Trump Tariffs and Global Market Turmoil – 4/5/25

Financial markets faced significant upheaval today as President Trump’s newly implemented tariffs triggered a sharp stock market decline and warnings of an impending U.S. recession from major institutions like JPMorgan. Internationally, responses ranged from China’s vow of “resolute measures” to protect its economy to protests in Europe and Asia against rising defense spending and trade policies.

United States

  • President Trump’s approval rating has risen following his tariff implementation, per J.L. Partners
  • Treasury Secretary Scott Bessent warns of a looming “financial calamity,” aims to ease debt burden for struggling Americans
  • Jim Cramer predicts a stock market plunge similar to the 1987 ‘Black Monday’ crash
  • Donald Trump hints at reducing China tariffs if TikTok is sold to a U.S. investor
  • Nicole Shanahan demands the government terminate weather modification deals with DOD, DOE, and EPA
  • JPMorgan now anticipates a U.S. recession hitting in 2025
  • President Trump intends to reduce the IRS workforce by 25%, per Fox
  • Hedge funds face massive margin calls amid a market drop linked to Trump’s tariffs, per DailyMail
  • Attorney General Pam Bondi reinstates Mel Gibson’s gun rights
  • Rep. Don Bacon (R) proposes a bill to shift tariff authority to Congress
  • Anti-ICE protesters plan to rally near Border Czar Tom Homan’s home today, per Fox
  • A suspect who stole a trooper’s car died after a multi-state chase ended in a crash and shooting, per CBS News
  • The last Final Four signals the close of an era where players stayed longer in college due to COVID-19 eligibility rules, per AP
  • Mega Millions revamps with ticket prices soaring past double to boost odds and jackpots, per CNN
  • A judge grants $6.6 million to four ex-aides of Texas AG Ken Paxton, fired after alleging his corruption, per NYT
  • A suspect confessed to a fatal clash, saying “I’m not alleged, I did it,” claiming self-defense, per NBC
  • FEMA scraps state disaster prep grants, with post-disaster federal funds also at risk, per Washington Post
  • A man gets 18 years for a $24.5 million Ponzi scheme that left victims bankrupt, per NBC
  • Kamala Harris believes more time could have secured her a 2024 win, per NYP
  • Prosecutors seek over seven years in prison for ex-Rep. George Santos after his fraud plea, per NYT
  • Judges criticize Trump admin’s court tactics as “bad faith” and “disingenuous,” per NBC
  • Widespread protests targeting the Trump administration unfold across Oregon on Saturday, per The Oregonian
  • Demonstrations against Trump and Elon Musk sweep the U.S. under the ‘Hands Off!’ banner, per ABC7
  • Westgate Resorts founder David Alan Siegel passed away at 89, the company confirms, per News3LV
  • Alyssa Durazo-Frescas from Grand Canyon secures the women’s 3-point title, per azcentral
  • Trump admin revokes over a dozen student visas at UC and Stanford, per Los Angeles Times
  • U.S. customs agents began enforcing a 10% tariff on imports this week
  • White House reports President won his Senior Club Championship match in Jupiter, FL, advancing to tomorrow’s final round

Western States

  • A woman was fatally shot in Aurora after a parking lot argument escalated, per 9NEWS
  • Teen critically wounded in drive-by shooting at Aurora gas station Friday, per 9NEWS
  • Colorado lawyer beats $75 toll ticket, plans lawsuit over state enforcement, per 9NEWS
  • A 62-year-old cyclist perished in a Las Vegas crash with two cars late Thursday, per News3LV
  • Portland’s Shroom Coffee and Bar gains fans with sustainable drinks, per KATU News
  • Portland police arrest 13, seize 25 grams of crack in retail theft sting, per KOIN News
  • Microsoft pumps $80 billion into AI infrastructure, including Washington data centers, per KOMO
  • Washington House passes Bill 1217 capping rent hikes at 7%, heads to Senate, per KOMO News
  • Thousands in Arizona set to join ‘Hands Off!’ protests against Trump, per azcentral
  • Rare pupfish reappear in a lake east of Phoenix after a year-long absence, per azcentral

International

  • Cambodia plans to slash tariffs on select U.S. imports from 35% to 5%
  • Jaguar Land Rover halts U.S. shipments due to Trump’s tariffs
  • Socialist leader Pedro Nuno Santos proposes VAT exemptions to ease family living costs in Lisbon, per Bloomberg
  • Keir Starmer pushes a UK economic overhaul to counter Trump’s tariff chaos, per The Guardian
  • A Christian missionary group faces claims of using shaming rituals to ‘cure’ sexual sin, per The Guardian
  • Israel’s bid to dodge U.S. tariffs by ending its own fails to sway policy, per Bloomberg
  • China vows “resolute measures” to shield its economy from U.S. tariffs, per Bloomberg
  • Nationalist leaders Meloni, Le Pen, and Weidel reshape Italy, France, and Germany with populism, per Bloomberg
  • Elon Musk envisions a “zero-tariff” U.S.-Europe trade zone, per Bloomberg
  • 3-year-old Tymofiy succumbed to injuries in a hospital today after a Russian missile strike near a Kryvyi Rih playground killed 9 Ukrainian children yesterday
  • Authorities in Azerbaijan thwarted an IRGC-orchestrated plot to assassinate Rabbi Shneor Segal, arresting a Georgian-Azeri drug dealer hired for $200,000
  • Protests erupted in Rome as Italy’s left opposes government plans to boost defense spending
  • Elon Musk on Saturday advocated for a tariff-free zone across the Atlantic, uniting Europe and the U.S. in trade
  • Greece’s population gap with Turkey widened from 6 million in 1927 to 77 million today, impacting their global influence
  • Macron has decided to expand France’s nuclear arsenal, per Le Point
  • Ukrainian drones demolished Russia’s sole optical fiber plant in Saransk, disrupting production for military drones
  • Poles rallied in Suwałki’s town hall against a proposed Foreigner Integration Center, one of 49 EU-funded projects in Poland
  • Kim Jong Un showcased his sharpshooting skills, hitting targets with a new sniper rifle in a recent test
  • 3-year-old Tymofii, briefly seen receiving CPR in video, died today despite initial survival reports from yesterday’s Russian missile attack that killed 8 other kids
  • China urges the U.S. to cease its misguided policies immediately
  • Burkina Faso’s President Ibrahim Traore reportedly escaped another assassination attempt