Trump Administration
Live Blog EndedApr 3, 2025

Markets close worst day in years after Trump's tariff rollout

Major U.S. stock indexes on Thursday saw their worst one-day drawdowns since the onset of the COVID-19 pandemic.

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After the stock market nosedived Thursday towards its biggest one-day loss since 2020, President Donald Trump defended his expansive tariff policies by predicting a massive economic ‘boom.’

What to Know

This live blog on the Trump administration for Thursday, April 3, 2025, has ended. See more coverage here.

APR 36:23 PM PDT

Cory Booker's Oura ring measured stress and no sleep during a certain 25-hour period this week

Sen. Cory Booker’s Oura ring wants him to “pay attention” to his wellness.

Sen. Cory Booker sets record with marathon speech
New Jersey Sen. Cory Booker took to the Senate floor Monday evening, saying he would remain there as long as he was “physically able.”

The popular health-monitoring device that measures stress and tracks sleep didn't have great news for the New Jersey Democrat when he pulled an all-nighter and then some giving a marathon speech on the Senate floor this week.

The ring’s statistics show that Booker didn’t sleep during his 25 hours protesting Trump administration policies and is now suffering because of it. His stress levels are high, and his body has not been able to fully recover, according to screenshots of the app shared with NBC News.

APR 35:32 PM PDT

Trump's inner circle advises against a call with Putin until he commits to a full ceasefire

As of this afternoon, no call had been scheduled between Trump and Russian President Vladimir Putin, according to two administration officials. Trump’s inner circle is advising him not to have a call with Putin until the Russian leader commits to a full ceasefire, the officials said.

FILE - Russian President Vladimir Putin speaks on the phone in St. Petersburg, Russia, on Dec. 26, 2024. (Alexander Kazakov, Sputnik, Kremlin Pool Photo via AP)

The administration officials cautioned that Trump could decide he wants to talk to Putin suddenly. But they said he has been advised that a phone call is not a good idea unless Putin has conveyed to the White House that he agrees to a full ceasefire in the Russia-Ukraine war.

Trump told NBC News on Sunday that he planned to talk to Putin this week. He also said he was “very angry” at Putin for saying Ukrainian President Volodymyr Zelenskyy should step down from power.

The lack of direct communication between Trump and Putin comes as a Russian official met with White House officials and Republican lawmakers at the White House last night, according to three U.S. officials familiar with the meetings.

APR 35:12 PM PDT

Trump isn't attending dignified transfer of soldiers who died in Lithuania

Trump won't be present today for the dignified transfer of four U.S. soldiers at Dover Air Force Base, Delaware. Instead, he'll be attending a LIV Golf dinner reception in Florida.

FILE -- President Donald Trump and his son, Eric Trump, drive in a golf cart at the LIV Golf Miami tournament at Trump National Doral in Miami on April 3. (Sam Navarro-Imagn Images)

The White House and the Defense Department did not immediately respond to requests for comment on which administration officials might be in attendance.

The soldiers died during a training exercise in Lithuania. They were honored during a dignified departure ceremony from Lithuania, with Lithuanian President Gitanas Nausėda and other dignitaries paying tribute.

The 3rd Infantry Division identified the soldiers as Sgt. Jose Duenez Jr., 25, of Joliet, Illinois; Sgt. Edvin F. Franco, 25, of Glendale, California; Pfc. Dante D. Taitano, 21, of Dededo, Guam; and Staff Sgt. Troy S. Knutson-Collins, 28, of Battle Creek, Michigan.

APR 35:11 PM PDT

Fact check: Trump's misleading tariff chart

AP Photo/Mark Schiefelbein

President Donald Trump speaks during an event to announce new tariffs in the Rose Garden at the White House, Wednesday, April 2, 2025, in Washington.

In his Rose Garden announcement of sweeping new “reciprocal tariffs,” President Donald Trump held aloft a misleading chart that claimed to give a breakdown of the tariffs other countries charge the U.S. and the corresponding tariff that the U.S. will now impose against those countries.

