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      Jimmy Kimmel: ‘Somehow Donald Trump has managed to transform the stock market into Kanye West’

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      Late-night hosts recap Donald Trump’s escalation of a trade war that many expect will lead to a global recession.Jimmy Kimmel“What a crazy country we live in. It’s hard to remember what things we used to be worried about,” said Jimmy Kimmel on Tuesday evening, as the markets once again roiled with Trump’s escalation of his tariffs on nearly all countries. “The Dow, the Nasdaq, the S&P all down again today. Somehow Donald Trump has managed to transform the stock market into Kanye West.”Trump, meanwhile, didn’t seem bothered by the worst week on Wall Street since March 2020. Instead, he posted on Truth Social that he would undergo his annual physical examination at Walter Reed medical center on Friday. “I bet it’s going to be an excellent report,” Kimmel deadpanned. “Let me guess: his physical strength and stamina are extraordinary, his blood pressure is astonishing and he is by far the healthiest president to successfully tank the world economy overnight.“I will say, after all he’s put us through, it will be nice to know that on Friday, somebody will be squeezing his balls for a change,” he added.In light of the economic downturn, Kimmel referenced an old quote of Trump, saying: “There’s a lot of opportunity in the bad times.”“And now there’s nothing but opportunity as far as the eye can see,” Kimmel joked. “It’s a Chernobyl of opportunity right now.”On Tuesday, Trump heaped even more tariffs on Chinese imports, effectively a 104% tax on all goods. “How’s he even coming up with these numbers?” Kimmel fumed. “‘What do you think about a tariff of 100% on China? Not enough! Make it 104!’”In response, the Chinese ministry of commerce said the tariffs were “mistake on top of a mistake” – “which is also what Trump said when Eric was born”, Kimmel quipped.Stephen Colbert“The tariffs are already hitting Americans right in the joystick,” said Stephen Colbert on the Late Show. Gamers were supposed to be able to order Nintendo Switch 2 consoles on Wednesday, but now the company has delayed orders to the US because of Trump’s tariffs.“What am I supposed to do without a new Mario game?” Colbert wondered. “Take a bunch of mushrooms and jump on turtles in real life? That’s what got me banned from the petting zoo.”The markets had a brief upturn on Tuesday, when rumors circulated that Trump may back down from his trade war. Asked by reporters if he would back down or if the tariffs were permanent, Trump answered paradoxically: “It could both be true.”“No, you can’t say it’s temporary and it’s permanent,” said Colbert. “That’s like being asked to call heads or tails and saying ‘I call coin.’”But around noon local time on Tuesday, the White House confirmed that they would levy a 104% tariff on all Chinese imports starting at midnight on Tuesday, “and the market stepped on a rake and then stepped down a mineshaft”, said Colbert. “One hundred and four percent Chinese tariffs are going to make everything more expensive – iPhones, laptops, those wonderful knockoff toys you can find only at the gas station like New Style Ninja Tortoise.”As for the Chinese ministry of commerce’s response – “the US threat to escalate tariffs on China is a mistake on top of a mistake” – Colbert had a wisecrack: “Coincidentally, it’s also what it’s called when Don Jr gives Eric a piggyback ride.”Seth MeyersOn Tuesday, Trump welcomed the World Series champion Los Angeles Dodgers to the White House, and praised star player Shohei Ohtani with “he’s got a good future, I’m telling you”.“Not exactly a bold prediction – ‘I think that guy who won three MVP awards is going to turn out to be a pretty good ballplayer,’” Seth Meyers joked on Late Night.In other news, Elon Musk and the so-called “department of government efficiency” (Doge) are reportedly working with Boeing to resolve delays in the new model of Air Force One. “Because nothing inspires confidence like hearing ‘Boeing built this in a hurry,’” Meyers joked.On Friday, Trump headlined a fundraiser at Mar-a-Lago that cost $1m a plate. “Unfortunately, due to the price of groceries, they only broke even,” Meyers quipped.And according to a new analysis by the Washington Post, Trump has spent one-third of his days in office at his golf courses. “And I think we might be better off if we could somehow get that up to three thirds,” said Meyers.The Daily Show“It’s been one week since Donald Trump announced his bold vision for destroying the economy,” said Desi Lydic on the Daily Show. “And guess what? His plan is working.”Lydic pointed to a graph of the Dow Jones since Trump took office, which plunged precipitously after the president announced his tariffs. “I’m not an economist, but it’s probably a bad sign when the chart itself looks like it jumped off the roof,” she said. “Look at that drop! Six Flags is going to make a roller coaster of that.”“The president may have singlehandedly tipped us into a global recession,” Lydic continued. “And with so much uncertainty, the world is glued to the financial news networks, who are surely focusing on this story 24/7, right Fox Business?”In fact, Fox’s business network focused on the LA Dodgers visiting the White House, and not Trump’s 104% tax on Chinese imports. “This is getting really serious. We’ll know exactly how serious one we get China to do the math for us,” Lydic joked. “But point is: Trump is out of control right now. I’d say he’s like a bull in a china shop, but at 104%, I can’t afford to say that.” More

