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Today's Political News Compilation - Friday, April 4, 2025
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Trump Tariffs Live: $5 trillion wiped off Wall Street as escalating trade war spurs fear of global recession
By Kylie Maclellan, Stephen Farrell, Heather Timmons, Zoe Law, Noel Randewich and Vanessa BalintecThe Week in Numbers: Trump goes big, stocks head south
Phew. What a week.
We're closing down our Live Page coverage of the continued market sell-off over Trump's tariff plans and the reaction from China and other trading partners.
From Trump's big reveal on tariffs exceeding expectations, to a very negative response from stocks, here is a round up of the big stories in business and finance over the week to April 4:
Shares of U.S. refiners fell to near two-year lows as fears of slower fuel demand and weakening refining margins rattled investors.
Top refiners Marathon Petroleum, Valero Energy and Phillips 66 have shed more than $20 billion in market capitalization since Trump announced sweeping new tariffs on Wednesday, based on LSEG data.
Nations around the world have readied retaliatory tariffs and China, the world's top oil importer, announced it will impose additional tariffs of 34% on all U.S. goods from April 10.
"We consider the adoption of the 'reconciliatory tariffs' will result in weaker global GDP growth and so lower oil demand growth, oil prices and weaker refining margins, as exemplified by the futures markets over recent days," Alan Gelder, vice president of refining, chemicals and oil markets at Wood Mackenzie.
'FORCED THE MARKET TO RE-EXAMINE DEMAND'
Crude futures closed at their lowest in more than three years on Friday, with Brent diving 6.5% to $65.58 a barrel and U.S. West Texas Intermediate crude slumping 7.4% to $61.99.
For the week, both benchmarks tumbled nearly 11% in their biggest weekly loss in percentage terms since 2023. ...
READ THE FULL STORY - REUTERS
Dow sheds 2,200 points as markets end another day of tariff chaos
The broad S&P 500 index and tech-heavy Nasdaq also closed more than 5% lower as global markets struggle to digest the president’s expanding trade war.
www.nbcnews.com
Trump on firing national security officials: 'People that we don’t like'
President Donald Trump said Thursday that he's fired "some" White House National Security Council officials, a day after far-right activist Laura Loomer raised concerns directly to him about staff loyalty.
apnews.com
Trump administration halts Biden proposal to let Medicare, Medicaid cover anti-obesity drugs | CNN Politics
The Trump administration announced Friday that it is not moving forward with a Biden-era proposal that would have expanded coverage of costly anti-obesity drugs to more than 7 million Americans on Medicare or Medicaid.
www.cnn.com
Supreme Court allows Trump to terminate teacher training grants as part of anti-DEI policy
The decision is the first win for President Donald Trump at the Supreme Court in his second term.
www.nbcnews.com
Trump tariff formula misrepresents global trade economics, experts say
The Trump administration's tariff calculations appear on paper to be a simplified math of America's trade relationships.
abcnews.go.com
Obama says he is 'deeply concerned' with the Trump administration's targeting of students, journalists and law firms
His comments came on the same day that former Vice President Kamala Harris also spoke out against the administration.
www.nbcnews.com
Trump administration accidentally tells Ukrainian refugees they must leave U.S. immediately, citing an "error"
Some Ukrainians received emails this week telling them that the U.S. Department of Homeland Security would be terminating their legal protections
www.cbsnews.com
What to know about Laura Loomer, far-right activist and influencer tied to Trump
The conservative conspiracy theorist met with Trump this week before he fired security officials.
www.usatoday.com
FBI Director Patel leads charge to root out Chinese influence on US soil
With Republicans sounding the alarm over Chinese-owned farmland in the U.S., FBI Director Kash Patel has named eradicating CCP influence a top priority at the bureau.
www.foxnews.com
Bernie Sanders warns the U.S. is now a "pseudo-democracy"
Preview: In an interview to air on "CBS Sunday Morning" April 6, the Vermont Senator decries the influence of billionaires such as Elon Musk on the political process.
www.cbsnews.com
Russia stalls ceasefire talks as it intensifies attacks on Ukraine
Russia and Ukraine continue long-range drone and missile attacks, but observe an informal ceasefire in the Black Sea.
www.aljazeera.com
Trump tariffs live updates: 'Only the weak will fail,' Trump says as markets fall
Trump said, "Only the weak will fail," as the markets saw major losses on Friday.
abcnews.go.com
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South Korea's president is out - but he leaves behind a polarised country
A pro-Yoon fringe movement, stoked by right-wing YouTubers, has become more energised and extreme.
Continue reading...Tariffs get warm welcome in Ohio's industrial Trump country
As economic uncertainty swirls and the markets take a hit, many in this deeply Republican area back the president's plan.