“Reciprocal. That means they do it to us and we do it to them,” Trump said in his April 2 speech. “Very simple. Can’t get any simpler than that.”

Trump said the U.S. would begin charging a “minimum baseline tariff of 10%” on all imported goods. But he said the U.S. would also tariff countries at a rate equal to half of tariff rates that countries charged for U.S. goods “including currency manipulation and trade barriers.” That, according to Trump’s chart, would mean tariffs of 50% on imports from some countries.

The first column next to the list of countries purported to represent “Tariffs Charged to the U.S.A.” as a percentage. A cursory look revealed, however, that the percentages are far higher than the average tariff rates published by the World Trade Organization. Smaller print under the “Tariffs Charged” heading notes — as Trump did — that the figures include “Currency Manipulation and Trade Barriers.” Those last two factors are harder to quantify, but it turns out that’s not how the White House arrived at its figures anyway.

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APR 34:40 PM PDT

Senate Republicans vote to advance a massive budget blueprint for Trump's agenda

FILE -- Senate Majority Leader John Thune, R-S.D., conducts a news conference after the senate luncheons in the Capitol on Tuesday. (Tom Williams / CQ-Roll Call, Inc via Getty Images)

The Republican-led Senate voted 52-48 on Thursday to begin debate on a budget blueprint for a multitrillion-dollar package to pass President Donald Trump’s agenda.

The measure calls for a steep tax cut and a spending increase for immigration enforcement and a Pentagon expansion, alongside unspecified spending cuts and a $5 trillion debt limit increase. It is likely to substantially increase the budget deficit.

Every Republican voted for the measure except Sen. Rand Paul of Kentucky. Democrats unanimously voted against it.

Read the full story here on NBCNews.com.

APR 34:39 PM PDT

States sue to block Trump's election order, saying it violates the Constitution

Democratic officials in 19 states filed a lawsuit Thursday against President Donald Trump's attempt to reshape elections across the U.S., calling it an unconstitutional invasion of states' clear authority to run their own elections.

File - A polling place for the 2018 Minnesota primary election at Holy Trinity Lutheran Church on August 14, 2018 in Minneapolis. (Photo by Stephen Maturen/Getty Images)

The lawsuit is the fourth against the executive order issued just a week ago. It seeks to block key aspects of it, including new requirements that people provide documentary proof of citizenship when registering to vote and a demand that all mail ballots be received by Election Day.

“The President has no power to do any of this,” the state attorneys general wrote in court documents. “The Elections EO is unconstitutional, antidemocratic, and un-American.”

Trump's order said the U.S. has failed “to enforce basic and necessary election protection." Election officials have said recent elections have been among the most secure in U.S. history. There has been no indication of any widespread fraud, including when Trump lost to Democrat Joe Biden in 2020.

APR 34:01 PM PDT

Trump's new tariffs will hit lower-income households the hardest

The ripple effects of President Donald Trump’s new wave of sweeping tariffs announced this week will be felt the most by lower-income Americans, who are heavily reliant on products from countries hit the hardest by Trump’s tariffs and have less disposable income to absorb higher prices, NBC News reported.

Trump is placing some of his highest tariffs on goods coming from countries making the low-cost products that line the shelves of discount retailers. Products from Vietnam, Sri Lanka and Cambodia, for instance, will have a more than 40% tariff — that is, now importers will need to pay 40% of the value of those goods to Customs and Border Protection at ports of entry to get them into the country. Goods from China will have a total of more than 70% worth of additional tariffs.

While Trump campaigned on a pledge to lower prices for struggling Americans, his tariffs are expected to increase the cost of everything from kids’ shoes to fresh produce, according to economists and business executives. The total impact from tariffs announced since Trump took office could cost the average household $3,800 per year, according to analysis by the Budget Lab at Yale University.

For the lowest-income households, they could see a 4% reduction in their after-tax income from the tariffs, the report estimated — three times greater than the impact on higher-income households. That's because those consumers spend more of their income on necessities like food, clothing and transportation and are more likely to buy products imported from countries hit hardest by the tariffs.

