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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.
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.
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.
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.
Inside Trump’s defiant response to the markets’ tariff meltdown | CNN Politics
President Donald Trump’s sweeping new tariffs are facing blowback from all corners – a market sell-off, foreign retaliation, anger from corporate America and skepticism from the Federal Reserve chairman and some allies in Congress. So far, the president is defiant in the face of the global...
www.cnn.com
New court decision in a disputed North Carolina race means 65,000 votes are a step closer to be being thrown out
The fresh ruling could tip the results of a race for North Carolina state Supreme Court, which is still caught up in legal battles months after Election Day 2024.
www.nbcnews.com
Over 500 law firms sign brief backing Perkins Coie suit against Trump
More than 500 law firms moved to file an amicus brief in support of Perkins Coie's lawsuit against the Trump administration's executive order that targeted the firm.
Ukraine says Russian strike kills 16, Moscow says was targeting military
Ukraine says a Russian strike kills 16 in Kryvyi Rih, but Moscow says it was targeting military.
www.usatoday.com
Senate GOP adopts budget blueprint to advance Trump agenda as spending fight consumes Capitol Hill | CNN Politics
Senate GOP leaders took a key step toward advancing President Donald Trump’s multi-trillion-dollar agenda in Congress — simultaneously setting off an intraparty war over how to pay for it.
www.cnn.comWashington and Oregon sue over Trump elections order, saying mail voters could be disenfranchised
Washington and Oregon have become the latest states to ask a court to reject President Donald Trump’s efforts to overhaul elections in the U.S., a day after Democratic officials in 19 others filed a similar lawsuit.
apnews.comChina hit brakes on TikTok deal after Trump announced wide-ranging tariffs, AP source says
President Donald Trump says he is signing an executive order to keep TikTok running in the U.S. for another 75 days.
apnews.com
Cory Booker on whether he should be Democrats' next leader: 'It's time for all of us'
After breaking the Senate record for longest floor speech, Sen. Cory Booker, D-N.J., gave an innocuous answer about whether he sees himself as the Democratic Party’s next leader.
Pentagon confirms four-star general’s firing amid Trump security purge
US President Donald Trump acknowledged he has taken advice from a far-right media personality about who to fire.
Obama and Harris publicly rebuke Trump’s second term actions | CNN Politics
Former President Barack Obama and former Vice President Kamala Harris on Thursday each delivered remarks on the state of the country under President Donald Trump’s second term, and criticizing the administration’s recent actions.
www.cnn.com
Obama urges Americans to 'possibly sacrifice' in resisting Trump policies
Former President Barack Obama told a crowd of people on Thursday night that they might need to "possibly sacrifice" in resisting President Donald Trump's policies.
The White House is using tariffs to restore manufacturing. Data suggests it will take time.
Manufacturing jobs and infrastructure have shrunk since the 1970s, and it would take years to raise them back up.
www.nbcnews.com
Greenland isn't the first territory America wanted from Denmark. Here's another.
Donald Trump isn’t the first U.S. president to consider taking land from Denmark. What did the U.S. want last time and why?
www.usatoday.com
FACT FOCUS: Warren Buffett did not praise Trump's recent economic policies
As the stock market reeled from President Donald Trump’s move to institute widespread global tariffs, Trump shared a video on Truth Social on Friday that erroneously claimed legendary investor Warren Buffet praised his recent economic policies.
apnews.comMarkets plunge with S&P 500 down 6% and Dow down 2,200 after China retaliates against Trump tariffs
Wall Street’s worst crisis since COVID slammed into a higher gear. The S&P 500 plummeted 6% Friday, the Dow Jones Industrial Average plunged 5.5% and the Nasdaq composite dropped 5.8%.
apnews.com
DACA recipient and Kansas City father of 3 deported to Mexico despite valid documentation
The 39-year-old was deported last month after he left the U.S. and traveled to Mexico to visit his grandfather's grave.
www.cbsnews.comBillionaires Musk and Soros push Wisconsin Supreme Court race spending over $100M
Spending by billionaires including Elon Musk and George Soros has helped push total spending on the Wisconsin Supreme Court race won by the Democratic-backed candidate over $100 million.
apnews.com
Trump administration ramps up threat to cut public school funding over DEI
States have 10 days to affirm they aren’t discriminating based on race or risk losing federal support.
www.nbcnews.com
Trump tariffs: Worst week for US stocks since Covid crash as China retaliates
The US president, who has vowed to remake the global trade order, dismissed concerns, noting the US jobs market is strong.
www.bbc.com
Trump administration live updates: Senate 'vote-a-rama' gets underway for Republican budget measure
Global markets are taking a beating from President Donald Trump's decision this week to announce sweeping tariffs on U.S. trading partners.
www.nbcnews.com
NATO chief says his impression from U.S. is that Russians "are not moving fast enough" to end war in Ukraine
NATO Secretary General Mark Rutte told CBS News' Margaret Brennan that "Russia really has to do more to bring this war to an end."
www.cbsnews.com
Harris was 'completely shocked' by defeat, believed she could've won with more time, author says
Former Vice President Kamala Harris was reportedly shocked by her defeat on election night and came to believe afterward she could have won with more time.
