Here’s your morning news rundown—but first, a quick thank you. If you believe in this kind of journalism, please consider subscribing or becoming a supporter. Today is going to be a very busy news day, so you will likely get several updates in real time. Our next paid subscriber Q&A will be tonight around 9 PM EST!
Now, let’s get into the news.
BEIJING (AP) — Starting April 10, China will increase its retaliatory tariff on U.S. goods from 34% to 84%.
Yields on 10-year and 30-year U.S. Treasury bonds surged overnight, a move that likely points to rising mortgage rates ahead.
Tensions ran high in a closed-door meeting as Rep. Greg Steube confronted Speaker Johnson over the Senate budget, reportedly shouting, “I rebuke you in the name of Jesus,” according to NOTUS.
“We’ll be announcing a major tariff on pharmaceuticals very soon,” Trump said, adding that the move is aimed at bringing drug manufacturing back to the U.S.
Former Treasury Secretary Larry Summers warns that the U.S. is likely on track for a recession, with a potential loss of 2 million jobs, according to Bloomberg.
Beijing has slammed Vance as "ignorant" following his comment referring to "Chinese peasants."
The EU has imposed tariffs on €21 billion worth of U.S. goods in response to a dispute over metals.
Futures are deep in the red:
S&P 500 is down 1.64%
Nasdaq 100 is down 1.36%
Dow is down 2%
U.S. Treasury Secretary Bessent says Wall Street has enjoyed four decades of growing wealth — now, it’s Main Street’s turn for the next four years.
Donald Trump says now is the perfect time to relocate your company to the United States.
According to the BBC, the U.S. has imposed reciprocal tariffs on nearly every country in the world—except North Korea and Russia.
Here are a few examples from the full list:
China – 104% tariffs
Lesotho – 50%
Cambodia – 49%
Laos – 48%
Madagascar – 47%
Vietnam – 46%
Judge McFadden has approved the AP's request to block the White House's ban, restoring their access to the Oval Office and East Room.
Trump’s Department of Homeland Security has now told migrants who entered the U.S. under the Biden-era CBP One app program that they must leave the country “immediately.” Since January 2023, over 900,000 people were allowed entry through the CBP One app.
See you this evening.
— Aaron
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