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APR 33:53 PM PDT

Trump said he thinks Musk will probably leave his post in ‘a few months'

Trump told reporters on Air Force One that he wants tech billionaire Elon Musk, the head of the Department of Government Efficiency, "to stay as long as possible."

What is the Department of Government Efficiency (DOGE)?
The Department of Government Efficiency, commonly known as DOGE, is an initiative led by Elon Musk with a goal to ”maximize governmental efficiency and productivity.”

But he also said, “There’ll be a point where he’s going to have to leave," in part because of the companies he runs.

Asked by a reporter how long he anticipated Musk, classified as a special government employee, would work in his administration, he responded, "I mean, as long as he'd like."

Asked for a specific date on Musk's departure, Trump said, "I would think a few months."

APR 33:52 PM PDT

Federal judge to temporarily block billions in health funding cuts to states

A federal judge will temporarily block President Donald Trump’s administration from cutting billions in federal dollars that support COVID-19 initiatives and public health projects throughout the country.

File photo by Elijah Nouvelage/Getty Images

U.S. District Judge Mary McElroy, appointed by Trump in 2019 but first nominated by former President Barack Obama, in Rhode Island said Thursday that she plans to grant the court order sought by 23 states and the District of Columbia.

“They make a case, a strong case, for the fact that they will succeed on the merits, so I’m going to grant the temporary restraining order,” said McElroy, who plans to issue a written ruling later.

Read the full story on NBC10 Boston here

APR 33:12 PM PDT

HHS gutted programs to help people quit smoking. The impact could be deadly.

HHS gutted programs to help people quit smoking. The impact could be deadly.

The U.S. Department of Health and Human Services manages government-funded health insurance programs, monitors infectious diseases, inspects foods and hospitals, and more.

Smoking rates in the United States are at historic lows and fewer people are dying from tobacco-related lung cancer — in part because the federal government has pumped millions of dollars into research and attention-grabbing anti-smoking campaigns, as well as resources to help smokers quit.

Public health experts were stunned this week when the Department of Health and Human Services dismantled several key groups that had been hugely successful in helping to curb smoking rates in the U.S. for decades. The groups also tracked youth smoking and vaping rates as well as the appeal of nicotine pouches for teens.

The Office on Smoking and Health at the Centers for Disease Control and Prevention — which had been crucial in investigating a deadly wave of lung injuries linked to contaminated vaping devices in 2019 — was gutted.

Dozens of staffers at the Food and Drug Administration’s Center for Tobacco Products — which oversees warning labels and restrictions on marketing — were placed on leave, including the center’s director, Brian King.

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APR 33:01 PM PDT

Republicans weigh using the power of Congress to rein in Trump on tariffs

The fallout from President Donald Trump's aggressive new tariffs has spurred Congress into action, with a growing number of Republicans joining Democrats to express interest in using their power to restrain him.

Trump announces new tariffs, including 25% on all foreign made automobiles
President Donald Trump outlines a series of new tariffs during a speech at the White House on Wednesday, including a 25% tariff on all foreign made automobiles.

After the GOP-led Senate delivered a rare rebuke to Trump on Wednesday by voting to undo his tariffs on Canada, lawmakers in both chambers are weighing additional steps to rein him in. Senators are eyeing other mechanisms to rescind Trump’s existing tariffs while limiting his ability to impose new ones.

And Democrats in the House are exploring ways to force a vote to revoke Canadian tariffs, putting out feelers to attract support from Republicans.

Read the full story from NBC News here

APR 32:35 PM PDT

Federal Reserve not likely to rescue markets and economy from tariff turmoil anytime soon

Now that President Donald Trump has set out his landmark tariff plans, the Federal Reserve finds itself in a potential policy box to choose between fighting inflation, boosting growth — or simply avoiding the fray and letting events take their course without intervention.

Trump announces new tariffs, including 25% on all foreign made automobiles
President Donald Trump outlines a series of new tariffs during a speech at the White House on Wednesday, including a 25% tariff on all foreign made automobiles.