Continue reading...Columbia activist Mahmoud Khalil says his ICE arrest was an ‘abduction'
A Columbia University student activist who led campus pro-Palestinian rallies and is now fighting the Trump administration's deportation efforts is urging students to continue demonstrations and protests, NBC News reported.
Mahmoud Khalil, who is in custody in Louisiana as his case moves through courts, called his March 8 arrest by immigration authorities an "abduction" in an op-ed published Friday in the Columbia Spectator.
Titled “A Letter to Columbia,” the piece was dictated and verified by his attorney, the student newspaper said.
"Since my...
Continue reading...Mahmoud Khalil, who is in custody in Louisiana as his case moves through courts, called his March 8 arrest by immigration authorities an "abduction" in an op-ed published Friday in the Columbia Spectator.
Titled “A Letter to Columbia,” the piece was dictated and verified by his attorney, the student newspaper said.
"Since my...
Obama expresses deep concern as Trump admin takes aim at students and law firms
Former President Barack Obama said he is "deeply concerned" with some of the actions that President Donald Trump and his administration have taken and seemed to call out the Republican Party for not pushing back on them, NBC News reported.
Obama rebuked Trump without explicitly naming him over the federal government's threats against universities and students who exercise free speech, its targeting of law firms, and the new tariffs imposed on foreign countries.
"I don’t think what we just witnessed in terms of economic policy and tariffs is going...
Continue reading...Obama rebuked Trump without explicitly naming him over the federal government's threats against universities and students who exercise free speech, its targeting of law firms, and the new tariffs imposed on foreign countries.
"I don’t think what we just witnessed in terms of economic policy and tariffs is going...
Prosecutors seek 7 years in prison for ex-US Rep. George Santos in fraud case
Prosecutors are seeking more than seven years in prison for disgraced former U.S. Rep. George Santos after he pleaded guilty to federal fraud and identity theft charges.
The U.S. Attorney for the Eastern District of New York argued in a court filing Friday that a significant sentence was warranted because the New York Republican’s “unparalleled crimes” had “made a mockery” of the country’s election system.
“From his creation of a wholly fictitious biography to his callous theft of money from elderly and impaired donors, Santos’s unrestrained greed...
Continue reading...The U.S. Attorney for the Eastern District of New York argued in a court filing Friday that a significant sentence was warranted because the New York Republican’s “unparalleled crimes” had “made a mockery” of the country’s election system.
“From his creation of a wholly fictitious biography to his callous theft of money from elderly and impaired donors, Santos’s unrestrained greed...
Maya Angelou memoir, Holocaust book among DEI purge at Naval Academy library
Books on the Holocaust, histories of feminism, civil rights and racism, and Maya Angelou’s famous autobiography, “I Know Why the Caged Bird Sings,” were among the nearly 400 volumes removed from the U.S. Naval Academy’s library this week. It came after Defense Secretary Pete Hegseth’s office ordered the school to get rid of books that promote diversity, equity and inclusion. The Navy late Friday provided the list of 381 books that have been taken out of its library. The move marks another step in the Trump administration’s far-reaching effort to purge so-called DEI content from federal agencies.
Continue reading...Trump touts airstrike on Houthis, showing video: Will 'never sink our ships again'
Trump on Friday shared video of a recent airstrike on Houthi rebels, writing, "They will never sink our ships again."
"These Houthis gathered for instructions on an attack," Trump wrote on Truth Social. "Oops, there will be no attack by these Houthis! They will never sink our ships again!"
The black and white aerial footage appeared to show a group assembling before a massive blast leaves nothing but a crater.
The Trump administration has been conducting daily airstrikes on the Iranian-backed rebels for the last 20 days following renewed Houthi...
Continue reading..."These Houthis gathered for instructions on an attack," Trump wrote on Truth Social. "Oops, there will be no attack by these Houthis! They will never sink our ships again!"
The black and white aerial footage appeared to show a group assembling before a massive blast leaves nothing but a crater.
The Trump administration has been conducting daily airstrikes on the Iranian-backed rebels for the last 20 days following renewed Houthi...
Sec Hegseth to visit Panama after Trump's demands for canal's return
Defense Secretary Pete Hegseth is slated to meet with Panama leaders next week amid President Donald Trump's continued efforts to regain control of the key strategic and military resource.
The Trump administration has been outspoken about national security threats presented by alleged Chinese interference.
During a February visit to the country, Secretary of State Marco Rubio wrote in an X post that "the United States cannot, and will not, allow the Chinese Communist Party to continue with its effective and growing control over the Panama Canal...
Continue reading...The Trump administration has been outspoken about national security threats presented by alleged Chinese interference.
