[]
President Trump had the world’s attention yesterday when he unveiled his plan to rewire the global economic order by imposing expansive tariffs on nearly all of America’s trading partners. Today, the world responded.
The S&P 500 suffered its worst day since 2020, falling 4.8 percent. Some tech stocks like Apple and Amazon fell further. Markets in Asia and Europe pulled back. Business groups, trade experts, Democratic lawmakers and even a few Republicans denounced the tariffs.
Trump insisted this afternoon that the long-term payoff of the tariffs will be worth it. “The markets are going to boom,” he said. “The country is going to boom.”
Economists warned that the tariffs would raise prices for American consumers and lead employers to pull back on hiring. Some questioned how the strongest economy in the world faced a national “emergency” over its trade deficits. If the levies remain in place long enough, the economists said, the country’s resilient job market could begin to unravel.
Leaders in the E.U. and China, whose exports to the U.S. are set to face new double-digit fees, vowed to retaliate. President Emmanuel Macron of France called for a halt of investments in the U.S.
Canada placed a 25 percent tariff on American-made cars and trucks, in retaliation for a separate round of U.S. tariffs that went into effect today. Other leaders, including in Britain and Japan, were more restrained; Britain said that negotiations with the U.S. would continue.
Many of the worst-hit countries are close American allies and partners. In Southeast Asia, countries like Vietnam, Thailand and Cambodia have turned themselves into manufacturing alternatives to China. Now, they will face some of the most punishing tariffs. Companies that rely on their factories, like Nike and Lululemon, saw steep drops in their stock prices.
Russia, whose exports to the U.S. have fallen since its invasion of Ukraine, was spared. But some mostly uninhabited islands were not.
Trump fired N.S.C. staff after a far-right activist urged him to
During an extraordinary Oval Office meeting yesterday, the far-right activist Laura Loomer vilified several National Security Council officials that she believed were disloyal to the president. Trump then fired six of them, according to U.S. officials.
Loomer, who has floated the baseless conspiracy theory that the Sept. 11 attacks were an “inside job,” is viewed as extreme even by some of Trump’s far-right allies. But she appeared to wield more influence over the staff of the N.S.C. than Michael Waltz, the national security adviser. He joined later in the meeting and defended some of his staff, though it was clear he would be unable to protect their jobs.
In other politics news:
The center of the U.S. is facing a major flood risk
After more than 30 tornadoes pummeled the middle of the U.S. last night, the same storm system brought significant rainfall across parts of the Midwest and South. Floodwaters rose today in Nashville, and cities across the region were told to brace for potentially catastrophic conditions for the next few days.
At least seven people have died; here’s the latest. The storm system was parked over a stretch of the country from Texas through the northeast, with the most intense and potentially history-making rain around Arkansas and Tennessee. “We are pretty worried, about as worried as you can get,” a meteorologist in Little Rock, Ark., said.
If you’re in the area: Here’s how to prepare and what to do when government forecasters issue a warning for a tornado or flash flood near you.
More top news
Springsteen will release seven ‘lost albums’
Fans have long known that Bruce Springsteen has withheld songs throughout his career. Now, he is opening his vault.
Springsteen announced today that he would release “Tracks II: The Lost Albums” in June. Of the 83 songs featured on these seven albums, 74 have never been released in any form. Among them are working tapes from Springsteen’s fruitful period before “Born in the U.S.A.” and a hip-hop-influenced album from the early 1990s.
In related news, Joe DePugh, the “speedball” pitcher who inspired Springsteen’s song “Glory Days,” died at 75.
You’ve heard of Easter eggs. What about Easter potatoes?
Egg prices are now dropping, but they are still in short supply in some parts of the country. Some people have found creative substitutes for the Easter tradition of dyeing and hunting for eggs.
At one big annual egg hunt in Ohio, the organizers are using plastic eggs for the first time in 40 years. Online creators have also shared instructions for hand-dyeing marshmallows, potatoes and even onions for the holiday.
Have a colorful evening.
Thanks for reading. I’ll be back tomorrow. — Matthew
Philip Pacheco was our photo editor today.
We welcome your feedback. Write to us at evening@nytimes.com.
[]
Source link