Should the president hold fast to his tougher-than-expected trade policy, there's a material risk of at least near-term costs, namely the potential for higher prices and a slowdown in growth that could turn into a recession.

For the Fed, that presents a potential no-win situation.

Read the full story here.

APR 32:05 PM PDT

Judge says US government may have ‘acted in bad faith' as he weighs contempt over deportation order

A federal judge said Thursday that the Trump administration may have "acted in bad faith” by trying to rush Venezuelan migrants out of the country before a court could block their deportations to El Salvador.

Judge James E. Boasberg, chief judge of the Federal District Court in DC, at the E. Barrett Prettyman Federal Courthouse in Washington, DC,on March 16, 2023. (Photo by Carolyn Van Houten/The Washington Post via Getty Images)

U.S. District Judge Jeb Boasberg in Washington pressed a Justice Department lawyer to explain the government's actions in a high-stakes court hearing to determine whether the administration ignored his orders to turn around planes that were carrying deportees to El Salvador.

The judge said he could issue a ruling as soon as next week on whether there are grounds to find anyone in contempt of court for defying the court order.

APR 31:41 PM PDT

Senate confirms Mehmet Oz as head of Centers for Medicare and Medicaid Services

5 things to know about Dr. Mehmet Oz
Dr. Mehmet Oz hosted a long-running television show before pivoting to politics.

The Senate voted to confirm celebrity doctor Mehmet Oz as the head of the Centers for Medicare and Medicaid Services by a party-line vote of 53-45.

Oz came under fire for questions if he may have underpaid Medicare and Social Security taxes, per a Senate Dem memo

APR 31:31 PM PDT

WATCH: Trump defends tariffs as stock markets freefall

‘The country's going to boom': Trump defends tariffs as stock markets freefall
After the stock market nosedived Thursday towards its biggest one-day loss since 2020, President Donald Trump defended his expansive tariff policies by predicting a massive economic ‘boom.’
APR 31:07 PM PDT

Markets see worst one-day loss since pandemic

Major stock indexes saw their worst one-day drawdowns since the onset of the Covid-19 pandemic Thursday.

The S&P 500 fell 4.8%, while the Nasdaq fell 6% — both their worst since 2020. The Dow Jones Industrial Average declined 4%, or more than 1,600 — its worst sell-off since 2022.

APR 312:43 PM PDT

The value of the US dollar is dropping hard

The value of the United States dollar saw one of its biggest drops in years today, down as much as 2.2%.

In theory, that's good news for the export-oriented agenda Trump is espousing, and which he hopes his tariffs will help put into effect. If the value of U.S. goods go down, it makes them easier to sell abroad.

But by and large, the United States doesn't have a problem selling goods abroad. Instead, its trade deficit is the product of our ability to buy even more stuff than we sell.

With a weaker dollar, the average consumer in the United States will have less overall buying power.

Notably, White House officials, including Treasury Secretary Scott Bessent, in his confirmation hearing, and Stephen Miran in a 2024 paper, said that assuming tariffs did cause prices to go higher, the impact to U.S. consumers from tariffs would be less severe as long as the dollar appreciated in value.

APR 312:10 PM PDT

Pentagon's watchdog to review Hegseth's use of Signal app to convey plans for Houthi strike

Hegseth: ‘Nobody was texting war plans'
Defense Secretary Pete Hegseth was questioned upon his arrival in Hawaii on Monday about the war plans that were put in a group chat that included a journalist.

The Pentagon’s acting inspector general announced Thursday that he would review Defense Secretary Pete Hegseth’s use of the Signal messaging app to convey plans for a military strike against Houthi militants in Yemen.

The review will also look at other defense officials' use of the publicly available encrypted app, which is not able to handle classified material and is not part of the Defense Department’s secure communications network.

Hegseth’s use of the app came to light when a journalist, Jeffrey Goldberg of The Atlantic, was added to a Signal text chain by national security adviser Mike Waltz. The chain included Hegseth, Vice President J.D. Vance, Secretary of State Marco Rubio, Director of National Intelligence Tulsi Gabbard and others, brought together to discuss military operations against the Iran-backed Houthis.

