Fact Checking Trump's Address, Tariff Wars, BlackRock Buys Panama Canal, and Ultra Processed Food is the New Tobacco

Good morning. It’s Friday, March 7.

Today, we’re diving into fact-checking Trump’s latest address, the escalating tariff war, Blackstone’s major acquisition of Panama Canal assets, the growing concerns around ultra-processed foods, and much more.

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Rashad Drakeford

Co-Founder & Publisher, Good Diet

Trump’s Speech to Congress: A Reality Check

President Trump’s recent address to Congress was packed with bold claims, but fact-checking reveals a different story. While his speech played to his base, many statements were misleading, exaggerated, or outright false. Whether on immigration, foreign aid, or the economy, the numbers don't add up. Let's break down the key areas where facts diverge from rhetoric.

• Misleading Claims on Aid to Ukraine: Trump stated that the U.S. has given Ukraine $350 billion in aid, while Europe has contributed just $100 billion. In reality, the U.S. has allocated about $120 billion, and European nations have collectively sent around $138 billion—meaning Europe has actually outpaced the U.S. in aid.

• Overstated Illegal Immigration Numbers: Trump claimed that 21 million people entered the U.S. illegally under the previous administration, but the data doesn't support this. Government estimates put the number at closer to 10.5 million, counting both those apprehended at the border and those who entered undetected.

• Fearmongering on Social Security Fraud: The former president suggested that millions of deceased individuals are still receiving Social Security benefits.However, existing policies already require verification interviews for beneficiaries over 100 years old, making large-scale fraud highly unlikely.

• Unverified and Inflated DOGE Savings Claims: DOGE claimed $105 billion in taxpayer savings but has not provided evidence to support that figure. Its public tally has been riddled with errors, including an $8 billion savings claim for canceling a contract worth just $8 million, and it has repeatedly removed flawed entries, some of which were contracts canceled under previous administrations.

• Cherry-Picked Polling Data: Trump cited an outdated poll claiming most Americans think the country is on the right track, but newer polls show the opposite. Recent surveys indicate that a majority of Americans actually believe the U.S. is heading in the wrong direction.

Trump Moves Forward with Tariffs

Recent developments in U.S. trade policy have led to significant market fluctuations and raised concerns about economic stability. President Trump's initial decision to impose 25% tariffs on imports from Canada and Mexico, alongside a 20% tariff on Chinese goods, aimed to protect domestic industries and address trade imbalances. However, these measures have been met with mixed reactions and subsequent policy adjustments, including a pause on some tariffs.

• Temporary Tariff Suspension: On March 6, 2025, President Trump announced a one-month pause on the previously imposed 25% tariffs targeting imports from Canada and Mexico. This decision came after discussions with Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum, focusing on enhancing border security and combating drug trafficking. The pause aims to provide these nations time to implement measures addressing U.S. concerns, particularly regarding the flow of fentanyl and illegal immigration.

• Market Reactions: The initial announcement of the tariffs led to significant market volatility, with major indices such as the Dow Jones, Nasdaq, and S&P 500 experiencing notable declines. Investors expressed concerns over potential disruptions to international supply chains and increased costs for U.S. businesses. The subsequent pause on tariffs brought a measure of relief, stabilizing markets temporarily.

• Impact on Trade Agreements: The tariffs and their suspension have implications for the United States-Mexico-Canada Agreement (USMCA). While the agreement was designed to facilitate free trade among the three nations, the imposition of tariffs raised questions about its future efficacy. The current pause allows for renegotiations and adjustments to ensure that the USMCA continues to serve its intended purpose.

• Domestic Economic Implications: U.S. industries that rely heavily on imports from Canada and Mexico, such as automotive and agriculture sectors, faced uncertainty due to the tariffs. The temporary suspension provides these industries with a reprieve, allowing businesses to reassess strategies and supply chains without the immediate pressure of increased costs.

• Future Outlook: The one-month pause serves as a critical period for Canada and Mexico to implement measures addressing U.S. concerns. The outcome of these efforts will influence whether the tariffs are reinstated or permanently lifted. Businesses and investors are advised to monitor the situation closely, as the potential for future trade disruptions remains.

Blackrock-led Group Buys Panama Canal

Recent developments in global infrastructure investments have brought significant attention to the strategic assets surrounding the Panama Canal. Hong Kong-based conglomerate CK Hutchison Holdings has agreed to sell a majority stake in its $22.8 billion ports division, including critical assets along the Panama Canal, to a consortium led by U.S. firm BlackRock. This transaction not only underscores the geopolitical importance of the canal but also reflects shifting dynamics in international trade and investment.

• Strategic Acquisition by BlackRock: The consortium, spearheaded by BlackRock, is set to acquire 90% of the Panama Ports Company, which operates the Balboa and Cristobal ports at either end of the canal. This move grants the group control over 43 ports across 23 countries, marking a significant expansion of U.S. influence in global maritime infrastructure.

• Market Response to CK Hutchison's Divestment: Following the announcement, CK Hutchison's shares surged by over 22%, reaching their highest level since August 2023. The conglomerate is expected to receive more than $19 billion from the sale, signaling a strategic shift in its investment focus and providing substantial liquidity for future ventures.

• Geopolitical Implications: This acquisition comes amid heightened U.S. scrutiny over Chinese involvement in critical infrastructure. President Trump's administration has emphasized reducing Chinese control over strategic assets like the Panama Canal, and this deal aligns with those geopolitical objectives.

