The Trumps Times
Senate confirms Mehmet Oz for top CMS post; National Security Agency director fired
President Donald Trump announced sweeping tariffs yesterday on major trade partners, including China and the European Union.
The Trump administration has been pushing for tougher trade policies since taking office, with the president often criticizing what he calls unfair trade practices by other countries. The new tariffs are expected to affect billions of dollars worth of goods and have already drawn sharp criticism from trading partners.
Trump administration live updates: TikTok ban deadline extended; Supreme Court allows Education Department to end $65M in teaching grants
President Donald Trump said that he would grant TikTok an additional 75-day period to find a buyer or face a U.S. ban. The announcement came as the administration continues its crackdown on Chinese-owned tech companies.
In a separate development, the Supreme Court ruled that the Education Department could proceed with its plan to end $65 million in grants to teacher preparation programs, a move critics say will harm efforts to improve teacher quality in high-need schools.
Trump's tariffs rollout beset by confusion, uncertainty and mixed messages
Trump yesterday officially fulfilled a campaign promise to unleash sweeping tariffs, a move that has sparked fears of a global trade war and prompted a major question about what has become the centerpiece of his economic agenda: What's his endgame?
Kamala Harris discusses 'sense of fear taking hold in our country' in rare post-election speech
Former Vice President Harris Kamala Harris said in a speech today that a "sense of fear" is taking hold in the country that has resulted in a surrender by people and organizations to "clearly unconstitutional threats."
Johnson says Trump supports him in ongoing proxy voting fight
Investors are celebrating the Fed's potential pivot, but underlying economic weaknesses remain unaddressed. The market reaction suggests investors believe the worst of inflation may be behind us, but economists warn the road ahead could still be bumpy.
Hot this month
White House calls lid after Trump spends the day golfing amid stock market plunge
As markets tumbled, the president was at his golf course, raising questions about his engagement with the economic crisis.
Senate Republicans vote to advance a massive budget blueprint for Trump's agenda
The Republican-led Senate voted 52-48 today to begin debate on a budget blueprint for a multitrillion-dollar package to pass Trump's agenda.
World leaders react to Trump's tariff announcement
European and Asian officials have warned of retaliatory measures, while some American allies expressed confusion over the abrupt policy shift.
Continued on next pages...
Global Markets in Turmoil
World stocks tumbled as trade war fears intensified. The Dow Jones fell 572 points (2.3%) while European markets dropped 3% on average. "This is the most significant market disruption since the 2020 pandemic," warned Goldman Sachs analyst Rebecca Patterson.
Commodity markets saw wild swings: soybeans hit 10-year lows while steel prices surged 18%. The volatility index VIX spiked to its highest level in 15 months.
Political Fallout
12 Republican senators privately expressed concerns to White House officials. "This could cost us the Midwest in 2024," warned one senior GOP strategist.
Democrats seized the opportunity, with Senator Elizabeth Warren calling the tariffs "economic malpractice."
International Reactions
EU Commission President Ursula von der Leyen announced $7 billion in retaliatory tariffs targeting bourbon, motorcycles and orange juice.
China's Commerce Ministry promised "necessary countermeasures" while Canada pledged support for affected industries.
Industry Impact Analysis
Automotive: Ford announced delays in electric vehicle production due to expected steel price increases. Shares fell 6%.
Agriculture: Iowa farmers reported canceled soybean orders from China. "This could bankrupt us," said fourth-generation farmer Jim Peterson.
Technology: Apple warned of potential iPhone price increases if China restricts rare earth metal exports.
Energy: LNG exports to Asia face new hurdles as trade tensions escalate.
Historical Perspective
The 2002 Bush steel tariffs offer cautionary lessons:
- 200,000 manufacturing jobs lost
- $40 billion in lost exports
- Repealed after 18 months
"The parallels are concerning," noted Brookings Institution trade expert David Wessel.
White House Response
Commerce Secretary Wilbur Ross dismissed concerns: "Short-term pain for long-term gain." Peter Navarro called critics "globalists who hate American workers."
By the Numbers
25% proposed tariff rate on $300B imports
42% of Americans initially support tariffs
68% worry about trade war consequences
State Impact
Ohio: 8,000 auto jobs at risk
Texas: Energy exports threatened
California: Tech sector nervous
Iowa: Farmers panic over China
What's Next
• June G7 summit showdown
• WTO complaint process
• Congressional hearings
• Midterm election impact
Continued on next pages...
Global Markets in Turmoil
World stocks tumbled as trade war fears intensified. The Dow Jones fell 572 points (2.3%) while European markets dropped 3% on average. "This is the most significant market disruption since the 2020 pandemic," warned Goldman Sachs analyst Rebecca Patterson.
Commodity markets saw wild swings: soybeans hit 10-year lows while steel prices surged 18%. The volatility index VIX spiked to its highest level in 15 months.
Political Fallout
12 Republican senators privately expressed concerns to White House officials. "This could cost us the Midwest in 2024," warned one senior GOP strategist.
Democrats seized the opportunity, with Senator Elizabeth Warren calling the tariffs "economic malpractice."
International Reactions
EU Commission President Ursula von der Leyen announced $7 billion in retaliatory tariffs targeting bourbon, motorcycles and orange juice.
China's Commerce Ministry promised "necessary countermeasures" while Canada pledged support for affected industries.
Industry Impact Analysis
Automotive: Ford announced delays in electric vehicle production due to expected steel price increases. Shares fell 6%.
Agriculture: Iowa farmers reported canceled soybean orders from China. "This could bankrupt us," said fourth-generation farmer Jim Peterson.
Technology: Apple warned of potential iPhone price increases if China restricts rare earth metal exports.
Energy: LNG exports to Asia face new hurdles as trade tensions escalate.
Historical Perspective
The 2002 Bush steel tariffs offer cautionary lessons:
- 200,000 manufacturing jobs lost
- $40 billion in lost exports
- Repealed after 18 months
"The parallels are concerning," noted Brookings Institution trade expert David Wessel.
White House Response
Commerce Secretary Wilbur Ross dismissed concerns: "Short-term pain for long-term gain." Peter Navarro called critics "globalists who hate American workers."
By the Numbers
25% proposed tariff rate on $300B imports
42% of Americans initially support tariffs
68% worry about trade war consequences
State Impact
Ohio: 8,000 auto jobs at risk
Texas: Energy exports threatened
California: Tech sector nervous
Iowa: Farmers panic over China
What's Next
• June G7 summit showdown
• WTO complaint process
• Congressional hearings
• Midterm election impact