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      Trump tariffs live: US markets see worst day in five years as president claims ‘stock is going to boom’

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      The New York stock exchange has closed on its worst day of trading since June 2020 – during the early months of the Covid-19 pandemic.The main indices saw their worst one-day falls in five years as Donald Trump claimed that “the markets are going to boom” in response to his sweeping tariffs.The S&P 500 index is down 4.9% at the close, which Reuters flags is the biggest one-day drop since June 2020.The Dow has also posted its biggest one-day drop since June 2020, down 4%.Meanwhile, the Nasdaq tumbled 5.9%, its worst single-day performance since March 2020.The scale of the sell-off, wiping trillions of dollars off the value of US companies, highlights just how alarmed investors are by the tariffs, and the fears they could lead to a recession.Speaking to reporters earlier on Thursday, Trump denied market turmoil presented a problem. The president said:
      I think it’s going very well. It was an operation like when a patient gets operated on and it’s a big thing. I said this would be exactly the way it is … We’ve never seen anything like it. The markets are going to boom. The stock is going to boom. The country is going to boom.
      Donald Trump told reporters aboard Air Force One today that tariffs on imported semiconductor chips and pharmaceuticals will be coming “soon”.He added that the “reciprocal” tariffs he announced yesterday have put the US “in the drivers seat.”“Every country is calling us. That’s the beauty of what we do,” he said. “If we would have asked these countries to do us a favor. They would have said no. Now they will do anything for us.”The Senate has confirmed Mehmet Oz – a former heart surgeon and TV personality – as the administrator of the Centers for Medicare and Medicaid Services.Oz will take the lead at the agency, which provides health care coverage to more than 160 million Americans – but which is facing significant changes as Congress debates cuts to the Medicaid coverage.For more, read on below:Volkswagen will add an import fee to its cars sold in the United States, the German automaker told its dealers today according to the Wall Street Journal.The news comes the same day Donald Trump’s 25% tariff on foreign automobiles went into effect. Volkswagen said it will announce the exact fee by mid-April.In a statement to the Wall Street Journal, the manufacturer said it wanted to be “very transparent about navigating through this time of uncertainty.”While countries around the world grapple with the meaning of the United States’s new “reciprocal” tariffs, two countries that were exempt from those particular duties – Mexico and Canada – are still preparing for the fallout of other trade decisions.Mexican president Claudia Sheinbaum announced plans to counter Trump’s tariffs earlier today, with a focus on increasing domestic production of items it has historically imported from the US, including natural gas.Although Mexico was not named in Trump’s “reciprocal” tariffs announcement, the country is still subject to a 25% tariff on automobiles, steel and aluminum.“Yesterday, something very important happened: the recognition of the free trade agreement between Mexico, Canada and the United States, which is fundamental at this moment,” she said during a speech in Mexico City.Meanwhile, in Canada, prime minister Mark Carney announced that Canada had introduced a 25% tariff on automobiles made in the United States.“We take these measures reluctantly,” he said. “And we take them in ways that’s intended and will cause maximum impact in the United States and minimum impact here in Canada.”Newly appointed as the Canadian prime minister, Carney added that he hoped to bring together a “coalition of like-minded countries” in search of an alternative to the US: “If the United States no longer wants to lead, Canada will.”Mike Pence will receive the John F Kennedy Profile in Courage Award in May for his refusal to go along with the 6 January attack on the US Capitol.The JFK Library Foundation shared the announcement today, saying the award will recognize Donald Trump’s former vice-president “for putting his life and career on the line to ensure the constitutional transfer of presidential power on Jan. 6, 2021.”After Joe Biden won the 2020 election, Trump put pressure on Pence to reject the results. When a mob of the president’s supporters stormed the Capitol in an attempt to overturn the results of the election, some chanted that they wanted to “hang Mike Pence.” Secret Service agents removed the vice-president from the Capitol, but Pence returned later to continue certifying the election results after the building was secured.The New York stock exchange has closed on its worst day of trading since June 2020 – during the early months of the Covid-19 pandemic.The main indices saw their worst one-day falls in five years as Donald Trump claimed that “the markets are going to boom” in response to his sweeping tariffs.The S&P 500 index is down 4.9% at the close, which Reuters flags is the biggest one-day drop since June 2020.The Dow has also posted its biggest one-day drop since June 2020, down 4%.Meanwhile, the Nasdaq tumbled 5.9%, its worst single-day performance since March 2020.The scale of the sell-off, wiping trillions of dollars off the value of US companies, highlights just how alarmed investors are by the tariffs, and the fears they could lead to a recession.Speaking to reporters earlier on Thursday, Trump denied market turmoil presented a problem. The president said:
      I think it’s going very well. It was an operation like when a patient gets operated on and it’s a big thing. I said this would be exactly the way it is … We’ve never seen anything like it. The markets are going to boom. The stock is going to boom. The country is going to boom.
      As news of Donald Trump’s “reciprocal” tariffs settles in today, the president’s allies on the far-right are reacting to news that their countries will face higher duties.In Italy, premier Giorgia Meloni told state television that she believes Trump’s decision to impose 20% tariffs on exports from Europe was “wrong”, but “it is not the catastrophe that some are making it out to be”.She added that the government will meet next week to discuss its response: “We need to open an honest discussion on the matter with the Americans, with the goal – at least from my point of view – of removing tariffs, not multiplying them”.Meanwhile, Argentinian president Javier Milei – who gifted tech billionaire Elon Musk a chainsaw at the Conservative Political Action Conference in February – said he hoped to meet Trump this evening at the “American Patriots Gala”. In response to the tariffs, Milei posted a link to the Queen song Friends will be Friends on social media.California’s Democratic representative Eric Swalwell has joined in a handful of lawmakers in criticizing Donald Trump’s latest tariffs, writing on X:
      “Trump’s tariffs are a slap in the face to hardworking Americans, jacking up prices, straining small businesses, and risking jobs. This isn’t America first; it’s families last.”
      Donald Trump is continuing to face criticism from US lawmakers after his tariffs reveal on Wednesday included tariffs on barren islands near Antartica that are populated by penguins.Senate minority leader Chuck Schumer called the tariffs “one of the dumbest decisions [Trump] has ever made as president”, adding: “And that’s saying something.”Schumer went on to say that “Donald Trump slapped tariffs on penguins and not on Putin,” in apparent reference to Trump’s 10% tariffs placed on the uninhabited Heard and McDonald Islands.Similarly, Adam Schiff, Democratic senator of California, released a video address on X of featuring a baby penguin he called “George.”
      The Trump administration just put a tariff on this guy. That’s right, this guy. This is George. George lived on an uninhabited island called Heard Island … and Trump just put a 10% tariff on this island which begs of course the question, ‘What did George ever do to Donald Trump and his buddies?’
      This is how nonsensical these tariffs are. This is how absurd and capricious and uncoordinated these tariffs are. And while it might seem absurd and funny that they put a tariff on penguins, it shows just the reckless nature of what they are doing. They are crashing the economy and it could just not be more self-destructive. We are alienating our friends and allies and even going after poor George.
      Speaking to reporters on Thursday amid tumbling US stock markets and $2tn wiped off Wall Street after his tariffs reveal on Wednesday, Trump said:
      I think it’s going very well. It was an operation like when a patient gets operated on and it’s a big thing. I said this would be exactly the way it is … We’ve never seen anything like it. The markets are going to boom. The stock is going to boom. The country is going to boom.
      He went on to add:
      The rest of the world wants to see is there is any way they can make a deal. They’ve taken advantage of us for many years … I think it’s going to be unbelievable …
      Over the last nearly 24 hours, Trump has faced widespread backlash from US lawmakers and global leaders over his tariffs plan, with senior Republican senator Mitch McConnell calling it “bad policy” while Canada – a traditional American ally – called the tariffs “unjustified” and “unwanted”.Here is the latest chart of the S&P500 as of 2pm ET on Thursday: Mitch McConnell, the Kentucky Republican senator and former Senate majority leader, has criticized Donald Trump’s latest tariffs, saying that they are “bad policy and trade wars with our partners hurt working people most”.In a statement on Thursday afternoon, McConnell went on to say:
      They are a tax on everyday working Americans. Preserving the long-term prosperity of American industry and workers requires working with our allies, not against them.
      With so much at stake globally, 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. That includes what we do on trade. More