What to know about the Trump tariffs upending global trade and markets
The trade war President Donald Trump promised has begun, threatening the world economy and straining the U.S.'s longstanding alliances in Europe and Asia.
apnews.com
Ukraine says children among 18 killed in Russian attack on Kryvyi Rih
At least 50 people have been wounded in ballistic missile attack on residential area, local authorities say.
Pro-Ukraine Republicans finding ways to push back on GOP isolationists | CNN Politics
Republican Rep. Michael McCaul called out members of his party behind closed doors this week for parroting Russian disinformation and Russian President Vladimir Putin’s talking points, a source in the room told CNN.
www.cnn.comGeorgia's budget would spend on school vouchers and poor students. Here's a look by the numbers
Georgia will spend more state money on private school vouchers and poor students in traditional schools under a budget that lawmakers agreed to on Friday.
apnews.com
Laura Loomer: See photos of Trump supporter and far-right conspiracy theorist
Laura Loomer, a far-right conspiracy theorist and Trump supporter has lost two Congressional races in Florida.
www.usatoday.com
China slaps a 34% tax on all US imports in retaliation for Trump's tariffs
China will impose a 34% tariff on imports of all U.S. products beginning April 10, part of a flurry of retaliatory measures following U.S.
apnews.com
Experts warn Iran’s nuclear double-talk designed to buy time, undermine US pressure
President Donald Trump is sending both carrots and sticks towards Iran, stepping up military assets in the Middle East while also signaling talks are still on the table.
US adversaries attempting to recruit laid-off government workers as spies: Intelligence
Adversaries are targeting federal workers who have been laid off amid the Trump administration's attempt to downsize to recruit as spies, according to new intelligence.
Trump again extends deadline for TikTok sale to avoid US ban
President Donald Trump pauses enforcement of law requiring Bytedance to divest from TikTok or face ban in the US.
'Radical' federal judges 'will soon learn' consequences of bucking Trump's orders: official
A federal judge in Virginia won't allow the Trump administration to fire 19 intelligence agencies employees who were found to be working on short-term DEI-related programs.
Trump's agenda grapples with political and economic reality
Trump says it’s all going to plan but stock market turmoil plus struggles at home and abroad show how hard it is to deliver as president.
www.bbc.com
Jerome Powell says Fed watching to mitigate effects of tariffs
Federal Reserve Chair Jerome Powell says the economy is in "good condition," but notes inflation's uncertainty.
www.usatoday.com
Judge orders US government to return man who was mistakenly deported to El Salvador by end of Monday | CNN Politics
A federal judge on Friday ruled that the United States must bring back a man who was mistakenly deported to El Salvador last month.
www.cnn.comChemical industry seeks exemptions from US pollution rules as part of Trump administration offer
Industry groups representing hundreds of chemical and petrochemical manufacturers are seeking blanket exemptions from federal requirements to reduce emissions of toxic chemicals such as mercury, arsenic and benzene.
apnews.com
How major US stock indexes fared Friday, 4/4/2025
The worldwide sell-off for financial markets slammed into a higher, scarier gear. The S&P 500 plummeted 6% Friday, the Dow Jones Industrial Average plunged 5.5% and the Nasdaq composite dropped 5.8%.
apnews.com
16 state attorneys general sue Trump administration over NIH grant terminations
Sixteen state attorneys general filed a lawsuit against the Trump administration on Friday over its cancellation of NIH research grants.
US stock markets continue slump as China hits back on Trump tariffs
Top indices see worst two-day stretch since COVID pandemic, as Fed chair warns of increased inflation and unemployment.
Trump abruptly fires the 4-star general who headed the National Security Agency
U.S. officials and members of Congress say President Donald Trump has abruptly fired the director of the National Security Agency.
apnews.com
Dem senator looks to hijack key Trump budget process with tariff challenge
Democrat Sen. Jacky Rosen will introduce amendments to the Republicans' reconciliation bill, specifically targeting President Trump’s tariffs on certain items and certain countries.
