Here’s your evening news rundown—but first, a quick thank you. If you believe in this kind of journalism, please consider subscribing or becoming a supporter. Every bit helps keep this work going strong. I will be doing a paid Q&A tonight around 7:45 PM EST, so stay tuned!
Now, let’s get into the news.
CNBC reports: Dow Jones Industrial Average futures dropped 1,531 points, or 4%. S&P 500 futures fell 4% as well, and Nasdaq-100 futures also posted significant losses.
Major Wall Street trading desks are getting ready for tonight’s futures market open, expecting heavy selling ahead — according to a Fox Business reporter.
Elon Musk is publicly criticizing Trump’s trade advisor, Peter Navarro, over the administration’s tariff policies. Musk appears to be pushing back against what he sees as harmful trade decisions, especially those affecting global supply chains and key industries. Musk wants zero tariffs between the United States and Europe. Right now, the opposite is happening.
In response, Trump advisor Peter Navarro fired back at Elon Musk on Fox News, saying: “It was interesting to hear Elon Musk talk about a zero tariff zone with Europe. He doesn’t understand that. And what people need to realize about Elon is — he sells cars. That’s what he does.”
The European Commission, which handles trade policy for the EU, plans to present member states with a list of U.S. goods targeted for additional tariffs as a response to Trump’s steel and aluminum duties. Instead of broad reciprocal tariffs, the proposal focuses on specific items like American meat, grains, wine, wood, clothing — even products like chewing gum, dental floss, vacuum cleaners, and toilet paper.
DHS is pushing the IRS to help track down 7 million suspected undocumented immigrants by using confidential tax records — a major escalation in efforts to use the tax system for mass deportation. IRS officials are reportedly stunned and believe the move is likely illegal, per the Washington Post.
Bitcoin has dropped below $80,000, while Ethereum is down 7%.
Zimbabwe is set to temporarily lift tariffs on imports from the United States.
Trump administration signals to the markets: Don’t count on a bailout — per Axios.
U.S. Commerce Secretary Lutnick says Penguin Island was added to the tariff list to close potential loopholes.
Judge Paula Xinis is standing firm on her order that the Trump administration must work to bring back a Maryland man who was wrongfully deported to El Salvador. In denying a new request from the administration, she wrote: "Defendants seized Abrego Garcia without any lawful authority; held him in three separate domestic detention centers without legal basis; failed to present him to any immigration judge or officer; and forcibly transported him to El Salvador in direct contravention of [immigration law]."
A Florida-based stationery business owner has filed the first legal challenge against Trump’s tariffs on China, arguing they were unlawfully imposed and put American small businesses at serious risk.
Trump’s Department of Homeland Security mistakenly sent an email to Ukrainians legally residing in the U.S. under a humanitarian program, falsely claiming their status had been revoked and warning they had seven days to leave—or the “federal government will find you.”
See you in the morning.
— Aaron
Share this post