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      Trump fires six national security staffers after far-right activist Laura Loomer urged him to in meeting

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      Donald Trump fired six national security council staffers after an unusual meeting in the Oval Office where the far-right activist Laura Loomer presented opposition research against a number of staffers that she said showed they were disloyal to the US president, according to two people familiar with the matter.The firings included three staffers who had been brought on by national security adviser Mike Waltz – an extraordinary situation where Loomer appeared to have more sway over NSC personnel than the official in charge of running the agency. It also undercut Waltz’s position to have his allies axed from under him.Loomer brought a booklet of papers laying out the perceived disloyalty of about a dozen staffers, including Waltz’s principal deputy Alex Wong, to the meeting that was also attended by Vice-President JD Vance, Chief of Staff Susie Wiles, Commerce Secretary Howard Lutnick and Waltz himself.The fired officials included Brian Walsh, the senior director for intelligence who previously worked for now Secretary of State Marco Rubio on the Senate intelligence committee; and Thomas Boodry, the senior director for legislative affairs who previously served as Waltz’s legislative director in Congress, the people said.While the firings appeared arbitrary, one of the people said that the White House looked through Loomer’s opposition research and verified parts of it. Ultimately, it found that one NSC official had recently criticized Trump on social media and others had donated or supported a Democratic political candidate.The firings did not include Wong, who has been one of Loomer’s top targets. Loomer has vilified Wong over the work of his wife, Candice, at the justice department that involved prosecuting January 6 Capitol rioters. Loomer has also publicly suggested that Wong has sympathies to the Chinese communist party.Loomer did not immediately respond to questions sent by text about the alleged sins of the NSC officials she targeted. Brian Hughes, a spokesperson for the NSC, did not respond to a request for comment.But in the days since Waltz inadvertently added a journalist from the Atlantic to a Signal group chat, where Defense Secretary Pete Hegseth shared updates about a US military strike against the Houthis in Yemen, Loomer suggested Wong and other career NSC officials were trying to sabotage Trump by causing a scandal.She baselessly claimed Wong deliberately added the Atlantic’s editor-in-chief, Jeffrey Goldberg, to the sensitive chat “as part of a foreign opp to embarrass the Trump administration on behalf of China”. (The White House’s final internal conclusion, the Guardian has reported, was that Waltz added Goldberg by mistake himself.)Loomer has been part of a group of Trump allies to disparage Waltz and his team, calling them “neocons” – short for neo conservatives – as a pejorative term to castigate them for being too hawkish and eager to project US military power abroad, at odds with Trump’s “America First” foreign policy.The online vilification of Waltz and his team took a turn on Wednesday when Loomer appeared at the White House for the meeting. It was not immediately certain how Loomer was cleared to access the White House complex given she lacks a “hard pass” even as a reporter, a sore issue she has complained about in recent weeks.Loomer sat directly across from Trump in the Oval Office as she made her pitch to him directly to remove the people she was targeting. The New York Times reported that Republican congressman Scott Perry, who had his own concerns about staffers in the administration, was also trying to meet with Trump at the same time.The effect on Waltz was not clear. He left the White House with Trump on Marine One on Thursday, which signaled support from the president, who last week declined to fire Waltz over the Signal chat episode. Waltz has also recently shown more deference to Wiles, the chief of staff, in an effort to win her support, the people said.But Waltz’s political enemies point out that Waltz survived the Signal chat episode principally because Trump was unwilling to give the news media a victory, and not because of his confidence in Waltz. His main ally is also perceived to be Senator Lindsey Graham, as opposed to a network of allies inside Trump’s inner circle. More