Interior secretary orders national parks to be open and accessible as workforce is cut
U.S. Interior Secretary Doug Burgum is directing national parks to remain open and accessible despite staff cuts, And he says officials will ensure proper staffing to let that happen.
apnews.com
Staffers from Elon Musk's DOGE land at the Peace Corps
The arrival of DOGE staff at a federal agency is often followed by layoffs.
www.usatoday.com
Pro-life activist assaulted, bloodied during street interview about abortion
A pro-life influencer was punched in the face while interviewing a woman about abortion on the streets of New York City this week, leaving her cut and bloodied.
Trump is taking US-Russia relations on a rollercoaster ride
Trying to follow each twist between the US president and Moscow can leave you giddy, says the BBC's Steve Rosenberg.
www.bbc.com
Russell Brand charged with rape and sexual assault
Police say Brand faces one count of rape, one of indecent assault, one of oral rape and two of sexual assault.
DOGE says GSA saving $1M by converting decades-old information storage technology to digital records
DOGE on Friday said the General Services Administration is saving $1 million by converting magnetic tapes to permanent modern digital records.
Senate on track to adopt GOP budget plan after marathon vote series
Votes are expected to last through the night before a final vote on the budget resolution.
www.cbsnews.com
Sen. Bernie Moreno calls top Democrat Chuck Schumer 'Fuhrer'
Bernie Moreno called Senate Democrats 'sheep that follow the Fuhrer Schumer's orders.'
www.usatoday.com
Supreme Court allows Trump to freeze dozens of teacher training grants | CNN Politics
The Supreme Court on Friday allowed President Donald Trump to temporarily freeze millions of dollars in grants to states for addressing teacher shortages, the administration’s first win at the high court since reclaiming power in January.
www.cnn.com
US will know in weeks if Russia serious about Ukraine ceasefire, Rubio says
Top US diplomat tells NATO counterparts Washington still committed to alliance.
Longtime Washington Post columnist Eugene Robinson is leaving. He cited Bezos' new editorial policy
Pulitzer Prize winning columnist Eugene Robinson says he is leaving the Washington Post. He's the second prominent columnist in a month to depart after newspaper owner Jeff Bezos said he wanted its opinion section to focus on issues of personal liberties and the free market.
apnews.comMaya Angelou memoir, Holocaust book are among those pulled from Naval Academy library in DEI purge
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.
apnews.com
GOP concerns about tax cut strategy and Medicaid loom over Senate budget
A brief delay before a key vote pointed to the hurdles Republicans will encounter as they craft a massive bill to pass Trump's agenda. The Senate began debating the budget Friday.
www.nbcnews.comSupreme Court allows Trump administration to cut teacher-training money, for now
The Supreme Court has granted the Trump administration’s plea to cut hundreds of millions of dollars in teacher-training money as part of its anti-DEI efforts.
apnews.com
Does the rest of the world think America is exceptional? Here's what we know
President Donald Trump has been making waves with his America First agenda. Here's what we know about America's global perception.
www.usatoday.com
Senate kicks off all-night 'vote-a-rama' as Democrats plan to press GOP on Trump, DOGE
Senate Republicans triggered a vote-a-rama on Friday in a bid to pass Trump's budget resolution after it ends.
Medicare and Medicaid will not cover weight loss drugs, Trump administration decides
The Biden administration had proposed to expand coverage of the drugs.
www.cbsnews.com
In warning to Turkey, Israel hits strategic targets in Syria amid rising tensions
Israel targets Syrian airbases to warn Turkey against interference, as Turkish President Recep Tayyip Erdogan faces protests at home and ramps up efforts to expand influence in Syria and region as a whole.
Trump tariffs live updates: China strikes back as stocks slide after worst day since 2020
Trump tariffs live updates: Stocks slide after worst day since 2020 as world leaders count the cost
www.nbcnews.comTrump administration ends key grant program that helps communities prepare for disasters
The Trump administration is ending a key program used by communities to pay for projects designed to help them prepare for natural disasters like flooding and fires.
apnews.com
UK courts release new documents on Prince Andrew’s relationship to alleged Chinese spy | CNN
Documents released Friday also included a statement from a former close aide to the prince about the duke’s line of communication to China’s president Xi Jinping.
www.cnn.comJudge blocks Trump from dismantling agency that funds community groups in Latin American countries
A federal judge agreed on Friday to block the Trump administration from dismantling an independent agency that distributes grant money to community development groups in Latin American and Caribbean countries.
apnews.com
Three questions on Trump's tariffs: From the Politics Desk
Plus, what to know as the Senate moves forward on Trump's tax and spending agenda.
www.nbcnews.com
IRS cutting its workforce by 25%, eliminating agency's civil rights office
The Trump administration is continuing to shrink the Internal Revenue Service (IRS), as many employees are slated to be let go this week.