• Panama's Position and Response: The Panamanian government, while not directly involved in the transaction, has been attentive to the shifting ownership of its key ports. Local authorities have initiated audits of the existing port operations to ensure compliance with national regulations, reflecting the canal's critical role in global trade and national sovereignty.

Does Daylight Savings Time Impact Your Health?

As we prepare to “spring forward” for daylight saving time (DST) this Sunday, many Americans are questioning whether the shift is worth the disruption. While gaining an extra hour of daylight in the evening sounds like a plus, research suggests the time change negatively impacts health, safety, and productivity. A growing number of people—over 50% in recent polls—now oppose DST, and experts warn that the biannual clock change does more harm than good. Here’s what you need to know:

• Health Risks and Sleep Disruptions: Studies show that losing just one hour of sleep increases the risk of heart attacks by 24% and strokes by 8% in the days following the switch. The disruption to our circadian rhythms can also worsen symptoms of anxiety and depression, making it harder for people to function at work and school.

• More Accidents and Workplace Errors: Data from the National Highway Traffic Safety Administration shows a 6% rise in fatal car accidents after DST starts, largely due to drowsy driving. Workplace productivity also takes a hit, with research indicating a spike in errors and workplace injuries immediately after the time change.

• Public Opinion Is Shifting: A recent Gallup poll found that 55% of Americans support eliminating the clock changes, with many favoring permanent standard time, which better aligns with our natural sleep cycles. This growing opposition has fueled ongoing legislative debates about whether to keep DST or scrap it for good.

• Legislation Stalled in Congress: The Sunshine Protection Act, which proposed making daylight saving time permanent, passed the Senate in 2022 but has since stalled in the House due to lack of agreement on whether DST or standard time should be permanent. Without federal action, states remain stuck with the twice-a-year clock change unless Congress reaches a consensus.

The AI Race: IPOs vs Private

The AI industry continues to attract massive investment, with companies taking different approaches to secure funding and scale their operations. CoreWeave, a cloud computing provider specializing in AI infrastructure, is preparing for an IPO, while AI research firm Anthropic is staying private and raising billions in funding. These moves highlight the rapidly evolving strategies companies are using to capitalize on the AI move.

• CoreWeave’s IPO Play: CoreWeave has filed for an initial public offering (IPO) as it looks to raise capital through public markets. The company’s revenue skyrocketed to $1.9 billion in 2024—a staggering 737% increase—pushing its valuation north of $35 billion.

• Anthropic’s Private Funding Strategy: Anthropic, which focuses on AI safety and research, recently secured $3.5 billion in private funding, bringing its valuation to $61.5 billion. By staying private, the company avoids the regulatory scrutiny of public markets and retains more control over its long-term strategy.

• Diverging Paths, Same Goal: While CoreWeave aims to leverage public investment for expansion, Anthropic is relying on private capital to scale its operations. Both strategies reflect confidence in the AI industry’s future and highlight different approaches to fueling growth.

• Big Money is Betting on AI: With valuations in the tens of billions and record-breaking capital raises, investors are signaling their belief that AI will reshape industries. Whether through IPOs or private funding rounds, the competition to secure resources for AI innovation is only heating up.

Plain English: How AI Could Change the Future of Music (Listen)

“Artificial intelligence tools for musicians are getting eerily good, very fast. Their work can be maddening, funny, ethically dubious, and downright fascinating all at the same time. TV and podcast composer Mark Henry Phillips joins to describe his experience working with them. We talk about the job of modern music composition; why he's worried AI might eventually do much of his current job; the morass of AI copyright law; and the ethics of creative ownership.”

Bloomberg Talks: Former U.S. Treasury Secretary Lawrence Summers (Listen)

“Former US Treasury Secretary Lawrence H. Summers  joined Bloomberg's Joe Mathieu and Kailey Leinz on "Balance of Power" to discuss President Donald Trump's address to Congress, the impact of tariffs on the economy, the Department of Government Efficiency and threats to the US dollar.”

Hard Fork: Anthropic’s CEO Dario Amodei on Surviving the A.I. Endgame (Listen)

“This week, Anthropic’s C.E.O., Dario Amodei, returns to the show for a candid, wide-ranging interview. We discuss Anthropic’s brand-new Claude 3.7 Sonnet model, the A.I. arms race against China, and his hopes and fears for this technology over the next two years. Then, we gather up recent tech stories, put them into a hat and close out the week with a round of HatGPT.”

Dr. Hyman Show: Ultra-Processed Food is the New Tobacco (Listen)

“The modern food industry is built for profit, not health. Ultra-processed foods dominate grocery shelves, fueling the epidemic of obesity, diabetes, and chronic disease. But how did we get here? And what can we do to fix it? In this episode of The Dr. Hyman Show, I sit down with Michael Pollan, award-winning journalist and food activist, to break down the hidden forces shaping our food system and the urgent need for change.”

Pod Save the World: Can Ukraine Survive Trump? (Listen)

“Tommy and Ben discuss the continued fallout from President Trump and Ukrainian President Volodymyr Zelensky’s disastrous White House meeting, including Europe’s attempt to come up with an alternative peace plan, Trump casually talking about regime change in Ukraine, and the giddy response from the Kremlin. They also discuss the potentially devastating economic consequences of Trump’s trade war with Canada, China, and Mexico, the grim death toll from DOGE destroying USAID, why the Trump administration helped Andrew Tate return to America, Israel blocking humanitarian aid to Gaza, and news from Panama, Venezuela, and Mexico.”