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      Two visions within Trump world are battling for primacy. Which will win? | Ben Davis

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      The start of the second Trump administration has been chaotic, to put it mildly. It is difficult for Americans to understand what exactly the administration is trying to do and how it will affect them. It has been simultaneously a colossal remaking of the US state and the entire global order, but also seemingly haphazard, with significant policy decisions such as spending cuts and tariff rates clearly made with little thought or preparation. Analysts and commentators of all stripes have speculated on the motives and strategy behind the Trump administration’s huge overhaul of society. But what is the Trump administration’s plan for the US?The primary moves the administration has made are major cuts to federal government capacity through the “department of government efficiency” (Doge) and now an unprecedented tariff regime that has sent financial markets into a free fall. Some view these changes as part of a grand overarching strategy to rebuild some version of an imagined past America: globally hegemonic and able to exercise power nakedly over other countries, economically self-sufficient with a large manufacturing base, and a reassertion of the previous social norms and order around gender, race, and sexuality. But a deeper dive into the Trump administration’s explanation of their policies and vision reveals that rather than a single, coherent ideological project, the Trump administration is sclerotic and being used as a vehicle for more than one competing ideological project.While the first Trump administration had no real ideological project, with Donald Trump’s surprise win being based on a personalist coalition without the backing of an organized movement, and different factions within the administration battling for control over policy and favor from the president, the second Trump administration was backed and is staffed by two major ideological projects, representing different segments of capital: the oft-discussed “national conservatism” of the Claremont Institute, the Heritage Foundation and Project 2025, and tech capital, which has used Trump as a vehicle for its own priorities.These two overarching political projects and visions both see Trump as able to advance their goals, but these projects are competing with each other. Both have accepted that Republicans will lose the midterms in 2026, as the president’s party nearly always does, and are thus trying to radically reshape society in that time in ways that can’t easily be reversed. They have deeply different visions for the future, and whether one wins out or both of their incompatible sets of policies are carried out will have enormous implications for the lives of Americans and people around the globe.On tariffs, the administration has offered multiple, mutually exclusive visions: with some viewing tariffs as primarily a way to rebuild US manufacturing by incentivizing producers to build in the US; some viewing tariffs as primarily a way to raise revenue, cut the deficit, and in the long-term replace the income tax entirely; and some viewing tariffs primarily as a negotiating tool to force countries to make concessions to the US on a variety of issues.Trump personally has suggested that the US become an autarky, with no trade of any kind with the outside world. It’s unclear which of these will be the plan because they each have dramatically different implications for how the tariffs are structured in the long-term, how long they will last, and their effects on US workers.In the first two views, the tariffs are a part of the national conservative project of returning the US to a previous social order. They view the nation-state as the primary actor in a zero-sum anarchic global order of competing nation-states seeking to dominate each other. Tariffs are then a way of reasserting US national power relative to other states. This fits in with Trump’s rhetoric about the US, taking the country back and reasserting American nationhood, and is the primary way analysts and commentators have viewed the administration.The tech capital that oversees Doge, however, has a different project entirely. Elon Musk, who has personally overseen the large-scale slashing of the federal government, rejects tariffs entirely. The Doge project and the tariff project are at odds. The Doge project is cloaked in the rhetoric of retro America First nationalism that would seem on its face (and is understood as by its supporters) to be precisely the opposite of what it is in practice: the outmoding of the nation-state entirely.It’s notable that the first target for Doge’s cuts were not the New Deal programs conservatives have long wanted to cut, but instead the cold war-era nodes of American state power: scientific research, funding for education and the arts, foreign aid, and other programs that were created to allow the US to outcompete the Soviet Union and other countries. Musk does not care about American great power competition, such as with China, as Trump does. Indeed, Musk has close ties with the Chinese state.For Musk and his cohorts, the US must progress past the nation state model – where the state exist to project power against other nation states and part of this bargain is keeping a certain social compact of living standard with citizens – to the vendor state model where international firms are paramount and states exist instead to compete for their favor. The Doge project of Silicon Valley technolibertarianism aims to sublimate the state to capital entirely and to outsource state capacity to transnational tech firms. This is, rather than an end of globalization as the national conservatives want, the final conclusion of globalization, where international capital exists above and beyond the bounds of the nation-state.This is the reason large swathes of tech capital reversed course on Trump during the Biden administration and became his biggest financial backers. For them, Trump exists as a vehicle for their overall project.Both of these projects are disastrous for the American people on their own, but both being partially implemented in opposing ways is even worse and will lead to disaster for US workers and our society’s basic capacity to function.While the tariffs by themselves are devastating to US consumers and could lead to a major economic crisis, the Doge cuts strip state capacity that would be needed to implement the most positive vision of tariffs returning manufacturing jobs. While tariffs drive up prices on things like semiconductors or electric vehicles, the government is simultaneously slashing the programs designed to encourage these goods to be manufactured domestically. And while the Doge cuts have slashed the state and led to the direct capture of swathes of the state by tech capital, their overall project of global tech hegemony cannot progress in a world where international trade has broken down completely.Trump and the national conservative’s dream of a return to a pre-financialization manufacturing-based economy, where the US has security through economic self-reliance, and the tech right’s commitment to creating shareholder value at all costs, and whose entire model is based entirely on the result of financialization, are incompatible and on a collision course. Different sections of capital – tech on the one hand, and the revanchist small capital class who form national conservatism’s base on the other – have different and competing interests and control of different sections of administration policy. The consequences of this intranecine competition are enormous, but either way, the next four years look dire for the American working class. The damage may take generations to fix.

