President Trump stood firm on his sweeping tariffs despite the stock market taking a sharp tumble Thursday.
“The markets are going to boom,” he told reporters outside the White House. “The country is going to boom.”
The aggressive move affects nearly every nation exporting products to the U.S, which Trump has argued will restore the country’s manufacturing economy while making trade relationships fairer and boosting government revenue.
The tariffs, fulfilling a Trump campaign promise, impose a 10-percent base tax on all goods coming into the U.S. But several countries are being hit with steeper taxes, with some as high as 50 percent.
Long-time partners Mexico and Canada are exempted from Wednesday’s announcement as they have already been targeted with 25 percent tariffs since Trump returned to the White House.
Countries across the globe have threatened to retaliate while others have made calls for the U.S. to come to the negotiating table. And in Washington, the move has been met with fury from Democrats.
And on Thursday, the Trump administration fired several National Security Council staffers in the wake of the Signal chat leak last month. The removals come after Trump met with far-right influencer Laura Loomer, who encouraged the administration to take action.
Meanwhile, on Capitol Hill, Senate Republicans are charging forward to pass a budget resolution to further advance the Trump agenda. But divisions in the conference could derail the effort as a vote on the measure is expected later this week.
Follow along for the latest updates.
Trump backs Luna push for House parental proxy voting
President Trump on Thursday said he supports the effort to allow for proxy voting for new parents, while the standoff between House GOP leadership and Rep. Paulina Luna (R-Fla.) hardens over the issue.
“I don’t know why it’s controversial,” Trump said.
“I’m gonna let the Speaker make the decision, but I like the idea of being able to – if you’re having a baby, I think you should be able to call in and vote. I’m in favor of that,” Trump added.
Federal judge temporarily pauses RFK Jr. effort to rescind billions of public health funds
A federal judge granted a temporary restraining order Thursday that stops the Trump administration from pulling back more than $11 billion dollars in public health funding from state and local health departments.
Judge Mary McElroy of the federal district court in Rhode Island granted a 14-day restraining order to a group of 23 states and the District of Columbia that filed a lawsuit against the Department of Health and Human Services (HHS) earlier this week.
“The likelihood of success on the merits is extremely strong,” McElroy said at the conclusion of the brief hearing, noting that “the record is voluminous … with allegations of irreparable harm” if the funding were to cease.
Trump tariffs spur Wall Street’s worst day since 2020
The stock market cratered Thursday as fears of global economic slowdown driven by President Trump’s new tariffs spurred Wall Street’s worst day of losses since the outbreak of the COVID-19 pandemic.
The Dow Jones Industrial Average fell more than 1,679 points Thursday, closing with a loss of 4 percent. The S&P 500 index plunged 4.8 percent, and the Nasdaq composite sunk 6 percent on the day.
How the White House calculated reciprocal tariffs
President Trump triumphantly held up a poster board in the Rose Garden on Wednesday showing the reciprocal tariffs he plans to impose on nearly every country in the world.
But just how the White House came up with the formula to determine what percentage of tariffs to impose and where has left foreign leaders, financial analysts and consumers scratching their heads.
Administration officials insist that trade deficits took a central role in determining the rates. In rolling out the tariffs, officials said the rate for each country would also be calculated by both tariffs imposed on U.S. goods and non-trade barriers like currency manipulation, intellectual property theft like knock-offs and other factors that made it more difficult to sell into that country.
Here are the stocks rising and falling the most after Trump tariffs
Markets tumbled Thursday following President Trump’s announcement of a general 10-percent tariff on imports to the U.S. along with additional targeted tariffs on dozens of U.S. trading partners.
Some companies are winning big off the tariff news while others took serious hits.
5 surprises from Trump’s sweeping new tariffs
The rollout of President Trump’s new reciprocal tariffs included some big surprises, as economists and trading partners sifted through which countries were hit the highest rates, and who was spared.
Questions swirled over the calculations and decision-making process within the White House while administration officials and Republicans hit the airwaves to defend the tariffs, urging investors and the broader public to trust Trump as stocks plunged on Thursday morning.
70 percent oppose impeaching judges over Trump rulings: Poll
Most Americans oppose impeaching federal judges who have ruled against President Trump’s spending cuts and agency closures, according to a new poll.