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      Mehmet Oz confirmed by US Senate to lead Medicare and Medicaid

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      Former heart surgeon and TV pitchman Dr Mehmet Oz was confirmed on Thursday to lead the Centers for Medicare and Medicaid Services (CMS).Oz became the agency’s administrator in a party-line 53-45 vote.The 64-year-old will manage health insurance programs for roughly half the country, with oversight of Medicare, Medicaid and Affordable Care Act coverage. He steps into the new role as Congress is debating cuts to the Medicaid program, which provides coverage to millions of poor and disabled Americans.Oz has not said yet whether he would oppose such cuts to the government-funded program, instead offering a vision of promoting healthier lifestyles, integrating artificial intelligence and telehealth into the system, and rethinking rural healthcare delivery.During a hearing last month, he told senators that he did favor work requirements for Medicaid recipients, but that paperwork shouldn’t be used to reaffirm that they are working or to block people from staying enrolled.Oz, who worked for years as a respected heart surgeon at Columbia University, also noted that doctors dislike Medicaid for its relatively low payments and some don’t want to take those patients.He said that when Medicaid eligibility was expanded without improving resources for doctors, that made care options even thinner for the program’s core patients, which include children, pregnant people and people with disabilities.“We have to make some important decisions to improve the quality of care,” he said.Oz has formed a close relationship with his new boss, Robert F Kennedy Jr. He’s hosted the health secretary and his inner circle regularly at his home in Florida. He’s leaned into Kennedy’s campaign to “make America healthy again” (Maha), an effort to redesign the nation’s food supply, reject vaccine mandates and cast doubt on some long-established scientific research.The former TV show host talks often about the importance of a healthy diet, aligning closely with Kennedy’s views.skip past newsletter promotionafter newsletter promotionWhile Oz has faced some criticism for promoting unproven vitamin supplements and holistic treatments – staples of the “Maha movement” – he’s regularly encouraged Americans to get vaccinated.Oz will take over the CMS days after the agency was spared from the type of deep cuts that Kennedy ordered at other public health agencies. Thousands of staffers at the Food and Drug Administration, the Centers for Disease Control and Prevention, and the National Institutes for Health are out of a job after mass layoffs that started on Tuesday.The CMS is expected to lose about 300 staffers, including those who worked on minority health and to shrink the cost of healthcare delivery. More

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      Senators unveil bill to claw back power over tariffs amid Trump trade wars

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      Senior senators introduced new bipartisan legislation on Thursday seeking to claw back some of Congress’s power over tariffs after Donald Trump unveiled sweeping new import taxes and rattled the global economy with sweeping new import taxes.The Trade Review Act of 2025, co-sponsored by Senator Chuck Grassley, a top Republican lawmaker from Iowa, a state heavily reliant on farm exports, and Senator Maria Cantwell, a Democrat from Washington, whose state shares a border with Canada, would require the president to notify Congress of new tariffs, and provide a justification for the action and an analysis on the potential impact on US businesses and consumers.For the tariff to remain in effect, Congress would need to approve a joint resolution within 60 days. If Congress failed to give its consent within that timeframe, all new tariffs on imports would expire. The legislation would also allow Congress to terminate tariffs at any time through a resolution of disapproval.Grassley was not among the four Republican senators who voted to approve a Democratic-led resolution that would nullify the national emergency Trump used to justify 25% tariffs on Canadian imports, which passed shortly after the president’s so-called “liberation day” tariff announcement on Wednesday.Yet support from Grassley, third in line to the presidency as the president pro tempore of the Senate, is a sign of the deep unease many Republicans have with the president’s efforts to remake global trade.“For too long, Congress has delegated its clear authority to regulate interstate and foreign commerce to the executive branch,” Grassley said in a statement, adding that the proposed measure was a way to “reassert Congress’ constitutional role and ensure Congress has a voice in trade policy”.The legislation is modeled after the War Powers Act, passed in 1973, that seeks to limit the president’s ability to engage US troops into “hostilities” without Congressional approval.“Trade wars can be as devastating, which is why the Founding Fathers gave Congress the clear constitutional authority over war and trade,” Cantwell said in a statement.“Arbitrary tariffs, particularly on our allies, damage US export opportunities and raise prices for American consumers and businesses. “As representatives of the American people, Congress has a duty to stop actions that will cause them harm.”In a Rose Garden ceremony on Wednesday, Trump announced that the US would impose a major round of new tariffs on many of its largest trade partners and ones uninhabited by humans. The tariffs unleashed chaos across world financial markets, as economists warned that the levies would raise prices for consumers and businesses.Several countries threatened counter-measures as they digested Trump’s trade war escalation. More

