Trump, Donald J

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      Stocks Sink as Trump’s Tariff Threats Weigh on Confidence

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      Stocks in Japan tumbled nearly 4 percent as investors braced for a week of market turmoil caused by an expected announcement of more tariffs.Stocks in Asia tumbled Monday as investors braced for a week of market tumult caused by an expected announcement of more tariffs by President Trump on America’s biggest trading partners.Japan’s Nikkei 225 index fell nearly 4 percent in early trading. Stocks in South Korea and Taiwan were down more than 2 percent.Stocks in Hong Kong and mainland China were mostly unchanged, bolstered by a report signaling that China’s export-led industrial sector continues to expand despite Mr. Trump’s initial tariffs.Futures on the S&P 500, which allow investors to trade the benchmark index before exchanges reopen in New York in the morning, slumped 0.5 percent on Sunday evening. On Friday, the S&P 500 dropped 2 percent on concerns about inflation and weak consumer sentiment.Since taking office a little over two months ago, Mr. Trump has kept investors and companies guessing with his haphazard rollout of what he calls an “America First” trade policy.In some cases, Mr. Trump has imposed tariffs to make imports more expensive in industries like automobiles, arguing that the trade barriers will spur investment and innovation in the United States. He has also used tariffs, and their threat, to try to extract geopolitical concessions from countries. He has further unnerved investors by saying he does not care about the fallout of his actions on markets or American consumers, who will have to pay more for many goods if import prices rise.Over the weekend, Mr. Trump ramped up the pressure, threatening so-called secondary sanctions on Russia if it does not engage in talks to bring about a cessation of fighting in Ukraine. The tactic echoes similar sanctions concerning Venezuela. He said last week that any country buying Venezuelan oil could face another 25 percent tariff on its imports to the United States. The threats over the weekend add to tariffs of 25 percent on imported cars and some car parts set to be implemented this week, barring any last minute reprieve. That’s in addition to previously delayed tariffs on Mexico and Canada, as well as the potential for further retaliatory tariffs on other countries.Adding to investors’ angst is the scheduled release on Friday of the monthly report on the health of the U.S. jobs market. It could provide another reading of how the Trump administration’s policy pursuits are weighing on the economy.Keith Bradsher More

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      Elon Musk Says ‘Destiny of Humanity’ Rests on Wisconsin Judicial Race

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      Elon Musk framed Tuesday’s election for Wisconsin’s state Supreme Court in nothing less than apocalyptic terms, telling a crowd on Sunday night in Green Bay that the vote could ultimately swing control of Congress — meaning it could effectively “affect the entire destiny of humanity.”Mr. Musk revels in provocative, inflammatory rhetoric. But his remarks — and the visit itself, 36 hours before polls open for Election Day — reflected his extraordinary push to bolster Judge Brad Schimel, the conservative candidate for the State Supreme Court. The election, he said, is not “some kind of judicial thing that is not that important.”“What’s happening on Tuesday is a vote for which party controls the U.S. House of Representatives. That is why it is so significant,” Mr. Musk said, referring to the key role that judges could play in congressional redistricting. “And whichever party controls the House to a significant degree controls the country, which then steers the course of Western civilization. I feel like this is one of those things that may not seem that it’s going to affect the entire destiny of humanity, but I think it will.”The billionaire Mr. Musk, a close adviser to President Trump, dispensed two giant $1 million checks onstage to Wisconsin voters, following through with a well-worn gimmick despite an unsuccessful, last-minute lawsuit from Democrats that tried to put a stop to it.Mr. Musk and allied groups have spent over $20 million to help the conservative candidate, and he said on Sunday that he considered Judge Schimel an underdog. “We’ve got to pull a rabbit out of the hat — next level. We actually have to have a steady stream of rabbits out of the hat, like it’s an arc of rabbits flying through the air, and then landing in a voting booth.”Mr. Musk took the stage wearing his own headgear — a cheesehead hat popular with Packers fans, before signing it and tossing it into the crowd. More

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      Trump Says He ‘Couldn’t Care Less’ if Auto Tariffs Raise Car Prices in the U.S.