Read the full story here.

APR 312:08 PM PDT

Trump fires at least 3 national security aides following a meeting with far-right activist Laura Loomer

President Donald Trump fired at least three National Security Council officials this week after far-right activist Laura Loomer met with the president and expressed dissatisfaction with some officials on his national security team, three people familiar with the matter told NBC News.

Laura Loomer watches as Republican presidential nominee former President Donald Trump visits the Shanksville Volunteer Fire Company in Shanksville, Pa., Wednesday, Sept. 11, 2024. (AP Photo/Matt Rourke)

Among those let go were senior officials Brian Walsh, Thomas Boodry and David Feith, the sources said.

Read the full story from NBC News here

APR 312:01 PM PDT

‘Brutal and unfounded': Macron condemns Trump tariffs plan

APR 311:22 AM PDT

Rubio faces uneasy crowd in Europe after tariffs announcement

Secretary of State Marco Rubio arrived in Brussels today for his first NATO meeting as secretary an hour behind schedule after attending the lengthy Trump tariff event yesterday — flying overnight to find Europe rattled by the higher-than-expected tariffs and already anxious over being cut out of the U.S.-Russia talks on Ukraine and suggestions the United States might draw down forces in Europe.

5 things to know about Sen. Marco Rubio
Here are five things to know about Sen. Marco Rubio.

Alongside Secretary-General Mark Rutte, Rubio restated U.S. commitment to NATO, blaming “hysteria and hyperbole” on global media (not repeated Trump criticism of NATO).

Rubio avoided tariff questions, but before he arrived, Norway and others complained about them. Rubio met with Danish Foreign Minister Lars Rasmussen and ducked a shouted question about Greenland. He was not slated to meet separately with Ukraine's foreign minister who was attending.

APR 311:18 AM PDT

Denmark's foreign minister blasts Trump tariffs

In a gaggle with NBC News and Danish press, Danish Foreign Minister Lars Rasmussen said President Donald Trump was wrong to start a trade war and it is bad for the global economy. He said he will be attending a meeting of European trade ministers Monday and they will avoid escalating but will come up with a “proportional” response.

He also said the president’s calculations don’t take into account the services sector in which Denmark’s savings are heavily invested in the U.S.

Separately he excoriated Trump for telling NBC News' Kristen Welker on "Meet the Press" that he wouldn’t rule out military force against Denmark, a NATO ally, if necessary to get Greenland.

APR 310:56 AM PDT

Digital currencies like bitcoin are selling off

Digital currencies were not immune to Thursday's sell-off. Bitcoin prices fell as much as 6% on the day to about $81,000, its lowest level in nearly a month, according to CoinMarketCap.com, which tracks token prices. Ethereum, the next-most-valuable digital token, was off as much as 7% to about $1,700.

Trump's own meme coin was not immune, falling more than 14% to less than $9.

APR 310:48 AM PDT

Trump fires at least 3 national security aides following a meeting with far-right activist Laura Loomer

AP Photo/Evan VucciPresident Donald Trump speaks at the White House, Thursday, Nov. 5, 2020, in Washington.

President Donald Trump speaks at the White House, Thursday, Nov. 5, 2020, in Washington.

President Donald Trump fired at least three National Security Council officials this week after far-right activist Laura Loomer met with him and expressed dissatisfaction with some officials on his national security team, three people familiar with the matter told NBC News.

Trump confirmed the meeting Thursday but denied that Loomer — whom he called a "patriot" and a "very strong person" — recommended any terminations.

The president told reporters on Air Force One that it was customary to let go of “people that we don’t like, or people that we don’t think do the job, or people that may have loyalty to somebody else.” He said he wasn't sure how many officials had been fired.

Follow live politics coverage here

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APR 310:19 AM PDT

Trump's latest tariffs to cost average household $2,100, analysis says

Trump’s tariffs announced yesterday will cost the average household around $2,100 a year with the lowest income households facing an extra $980 in annual costs, according to an analysis by The Budget Lab at Yale University.