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      US stock markets see worst day since Covid pandemic after investors shaken by Trump tariffs

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      US stock markets tumbled on Thursday as investors parsed the sweeping change in global trading following Donald Trump’s announcement of a barrage of tariffs on the country’s trading partners.All three major US stock markets closed down in their worst day since June 2020, during the Covid pandemic. The tech-heavy Nasdaq fell 6%, while the S&P 500 and the Dow dropped 4.8% and 3.9%, respectively. Apple and Nvidia, two of the US’s largest companies by market value, had lost a combined $470bn in value by midday.Meanwhile, the US dollar hit a six-month low, going down at least 2.2% on Thursday morning compared with other major currencies and oil prices sank on fears of a global slowdown.Though the US stock market has been used to tumultuous mornings over the last few weeks, US stock futures – an indication of the market’s likely direction – had plummeted after the announcement. Hours later, Japan’s Nikkei index slumped to an eight-month low and was followed by falls in stock markets in London and across Europe.The White House drafted up a list of countries, including some of its largest trade partners and ones uninhabited by humans, that will be receiving reciprocal tariffs. Many economies will see new tariffs above 20%, including the EU, China, Japan and Taiwan.The 10% baseline tariff will go into effect on 5 April, while the reciprocal tariffs will begin on 9 April, according to the White House.“The markets are going to boom,” Trump told reporters at the White House as he left for Florida for the weekend. “I think it’s going very well.”Economists have for months warned that high tariffs are a major risk to the US economy, pushing prices up for consumers on everything from cars to wine along with destabilizing the US’s role in the global economy.But that didn’t stop Trump from taking a celebratory tone at the event he dubbed “liberation day”. Trump tried to paint the tariffs as the start of “the golden age of America”.“We are going to start being smart and we’re going to start being very wealthy again,” Trump said.On Thursday Howard Lutnick, the commerce secretary, defended the move. “The president is not going to back off what he announced yesterday. He is not going to back off,” he told CNN.Multiple major American business groups have spoken out against the tariffs, including the Business Roundtable, a consortium of leaders of major US companies including JP Morgan, Apple and IBM, which called on the White House to “swiftly reach agreements” and remove the tariffs.“Universal tariffs ranging from 10-50% run the risk of causing major harm to American manufacturers, workers, families and exporters,” the Business Roundtable said in a statement. “Damage to the US economy will increase the longer the tariffs are in place and may be exacerbated by retaliatory measures.”skip past newsletter promotionafter newsletter promotionIn a statement, the National Retail Federation, a lobbying group for the retail industry, said that the new tariffs negatively affect the business environment for retailers.“More tariffs equal more anxiety and uncertainty for American businesses and consumers. While leaders in Washington may not care about higher prices, hardworking American families do,” the group said.Contrary to what Trump has said about the jobs the tariffs will create, the National Association of Manufacturers said that tariffs actually “threaten investment, jobs, supply chains and, in turn, America’s ability to outcompete other nations and lead as the preeminent manufacturing superpower”.The tariffs also appear unpopular among voters. A poll released on Wednesday ahead of Trump’s announcement found that just 28% of Americans believe tariffs help the economy, while 58% believe the impacts will be damaging.But in his speech yesterday, Trump appeared ready to be defiant against any criticism.“In the coming days, there will be complaints from the globalists and the outsources and special interests and the fake news,” he said. “This will be an entirely different country in a short period of time. It’ll be something the whole world will be talking about.” More

