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Today's Political News Compilation - Wednesday, April 9, 2025
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Trump limits tariffs on most nations for 90 days, raises taxes on Chinese imports
By JOSH BOAKUpdated 4:56 PM CDT, April 9, 2025
WASHINGTON (AP) — Facing a global market meltdown, President Donald Trump on Wednesday abruptly backed off his tariffs on most nations for 90 days even as he further jacked up the tax rate on Chinese imports to 125%.
It was seemingly an attempt to narrow what had been an unprecedented trade war between the U.S. and most of the world to a showdown between the U.S. and China. The S&P 500 stock index jumped 9.5% after the announcement, but the drama over Trump’s tariffs is far from over as the administration prepares to engage in country-by-country negotiations. In the meantime, countries subject to the pause will now be tariffed at 10%.
The president hit pause in the face of intense pressure created by volatile financial markets that had been pushing Trump to reconsider his tariffs, even as some administration officials insisted the his reversal had always been the plan.
As stocks and bonds sold off, voters were watching their retirement savings dwindle and businesses warned of worse than expected sales and rising prices, all a possible gut punch to a country that sent Trump back to the White House last year on the promise of combatting inflation. ...
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Stock market highlights: S&P 500 soars 9.5% after Trump limits some tariffs
Stocks surged to one of their biggest gains since World War II after President Donald Trump paused his tariffs against most other nations, as investors had desperately hoped he would. Trump, though, did raise tariffs further on China.
apnews.com
Trump suddenly backs off global tariff plan after days of economic and market turmoil
The president paused higher import duties for dozens of countries for 90 days but hiked levies on China to 125%.
www.nbcnews.comSome House Republicans threaten Trump’s ‘big, beautiful’ budget and tax cut bill ahead of floor vote
House Republicans had hoped to hoist their budget framework to approval late Wednesday. But grave misgivings from conservative GOP lawmakers threw the vote schedule in flux.
apnews.com
Trump explains dramatic reversal on tariffs: People getting 'a little bit afraid'
After days of market volatility plus increasing anxiety from business leaders and Republicans, President Trump changed course on his long-promised "reciprocal" tariffs.
Pam Bondi announces seizure of $510M worth of illegal drugs from vessels linked to cartels
U.S. Attorney General Pam Bondi on Wednesday announced the seizure of roughly $510 million worth of illegal narcotics on vessels headed for the United States, seeking to highlight efforts to take down sophisticated cartel drug networks.
apnews.com
Elon Musk, conservatives drag Trump-appointed justice following Venezuelan deportations ruling
Conservatives are reeling after Supreme Court Justice Amy Coney Barrett joined liberal justices, dissenting in the 5-4 decision allowing the Trump administration to deport Venezuelan nationals.
The United States and China are locked in a faceoff over tariffs. No one wants to blink first
The tariff fight between the world’s two largest economies has spiraled into greater peril. President Donald Trump is now trying to narrow his global trade war into a risky direct faceoff with Beijing.
apnews.com
Trump changes tune as his billionaire supporters push back against tariffs
Hedge fund honcho Bill Ackman has joined a growing list of President Donald Trump's billionaire backers calling for the White House to slam the brakes on tariffs.
Appeals court clears the way for the Trump administration to fire thousands of probationary workers
A federal appeals court has cleared the way for President Donald Trump’s administration to fire thousands of probationary workers, halting a judge’s order requiring them to be reinstated.
apnews.com
House advances GOP budget plan after Trump ramps up pressure
Republicans' budget resolution still faces a final vote later Wednesday.
www.cbsnews.comTrump administration appeals court decision ordering AP journalists back into White House events
The Trump administration says it will appeal a federal court decision that ordered it to readmit Associated Press journalists to White House events on First Amendment grounds.
apnews.com
Schumer says Trump 'feeling the heat' after reciprocal tariff pause
President Trump is "reeling" and "retreating,' Senate Minority Leader Schumer claimed shortly after the White House announced a pause on some reciprocal tariffs.
Analysis: Trump 2.0 is in a state of permanent emergency | CNN Politics
Governing by emergency means an emergency every day.
www.cnn.comSupreme Court allows Trump’s firings of independent agency board members to take effect, for now
The Supreme Court is allowing the Trump administration to oust two board members who oversee independent agencies, for now.
apnews.com
Zelenskyy says at least 155 Chinese citizens fighting for Russia in Ukraine
China’s foreign ministry says it is ‘absolutely groundless’ to suggest many Chinese citizens were fighting in Ukraine.
‘The middle is disappearing’: Why three dealmaking Senate Democrats are heading for the exits | CNN Politics
After months of wrestling with the decision of whether to run for reelection for a third term in the swing state of Michigan, Sen. Gary Peters took a pass.
www.cnn.com
Biden aides 'scripted' everything, allowed his faculties to 'atrophy,' new book claims
A new book claims that the White House limited former President Joe Biden's social interactions, which worsened his cognitive function.
China is matching Trump tariff for tariff. It has other ways it can strike back, too.
Beijing, which imports far fewer goods from the U.S. than it exports, is considering a range of nontariff measures amid growing trade tensions between the world’s two biggest economies.
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