When factoring in all the tariffs Trump has announced since taking office, including those on Mexico, Canada and all steel and aluminum imports, that cost rises to $3,800 for the average household and $1,700 for the lowest income households.

The analysis estimates that Trump’s various tariffs announced over the past two months will increase the price of all leather goods, including shoes, by 18%, clothing by 16%, electrical equipment by 10% and fish and fresh produce by 4%.

Combined, Trump’s tariffs will increase prices around 2.3%, the report found. That amount would come on top of the roughly 3% inflation rate the U.S. has already been experiencing.

APR 39:36 AM PDT

Hakeem Jeffries threatens lawsuit over delayed Texas special election

Hakeem Jeffries threatens lawsuit over delayed Texas special election

House Speaker Mike Johnson, R-Louisiana and Minority Leader Hakeem Jeffries, D-New York, speaks after the House narrowly passed a funding bill, which will be sent to the Senate.

House Minority Leader Hakeem Jeffries, D-N.Y., is threatening a lawsuit against Texas Republican Gov. Greg Abbott for holding off on calling a special election to fill a vacant House seat in Houston, which Democrats allege is a deliberate move designed to help pad the GOP’s razor-thin majority.

In a response to a question from NBC News on Wednesday, Jeffries said it’s “very likely” that Democrats will pursue litigation against Abbott, who has yet to set a date for an election to replace Rep. Sylvester Turner, who died in early March.

Asked whether he thought Abbott was deliberately delaying the special election in Texas' solidly Democratic 18th District, Jeffries said, "Yes."

Andrew Mahaleris, Abbott’s press secretary, said in a statement: “An announcement on a special election will be made at a later date.”

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APR 38:58 AM PDT

How the White House's tariff calculation seems more complicated than it is 

In explaining how they came up with Trump’s tariff rates, the U.S. Trade Representative put out a seemingly complicated formula that likely sent a chill down the spine of anyone who didn’t treasure their time in math class. 

The White House has denied its tariff number is based off simply dividing the trade deficit by a country’s imports. But if you read a little further down the page, everything becomes much simpler. 

ε (sigma) and φ (phi) seem like complicated variables that would make solving this equation difficult for anyone except a mathematician. But according to the trade rep’s own explanation, the numbers those variables represent cancel each other out. 

“The price elasticity of import demand, ε, was set at 4. …  The elasticity of import prices with respect to tariffs, φ, is 0.25.”

APR 38:12 AM PDT

Apple heads for worst drop in 5 years after Trump tariff rollout

Technology stocks plummeted today after President Donald Trump’s new tariff policies sparked widespread market panic.

Apple led the declines among the “Magnificent Seven,” dropping nearly 9%. The iPhone maker makes its devices in China and other Asian countries. The stock is on pace for its steepest drop since 2020.

Other megacaps also felt the pressure. Meta Platforms and Amazon fell more than 7% each, while Nvidia and Tesla slumped more than 5%. Nvidia builds its new chips in Taiwan and relies on Mexico for assembling its artificial intelligence systems. Microsoft and Alphabet both fell about 2%.

Semiconductor stocks also felt the pain, with Marvell TechnologyArm Holdings and Micron Technology falling more than 8% each. Broadcom and Lam Research dropped 6%, while Advanced Micro Devices declined more than 4%. Software stocks ServiceNow and Fortinet fell more than 5% each.

APR 37:16 AM PDT

U.S. stocks take a historic plunge after Trump's tariffs shock global trade

President Donald Trump’s rollout of sweeping tariffs on virtually all U.S. imports slammed into markets Thursday as investors issued an emphatic rebuke of his effort to reorder global trade.

The broad-based S&P 500 index plunged nearly 5% — a roughly $2 trillion wipeout — for its biggest one-day drop since June 2020, amid the depths of the Covid-19 pandemic. The Dow Jones Industrial Average likewise had its worst day since the same month five years ago, closing 4% lower. The tech-heavy Nasdaq plummeted 6%, its biggest decline since March 2020.

Retail stocks were some of the hardest-hit Thursday, as Trump’s tariffs on manufacturing powerhouses like China could climb as high as 54%. Nike shares fell 14.5%, while Lululemon shares were off 10%. Ralph Lauren lost 16%.

