It’s Friday. I’m nonetheless not over the penguin tariff jokes on social media. Like this. And this. And this. Oh, and this. OK, fantastic. I’ll get to the information now.
In at present’s difficulty:
- China retaliates in opposition to Trump tariffs
- Inventory market selloff intensifies
- Surprisingly robust March jobs report
- How a TikTok deal might be tied to tariffs
THE FIRST 100 DAYS
China retaliates:
China introduced this morning that it will slap a 34 percent tariff on all U.S. imports beginning subsequent week, matching the Trump administration’s 34 % “Liberation Day” tariff on Beijing.
The inventory markets didn’t take kindly to that information, tumbling yet again this morning. The Dow Jones Industrial Common was down greater than 1,200 factors this morning. The S&P 500 index was down 3.6 %, and the Nasdaq composite was down 3.5 %.
^ Bear in mind: That is after yesterday’s worst day of market losses for the reason that COVID-19 outbreak in 2020. The Dow and S&P every had their worst losses since June 2020, and the Nasdaq had its worst day since March 2020. It’s price noting, per The Hill’s Sylvan Lane, that the losses are magnified because of the inventory market’s fast development since 2020, however the steep losses do present rising concern over Trump’s commerce insurance policies.
How is Trump dealing with this?: He bashed China this morning, arguing Beijing “panicked.” “China performed it mistaken, they panicked – the one factor they can not afford to do!” Trump posted on Fact Social.
In actual fact, Trump is encouraging buyers to purchase shares now whereas the market is down. “THIS IS A GREAT TIME TO GET RICH, RICHER THAN EVER BEFORE!!!” Trump said on Truth Social.
He urged the Fed to chop rates of interest: Trump accused Federal Reserve Chair Jerome Powell, a fellow Republican, of refusing to cut interest rates for political causes. “This might be a PERFECT time for Fed Chairman Jerome Powell to chop Curiosity Charges. He’s at all times “late,” however he may now change his picture, and rapidly,” Trump posted.
🚨 Jerome Powell simply weighed in — and it was not glowing: Powell warned the financial hurt from the brand new tariffs might be far bigger than anticipated. “Whereas tariffs are extremely more likely to generate at the very least a short lived rise in inflation, it’s also doable that the consequences might be extra persistent,” Powell stated. More from Powell’s assessment
Trump’s staff can also be leaping in to defend the market losses.
- Vice President Vance informed Newsmax this morning that he thought the market response to Trump’s tariffs “might be worse.” “We’re feeling good,” he stated. Vance’s reasoning
- Secretary of State Marco Rubio expects the markets to bounce again. “As soon as what the principles are, they may modify to these guidelines. So I don’t suppose it’s honest to say economies are crashing,” Rubio stated this morning in Brussels. Rubio’s reasoning
➤ ^ BY THE WAY, TOMORROW’S TIKTOK BAN IS TIED TO THIS:
Trump stated Thursday that he could ease the tariffs on China if Beijing approves the sale of TikTok, which will likely be banned *tomorrow* until a non-Chinese language firm buys it.
Backstory: Trump prolonged the TikTok ban in January, with the extension expiring April 5. He put Vice President Vance on the job to facilitate a deal. Thus far, there was no sale.
Space Republicans look shell-shocked:
President Trump’s sweeping tariff announcement despatched a shockwave by the worldwide financial system, put the inventory market right into a tailspin and fueled fears that the U.S. is headed towards a recession.
Are Republicans supportive?: The Hill’s Alexander Bolton stories that GOP senators “are expressing various levels of shock and alarm on the scale of President Trump’s ‘reciprocal’ tariffs in opposition to buying and selling companions and allies.” They knew the tariffs had been coming however are significantly involved about their constituents.
In the event you watch one clip: 📹Watch Sen. Mike Rounds’s (R-S.D.) quick reaction
A couple of GOP reactions:
- From a senior GOP senator: “It’s a nasty thought, and I don’t see a approach out.”
- From Sen. Thom Tillis (N.C.), who’s up for reelection subsequent 12 months: “I used to be simply in conferences at present with totally different associations. … They’re all involved.”
- From Sen. Ted Cruz (Texas): “I’m not a fan of tariffs.”
- From Sen. Jerry Moran (Kan.): “The thought of a tariff to equal the stage has some benefit and a few help. However I believe most Kansans would say, ‘Let’s do that in a extra gradual approach.’”
- From Sen. Lisa Murkowski (Alaska): “One of many issues that I’m listening to from of us again house is that they’re definitely afraid about what it’s going to imply for worth will increase, very afraid about that.”
Extra reactions: ‘GOP senators express alarm over scale of Trump tariffs’
The Trump staff can exhale a bit:
Job development was stronger than anticipated in March. The Labor Division launched its month-to-month jobs report, displaying the U.S. financial system added 228,000 jobs in March, whereas the unemployment price remained roughly regular.
What economists had anticipated: Job development of roughly 135,000.
Timing: That is welcome information for the Trump administration after a tumultuous week of financial uncertainty and plunging shares following Trump’s hefty tariffs.
➤ MORE READS:
- The Wall Street Journal: The White Home Whirlwind That Led to Trump’s All-Out Tariff Technique
- The Washington Post: Trump White Home cited economists for its tariff components. They pan it.
- Politico: Farmers aren’t any strangers to commerce wars. However this time could also be worse.
- NPR: How a lot will tariffs elevate costs? Trump’s economists simply revealed their reply
- The Wall Street Journal: Trump Dives Into Political Unknown With Tariff Plan
- The New York Times: Trump Blocked America’s Entrance Door to China. Now He’s Closing Again Doorways.
Trump is on a firing spree:
The Trump administration fired the director of the National Security Agency, his deputy and several other different high NSA staffers Thursday.
Timing: Trump has additionally fired a number of officers on the Nationwide Safety Council (NSC). This all comes shortly after his assembly with far-right activist and conspiracy theorist Laura Loomer, who argued some inside the NSC are not loyal to him.
⏱️ON CAPITOL HILL
I’d have liked to be there when Johnson heard about this:
You realize the standoff between Rep. Anna Paulina Luna (R-Fla.) and Home Republican management over whether or not to permit Home lawmakers with new child infants to vote remotely?
Speaker Mike Johnson (R-La.) strongly opposes the measure as a result of he thinks it’s unconstitutional and a slippery slope. He’s been scrambling to discover a compromise with Luna — as a result of till he does, the Home will stay at a standstill.
Effectively, President Trump weighed in Thursday, siding with Luna (!) He stated he doesn’t know “why it’s controversial.” “I’m going to let the Speaker make the choice, however I like the thought of having the ability to — for those who’re having a child, I believe you must have the ability to name in and vote, Trump stated. “I’m in favor of that,” Trump added. 📹 Watch Trump’s reaction
Now, what?: Luna stated she and Johnson are discussing next steps.
COMING UP
The Home is out. The Senate is in. President Trump is in Palm Seaside, Fla. (All instances EST)
7:30 p.m. Trump attends a MAGA Inc. candlelight dinner at his Mar-a-Lago Resort.
🐝 INTERNET BUZZ
🥘 Have fun: As we speak is Nationwide Rooster Cordon Bleu Day.
⚡ Anybody else nosey like me?: NOTUS’s Ursula Perano received Sen. Cory Booker’s (D-N.J.) Oura Ring stats after he broke the report for the longest Senate flooring speech in historical past. 📊 See his stats
👋 AND FINALLY…
And to get your weekend off to begin, try this friendly neighborhood crab wave.
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