In the Marquette University Law School poll, 70 percent of respondents said they do not back federal judges’ impeachment over anti-Trump rulings on spending cuts and agency closures, while 30 percent they did support the judges’ impeachment.
Trump: Tariff rollout ‘going very well,’ says markets will ‘boom’ amid
President Trump on Thursday insisted that the rollout of his new reciprocal tariffs is “going really well” despite markets taking a plunge and foreign leaders rattled by the prospect of a global recession.
Trump, however, insisted the markets will bounce back and reiterated that the pain would be short-term despite the wave of uncertainty muddying future prospects.
HHS staff to brief House committee following massive agency layoffs
House Democrats on the Energy and Commerce committee are demanding a hearing with Health and Human Services Secretary (HHS) Robert F Kennedy Jr. about the massive layoffs happening at his agency.
But so far, GOP leadership has committed to a staff-level briefing only, according to a spokesperson for Chairman Brett Guthrie (R-Ky.).
Senate looks at possible weekend work, even after vote-a-rama
Senate Republicans are considering keeping members in Washington through the weekend — even after they complete a vote-a-rama on the budget resolution — to process nominations.
Multiple Senate Republicans told The Hill that leadership is considering that plan, with the idea of giving days back later in the week ahead of the planned two-week recess that is set to start next weekend.
For example, instead of potentially wrapping up work late in the week as currently scheduled, they could be done midweek to elongate that planned break.
“We said, ‘if we work all weekend, will you give us a little bit of a break next week?’ And I think [Senate Majority Leader John Thune] is considering that,” Sen. John Cornyn (R-Texas) said.
“We’ve got to get a bunch of confirmations done, and we may just grind though all weekend,” Cornyn added.
Ford offering employee pricing to all shoppers in wake of Trump tariffs
Automotive giant Ford announced that it will be offering employee pricing to all of their shoppers in the wake of President Trump’s new sweeping tariff package.
Ford is kicking off its “From America, For America” campaign on Thursday. The effort, which Ford calls the “handshake deal with every American,” will be advertised on social media, in TV ads and in newspapers.
Canada announces 25 percent tariff on non-USMCA compliant US auto imports
Canadian Prime Minister Mark Carney announced on Thursday his country will impose 25-percent tariffs on U.S. auto imports that do not comply with the U.S.-Mexico-Canada Agreement (USMCA) on free trade.
Carney said the tariffs are a direct response to President Trump’s 25-percent auto tariffs, which took effect Thursday.
Pence on Trump tariffs: ‘Largest peacetime tax hike in U.S. history’
Former Vice President Pence warned about the economic and political risks of the Trump administration’s sweeping reciprocal tariffs on other nations, calling them the “largest peacetime tax hike in U.S. history.”
Pence, who served alongside Trump during his first term, posted on the social platform X following Wednesday’s announcement that the tariffs “are nearly 10x the size of those imposed during the Trump-Pence Administration and will cost American families over $3,500 per year.”
White House postpones Saturday garden tours due to anti-Trump demonstrations
The White House is rescheduling one of its annual spring garden tour dates due to a “massive” anti-Trump demonstration expected to take place near 1600 Pennsylvania Ave.
The spring garden tours that were scheduled for Saturday have been pushed a day later, to Sunday, the White House announced Thursday.
Trump approval slips to lowest point in second term: Survey
President Trump’s approval rating slipped to its lowest point during his second White House term amid his handling of the economy and the recent Houthi Signal chat leak, according to a survey that was published on Wednesday.
The new Reuters/Ipsos poll found that the president’s approval rating was 43 percent, representing a 2-point drop since the late March iteration of the survey. After Trump took office on Jan. 20, his approval rating stood at 47 percent.
Ford offers discounts to US customers as tariffs kick in
Ford rolled out a new campaign on Thursday offering employee-pricing to U.S. customers as President Trump’s auto tariffs take effect.
“We understand that these are uncertain times for many Americans,” the company wrote in a Thursday release. “Whether it’s navigating the complexities of a changing economy or simply needing a reliable vehicle for your family, we want to help.
The campaign, titled “From America, For America,” will offer customers the deal on several makes and models beginning Thursday.
Late last month, Trump imposed 25 percent tariffs on foreign vehicles and auto parts, which took effect on Thursday and will likely force companies to increase their prices.
