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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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Continue reading..."Hands Off!" demonstrations protest Trump, Musk across U.S.
Opponents of President Donald Trump and billionaire Elon Musk rallied across the U.S. on Saturday to protest the administration's actions on government downsizing, the economy, human rights and other issues.
More than 1,200 "Hands Off!" demonstrations were planned by more than 150 groups, including civil rights organizations, labor unions, LBGTQ+ advocates, veterans and elections activists. The protests are planned for the National Mall in Washington, D.C., state capitols and other locations in all 50 states.
Protesters are assailing the Trump...
Continue reading...More than 1,200 "Hands Off!" demonstrations were planned by more than 150 groups, including civil rights organizations, labor unions, LBGTQ+ advocates, veterans and elections activists. The protests are planned for the National Mall in Washington, D.C., state capitols and other locations in all 50 states.
Protesters are assailing the Trump...
Speaker Johnson moves on Senate's Trump budget bill as House GOP rebels threaten to defect
House Republican leaders are rallying GOP lawmakers around a plan to enact a broad swath of President Donald Trump's agenda, after the legislation was passed by the Senate in the early hours of Saturday morning.
"More than a year ago, the House began discussing the components of a reconciliation package that will reduce the deficit, secure our border, keep taxes low for families and job creators, reestablish American energy dominance, restore peace through strength, and make government more efficient and accountable to the American people. We are...
Continue reading..."More than a year ago, the House began discussing the components of a reconciliation package that will reduce the deficit, secure our border, keep taxes low for families and job creators, reestablish American energy dominance, restore peace through strength, and make government more efficient and accountable to the American people. We are...
Trump urges Americans to 'hang tough' on tariffs plan as markets tumble
President Donald Trump is doubling down on his controversial tariffs program and has called on Americans to "hang tough" amid stock market turmoil over the last few days.
Trump, in a post on Truth Social Saturday morning, wrote that his plan is already working with trillions of dollars already being poured into the U.S. economy.
"We are bringing back jobs and businesses like never before. Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast! THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN," Trump wrote.
HERE'S WHAT TRUMP IS...
Continue reading...Trump, in a post on Truth Social Saturday morning, wrote that his plan is already working with trillions of dollars already being poured into the U.S. economy.
"We are bringing back jobs and businesses like never before. Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast! THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN," Trump wrote.
HERE'S WHAT TRUMP IS...
Trump to meet with Netanyahu at White House amid Israel's offensive in Gaza
President Trump will meet with Israeli Prime Minister Benjamin Netanyahu at the White House on Monday, several people familiar with the meeting confirmed to CBS News on Saturday.
The leaders are expected to focus on the latest Israeli military operations in Gaza and new U.S. tariffs announced by Mr. Trump against Israel and other countries, the Associated Press reported.
This would be their second meeting of Mr. Trump's second term. The two last met in Washington, D.C. in February, when Mr. Trump unveiled his plan for the U.S. to "take over Gaza"...
Continue reading...The leaders are expected to focus on the latest Israeli military operations in Gaza and new U.S. tariffs announced by Mr. Trump against Israel and other countries, the Associated Press reported.
This would be their second meeting of Mr. Trump's second term. The two last met in Washington, D.C. in February, when Mr. Trump unveiled his plan for the U.S. to "take over Gaza"...
‘Deep ties to the CCP’: Meet the vaping lobbyist ramping up pressure on Trump to save 'illicit' vape industry
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Tony Abboud, the Illinois-based executive director of the Vapor Technology Association, made several smaller donations to pro-Trump GOP Senate candidates ahead of the 2024 election and met with then-candidate Donald Trump weeks before the election in...
Continue reading...Tony Abboud, the Illinois-based executive director of the Vapor Technology Association, made several smaller donations to pro-Trump GOP Senate candidates ahead of the 2024 election and met with then-candidate Donald Trump weeks before the election in...
Iranian president sacks deputy for 'lavish' Antarctic cruise
President says trip by Shahram Dabiri, the vice-president for parliamentary affairs, was "indefensible" while Iran's economy suffers.
Continue reading...Scale of Myanmar's loss is clearer one week after the quake
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Continue reading...Automakers seek ‘opportunity in the chaos' of Trump's tariffs
As President Donald Trump's 25% tariffs on imported vehicles were set to take effect, executives at Ford Motor scrambled to figure out how to respond to the new levies.
While they and their industry counterparts are still trying to navigate the impacts, Ford decided to move quickly in one area by offering an employee pricing program — called "From America, For America" — for U.S. consumers.
Such programs have historically been controversial, as they sell vehicles close to or lower than invoice prices for dealers and eat away at already tight profit...
Continue reading...While they and their industry counterparts are still trying to navigate the impacts, Ford decided to move quickly in one area by offering an employee pricing program — called "From America, For America" — for U.S. consumers.
Such programs have historically been controversial, as they sell vehicles close to or lower than invoice prices for dealers and eat away at already tight profit...
Michigan joins 18 other states to block Trump's election order
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Thursday's 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...
Continue reading...Thursday's 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...
Price hikes in clothing apparel expected amid tariffs
Clothing is on the list as one of the industries that could see significant price hikes amid the newly imposed tariffs.
Tariffs on imported goods went into effect on Wednesday.
Prices in clothing and shoes may see an increase of 16.9%, according to the Yale Budget Lab.
At TeTa Active Apparel in Wolcott, a shop that specializes in embroidery and print work, Cial Cook, the sales account manager, said they’re already seeing an increase in price of the materials they use such as thread going up by 4%.
“Now a T-shirt that used to be $10.00 to make is...
Continue reading...Tariffs on imported goods went into effect on Wednesday.
Prices in clothing and shoes may see an increase of 16.9%, according to the Yale Budget Lab.
At TeTa Active Apparel in Wolcott, a shop that specializes in embroidery and print work, Cial Cook, the sales account manager, said they’re already seeing an increase in price of the materials they use such as thread going up by 4%.
“Now a T-shirt that used to be $10.00 to make is...