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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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      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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      ‘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

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      Dear Disney: don’t cave to Trump. We need you to shape dreams for kids everywhere | Jeff Yang

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      I remember the moment I truly recognized the power Disney has to move young hearts and minds.It was when I attended a sneak preview of Disney’s adaptation of the Chinese legend of Mulan, about a young woman who disguises herself as a man and takes up her wounded father’s sword to defend her nation.I enjoyed the movie, with its combination of swashbuckling, slapstick and show tunes. But as I filed out of the theater, what I saw hit me like a fire-dragon rocket: two blond, apple-cheeked siblings, probably under the age of eight, leaping and sparring and loudly arguing over the right to pretend to be the movie’s main character, Mulan. A boy and a girl, neither of them Asian, both so enthralled by the film’s Chinese protagonist that they each aspired to be her.It reminded me that Disney doesn’t just tell stories; it shapes dreams, creating heroes iconic enough to inspire young kids to imagine and be more, and providing empowering figures that enable people from different backgrounds to see themselves – and one another.It’s still staggering for me to think that Mulan, a story from China with a gender-blurred title role, was greenlit, made and released in 1998 and is now broadly accepted alongside Bambi as a timeless animated classic – especially now that Maga has announced it’s coming after the House of Mouse, with the apparent objective to make sure that nothing like it is ever made again.On 27 March, the Trump-appointed Federal Communications Commission (FCC) chair, Brendan Carr – a dead ringer for Who Framed Roger Rabbit’s mirthless toon-terrorizer Judge Doom – sent a letter to Disney’s CEO, Bob Iger, informing him that he had directed the agency’s enforcement bureau to begin an investigation into Disney’s diversity, equity and inclusion policies.Carr stated that he wanted to ensure that Disney had not been “promoting invidious forms of DEI discrimination”, calling out as examples the company’s employee affinity groups, its “Reimagine Tomorrow” multicultural showcase and especially the company’s “inclusion standards”, a set of goals that aim to increase the number of characters from underrepresented groups to half of the regular and recurring roles on its TV network, ABC.It’s hard to explain why any of these are “discriminatory” or “invidious”; voluntary employee-led clubs – which have no restrictions or requirements for membership – are discriminatory? A website featuring remixes of Disney songs sung by artists of color and explanations of how to sign “Mickey Mouse” in ASL is invidious? Even the “inclusion standards” are just broadly aspirational objectives, which could be met in any number of ways: Disney’s definition of “underrepresented groups” includes women, people of color, LGBTQ+ people, disabled persons and military veterans.But the mere threat of the investigation has triggered Disney to begin a cautious reframing of some of these initiatives. The Reimagine Tomorrow site is gone, and now points to a generic inclusion page headed by the message: “At Disney, we want everyone to belong and thrive.” The company’s business employee resource groups have been redubbed “belonging” employee resource groups.Carr’s letter makes it clear that mere semantic shifts won’t be enough, demanding that Disney’s policies be “changed in a fundamental manner”. And while Carr cites “equal opportunity rules” and the need to ensure “fair and equal treatment under the law”, it’s obvious that he won’t be satisfied until Disney changes the one thing that the FCC is restricted from regulating by the US constitution: its content.View image in fullscreenOf course, the first amendment prevents the government from infringing on freedom of expression, except in very narrowly delimited ways. Where the FCC is concerned, the only way it can impose its will on a creative company’s storytelling choices is if they are obscene, indecent or profane or contain dangerous disinformation. So the agency can’t just demand that Disney stop making shows about Asian princesses or Black superheroes or Latina anthropomorphic automobiles.Yet that’s just what Carr is doing – using the back door of equal employment opportunity to claim that by casting people who aren’t straight or white or male in its movies and TV programs, Disney is unfairly withholding employment from straight white males. And unless Disney is ready to announce Timothée Chalamet as the new Black Panther, which, thank God, it isn’t, targeting the studio’s ability to hire diverse talent is a deliberate attempt to force it away from making diverse stories.That would spell business disaster for Disney.Yes, the studio has had its share of flops, which the Maga mob has blamed on multicultural casting – including, most recently, its unfairly pilloried live-action remake of the 1937 animated masterpiece Snow White, starring Rachel Zegler, whose mother is Colombian. The film, made on a $240m budget, has so far earned just $142m at the box office, its prospects poisoned by controversy over Zegler’s advocacy on behalf of Palestine and racist backlash over her Latina heritage from online creeps.But similar attacks were also levied against Disney’s The Little Mermaid remake, starring the African American actor Halle Bailey as Ariel, and that film was a box-office success and global streaming blockbuster. It also made the storyline relevant in new ways to young women – which makes sense, given that Disney’s goal with its remakes isn’t simply to photocopy the past, but to extend and refresh it, reaching untapped audiences of the present and emerging markets of the future.If that means they sometimes swing and miss in the short term, in the long run it all evens out, because Disney doesn’t actually plan their business by quarter or year – they blueprint it by age bracket. Their franchises are designed to be evergreen and intentionally aligned to “graduate” kids up a ladder of content: girls go from Muppets to Disney Fairies to Disney princesses to Disney’s Descendants. Boys go from Cars to Pirates to Star Wars to Marvel superheroes. The ultimate goal is to ensure that there’s something for every stage of growing up until young adulthood arrives and their fans become parents themselves, allowing Disney to earn money across the consumer life cycle, generation after generation.And every generation of Americans is more diverse. Baby boomers were 29% people of color. Gen X, 41%. Millennials, 46%, gen Z, 50%. The youngest rising cohort – those born after 2012, and currently squarely in Disney’s prime target demo – is officially the first to be “majority minority”, with kids of color making up a full 52% of gen Alpha.Whatever Trump’s mandate may be, Disney’s demographic mandate should be stronger. The company defiantly and successfully resisted attempts by Ron DeSantis to strong-arm it into ending its diversity practices in Florida. While Trump’s flying assault is coming from a higher top rope, the Mouse should still be mighty enough to fend it off and roar back.Disney’s incentive will be what it always has been: making money. But for diverse communities, the positive manifestation of Disney’s profit motive has been that kids growing up today know what it feels like to be mirrored in the media they consume, with all of the psychological and emotional benefits that confers.I’ve seen this first-hand, as someone who grew up in an era nearly devoid of Asian representation in Hollywood, and who went through the bizarre experience of having my elder son, Hudson Yang, star in the first hit TV series focused on an Asian American family. To this day, Hudson still receives surprise hugs from people who grew up tuning into Fresh Off the Boat once a week, and wide-eyed stares from kids who have discovered it years later through TikTok clips and streaming reruns.The network that aired the show for six seasons, beginning in 2014? Disney’s ABC, a decade before inclusion standards existed and before Maga was around to protest them. And that gives me optimism that Disney will keep doing what it has done so well for generations, regardless: give children from a wide array of backgrounds an answer – “now and here” – to the question in Mulan’s signature ballad: “When will my reflection show who I am inside?” More

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      Global economy will ‘massively suffer’ from Donald Trump tariffs, Ursula von der Leyen warns – Europe live

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      European Commission president Ursula von der Leyen warned this morning that the global economy “will massively suffer” as a result of tariffs imposed by US president Donald Trump last night, as she said the EU was “prepared to respond.”Despite Trump’s direct attack on “pathetic” EU as he imposed 20% tariffs on the bloc, von der Leyen still expressed hopes that the relationship could “move from confrontation to negotiation,” as she warned “there seems to be no order in disorder.”But it wasn’t immediately obvious that there was any genuine prospect of that happening.Instead the EU and the individual member states are now scrambling to consider how to manage the situation.French president Emmanuel Macron has called an emergency meeting with sectors affected by Trump’s tariffs this afternoon.German economic daily Handelsblatt published new estimates this morning that the US tariffs – including 25% on car imports – could cost German carmakers BMW, Mercedes and Volkswagen as much as €11 bn given Germany is the largest EU car exporter to the US. For perspective, it’s just under a third of the total value of German automotive exports to the US at €36.8 bn.But the worry is not only about the immediate impact, but the more long term consequences of last night’s decision.Addressing Europeans directly, von der Leyen said “I know that many of you feel let down by our oldest ally,” as she stressed the need to think about what’s next.Or as Moritz Schularick, president of the Kiel Institute for the World Economy, put it to Handelsblatt:
      “There is this memorable picture of a stick that you can bend and that comes back again and again. But at some point, if you bend too much, the stick breaks.
      I believe that in terms of trust in the United States, something has broken down in recent weeks that will not come back so quickly.”
