It’s morning in America. 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. Every bit helps keep this work going strong.
Now, let’s get into the news.
The Dow dropped by 1,200 points this morning as markets react sharply to Trump’s new tariffs. The S&P 500 and Nasdaq also take major hits, while big names like Apple, Nvidia, and Nike tumble. Both the dollar and gold fall amid the turmoil.
Global markets slumped Thursday after President Trump unveiled sweeping new tariffs, with Japan’s Nikkei dropping 2.8%, South Korea’s Kospi falling under 1%, Hong Kong’s Hang Seng down 1.5%, and Europe’s Stoxx 600 off 2%, while U.S. futures also tumbled—Dow down 2.8%, S&P 500 off 3.4%, and Nasdaq set to open 3.8% lower.
The U.S. Senate has passed a resolution to block Donald Trump's tariffs on Canadian imports, with a 51-48 vote. Four Republican senators—Mitch McConnell, Lisa Murkowski, Susan Collins, and Rand Paul—joined all Democrats in supporting the measure.
Bank of America and Barclays are now warning there's a strong chance the U.S. could fall into a recession this year, according to Reuters.
In March, U.S. employers announced 275,240 job cuts—the highest monthly total since May 2020—with 216,670 of these layoffs resulting from the Department of Government Efficiency's (DOGE) federal workforce reductions.
Germany and France are advocating for a stronger European Union response to U.S. President Donald Trump's recent tariffs.
China has pledged to implement countermeasures in response to the United States' recent imposition of substantial tariffs on Chinese exports, escalating tensions and raising concerns of a potential global trade war.
Fitch Ratings' U.S. economic research chief, Olu Sonola, reports that the U.S. tariff rate on all imports has surged to 22% from 2.5% in 2024, marking the highest level since around 1910.
The United States has announced a new 34% tariff on Chinese imports, which, combined with existing duties, will raise the total tariff rate on Chinese goods to 54%.
Donald Trump has imposed a 10% tariff on Australia's uninhabited Heard and McDonald Islands, which are remote territories in the sub-Antarctic region with no human population or significant trade activity.
Australian Prime Minister Anthony Albanese has criticized U.S. President Donald Trump's recent imposition of a 10% tariff on Australian imports, stating, "This is not the act of a friend." He emphasized that these tariffs are "totally unwarranted" and lack logical justification.
The White House has announced that steel, aluminum, gold, and copper imports will be exempt from the newly introduced "reciprocal" tariffs, providing relief to domestic buyers who are already subject to existing duties on these metals.
See you this evening.
— Aaron
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