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      President Trump has said that “tariffs are the greatest thing ever invented.” For someone who once called himself a “tariff man,” tariffs are the solutions to many economic problems.He has argued that imposing tariffs would protect American factories, spur manufacturing, create new jobs and bend uncooperative governments to his will. Since his inauguration, while imposing and then suspending and then imposing tariffs again, Mr. Trump has upended the global trading system.But over that time Mr. Trump has also begun conceding that tariffs could cause financial discomfort for Americans. That possibility came up in stark terms in an interview with NBC’s “Meet the Press” from Saturday, when Mr. Trump said that he “couldn’t care less” about the prospect of higher car prices.The president repeated the sentiment twice when asked about the 25 percent tariffs on imported cars and auto parts that he has promised will go into effect on Thursday. He told the NBC News host Kristen Welker that the tariffs were permanent, and that he would encourage auto companies and their suppliers to move to the United States.In one exchange, Ms. Welker asked Mr. Trump if he was at all concerned with the effect of tariffs on car prices, which experts have said could go up by thousands of dollars. “No, I couldn’t care less,” he said, “because if the prices on foreign cars go up, they’re going to buy American cars.”After the interview, an aide to the president told NBC that Mr. Trump was referring to the increase in foreign car prices.While the White House sought to emphasize foreign-made vehicles, the tariffs will affect American companies like Ford Motor and General Motors, which build many of their vehicles in Canada and Mexico. Nearly half of the vehicles sold in the United States are imported, according to S&P Global Mobility data, and almost 60 percent of auto parts in cars assembled in the country.A study by the Yale Budget Lab, a nonpartisan research center, forecast that tariffs would cause vehicle prices to increase by an average of 13.5 percent — an additional $6,400 to the price of an average new 2024 car.On Sunday, Shawn Fain, the president of the United Automobile Workers union, said that the tariffs were indeed a “motivator” for carmakers to bring jobs back to the United States. But, he said on CBS’s “Face the Nation,” they were not an “end-all solution” to help American auto workers. If jobs are being brought back to the United States, Mr. Fain said, they need to be “good paying union jobs that set standards.”Peter Navarro, a senior trade adviser to Mr. Trump, defended the tariffs and said they would raise about $100 billion, which would translate to tax credits for people who buy American cars. He, too, told Americans not to worry about the effects of the tariffs.Instead, he said on Sunday, they should “trust in Trump.” More

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      White House Takes Highly Unusual Step of Directly Firing Line Prosecutors

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      Two longtime career prosecutors have been suddenly fired by the White House, in what current and former Justice Department officials called an unusual and alarming exercise of presidential power.In recent days, the prosecutors, in Los Angeles and Memphis, were dismissed abruptly, notified by a terse one-sentence email stating no reason for the move other than that it was on behalf of the president himself.The ousters reflected a more aggressive effort by the White House to reach deep inside U.S. attorney offices across the country in a stark departure from decades of practice. While it is commonplace and accepted for senior political appointees at the Justice Department to change from administration to administration, no department veteran could recall any similar removal of assistant U.S. attorneys.A Justice Department spokesman declined to comment.Asked about the ousters and whether others had been let go in a similar fashion, Karoline Leavitt, the White House press secretary, said, “The White House, in coordination with the Department of Justice, has dismissed more than 50 U.S. attorneys and deputies in the past few weeks.”She added, “The American people deserve a judicial branch full of honest arbiters of the law who want to protect democracy, not subvert it,” offering no explanation for how either of the two fired prosecutors might have done that. Prosecutors are part of the executive, not judicial, branch of government.During his campaign, Mr. Trump vowed to drastically reshape the ranks of career Justice Department officials, aggrieved by the investigation into his campaign’s ties to Russia in his first term and the four criminal indictments between his presidencies.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Where Oligarchy and Populism Meet

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      More from our inbox:The Cruelties of Cash BailThalassa Raasch for The New York TimesTo the Editor:Re “It’s About Ideology, Not Oligarchy,” by Ross Douthat (column, March 23):Ross Douthat asks the right questions in this column: Why have Elon Musk and the other Silicon Valley hotshots swung hard behind President Trump? Why are they pouring money and energy into the MAGA movement? And why is Mr. Trump giving them free rein? But Mr. Douthat provides the wrong answer. It is not credible to think, as he suggests, that Mr. Musk has suddenly committed his life to lowering the deficit or shrinking the government.We know quite well what Mr. Musk and his tech-bro pals want: to translate their tremendous wealth into power, and use that power to remake the United States into a vehicle for the endless growth of technology and, not incidentally, of their own wealth and glory. There is ideology here, an Ayn Randian glorification of the noble creators. It is an ideology that amounts to oligarchy.Mr. Trump is seen as the vehicle for this transformation. His interests and those of the tech elite overlap, for now. Both want to fatally weaken the government and leave it open to a takeover. Mr. Trump sees himself as the new owner, while Mr. Musk and others want it run by the enlightened few. They will clash, but whoever wins, the American people will be the losers.Adam WassermanSanta Fe, N.M.To the Editor:Ross Douthat should take his cue on oligarchy from countries where it thrives. The central characteristic of these governments is rule of (a few) men rather than rule of law. The concentration of political and economic power is typically maintained not by a coherent ideology or by policies that explicitly favor the superrich, but by identity politics that divide people into “us” and “them.”In parts of Eastern Europe, oligarchs rely on a mixture of jingoism and ethnic nationalism fueled by external grievances and anti-immigrant and anti-L.G.B.T.Q. sentiment. These narratives justify the power of the oligarchs and maintain the system.Across the board, the rule of law unravels because it constrains the power of the oligarchs. Is America headed in that direction?We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      For God’s Sake, Fellow Lawyers, Stand Up to Trump

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      President Trump this month issued an executive order clearly intended to destroy the venerable law firm Perkins Coie, a firm that has zealously represented clients large and small for more than a century.The order left no doubt that Perkins Coie’s primary offense was representing Hillary Clinton in 2016 and standing up for other causes Mr. Trump views unfavorably. It could not have been more blatantly unconstitutional than if a legal scholar had been asked to draft a template for an unlawful executive order: It violates the First Amendment, contravenes fundamental due process rights and imperils the Sixth Amendment right to counsel.On March 11, the courageous and skillful law firm Williams & Connolly filed a lawsuit on Perkins Coie’s behalf, seeking to enjoin the president’s order on constitutional grounds. At a hearing the next day, Judge Beryl A. Howell of Federal District Court in Washington issued an order temporarily barring enforcement of most of the order. The Justice Department responded by moving to disqualify Judge Howell, a motion she rejected in a withering opinion on Wednesday.Our firm stands with Perkins Coie and all firms and lawyers who fight against this president’s lawless executive actions. That’s why we’ve called on other firms to join us in submitting a friend of the court brief in support of Perkins Coie.If lawyers and law firms won’t stand up for the rule of law, who will?Beyond the Perkins Coie executive order, Mr. Trump has issued similar, and equally unlawful, executive orders directed at other law firms that have represented causes or people he doesn’t like, including because they have sued him, investigated him or contributed in some way to civil and criminal legal matters brought against him. That includes executive orders in recent days targeting the firms WilmerHale and Jenner & Block. He also issued a memorandum directed across the board at lawyers and law firms that have taken on causes he disfavors, including the pro bono representation of political asylum seekers.We applaud Jenner & Block’s and WilmerHale’s lawsuits, filed Friday, challenging the administration’s executive orders.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      U.S. Institute of Peace Staff in U.S. Fired as Trump Seeks Nonprofit’s End

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      Nearly all of the U.S. Institute of Peace’s staff members in the United States were fired on Friday, a sharp escalation of the Trump administration and Elon Musk’s DOGE team’s efforts to eliminate the government-funded independent nonprofit, according to current and former staff members and termination notices obtained by The New York Times.The late-night firings of about 100 workers at the organization dealt it a severe blow as Trump officials have sought to exert control over the nonprofit and to dismantle it. Earlier this month, the administration and Mr. Musk’s team gained access to the institute’s building in a dramatic showdown, with the help of private security and local law enforcement.The White House did not answer questions about whether the administration planned to entirely eliminate the institute, which was created by Congress 41 years ago to support diplomatic solutions to global conflicts. But a spokeswoman suggested that President Trump saw no purpose to the institute’s work.“President Trump ended the era of forever wars and established peace in his first term, and he is carrying out his mandate to eliminate bloat and save taxpayer dollars,” the spokeswoman, Anna Kelly, said in a statement on Saturday. “Taxpayers don’t want to spend $50 million per year on a publicly funded ‘research institute’ that has failed to deliver peace.”Dozens of U.S.-based staff members received a late-night email to their personal addresses from an acting head of human resources telling them their employment had ended as of Friday. The Times reviewed the emails, which asked staff members to sign a separation agreement with restrictions on seeking legal recourse over their firings.The Trump administration first targeted the institute in a February executive order that called for the institute’s work and its staff to be reduced to its “minimum presence and function required by law.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Specter of Auto Tariffs Spurs Some Car Buyers to Rush Purchases

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      “Prices are going to shoot up now,” one shopper said. But some dealers said that economic concerns might be keeping people away.Ziggy Duchnowski spent Saturday morning car shopping along Northern Boulevard in Queens with two goals in mind.He wanted to find a new small car for his wife, and he hoped to strike a deal before the new tariffs that President Trump is imposing on imported cars and trucks affect prices.“The word on the street is prices are going to shoot up now,” said Mr. Duchnowski, 45, a union carpenter who voted for Mr. Trump, holding the hands of his two small children.The tariffs — 25 percent on vehicles and parts produced outside the United States — will have a broad impact on the North American auto industry. They are supposed to go into effect on April 3 and are sure to raise the prices of new cars and trucks.They will also force automakers to adjust their North American manufacturing operations and scramble to find ways to cut costs to offset the tariffs. And for now at least, they are spurring some consumers to buy vehicles before sticker prices jump.Analysts estimate that the tariffs will significantly increase the prices of new vehicles, adding a few thousand dollars for entry-level models to $10,000 or more for high-end cars and trucks. Higher prices for new vehicles are also likely to nudge used-car prices higher.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More