Stocks Plunge as Trump Unveils Tariffs; Newsom Moves to Protect California Trade
U.S. stocks plunged Thursday after President Trump announced sweeping tariffs, fueling trade war fears. The Dow fell over 1,000 points, the Nasdaq dropped nearly 6%, and the S&P 500 had its worst day since 2020. The plan includes a 10% baseline tariff on all trading partners and a 54% total tariff on China. Experts warn it could raise costs and slow growth. In response, Governor Newsom called for stronger global trade ties to protect California’s economy and urged exemptions for state-made products.
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LA28 and City of Los Angeles Advance Updated 2028 Games Plan
The Los Angeles City Council has approved updates to the 2028 Olympic Games Plan, proposed by LA28 last June, to relocate several popular Olympic and Paralympic events to existing world-class venues across the region. This decision follows a unanimous March 26 vote by the Ad Hoc Committee on the 2028 Olympic and Paralympic Games. In addition to approving the relocation of football preliminaries, the vote brings two dynamic sports to the City of Los Angeles—flag football, making its Olympic debut, and lacrosse, returning as a medal sport for the first time in over a century.
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L.A. County Approves Grand Avenue Cultural District Initiative
The Los Angeles County Board of Supervisors unanimously approved the creation of the Grand Avenue Cultural District (GACD), an initiative designed to enhance public engagement in the arts, drive economic growth, attract tourism, create workforce opportunities, and revitalize Downtown L.A. Spearheaded by The Music Center in collaboration with more than 18 DTLA-based arts organizations and civic agencies, the GACD aims to position the area as a leading global arts destination. With a focus on accessibility and inclusion, it marks a new chapter for cultural and artistic experiences in the region. Learn more here.
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L.A. Area Chamber Tours Wildfire Impacted Areas & Recovery Efforts
The L.A. Area Chamber joined the Altadena Chamber for a tour of areas impacted by the recent wildfires, where the devastation was clear, but the community’s resilience was undeniable. The Altadena Chamber has been instrumental in mobilizing resources, supporting small businesses, and driving community-led rebuilding efforts. Residents, united by determination, are not only restoring their homes but also building a more resilient future. Federal support has been crucial, with the U.S. Army Corps of Engineers managing debris removal and the U.S. Small Business Administration approving $2.2 billion in disaster loans to date.
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Governor Newsom Signs Executive Order to Expedite L.A. Infrastructure Rebuilding Efforts
Governor Gavin Newsom signed an executive order to fast-track the rebuilding of utility and telecommunication infrastructure in the Los Angeles region as part of the wildfire recovery efforts. The order suspends the California Environmental Quality Act (CEQA) and the California Coastal Act to expedite repairs and replacements of electric, gas, water, sewer, and telecommunication systems, including underground utility equipment. The Chamber remains committed to advocating for policies that accelerate recovery and resilience efforts.
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Concerns Raised Over Discrepancies in Measure HLA Street Standards
On Thursday, the City of Los Angeles Street Standards Committee reviewed the Measure HLA Standard Elements, which will guide street improvements under Measure HLA (Measure Healthy Streets Los Angeles). The Chamber provided comments expressing concern about discrepancies between the Standard Elements Plan, Measure HLA, and the Mobility Plan, highlighting that the plan allows the city discretion beyond the Mobility Plan’s designated street network.
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Report Highlights Economic Impact of L.A. Convention Center Expansion
Last week, the City Administrative Officer and Chief Legislative Analyst released a report on the Convention Center expansion, estimating a $45 million annual impact on the city's General Fund over the next 30 years with a phased expansion in time for the 2028 Olympic & Paralympic Games. The Chamber continues to support the project as it moves through the L.A. City Council, emphasizing its vital role in job creation, revenue generation, and long-term economic growth as Los Angeles rebuilds.
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World Trade Week - Panel Discussion Announced
Join us on Thursday, May 1 at 8:00 a.m. for the 99th World Trade Week: A New Horizon - Reimagining Trade with Innovation. Don't miss our informative panel discussion with industry experts on the Impact of AI and Emerging Macro Trends on Global Trade. Register today.
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Doing Business With Department of General Services Webinar
Don't miss out on "Doing Business With the Department of General Services" on April 9 at 10:00 a.m. This informative webinar will feature the DGS Business Outreach Liaison, offering valuable guidance on state contracting, navigating Cal eProcure, finding contract opportunities, and connecting with essential DGS contacts. Perfect for small businesses aiming to expand and succeed in the state marketplace! Register today.
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OneLA Procurement Accelerator Program: Certification & Contract Training
Ready to grow your business? Register today for the Procurement Accelerator. This program is designed to assist small businesses to become certified and develop the skills to compete for government and corporate contracts. Seize this opportunity to grow your business through procurement. Learn more and apply today.
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IRS: Work Opportunity Tax Credit
Small businesses can take advantage of the Work Opportunity Tax Credit (WOTC), a federal tax credit for hiring individuals from targeted groups facing barriers to employment. This incentive reduces your federal income tax liability while creating job opportunities in your community. The credit applies to qualifying wages paid through December 31. Learn more about how your business can benefit from the WOTC by visiting the IRS website.
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Ad Hoc on Homelessness Committee Meeting
Join the upcoming Ad Hoc on Homelessness Committee on April 8 at 9:00 a.m. for a virtual event to hear updates from Maria S. Salinas, President & CEO of the L.A. Area Chamber, on the Leadership Table on Homelessness Alignment. Register here.
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COUNCIL MEETINGS & EVENTS
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Pancakes & Politics
Thursday, April 17, 8:30 a.m.
MEMBER ONLY EVENT
Join the L.A. Area Chamber for our Pancakes & Politics Speaker Series featuring Matthew Szabo, City Administrative Officer for the City of Los Angeles.
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ACCESS Sacramento
Tuesday, April 22, 2025
Join ACCESS Sacramento for a unique opportunity to engage with key policymakers and advocate for a globally competitive region. Be part of our delegation as we champion policies that strengthen businesses, drive job creation, and foster economic prosperity across the region.
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Los Angeles Area Chamber of Commerce
350 S. Bixel Street
Los Angeles, CA 90017
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