“When you buy a Ford vehicle, you’re not just getting a capable vehicle; you’re investing in American jobs and American communities,” the company wrote about the new discount.
The president has argued that the tariff on foreign automakers will serve as an incentive for companies to move production to the U.S. and boost jobs.
Lutnick insists Trump run the global economy as markets tank
Commerce Secretary Howard Lutnick said President Trump should run the global economy as markets plummet due to the onset of Wednesday’s tariff announcement for a range of nations.
“Let Donald Trump run the global economy. He knows what he’s doing. He’s been talking about it for 35 years,” Lutnick said during a Thursday morning CNN appearance.
Giuliani joins Newsmax team to ring opening bell as stocks plunge
Rudy Giuliani joined the Newsmax executive team on Thursday to ring the opening bell of the stock market.
The conservative media company’s stocks surged after it debuted as a public company earlier this week.
But Thursday wasn’t a particularly good day for stocks as the market plunged following President Trump’s announcement of aggressive tariffs against dozens of nations the day prior.
The Dow Jones Industrial Average opened with a loss of more than 1,200 points, falling 2.8 percent on the day. The S&P 500 index opened with a loss of 3.3 percent, and the Nasdaq composite opened with a loss of 4.4 percent.
McConnell slams ‘bad’ Trump tariffs
Sen. Mitch McConnell (R-Ky.) on Thursday railed against the Trump administration’s recent tariffs, calling it “bad policy” and warning the move will raise prices for U.S. consumers and businesses.
“Tariffs make it more expensive to do business in America, driving up costs for producers and consumers across the board,” the Kentucky Republican wrote on the social platform X.
McConnell stated that the broad tariffs on dozens of countries will have “long-term consequences” in his home state of Kentucky, including its agriculture, bourbon and manufacturing industries.
“At a time when Americans are tightening their belts, we would do well to avoid policies that heap on the pain,” he added.
He went on to explain that, in his view, President Trump’s tariffs will isolate the country’s economic allies, which would benefit China.
“ The last thing we need is to pick fights with the very friends with whom we should be working with to protect against China’s predatory and unfair trade practices,” McConnell wrote. “That includes what we do on trade.”
“We ought to strengthen our friendships abroad, and reinforce our allies as pillars of American prosperity and security,” the senator added.
Since Trump returned to the White House, McConnell has regularly stepped out of line with his party, voting against Cabinet nominees and to unravel the president’s tariffs on Canada.
Trump’s former press secretary says he’s ‘posturing’ on tariffs
Former White House press secretary Kayleigh McEnany, who’s now a Fox News host, dismissed concerns about the implications of the new tariffs President Trump announced this week.
“I firmly believe that it’s posturing,” McEnany said Thursday on “Outnumbered.” “This is the great deal maker, the great negotiator. And he’s someone who understands how to get to a good end result.”
Agriculture secretary acknowledges ‘uncertainty’ for farmers
Agriculture Secretary Brooke Rollins on Thursday acknowledged that farmers will face a period of “uncertainty” in the face of the Trump administration’s sweeping tariffs on other nations.
“For our farmers and our ranchers, they understand that there may be a short time of uncertainty,” Rollins told reporters at the White House.
“At the end of the day, this president committed to putting Americans first,” she added.
Trump levies tariffs on uninhabited islands
President Trump, as part of his expansive package of new tariffs, levied taxes on a number of uninhabited or sparsely populated islands that have little-to-no exports.
The roll out of reciprocal tariffs on Wednesday hit nearly all foreign countries with a baseline tax at 10 percent. The administration imposed higher tariffs on others, ballooning up to 54 percent.
Senators introduce bipartisan bill to give Congress more power over tariffs
Senators have introduced bipartisan legislation to grant Congress more power over instituting tariffs on other countries following President Trump’s announcement of wide-ranging taxes on nearly all U.S. foreign trading partners.
The bill, co-sponsored by Sens. Maria Cantwell (D-Wash.) and Chuck Grassley (R-Iowa) — both members of the Senate Finance Committee — would “reaffirm” the role of Congress in setting and approving trade policy, according to a release from Cantwell’s office.
TikTok deal will be reached before deadline: Vance
Vice President Vance said that a TikTok deal would be reached before Saturday’s ban enforcement deadline after President Trump’s closed-door meeting with top aides to discuss potential investors.
“It’ll come out before the deadline,” Vance said in a Thursday morning interview with Fox News.
