Trump Tariffs and U.S. Job Gains – 4/4/25

Global markets faced turbulence as Trump’s new tariffs triggered a 34% retaliatory tariff from China on U.S. imports, while U.S. job growth exceeded expectations with 228,000 new jobs in March. Meanwhile, Canada saw a significant job loss of 33,000, oil prices hit a 2021 low, and international trade tensions escalated, impacting travel and corporate plans like Klarna’s halted U.S. IPO.

United States

  • House Republicans launch a probe into ActBlue, per Elon Musk
  • Trump suggests now is an ideal moment for Powell to lower interest rates
  • U.S. gained 228,000 jobs in March, surpassing predictions, per ABC News
  • Trump reveals Vietnam seeks to eliminate tariffs entirely
  • Florida Senate approves a law prohibiting geoengineering and weather control
  • Nintendo delays U.S. pre-orders for the newly unveiled Switch 2 due to tariff issues
  • NBA fines Grizzlies’ Ja Morant $75,000 for repeated finger gun gestures in Thursday’s game vs. Heat, per NBC News
  • Foreign visitors to major U.S. airports dropped over 20% in late March amid trade tensions, per Axios
  • Klarna halts U.S. IPO plans as Trump’s tariffs unsettle markets, per Reuters
  • U.S. tariff rate may soar to 29% post-Trump announcement, up from 2.72% in 2022, per NBC News
  • Fed Chair Powell warns Trump’s tariffs could spike inflation, saying it’s his “obligation” to prevent ongoing issues, per The New York Times
  • HHS Secretary RFK Jr. says agency cuts “are not affecting science” and 20% of staff will return, per NBC News
  • DOGE shuts 50 Texas vaccine clinics as measles surges and $11.4B in health funds pause, per More Perfect Union, The Hill
  • Trump eyes pharmaceutical tariffs to boost U.S. production, risking drug shortages, per The New York Times
  • Federal worker unions sue Trump admin over executive order stripping rights from over 1M employees, per More Perfect Union

International

  • Canada shed 33,000 jobs in March, its steepest drop since 2022, as the U.S. outperformed forecasts
  • Crude oil prices have plunged to their lowest point since 2021
  • China imposes a fresh 34% tariff on all U.S. imports
  • Hungary welcomes Netanyahu as Orban’s forces stand by; nation exits ICC despite Western calls for his arrest
  • Haiti’s council leader vows action against gang violence, saying, “We know your pain and your suffering,” per NBC News