Oil drillers also took massive losses, led by Valero Energy, whose shares sank 15%. The price of crude tanked nearly 7% on fears of a slowdown in global growth.

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APR 36:32 AM PDT

Trump officials defend tariffs as global markets drop

Trump administration officials fanned out across morning news shows to defend the White House's new tariffs as global markets reeled from yesterday's announcement.

White House press secretary Karoline Leavitt urged Wall Street to "trust in President Trump" and rejected the idea that Trump would pull back on tariffs before they go into effect.

"The president made it clear yesterday this is not a negotiation — this is a national emergency," she said in a CNN interview.

Vice President JD Vance said on Fox News that workers who joined Trump yesterday during the announcement "know this is a big change," adding, "but we need a big change in this country."

In a CNBC interview, Commerce Secretary Howard Lutnick said that he wanted countries to "stop picking on us." He also asked why products like iPhones could not be made in the U.S.

APR 35:47 AM PDT

Trump's history-making tariffs in a chart

A chart from Evercore ISI, an investment banking firm, highlights just how big Trump's tariffs are.

The firm below charts average U.S. tariffs, with the sizable and historic Smoot-Hawley Act toward the left. To the right, you can see just how aggressive Trump's tariff plan is: Evercore estimates that U.S. tariffs will exceed a weighted average of 25% — well above Smoot-Hawley.

Tariffs
APR 35:19 AM PDT

US layoffs surged in March thanks to DOGE cuts: Report

Federal job cuts resulted in the U.S. seeing the third-highest number of layoffs ever recorded in a single month in March, according to a report from jobs and career consultancy Challenger, Gray & Christmas, Inc.

The report said cuts enacted by the Department of Government Efficiency, the effort spearheaded by Elon Musk that's helped scramble the federal workforce, had resulted in 216,215 layoff plans of federal workers and contractors impacting 27 agencies.

In total, 275,240 cuts were registered across the U.S. economy.

“Job cut announcements were dominated last month by Department of Government Efficiency [DOGE] plans to eliminate positions in the federal government. It would have otherwise been a fairly quiet month for layoffs,” Andrew Challenger, senior vice president and workplace expert for Challenger.

So far this year, employers have announced 497,052, the highest year-to-date and quarterly total since Q1 2009, Challenger said.

APR 34:39 AM PDT

NYC Mayor Eric Adams is switching parties, running as independent for reelection

Fresh off the dissolution of his criminal corruption case, New York City Mayor Eric Adams says he's back to focusing on working for New Yorkers. He just plans to do it with another party.

The embattled Democrat announced Thursday that he will run instead for mayor as an independent, leaving Andrew Cuomo, who resigned as governor of New York amid a sexual harassment controversy, the primary contender at the top of the blue ticket. City Council Speaker Adrienne Adams is also running.

Read the full story here.

APR 33:50 AM PDT

‘Major blow to the world economy': Global leaders react to Trump's tariffs

Leaders from around the world reacted to President Trump’s sweeping tariffs, many saying they regret the decision from the White House.

European Commission President Ursula von der Leyen said the tariffs are a “major blow to the world economy.”

APR 32:58 AM PDT

Trump administration slaps tariffs on some of the world's poorest nations

Many of the world’s poorest countries now face the highest reciprocal tariffs imposed by Trump yesterday.

Lesotho in southern Africa has been slapped with the highest duty of 50%. Listed as the world’s 22nd poorest country, it primarily exports diamonds and garments, with the U.S. as one of the top five exporting destinations.

Cambodia is hit by 49% U.S. tariffs, the second highest, though the U.S. is Cambodia’s largest single-country export destination.

Madagascar in east Africa, the world’s ninth poorest country, will face 47% reciprocal tariffs. It primarily exports vanilla, cloves and garments, with the U.S. among the top five countries it exports to.

APR 32:36 AM PDT

Japan vows ‘necessary measures' but does not say if it will respond with tariffs

Calling the U.S. tariffs "extremely regrettable," Japan said it will examine the impact on domestic industries and will take "all necessary measures," including providing support for cash flow.