Bipartisan House bill would slap new sanctions on North Korea for helping Russia in Ukraine
A pair of House lawmakers introduced bipartisan legislation on Thursday to expand sanctions on North Korea for providing material support for Russia’s invasion of Ukraine.
Reps. Gerry Connolly (D-Va.) and Joe Wilson (R-S.C.) said their bill builds on existing sanctions, adopted by the Treasury Department in 2023, designed to stifle the flow of weapons and other military equipment from Pyongyang to Moscow to bolster Russian forces in their fight with Ukraine.
“Dictator Kim Jong Un sends weapons and troops in support of war criminal Putin. Such coordination is unprecedented and represents the highest level of support,” Wilson said in a statement. “It could not be more clear that the terrorist states of the world are working together, invading sovereign countries with the goal of conquest through mass murder.
“We must connect the dots and respond accordingly to this new Axis of Evil.”
Connolly and Wilson are the co-chairs of the Congressional Caucus on Korea, and both sit on the House Foreign Affairs Committee.
Their legislation arrives a day after President Trump unveiled sweeping tariffs on trading partners across the globe — a list of countries that excluded Russia and North Korea.
Australia PM calls 10 percent tariff ‘unwarranted’
Australian Prime Minister Anthony Albanese condemned President Trump’s reciprocal tariffs as “totally unwarranted.”
“Our Government will always stand up for Australia. These are uncertain times — but all Australians can be certain of this: we will always stand up for Australian jobs, Australian industry, Australian consumers and Australian values,” he wrote on social platform X.
His defense came just hours after the U.S. imposed a 10 percent tariff on goods coming from nearly all nations, including Australia.
“These tariffs are not unexpected, but they are unwarranted,” Albanese continued. “Many other countries will be hit harder by today’s decision than Australia — and no nation is better prepared than Australia.”
In a video shared alongside his comments, the prime minister argued that a reciprocal tariff on the island nation should be zero. He added that the additional taxes are also counter to the partnership between the two nations.
“This is not the act of a friend,” he said.
Japan ‘disappointed’ with Trump tariffs
Japanese Prime Minister Shigeru Ishiba said Thursday he was let down by the Trump administration’s new tariffs on the country.
“We had been requesting that the U.S. government review its unilateral tariff measures at various levels and we are extremely disappointed and regret that such measures have been implemented nonetheless,” Ishiba told reporters.
He noted Japan has been the world’s largest investor in the U.S. since 2019, adding that the country’s automakers have invested up to 418 million dollars and created 2.3 million jobs in America.
Leaders previously urged President Trump to exempt Japan from heightened levies due to business owners’ large portfolio in the U.S.
The country was hit with a 24 percent levy on Wednesday.
EU leader on Trump tariffs: ‘Let down by our oldest ally’
Ursula von der Leyen, the president of the European Commission, on Thursday criticized President Trump’s expansive tariffs unveiled the day before.
“I would like to speak directly to my fellow Europeans. I know that many of you feel let down by our oldest ally,” von der Leyen said during a press conference.
Switzerland not planning retaliatory tariffs against US
The Swiss government said Thursday it would not seek retaliatory tariffs against the U.S. while still citing the detrimental trade impact of President Trump’s new policies.
“An increase in trade tensions is not in Switzerland’s interests. Countermeasures against US tariff increases would entail costs for the Swiss economy, in particular by making imports from the USA more expensive,” the Federal Council wrote in a release. “The Federal Council is therefore not planning to impose any countermeasures at the present time.”
The U.S. hit Switzerland with a 31 percent tariff, which the European country called “particularly high” in comparison with U.S. trading partners with similar economies such as the European Union (20 percent), the U.K (10 percent) and Japan (24 percent)
However, leaders did say they would work to dispel any “misunderstandings” factored into the steep tax and work toward a solution in future discussions with the Trump administration.
Switzerland abolished all industrial tariffs in January 2024.
UK publishes list of over 400 US goods that could face tariffs
The United Kingdom published a 417 page packet Thursday outlining a list of U.S. products likely to be subject to levies after the Trump administration’s Wednesday tariff announcement.
The first few pages largely consist of proposed product mark ups for livestock and fresh meat in addition to wine and beer. Items also include milk products, fresh fruit and vegetables, and wood and paper.