      It’s Thursday, 3 April 2025, it’s Jakub Krupa here, and this is Europe Live.Good morning. Fasten your seatbelts, it’s going to be a lively one.Rutte opens with expressing condolences about the death of four US soldiers during a Nato training in Lithuania.He then highlights the new US administration’s desire to “break the deadlock” on Ukraine with Russia, and he pointedly says that European allies step up their spending in response to demands from president Trump.Rubio thanks for his condolences and stresses that the troops’ participation in training shows that the “US is in Nato, … as active as it has ever been,” as he criticised “this hysteria and hyperbole” about the US and Nato.The United States President Trump’s made clear he supports Nato. We’re going to remain in Nato. He’s made it clear,” he says.But he adds that the US wants Nato “to be stronger, more viable” and “invest more in national security.”“[Trump] is not against Nato. He is against a Nato that does not have the capabilities that it needs to fulfil the obligations that the treaty imposes upon each and every member state,” he says.He adds that “no one expects that you’re going to be able to do this in one year or two, but the pathway has to be real.”No questions after their statements, so that’s it.Meanwhile in Brussels, US state secretary Marco Rubio is taking part in today’s Nato ministerial meeting.He is appearing at a press conference together the alliance’s secretary general Mark Rutte now.You can follow it below and I will bring you the key lines here.Italian prime minister Giorgia Meloni has cancelled all her appointments on Thursday as she wants to focus on the response to Trump’s tariffs, her office said.La Repubblica reported that she had been expected to attend events in Calabria, but decided to stay in Rome instead.Earlier today, I brought you her initial response to Trump’s announcement from last night, as she opposed the decision and vowed to “do everything we can to work towards an agreement with the United States, with the aim of avoiding a trade war that would inevitably weaken the West in favor of other global players.”Meloni was the only sitting European leader to attend Trump’s inauguration in January.Elsewhere, Israeli prime minister Benjamin Netanyahu is in Hungary today to meet with the country’s prime minister Viktor Orbán, and that’s despite, as AP notes, a warrant for his arrest issued by the world’s top war crimes court.Instead, Netanyahu was welcomed with military honours at the beginning of his four-day trip, and the two leaders will speak together at a press conference in Budapest later this morning.The international criminal court in The Hague, the Netherlands, issued a warrant for Netanyahu’s arrest last year over his government’s actions in the Gaza Strip. Hungary criticised it at the time as “outrageously impudent” and “cynical.”A senior aide to Orbán said today that Hungary would now move to withdraw from the court, “in accordance with the constitutional and international legal framework.”While that’s a more radical move, a number of other countries previously indicated they would allow Netanyahu to visit without arresting him, including Germany and Poland, while France claimed he had “immunity” from the court’s order.I will keep an eye on this story for you and bring you the latest.The tariff issue has put Spain’s far-right Vox party – devoted fans of Trump and his radical agenda – in something of a bind.But, reacting to news of the 20% tariffs on EU products, the party’s leader, Santiago Abascal, has chosen to blame … the EU and his political opponents in Spain.His recent post on X has more than a whiff of diversionary tactics to it. In it, he accuses Ursula von der Leyen, the president of the European Commission, Spain’s Socialist prime minister, Pedro Sánchez, and Alberto Núñez Feijóo, leader of the conservative People’s party (PP) of failing to defend the interests of the Spanish people.“The People’s party and the Socialists are dragging us into a suicidal trade war,” he wrote.“Our economy competes on unequal terms because of the ideological bureaucracy of the two-party system. And the only solution they offer is further submission to China, continued wars, and censorship of anyone who speaks out. We must expel this corrupt caste that has only brought ruin and loss of freedoms. And we will do it.”The Spanish Wine Federation (FEV) has described Trump’s imposition of a 20% tariff on EU products as a “significant blow to Spanish wineries”, for whom the US is the second largest export destination, and the No 1 export destination when it comes to sparkling wines.“The tariffs announced by the US are completely unjustified in the specific case of wine, considering that the current tariff gap between the tariffs applied by the EU and the US is minimal,” the FEV’s director general, José Luis Benítez, said on Thursday.Benítez warned that the measure would harm not only Spanish wine-makers but also US consumers, “who consume more wine than they produce”.He also pointed out that the newly announced tariffs would be particularly damaging to small and medium-sized producers, which make up 99% of Spain’s wineries, as they have less capacity to diversify their exports and are more dependent on the main export markets.The US market represents approximately 13% of Spain’s total foreign sales. In 2024, 97m litres of wine were exported for a value of around €390m.German chancellor Olaf Scholz said Trump’s decision was “fundamentally wrong” and undermined the free trade globally, as he warned that all countries “will suffer from these ill-considered decisions.”He said it amounted to “an attack on a trade system that has created prosperity all round the world, itself an American achievement.”Using