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      Trump’s chaos-inducing global tariffs, explained in charts

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      Donald Trump’s announcement of a long slate of new tariffs on the US’s trading partners has caused chaos in global markets and threatens a global trade war and US recession.Long trailed on his election campaign, Trump’s plans were even more sweeping than many had predicted: a baseline 10% tariff on all imports and higher tariffs for key trading partners, including China and the EU.Though the tariffs won’t go into effect for a few more days, global markets have been reeling from the announcement of what’s to come.Here’s a breakdown of what the tariffs are and how they’ve affected the economy since Trump’s announcement.The new tariffsTrump’s new tariffs are twofold. First, all imported goods will be subject to a 10% universal tariff starting 5 April. Then, on 9 April, certain countries will see higher tariff rates – what Trump has deemed “reciprocal tariffs” in retaliation for tariffs the countries have placed on American exports.Keep in mind that tariffs are paid by American companies that are importing goods such as wine from Europe or microchips from Taiwan.Some of the highest tariffs will be put on imports from Asian countries, including China, India, South Korea and Japan. EU exports will also have a 20% tariff.How did the White House calculate its reciprocal tariffs? The administration said that it looked at the trade deficit between the US and a specific country as a percentage, and then considered that to be a tariff. So, for example, the value of US goods that are exported to China are 67% of the value of the Chinese goods that are imported into the US.The White House calls this definition a “tariff” placed on American goods, though a deficit and a tariff are not the same thing.It then halved the “tariff” and used that percentage to represent the new levy that the US would place on goods from that country.Canada and Mexico are notably absent from the list, despite being targets of a proposed 25% tariff. The White House said that goods covered under an existing trade agreement between the two countries will continue to have no tariffs.Targeting key trading partnersTrump and his economic advisers argue that the tariffs will strengthen US manufacturing while also lowering barriers other countries put on American goods. But the US has long been in a trade deficit, importing more goods than exporting.While increasing domestic manufacturing and relying less on foreign suppliers could strengthen the US economy in the long run, economists say that Trump’s tariffs are too aggressive and uncertain for them to actually encourage domestic investment. Instead, companies have said they will pass the cost of the tariffs on to consumers.Fear on Wall StreetMarkets immediately plummeted when exchanges started trading on Thursday morning, as Wall Street reacted to the new levies.Wall Street has been slumping for the last month as Trump introduced new tariffs and teased the ones he announced on Wednesday. All three exchanges went into correction territory in March, meaning that the indexes fell more than 10% from their recent peaks.The tariffs have also hit stock markets abroad. The UK’s FTSE 100 saw its worst day since August 2024, while markets in Japan, Hong Kong and Germany also tumbled.Leaders around the world expressed shock and frustration over the new tariffs. Ursula von der Leyen, president of the European Commission, called the tariffs “a major blow to the world economy”.“The global economy will massively suffer,” she said Thursday. “Uncertainty will spiral and trigger the rise of further protectionism. The consequences will be dire.”The new tariffs have also made the US dollar fall in value in relation to other major currencies.The strength of the US dollar is an important measure of how the US economy is seen by investors, relative to other economies. That the dollar has been falling shows that investors see instability in the US economy that is likely to last. More

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      Why has Trump launched so many tariffs and will it cause a recession? Expert Q&A

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      Donald Trump has always talked about how much he likes tariffs. And on April 2 2025, he showed that he meant it. For the president it was “liberation day”, but for his fellow world leaders it was a tense wait to see what percentage figure would be attached to their country’s vital exports.

      Those tariff rates ranged from 10% for the UK to 49% for Cambodia, charges which Trump says will raise trillions of dollars for the US economy and “make America wealthy again”.

      “Our country has been looted, pillaged, raped and plundered,” he said, before unveiling the tariffs which will cause headaches for business leaders and politicians across the world. We asked Linda Yueh, an economist at the University of Oxford, to answer some of the most pressing questions the tariffs pose.

      What is Trump thinking?

      Economically speaking, the president of the US says he wants to make international trade fairer – by equalising tariffs. He said that if countries want these “reciprocal tariffs” removed (on top of the 10% baseline tariff on all US imports), then they also need to remove non-tariff barriers, such as opening more of their markets to US companies.

      As with his first administration, he also wants companies to bring production and manufacturing jobs back to the US. Basically, he views current international trade as unfair and is using tariffs in a way that’s unprecedented in modern times to try to level the playing field.

      Why such a broad range of tariffs?

      The formula used by the White House to calculate the various tariff rates is apparently based on the trade balance – what each country sells and buys from the US. The Trump administration views a trade surplus (where the US buys more than it sells) as a proxy for unfair trade, so is imposing “reciprocal tariffs” to retaliate.

      And some countries do indeed levy higher tariffs than the US. For instance, some developing countries do so in accordance with their level of development. But tariffs are generally governed by the World Trade Organisation, so that’s where countries would normally go to resolve trade disputes.

      But because no tariff is set below 10%, there will be tariffs levied even on countries with whom the US runs a trade surplus (those which do more buying from the US than selling). These include the Netherlands, Australia and Brazil.

      A complex relationship.
      Tomas Ragina/Shutterstock

      Over 100 countries will have tariffs imposed, including small countries like Fiji (32%) and poor economies like Haiti (10%). Those are also likely to be the ones which will find it most challenging to get into the queue to negotiate a lower tariff any time soon.

      What options do countries have in terms of their response?

      The EU (20%) has said it will retaliate, while the UK (10%) says it will keep talking though all the options on the table. Trump has said he is open to negotiations before the baseline tariffs are imposed on April 5, and the extra reciprocal tariffs land on April 9.

      Engaging in a tit-for-tat trade war is economically damaging – as the independent Office for Budget Responsibility (OBR) set out in its latest assessment of the UK economy. Each government will take its own view on the appropriate approach, but with the knowledge that it’s highly unlikely that everyone will be able to negotiate a better deal conclusively within a week.

      Will there be a recession?

      The International Monetary Fund (IMF) estimates that Trump’s tariffs could reduce global economic growth by 0.5% through next year, which is significant. But, it also believes that a global recession is not on the horizon.

      That said, the economic impact of these tariffs is highly uncertain and unpredictable. The effects will vary from country to country, and a lot will depends upon how long the tariffs are levied for, how other countries respond and how companies manage the tariffs and the uncertainty of trade policy.

      Read more:
      How the UK and Europe could respond to Trump’s ‘liberation day’ tariffs

      And it remains a big gamble for Trump too. For a president who considers himself to be the master of deals, there are risks of rising inflation, falling stock markets and potentially denting the US economy. More

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      ‘Did you stand up?’: read part of Cory Booker’s blockbuster 25-hour speech | Cory Booker

