with the matter said. Some countries will be exempt, and existing levies on steel and other metals may not be cumulative. Meanwhile, China is prepared for “shocks that exceed expectations,” Premier Li Qiang told a gathering of global business leaders.