similar language, German economy minister Robert Habeck said these were “the most disruptive tariff increases in 90 years,” as he warned of potentially “dramatic” effects of the US president’s decisions.Speaking at a press conference in Berlin, Habeck said it was “economically wrong” to say that the existing trading arrangements were “of detriment to the US,” as he called to reject this logic and urged nations in favour of free trade to form a united front in response.Habeck warned that the consequences of these decisions will affect the next federal government and have ramifications “far beyond Germany and beyond Europe.”]The minister also spoke about countermeasures being prepared in response. He said he was not in a position to show them or announce details yet – although he briefly waves the documents at reporters – but he insisted that “good work has been done there” to prepare for this moment.He added that he hoped Trump would buckle under pressure, but “the logical consequence is that he has to feel the pressure” from Germany, Europe and other like-minded countries.Greek finance minister Kyriakos Pierrakakis said that the fresh tariffs imposed by the US government on world trade were a historic shift towards protectionism and a deviation from how the European Union sees economic and social progress, Reuters reported.“As a country, we are in favour of free trade,” Pierrakakis said in a statement. “We hope that this chapter will last as little as possible.”French prime minister François Bayrou told reporters that Donald Trump’s tariffs marked “a catastrophe” for the global economy, and posed “an immense difficulty” for Europe.Speaking on the margins of a meeting in the French Senate, he also said the move will be “a catastrophe for the US and for US citizens.”In comments reported by BFMTV and Le Figaro, Bayrou criticised the US for turning on its allies, as he warned about “serious times” facing Europe and the West.The EU will respond in a “legitimate, proportionate and decisive way” to Donald Trump’s trade tariffs, but its strongest weapon is still “a last resort”, the head of the European parliament’s international trade committee has said.Bernd Lange, a German Social Democrat, said the EU was discussing the use of the anti-coercion instrument, which EU insiders almost inevitably describe as “the big bazooka”.The anti-coercion legislation, which entered into force in 2023, gives the EU wide leeway to impose commerce and investment sanctions against a foreign government deemed to be using trade in an attempt to browbeat countries into changing unrelated policies. The law allows the EU to use ten different kinds of retaliation against a coercive government, notably targeting services. Possible measures could include taxing tech companies, revoking banking licenses and intellectual property rights, blocking companies from public procurementIt was agreed not long after China had imposed trade restrictions on Lithuania over the Baltic state’s friendly policy towards Taiwan.Lange, who helped negotiate the law, said the EU was discussing use of this instrument – “this is of course the bazooka, the strongest measure we could take” – but it would only be used as a last resort.“This is not our first step. Using the ACI, this would really be hard escalation and therefore a last resort, but we have it.”Having renamed Trump’s so-called “liberation day”, as “inflation day”, the MEP said that the EU could target US tech giants in retaliation for tariffs, which is possible even without the anti-coercion law. “Of course if we are really on an escalation ladder, then of course we will have a look to the tech giants as well – I would say this is not the first choice.”The MEP, who travels to Washington next week, still hopes the EU can negotiate its way out of tariffs, but is not optimistic. He described the structure of the US government as “totally unclear” and that only the president and his trade adviser, Peter Navarro, controlled trade, rather than senior officials, such as the US Trade Representative, adding: “That is really a mess.”The EU has some options when considering its response to overnight announcements, including retaliating with tariffs on US goods and services and forming closer ties with other countries.The bloc has already rejected one possible option: fold your cards. But vowing retaliation is only the start.The questions are about what response the EU will have, how quickly it can be marshalled and whether divisions between member states will undermine the tough talk.The EU response will depend on how tightly its 27 member states line up behind a common strategy in a trade war that could trigger economic turmoil and job losses in Europe. An early indication should come on Monday when EU trade ministers meet to discuss the retaliation planned for this month and other measures.Nerves are building. France is worried about the fallout on its wines and spirits industry; Dublin fears an exodus of US multinationals headquartered in Ireland; and the Italian prime minister, Giorgia Meloni, has said the bloc should not act on impulse while the national industry group Confindustria has called for negotiations with the White House.Forging a common line will be critical to new forms of trade retaliation: for example, only a weighted majority of EU countries can decide whether the bloc is facing coercion from the US. That would be an outcome almost no one imagined a decade ago.The German Federation of Business, BDI, has denounced Trump’s tariffs as an “unprecedented attack” on global trade.In a statement issued this morning, it warned that “the European economy must not become a plaything of geopolitical interests” and called for a united response to the 20% tax the 27 countries now face.
      “The announced tariffs are an unprecedented attack on the international trading system, free trade, and global supply chains. The rationale for this protectionist escalation is incomprehensible. It threatens our export-oriented companies and jeopardizes prosperity, stability, jobs, innovation, and investment worldwide.
      The European Union can only act as a united front. This applies to the 27 member states as well as across sectors. The EU has its own instruments for an effective counter-reaction, which it can use decisively. We support the Commission’s strategy of remaining willing to negotiate, aware of Europe’s strengths, and responding flexibly to potential offers.
      German industry has always relied on fair competition, open markets, and cooperative relations with the United States. The EU must now strengthen its alliances with other major trading partners and should coordinate its response with them. A coordinated response is also necessary to counter diversion effects in international trade.”
      Elsewhere, Danish prime minister Mette Frederiksen continues her three-day trip to Greenland amid escalating tensions with the US over the future status of the island.Arriving yesterday, she said “it is clear that with the pressure put on Greenland by the Americans, in terms of sovereignty, borders and the future, we need to stay united.”“I have but one wish and that is to do all that I can to take care of this marvellous country and to support it at a difficult time,” Frederiksen said.She had a dinner with the new Greenlandic prime minister, Jens-Frederik Nielsen, last night, and today gets on with a full programme of meetings likely to touch on the future shape of Danish-Greenlandic relations and economic cooperation.Frederiksen also met with the outgoing prime minister Múte B. Egede who will remain a prominent figure in the new government formed after last month’s snap elections in Greenland.The talks will be a first test for Nielsen’s new administration on whether it can formulate new demands to Copenhagen and get things done in the face of US interest in the island.Frederiksen’s visit comes just days after a highly controversial trip by US vice-president JD Vance, who came over to the US Pituffik Space Base only to directly criticise Denmark for “not doing a good job at keeping Greenland safe,” and accusing it of “underinvesting in the people of Greenland and … in the security architecture” of the island.Earlier this week, Washington Post reported that the Trump administration was studying the potential costs involved should the US succeed in its plans of taking control over Greenland, including whether it could put together a more attractive financial package to compete with Denmark.The paper said that officials were also looking at what revenue to the US Treasury could be gained from the island’s natural resources.I will keep an eye on what comes out of Frederiksen’s meetings.European stock markets are now open and they’re reacting exactly as you would expect them to.The pan-European Stoxx 600 index has fallen 1.5% at the start of trading, to its lowest level in over two months.Germany’s DAX fell almost 2.5% at the start of tading in Frankfurt, while in Paris the CAC 40 is down 2.2% and Spain’s IBEX lost 1.5%.You can follow all the latest business reaction here:Norwegian prime minister Jonas Gahr Støre expressed alarm over “bad news” on US tariffs warning they were “very serious,” with Norway hit by a 15% levy on its goods imported to the US.But Støre told public broadcaster NRK that “there is an opening for negotiations here, the Americans say, and we will use that in every possible way that we can,” Reuters reported.Støre also said he would travel to Brussels on Monday to meet with senior EU officials, including European Commission president Ursula von der Leyen to discuss further steps.UK prime minister Keir Starmer told business chiefs that “clearly there will be an economic impact” from Donald Trump’s tariffs, as he insisted the government would react with “cool and calm heads,” PA news agency reported.He said “nothing is off the table” when it comes to the UK response.Starmer said the government will now focus on making decisions “guided only by our national interest” and on “putting money in the pockets of working people,” as he stressed “one of the great strengths of this nation is our ability to keep a cool head.”Here are some further quotes from Starmer, via PA:
      “Today marks a new stage in our preparation. We have a range of levers at our disposal and we will continue our work with businesses across the country to discuss their assessment of the options.”
      “Our intention remains to secure a deal, but nothing is off the table.”
      “We must rise to this challenge and that is why I’ve instructed my team to move further and faster on the changes I believe will make our economy stronger and more resilient.”
      “Because this Government will do everything necessary to defend the UK’s national interest, everything necessary to provide the foundation of security that working people need to get on with their lives.”
      “That is how we have acted and how we will continue to act: with pragmatism, cool and calm heads, focused on our national security.”
      Our political editor, Pippa Crerar, noted that Downing Street, which had been expecting a 20% rate to be imposed on the UK, expressed relief to have escaped the higher rate with lower, 10% tariffs.Keir Starmer’s more conciliatory approach to the Trump administration appeared to have paid off, she said.European Commission president Ursula von der Leyen warned of “dire consequences” for millions of people, as she said tariffs would “hurt consumers around the world.”She said there was “no clear path through the complexity and chaos that is being created as all US trading partners are hit,” but she insisted the EU’s unity “is our strength” and the bloc would be prepared to respond with calibrated countermeasures.Outgoing German economy minister Robert Habeck stressed the need for a united EU response, saying the bloc should leverage the fact it has the largest single market in the world.“Europe’s strength is our strength,” he said, adding he hoped for “a negotiated solution.”Italian prime minister Giorgia Meloni called the introduction of US tariffs “wrong” as she vowed to “do everything we can to work towards an agreement with the United States, with the aim of avoiding a trade war that would inevitably weaken the West in favor of other global players.”“In any case, as always, we will act in the interest of Italy and its economy, also by discussing with other European partners,” she added.Swedish prime minister Ulf Kristersson said he “deeply regreted” the US decision, saying “we don’t want growing trade barriers” as he lauded the benefits of free trade.But he said the government was ready to respond and work with the EU to “take every opportunity to reverse these developments.”“We want to find our way back to the path of trade and cooperation together with the US,” he stressed.Irish prime minister Micheál Martin said that tariffs “benefit no one,” as he warned they are “bad for the world economy, they hurt people [and] businesses.”“My priority, and that of the government, is to protect Irish jobs and the Irish economy, and we will work with our companies … to navigate the period ahead,” he said.He said he would work with EU partners to “get on a negotiation with the US to limit the damage.”Martin also highlighted “the added value and the strength that Ireland has given to so many US companies” based there.Polish prime minister Donald Tusk posted a brief update on social media, saying: “Friendship means partnership. Partnership means really and truly reciprocal tariffs. Adequate decisions are needed.”Finnish prime minister Petteri Orpo said the tariff decisions were “concerning,” as he warned “there are no winners in a trade war.”“Businesses, consumers, and economic growth suffer. The EU is ready to respond and negotiate. We support this effort. Finland is prepared as part of the Union,” he said.European Commission president Ursula von der Leyen warned this morning that the global economy “will massively suffer” as a result of tariffs imposed by US president Donald Trump last night, as she said the EU was “prepared to respond.”Despite Trump’s direct attack on “pathetic” EU as he imposed 20% tariffs on the bloc, von der Leyen still expressed hopes that the relationship could “move from confrontation to negotiation,” as she warned “there seems to be no order in disorder.”But it wasn’t immediately obvious that there was any genuine prospect of that happening.Instead the EU and the individual member states are now scrambling to consider how to manage the situation.French president Emmanuel Macron has called an emergency meeting with sectors affected by Trump’s tariffs this afternoon.German economic daily Handelsblatt published new estimates this morning that the US tariffs – including 25% on car imports – could cost German carmakers BMW, Mercedes and Volkswagen as much as €11 bn given Germany is the largest EU car exporter to the US. For perspective, it’s just under a third of the total value of German automotive exports to the US at €36.8 bn.But the worry is not only about the immediate impact, but the more long term consequences of last night’s decision.Addressing Europeans directly, von der Leyen said “I know that many of you feel let down by our oldest ally,” as she stressed the need to think about what’s next.Or as Moritz Schularick, president of the Kiel Institute for the World Economy, put it to Handelsblatt:
      “There is this memorable picture of a stick that you can bend and that comes back again and again. But at some point, if you bend too much, the stick breaks.
      I believe that in terms of trust in the United States, something has broken down in recent weeks that will not come back so quickly.”
      It’s Thursday, 3 April 2025, it’s Jakub Krupa here, and this is Europe Live.Good morning. Fasten your seatbelts, it’s going to be a lively one. More