      Ben Davis works in political data in Washington DC. He worked on the data team for the Bernie Sanders 2020 campaign More

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      We are witnessing the destruction of science in America | Paul Darren Bieniasz

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      Like many scientists, I came to the US as a young adult, driven by idealism and ambition. I arrived with all my belongings contained in two suitcases, and just enough cash to cover the first month’s rent on a small apartment. But I also had something of greater value: an offer to work and train in one of America’s top biomedical research laboratories, a chance to participate in the revolution that is modern biological science.In the years that followed, I became an American scientist and raised an American family. Now, I lead a laboratory in one of the US’s great universities. I am a member of America’s National Academy of Sciences. From a scientist’s perspective, I have lived the American dream.My story is not unusual. Many of the best scientists in the world are drawn to the US, joining many Americans who choose to build a career in science. This attraction to American science is because more so than any other country, America values unfettered scientific enquiry. In the US, scientists have greater resources to pursue their work, and scientists are an integral part of a culture that has innovation and dynamism at its core.Simply put, the US is the best place in the world to be for smart, ambitious people to make discoveries, advance knowledge and improve people’s lives. Consequently, the US leads the world in science, by any measurable criterion. Twenty of the world’s top 30 universities are American, most Nobel prizes in science are won by Americans, half the world’s medicines are invented in the US. When “American exceptionalism” is spoken of, scientists, perhaps more so than any other profession, know exactly what is meant.The vast majority of fundamental scientific research in the US is funded by American taxpayers, through bodies such as the National Institutes of Health (NIH) and National Science Foundation, that make grants to universities and research institutes. These grants support scientific infrastructure, pay scientists’ salaries and fund specific research projects. While charities and individual donors also make contributions, these are dwarfed by federal support.Public funding for science is essential because most endeavors in science cannot be directly commercialized, and fundamental science is rarely done by the for-profit sector. Moreover, science, by definition, requires trial-and-error experimentation at the edge of knowledge – its outcomes are unpredictable. Therefore, science is, in a sense, inherently inefficient.Nonetheless, science is the only way to generate the foundational knowledge that enables technology, medicine and an understanding of how the world works, that can be applied for the benefit of humanity. The knowledge uncovered by taxpayer-funded science underpins American innovation and exceptionalism.The extraordinary success that has been American science makes it especially distressing to now witness its destruction. The public investment that has made American science exceptional also makes it dependent on political support.For the most part, both sides of the political divide have recognized the obvious value of American science to society and have broadly supported public investment in it. But this no longer appears to be the case.As I write, American science is being throttled. Funds promised for ongoing research projects are being withheld by the new administration. Executive orders of dubious legal basis have been issued that will slash resources for science. Some colleagues have already been forced to terminate the employment and training of the next generation of scientists, as funds previously promised to them are denied. Many more colleagues will need to take similar steps in the coming weeks and months as their research grants are withheld.Many science graduate schools are not accepting new students, many are rescinding earlier offers, and others are dramatically reducing their intake. Make no mistake, the scientific workforce is being gutted. The withholding of scientific resources as a form of punishment for certain high-profile universities has been widely publicized, but it is actually happening in nearly every American biomedical research institution. The US’s capacity to do science, and its ability to draw and retain scientific talent is being discarded.In addition to the withholding of resources, American science is being further corroded by the installation of leadership that does not value or even understand science, and is clearly incapable of effectively leading it.In the past, American science was led by distinguished