Georgia bill would compensate the wrongfully convicted and let Trump recover costs of election case
Georgia lawmakers passed a bill that would change how wrongfully convicted people are compensated. But that measure got tacked onto a bill that would also let President Donald Trump and his codefendants get compensated for attorneys' fees after being indicted for attempting to overturn his 2020 elec
apnews.com
After Trump announced new tariffs on "Liberation Day," Americans react: "Buckle up and get ready for the ride"
President Trump's tariffs have sent markets spiraling and shockwaves through the American economy.
www.cbsnews.com
National Security Agency chief and deputy director dismissed
Laura Loomer, a far-right conspiracy theorist who met with Trump this week, took credit for their removals in a social media post.
www.nbcnews.com
Videos show Israeli strike on school-turned-shelter in Gaza
BBC Verify explains what we know about the incident after reviewing videos that were posted online.
www.bbc.com
How we got to Liberation Day: A look at Trump’s past comments on tariffs
President Donald Trump has routinely declared tariffs as one of the most beautiful words in the dictionary and has regularly accused foreign countries of ripping off the U.S.
TikTok deal scuttled because of Trump's tariffs on China
The president had initially given China’s ByteDance until Saturday to sell or divest its U.S. TikTok business. The company now has 75 additional days.
www.nbcnews.com
Analysis: What a Kremlin envoy’s trip to Washington says about Trump’s Russia-Ukraine policy | CNN
The Trump administration quietly lifted travel sanctions on Kirill Dmitriev, one of Vladimir Putin’s closest advisers, so he could come to Washington for talks.
www.cnn.com
Elon Musk's DOGE teams cut critical funding from America's libraries, officials say
State officials say they will lose funds for summer reading programs, book-mobiles, rural internet and more.
www.cbsnews.com
'Absolute no': Proxy voting is a dereliction of 'constitutional duty,' Nancy Mace says
"As a woman and as a mom," Rep. Nancy Mace, R-S.C., told Fox News Digital she supports "zero" proxy voting exceptions for new mothers in Congress.
In latest trans sports salvo, Trump administration creates Title IX investigation team
The Departments of Education and Justice said the new team will "protect students, and especially female athletes, from the pernicious effects of gender ideology."
www.nbcnews.comColumbia must give 30 days' notice before sharing student records with Congress' antisemitism probe
A Manhattan federal judge says Columbia University must give detained activist Mahmoud Khalil and other students 30 days' notice before handing over any more documents to Congress as it investigates antisemitism on college campuses.
apnews.com
RFK Jr. to lay off more NIH employees amid HHS restructuring, officials say
The additional layoffs at the National Institutes of Health come less than a week after the initial wave of cuts in Secretary Robert F. Kennedy Jr.'s restructuring.
www.cbsnews.com
An Idaho warden acquired hard to get lethal injection drugs from an undisclosed supplier on a rural road
While manufacturers of FDA-approved injectable pentobarbital are warning states not to use the sedative in executions, some states are still buying it — and paying top dollar.
www.nbcnews.com
Kryvyi Rih: Children among 18 killed in Russian attack on Zelensky's home city
The head of the city defence council says a ballistic missile hit a residential area, killing children on a playground.
www.bbc.com
Cybersecurity agency that oversees election infrastructure to face significant cuts, sources say
The Cybersecurity and Infrastructure Security Agency is charged with protecting election security infrastructure.
www.cbsnews.com
New book details Obama's strained relationship with Democratic party: 'Obama destroyed that s---'
A new book claims that former President Barack Obama "left the Democratic Party far weaker than he found it."
RFK Jr. buys Georgetown home
HHS Secretary Robert F. Kennedy Jr.'s 4,800-square-foot new home was listed at over $4.5 million.
www.cbsnews.comFarmers fear tariffs could cost them one of their biggest markets in China
Heading into this year, most U.S. farmers were hoping to break even or maybe record a small profit. But now they are faced with losing the biggest export market for many of their crops after China retaliated against President Donald Trump’s tariffs.
apnews.com
Judge denies Justice Department's effort to move detained Tufts student's case to Louisiana
Rumeysa Ozturk, a Turkish doctoral student at Tufts University, was taken into custody by immigration officials on March 25.
www.cbsnews.comTrump administration nixes plan to cover anti-obesity drugs through Medicare
President Donald Trump’s administration has decided not to cover expensive, high-demand obesity treatments under the government-funded Medicare program.
apnews.comRetirees keep their eyes on the economy as Trump's tariffs roil financial markets
With financial markets roiling as President Donald Trump unveiled his latest tariffs this week, the economy has been top of mind for many retirees.
apnews.comNEWS FROM THE HILL:
