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April 3, 2025
Trump Tariffs Set to Wipe Out Nearly $2 Trillion From US Stocks
(Bloomberg) Roughly $1.7 trillion is set to be erased from the S&P 500 Index when trading opens Thursday amid worries that President Donald Trump’s sweeping new round of tariffs could plunge the economy into a recession. Few stocks in the US were unscathed with the biggest ETF tracking the S&P 500 on pace for its biggest decline since 2022. More than 90% of companies in the S&P 500 were trading lower at 8 a.m. in New York, with over half of its 500 stocks down at least 2% in premarket trading.
Go to discussionTrump's tariffs to lift companies' costs and hurt exports
(Reuters) Businesses around the globe on Thursday faced up to a future of higher prices, trade turmoil and reduced access to the world's largest market after U.S. President Donald Trump confirmed their worst fears by instituting broad tariffs worldwide. Trump ramped up his trade war with tariff rates from 10% to nearly 50%. He says the levies will bring jobs back to the United States - but company executives were focused on possibly raising prices, reducing shipments, or cutting back investment activity outright.
Go to discussionTrump's first 50 days mark one of the worst starts for the S&P 500 under any presidency
(Yahoo Finance) The Trump 2.0 stock market is off to one of the worst starts of any presidency since 1950. New data crunched by SunDial Capital Research strategist Jason Goepfert on Wednesday shows the market's response to President Trump since the inauguration is among the bottom of all presidents since 1950. In the first 50 trading sessions since Inauguration Day, the S&P 500 (^GSPC) has dropped about 6.4%. The only two worse starts were Richard Nixon's first 50 days (-7.2%) and George W. Bush's (-13.6%).
DOGE drove layoff announcements to their third-highest-ever level in March
(CNN) More than 275,000 layoffs were announced last month, reaching a level not seen since the pandemic, according to a new report published Thursday. The biggest culprit was one particular employer: The federal government. The federal government announced plans to axe 216,215 jobs, accounting for nearly 80% of the 275,240 layoffs announcements made by US employers in March, according to Challenger Gray & Christmas’ latest report. It’s the third-highest monthly total behind April 2020 (671,129) and May 2020 (397,016).
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The false things Trump said about tariffs during his announcement
(Washington Post) Trump’s speech announcing a huge increase in tariffs on American trading partners was riddled with falsehoods and misleading statements on trade that he has made for years. But now they are determining policy that will increase the costs of goods for many Americans. Here’s a quick sampling, in the order in which he made them. We’re sure we missed some — and some claims still require more checking.
Go to discussionSenator Raises Alarm Over People Not Receiving Social Security
(Newsweek) Senator Elizabeth Warren has said people in Massachusetts have been marked as not receiving Social Security benefits as the Department of Government Efficiency (DOGE) investigations continue at the Social Security Administration (SSA). Some 70 million Americans receive benefits from the SSA every month. But recent actions by DOGE, which is headed by tech billionaire and White House adviser Elon Musk, have prompted warnings that benefits may be interrupted.
Go to discussionSenate Republicans set to bypass parliamentarian on Trump tax cuts
(The Hill) Republicans are set to make the audacious play of bypassing the Senate parliamentarian and moving forward with a budget resolution based on a scoring baseline set by Budget Committee Chair Lindsey Graham (R-S.C.) that would allow them to argue extending President Trump’s 2017 tax cuts won’t add to the deficit. Senate Republicans are being careful to say they won’t “overrule” the parliamentarian — the Senate’s procedural umpire — but Democrats are already accusing them of going “nuclear” by flouting the Senate’s rules and precedents.
Go to discussionWhat to Know About the April 5 Anti-Trump Protest in DC
(Washingtonian) Thousands of protestors nationwide are expected to participate in a series of anti-Trump demonstrations on Saturday, April 5. The progressive coalition organizing the Hands Off! rallies has planned more than 1,000 events across the country for its National Day of Action, with a flagship protest slated to descend on DC.
Go to discussionGOP thinks court orders they used against Biden should be outlawed, because they now target Trump
(LA Times) The old political adage that "where you stand depends upon where you sit" has been getting aired out in Washington. Republicans and conservatives used to celebrate judges' issuance of nationwide court injunctions to block Biden policies or progressive government programs. Now that nationwide court injunctions are being used to block Trump policies, however, onetime fans of the practice have decided that it's unconstitutional and illegal and needs to be outlawed.
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