scientists and administrators who grasped its foundational role in a society whose lifeblood is innovation. Under the new administration, science leadership roles have been assigned to those without notable achievement, whose only real distinction is infamy. We would never have heard of these individuals were it not for their ludicrous pronouncements, poor science or outright quackery.These new leaders are targeting specific areas of great scientific importance for elimination. They have commanded that NIH grant applications be screened for particular scientific terms; for example, projects on vaccines using a particular exceptionally promising technology, that is disfavored based on a whim of the leadership, are being weeded out. Entire programs that are intended to better prepare the US and the world for future pandemics are being terminated.As an example, in my own laboratory, a peer-reviewed and approved NIH project to devise ways to make better vaccines has been prematurely ended, without scientific justification. Meanwhile, the new leadership will embark on studies of their own inclination, ostensibly to address questions of vaccine safety. These issues are already long settled but will be re-examined by individuals with a track record of bias, appointed by leaders with a track record of bias.Finally, within the past few days, a purge of scientists at the NIH has commenced, including the capricious firing of distinguished individuals in management roles. This is clearly and obviously not how science should be done, and this is clearly and obviously not how science should be led. Science in the US is entering a phase resembling the Lysenko era in the Soviet Union.While the destruction of science will not immediately affect many Americans who are not scientists, the impact of its demise on all our children and grandchildren will be dire. Economic development is dependent on scientific innovation, and if the US does not lead the way in science, other countries will take the leadership role. In medicine, consider the impact of science done in decades past on American lives today; the survival of nearly all American children to adulthood is a fairly recent phenomenon that is largely attributable to fundamental scientific discoveries of the recent past.If we continue the destructive course plotted by this administration, medicines that would otherwise have saved lives in future generations, will not be invented. Technologies that would have ensured future employment and prosperity in the US will not be devised. Solutions that allow the generation of power while causing less damage to the environment, will never be developed. Clearly, if we decline to nurture science, the lives of future Americans will be shorter, sicker and poorer. Science may not be the only thing that makes the US great, but it is surely a cornerstone of American exceptionalism, and it is being destroyed by this government.

      Paul Darren Bieniasz is a British-American virologist whose main area of research is HIV/Aids. He is currently a professor of retrovirology at the Rockefeller University More

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      Trump’s tariffs come into full effect after he signs executive orders boosting coal production – US politics live

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      Good morning and welcome to the US politics live blog. My name is Tom Ambrose and I’ll be bringing you all the latest news over the next few hours.We start with news that president Donald Trump’s new tariffs have gone into full effect today.When Trump announced the latest round of tariffs on 2 April, he declared that the US would now tax nearly all of America’s trading partners at a minimum of 10% – and impose steeper rates for countries that he says run trade surpluses with the US.The 10% baseline had already gone into effect on Saturday. Trump’s higher import tax rates on dozens of countries and territories took hold at midnight, Washington DC time, AP reported.The steeper levies run as high as 50% – with that biggest rate landing on small economies that trade little with the US, including the African kingdom of Lesotho.Some other rates include a tax of 47% on imports from Madagascar, 46% on Vietnam, 32% on Taiwan, 25% on South Korea, 24% on Japan and 20% on the European Union. Some of these new tariffs build on previous trade measures.Trump last week announced a tariff of 34% on China, for example, which would come on top of 20% levies he imposed on the country earlier this year. He has since threatened to add an another 50% levy on Chinese goods in response to Beijing’s recently promised retaliation. That would bring the combined total to 104% against China.China said it will take “resolute measures” to defend its trading rights, but gave no details on how it will respond.In other news:

      Donald Trump signed four executive orders boosting coal production yesterday. The orders direct government agencies to “end all discriminatory policies against the coal industry,” including by ending the leasing moratorium on coal on federal land, accelerating all permitted funding for coal projects, protecting coal power plants scheduled to be shuttered, and investigating state or local governments that “discriminate against coal”.

      During his executive order ceremony, Trump tried to assuage fears of a recession, saying that tariffs are bringing in $2bn a day. The White House has also said that nearly 70 countries have reached out looking to begin negotiations to lower or postpone their tariffs.

      A federal judge ruled that the White House’s decision to block the Associated Press from its press pool is unconstitutional. The ruling comes nearly two months after the White House first barred an AP reporter from the Oval Office over the outlet’s decision to continue using the term “Gulf of Mexico” after Donald Trump issued an executive order renaming the body of water the “Gulf of America.”

      The US will take back the Panama canal from Chinese influence, US defense secretary Pete Hegseth said during a rare visit to the nation still unsettled by Trump’s threats to take back the canal. Just hours after his visit, the Chinese embassy in Panama issued a statement calling Hegseth’s comments part of “a sensationalistic campaign” to “sabotage Chinese-Panamanian cooperation”.

      A New York judge will hear arguments tomorrow about the legality of Donald Trump’s deportations of Venezuelan immigrants, one day after the supreme court issued a ruling saying immigrant rights advocates had filed their case in the wrong state. After the supreme court issued its ruling yesterday, the American Civil Liberties Union re-filed its case in Manhattan.

      Hours after the Internal Revenue Service formalized an agreement to share tax information of undocumented immigrants with Homeland Security, the acting head of the Irs has decided to step down. The acting Irs commissioner, Melanie Krause, is the third person to lead the tax agency since Donald Trump took office in January. More

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      White House freezes funds for Cornell and Northwestern in latest crackdown

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      In early March, the Trump administration sent warning letters to 60 US universities it said were facing “potential enforcement actions” for what it described as “failure to protect Jewish students on campus” in the wake of widespread pro-Palestinian protests on campuses last year.The president of Cornell University, which was on the list, responded with a defiant op-ed in the New York Times, arguing that universities, and their students, could weather debates and protests over the war in Gaza.“Universities, despite rapidly escalating political, legal and financial risks, cannot afford to cede the space of public discourse and the free exchange of ideas,” the Cornell University president Michael Kotlikoff wrote on 31 March.On Tuesday, the Trump administration froze over $1bn in funding for Cornell University, a US official said. The administration also froze $790m for Northwestern University, which hosts a prominent journalism school.The funding pause includes mostly grants and contracts with the federal departments of health, education, agriculture and defense, the official said, speaking on condition of anonymity.The newly announced funding freezes at Cornell and Northwestern come as Brown, Columbia, Harvard, Princeton and the University of Pennsylvania face similar investigations. The New York Times estimated that at least $3.3bn in elite university federal funding has already been frozen by the Trump administration in the past month, with billions more under review.In a statement Tuesday night, Cornell officials said that they were aware of “media reports” suggesting the federal government was freezing $1bn in federal grants.“While we have not received information that would confirm this figure, earlier today Cornell received more than 75 stop work orders from the Department of Defense related to research that is profoundly significant to American national defense, cybersecurity, and health.”Cornell officials said the affected grants “include research into new materials for jet engines, propulsion systems, large-scale information networks, robotics, superconductors, and space and satellite communications, as well as cancer research.”Northwestern also said it was aware of media reports about the funding freeze but had not received any official notification from the government and that it has cooperated in the investigation.“Federal funds that Northwestern receives drive innovative and life-saving research, like the recent development by Northwestern researchers of the world’s smallest pacemaker, and research fueling the fight against Alzheimer’s disease. This type of research is now in jeopardy,” a Northwestern spokesperson said.In Cornell’s Tuesday night statement, Kotlikoff and other university leaders defended the school as having “worked diligently to create an environment where all individuals and viewpoints are protected and respected,” and said they were “actively seeking information from federal officials to learn more about the basis for these decisions.”“We cannot let our caution overtake our purpose,” Kotlikoff had written in the New York Times piece. “Our colleges and universities are cradles of democracy and bulwarks against autocracy.”Trump has attempted to crack down on pro-Palestinian campus protests against US ally Israel’s devastating military assault on Gaza, which has caused a humanitarian crisis in the territory following a deadly October 2023 attack by Hamas.The US president has called the protesters antisemitic, has labeled them as sympathetic to Hamas and foreign policy threats.Protesters, including some Jewish groups, say the Trump administration wrongly conflates their criticism of Israel’s actions in Gaza and advocacy for Palestinian rights with antisemitism and support for Hamas. Human rights advocates have raised free speech and academic freedom concerns over the crackdown by the Trump administration.In March, the Trump administration suspended $175m in funding to the University of Pennsylvania over its transgender sports policies.In March, the Trump administration canceled $400m in funding for Columbia University, the epicenter of last year’s pro-Palestinian campus protests.Columbia sparked condemnation from academics and free speech groups after agreeing to significant changes Trump’s administration demanded, including putting its Middle Eastern studies department under new administrative supervision, banning face masks on campus, giving campus security officers power to remove or arrest people and expanding “intellectual diversity” by staffing up its Institute for Israel and Jewish Studies.In an interview with the Chronicle of Higher Education, Lee Bollinger, Columbia’s former president, described the situation as “an authoritarian takeover”. More