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      Editor’s note: the following is an excerpt from Cory Booker’s 25-hour marathon speech on the US Senate floorTonight, I rise with the intention of getting in some good trouble. I rise with the intention of disrupting the normal business of the United States Senate for as long as I am physically able.I rise tonight because I believe, sincerely, that our country is in crisis.And I believe that not in a partisan sense, because so many of the people that have been reaching out to my office – in pain, in fear, having their lives upended – so many of them identify themselves as Republicans.Indeed, conversations from in this body, to in this building, to across my state – and recently in travel across the country – Republicans as well as Democrats are talking to me about what they feel as a sense of dread about a growing crisis, or what they point to about what is going wrong.The bedrock commitments in our country – that both sides rely on, that people from all backgrounds rely on – those bedrock commitments are being broken.Unnecessary hardships are being borne by Americans of all backgrounds. And institutions which are special in America, which are precious, which are unique in our country, are being recklessly – and I would say even unconstitutionally – affected, attacked, even shattered.In just 71 days, the president of the United States has inflicted so much harm on Americans’ safety, financial stability, the core foundations of our democracy, and even our aspirations as a people. From our highest offices: a sense of common decency. These are not normal times in America, and they should not be treated as such.John Lewis – so many heroes before us – would say that this is the time to stand up, to speak up. This is the time to get in some good trouble, to get into necessary trouble. I can’t allow this body to continue without doing something different – speaking out. The threats to the American people and American democracy are grave and urgent. And we all must do more. We all must do more against them.But those 10 words: “If it is to be, it is up to me.” All of us have to think of those 10 words – 10 two-letter words: “If it is to be, it is up to me.” Because I believe generations from now will look back at this moment and have a single question: “Where were you? Where were you when our country was in crisis and when American people were asking for help? Help me. Help me.” Did we speak up?When 73 million American seniors, who rely on social security, were to have that promise mocked, attacked, and then to have the services undermined – to be told that there will be no one there to answer if you call for help – when our seniors became afraid and worried and panicked because of the menacing words of their president, of the most wealthy person in the world, of cabinet secretaries … Did we speak up?When the American economy, in 71 days – 71 days – has been upended, when prices at the grocery store were skyrocketing, and the stock market was plunging, when pension funds, 401(k)s, were going down, when Americans were hurting and looking up, where the resounding answer to this question was: “No.”Are you better off economically than you were 71 days ago? Where were you? Did you speak up?At a time when the president of the United States was launching trade wars against our closest allies, when he was firing regulators who investigate America’s biggest banks and biggest corporations – and stop them from taking advantage of the little guy, or the little gal, or my grandmother, or your grandfather – dismantling the agency that protects consumers from fraud, the only one whose sole purpose is to look out for them … Did you speak up?When the president of the United States, in a way that is so crass and craven, peddled his own meme coin and made millions upon millions upon millions of dollars for his own bank account – at a time so many are struggling economically – did you speak up?Did you speak up when the president of the United States did what amounts to a conman’s house – the White House – when the president tried to take healthcare away? Where were you? Did you speak up?Threatening a program called Medicaid, which helps people with disabilities, helps expectant mothers, helps millions upon millions of Americans – and why? Why? As part of a larger plan to pay for tax cuts for the wealthiest among us, who’ve done the best over the last 20 years.For billionaires who seem so close to the president that they sat right on the dais at his inauguration and sit in his cabinet meetings at the White House.skip past newsletter promotionafter newsletter promotionDid you speak up when he gutted public education, slashed funds for pediatric cancer research, fired thousands of veterans who risked their lives for their country? When he abandoned our allies and our international commitments?At a time when floods, fires, hurricanes and droughts are devastating communities across this country – when countries all around the world are banding together to do something – and he turned his back?Did you speak up when outbreaks of dangerous infectious diseases are still a global threat, yet we have stopped engaging in the efforts necessary to meet those threats?Where were you when the American press was being censored? When international students were being disappeared from American streets without due process? When American universities were being intimidated into silence, challenging that fundamental idea of freedom of thought, freedom of expression?When the law firms that represent clients that may not be favored were attacked, and attacked, and attacked – where were you? Did you speak up when they came for those firms?Or what about when the people who attacked the police officers – defended this building, an American democracy – on January 6, who just outside those doors put their lives on the line for us, and many of them would later die … Where were you when the president pardoned them, celebrated them, and even talked of giving them money – people who savagely beat American police officers?Did you speak up when Americans from across the country were all speaking up – more and more voices in this country speaking up – saying: “This is not right. This is un-American. This is not who we are. This is not America.” Did you speak up?And so I rise tonight because I believe to be about what is normal right now, when so much abnormal is happening, is unacceptable.I rise tonight because silence at this moment of national crisis would be a betrayal of some of the greatest heroes of our nation. Because at stake in this moment is nothing less than everything that we brag about, that we talk about, that makes us special.At stake right now are some of our most basic American principles – principles that so many Americans understand are worth fighting for, worth standing for, worth speaking up for.

      Cory Booker is a US senator from New Jersey More