During a February visit to the country, Secretary of State Marco Rubio wrote in an X post that "the United States cannot, and will not, allow the Chinese Communist Party to continue with its effective and growing control over the Panama Canal...
Retirees ‘stunned' as market turmoil over tariffs shrinks their 401(k)s
Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.
As the impending tariffs shook the global economy Friday, people who were planning on their retirement accounts to carry them through their golden years said the economic chaos was hitting too close to home.
Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be...
Continue reading...As the impending tariffs shook the global economy Friday, people who were planning on their retirement accounts to carry them through their golden years said the economic chaos was hitting too close to home.
Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be...
White House accidentally tells Ukrainian refugees they must leave U.S. immediately
The Trump administration on Friday said it accidentally told some Ukrainians refugees they needed to leave the U.S. immediately because their legal status was being revoked, telling CBS News the message was sent by mistake.
Some Ukrainians who had entered the U.S. under the Biden administration following Russia's invasion of their homeland received emails this week telling them that the U.S. Department of Homeland Security would be terminating their legal protections, according to advocates and a notice obtained by CBS News.
"DHS is now exercising...
Continue reading...Some Ukrainians who had entered the U.S. under the Biden administration following Russia's invasion of their homeland received emails this week telling them that the U.S. Department of Homeland Security would be terminating their legal protections, according to advocates and a notice obtained by CBS News.
"DHS is now exercising...
GOP's Kennedy compares dire Trump tariff predictions to 'late-night psychic hotlines'
While senators Chuck Schumer, D-N.Y., and Ben Ray Luján, D-N.M., cited economists' projections that President Donald Trump's tariffs will cost American families an extra $5,000 per year, GOP Sen. John Kennedy, R-La., insisted, "We don't know," suggesting those who claim they do are making fools of themselves.
"I followed what all these economists are saying. Most of them make these late-night psychic hotlines look respectable," Kennedy told Fox News Digital at the Capitol. "They don't know any more than anybody else. We're in uncharted waters...
Continue reading..."I followed what all these economists are saying. Most of them make these late-night psychic hotlines look respectable," Kennedy told Fox News Digital at the Capitol. "They don't know any more than anybody else. We're in uncharted waters...
Dem prosecutor lets off illegal immigrant charged with strangulation, kidnapping
A Democratic prosecutor in Fairfax County, Virginia, dropped a felony charge against a twice-deported illegal immigrant charged with strangulation and kidnapping, cutting a plea deal that let him off with a misdemeanor.
According to local outlet ABC7 News, Democrat Commonwealth's Attorney Steve Descano advertises on his website that "wherever possible, Steve will make charging and plea decisions that limit or avoid immigration consequences."
Guatemalan national Wilmer Osmany Ramos Giron was facing 360 days in prison for a felony charge involving...
Continue reading...According to local outlet ABC7 News, Democrat Commonwealth's Attorney Steve Descano advertises on his website that "wherever possible, Steve will make charging and plea decisions that limit or avoid immigration consequences."
Guatemalan national Wilmer Osmany Ramos Giron was facing 360 days in prison for a felony charge involving...
DOGE says GSA saving $1M by converting decades-old information storage technology to digital records
The U.S. General Services Administration has saved $1 million by converting decades-old information storage technology, the Department of Government Efficiency (DOGE) said Friday.
In a post on X, DOGE said that the agency, which supplies office space, transportation and other basic services to federal agencies, saved money by converting 14,000 magnetic tapes to permanent modern digital records.
The move is part of the Elon Musk-led group's mission to get rid of wasteful government spending.
Continue reading...In a post on X, DOGE said that the agency, which supplies office space, transportation and other basic services to federal agencies, saved money by converting 14,000 magnetic tapes to permanent modern digital records.
The move is part of the Elon Musk-led group's mission to get rid of wasteful government spending.
Senate kicks off all-night 'vote-a-rama' as Democrats plan to press GOP on Trump, DOGE
The Senate kicked off a marathon vote series on Friday night, which Republicans need to get through in order to approve their changes to the House's plan for President Donald Trump's budget.
The endless amendment votes began after nearly a day of debate concluded. Republicans passed a key motion on Thursday to begin the process, which will end with a vote on their adjustments to the House GOP's budget.
DEM SENATOR LOOKS TO HIJACK KEY TRUMP BUDGET PROCESS WITH TARIFF CHALLENGE
During the "vote-a-rama," senators of both parties are able to...
Continue reading...The endless amendment votes began after nearly a day of debate concluded. Republicans passed a key motion on Thursday to begin the process, which will end with a vote on their adjustments to the House GOP's budget.
DEM SENATOR LOOKS TO HIJACK KEY TRUMP BUDGET PROCESS WITH TARIFF CHALLENGE
During the "vote-a-rama," senators of both parties are able to...