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      Trump news at a glance: US president doubles down on tariffs and tries to revive coal

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      Donald Trump is poised to unleash his trade war with the world on Wednesday, pressing ahead with a slew of tariffs on the US’s largest trading partners despite fears of widespread economic damage and calls to reconsider.The US president claimed “many” countries were seeking a deal with Washington, as his administration prepared to impose steep tariffs on goods from dozens of markets from Wednesday.However, Beijing vowed to “fight to the end” after Trump threatened to hit Chinese exports with additional 50% tariffs if the country proceeds with plans to retaliate against his initial vow to impose tariffs of 34% on its products. That would come on top of the existing 20% levy and take the total tariff on Chinese imports to 104%.Here are the key stories at a glance:Global tariffs to take effectThe White House confirmed that the higher US tariffs on China would, indeed, be imposed from Wednesday. “President Trump has a spine of steel and he will not break,” the press secretary, Karoline Leavitt, said. “And America will not break under his leadership.”Read the full storyTrump tries to revive US coal industryDonald Trump signed four executive orders on Tuesday aimed at reviving coal, the dirtiest fossil fuel that has long been in decline, and which substantially contributes to planet-heating greenhouse gas emissions and pollution.Read the full storySupreme court blocks ruling on rehiring federal workersThe US supreme court has handed Donald Trump a reprieve from a judge’s ruling that his administration must rehire 16,000 probationary workers fired in its purge of the federal bureaucracy.Read the full storyTrump ‘to cut steel grant’ in Vance home townDespite promises to bolster the US manufacturing industry, the Trump administration is reportedly planning to cut a key program that invests in some of the biggest manufacturing industries in the US, including in JD Vance’s home town of Middletown, Ohio.Read the full storyJudge orders Trump White House to lift access restrictions on Associated PressOrder from the US district judge Trevor McFadden, an appointee of Donald Trump, requires the White House to allow the AP’s journalists to access the Oval Office, Air Force One and events held at the White House. The news agency was punished for its decision to continue to refer to the Gulf of Mexico in its coverage.Read the full storyWhat else happened today:

      An immigration judge ruled on Tuesday that the Trump administration has until 5pm on Wednesday to present evidence as to why Mahmoud Khalil, the Palestinian activist and Columbia University graduate, should be deported. She said that if the evidence does not support deportation, she may rule on Friday on his release from immigration detention.

      Several thousand people have signed a petition urging Avelo Airlines to halt its plans to carry out deportation flights in cooperation with the Trump administration.
      Catching up? Here’s what happened on 7 April. More