"We will promptly establish a special consultation service and provide support for cash management and fund procurement," chief cabinet secretary Yoshimasa Hayashi told reporters in a regular news briefing.

Hayashi said he would not disclose the "specifics of what is being considered" when asked if Japan was considering arbitration by the World Trade Organization or reciprocal tariffs.

Japan's Nikkei index closed 2.8% lower Thursday.

APR 32:00 AM PDT

Unpopulated, remote island not immune from Trump's tariffs

A waddle of King penguins standing on the shores of the Australian territory of Heard Island. Matt Curnock/Australian Antarctic Division

The sweeping tariffs Trump announced yesterday stretched around the globe, including the remote Heard and McDonald Islands, which are populated by zero humans but lots of seals and penguins.

Despite having no apparent exports or imports, the sub-Antarctic islands, which are an external territory of Australia, will be subject to a 10% tariff, according to a document the White House provided during Trump’s tariff announcement yesterday.

Other tiny nations and territories were also hit with 10% tariffs, including Tokelau, a dependent territory of New Zealand, with a population of around 1,600 people, and the Cocos Islands, another territory of Australia, with a population of around 600 people.

APR 31:24 AM PDT

France slams Trump's ‘imperialist posture' and helps EU ready fight-back

French officials slammed President Trump’s 20% tariff measures on all goods imported from the European Union, saying that the bloc could be expected to retaliate in mid-April, and then again in late April.

The first of the two responses by the EU will tackle Trump’s attacks on aluminum and steel, followed by the broader range of products and services, French government spokesperson Sophie Primas told local broadcaster RTL radio Thursday.

“We are also going to attack services,” she said, including online services from Google, Apple, Facebook, Amazon and Microsoft. She added that the EU would also review access of U.S. companies to procurement contracts in Europe.

France is “ready in this trade war,” Primas said, after accusing Trump of behaving like he’s “master of the world” and of having an “imperialist posture.”

APR 312:57 AM PDT

Trump's trade war is just getting started

President Donald Trump has favored tariffs for years. His expanding trade war is sure to ripple through the global economy for a long while, too.

That’s because ramping up tariffs on foreign governments frequently draws retaliation — a likelihood that even industries Trump aims to support are already bracing for. While he has been rolling out an ever-shifting series of import taxes for months, the sweeping “reciprocal” tariffs he announced yesterday are opening salvos in what could become drawn-out tit-for-tats with potentially dozens of governments.

Unlike the narrower, targeted tariffs Trump imposed on certain countries and products in his first term, his latest duties are set to rewrite the rules of global trade on a far broader level — and in an environment in which inflation is running hotter.

“This is a game changer, not only for the U.S. economy but for the global economy,” Olu Sonola, head of U.S. economic research at Fitch Ratings, said in a note Wednesday evening.

“Many countries will likely end up in a recession. You can throw most forecasts out the door, if this tariff rate stays on for an extended period of time,” she said, adding that the levels Trump is introducing haven’t been seen since 1910.

APR 26:38 PM PDT

Some Republican senators concede tariffs could cause ‘short-term pain'

A handful of Republican senators told NBC News tonight that Trump's decision to place tariffs on more than 180 countries and territories could lead to short-term pain for U.S. consumers in the form of higher prices.

“Sometimes in business you have to have short-term pain to have long-term gain, and we don’t think this is even going to be that long of a short term, if it is at all. We trust the president,” Sen. Markwayne Mullin, R-Okla., said.

Sen. Cynthia Lummis, R-Wyo., said Trump acted "pretty responsibly" in implementing the tariffs but still acknowledged "there could be short-term pain" in response to the import penalties.

"I’m looking forward to seeing how they work. We already have countries that have approached the president to say: 'We want to work with you. We’ll lower our tariffs, if you lower yours,'" Lummis said.

Sen. John Kennedy, R-La, said he's confident Trump will reconsider the tariffs if there's a significant impact on U.S. consumers.

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