Stock markets in Asia fell at the opening on Wednesday, continuing the drop seen earlier on Wall Street, amid fears over Donald Trump’s 104% tariff on imports from China. In Tokyo, the Nikkei fell 3.5% on the opening, and the Hang Seng in Hong Kong was down 4%.
Speaking in Washington on Tuesday night, the president claimed the massive import taxes he is imposing on Americans will help usher in victory for his Republican Party in next year’s midterm elections.
During 90 minutes of meandering remarks before GOP lawmakers and deep-pocketed donors at the National Republican Congressional Committee’s annual fundraising gala, Trump said the stage is now “set for a monumental victory for the Republicans in the midterms,” which most mainstream economists and business experts say will supercharge inflation and threaten America’s status as the world’s leading economy with a grievous self-inflicted wound.
“I know what the hell I'm doing. I know what I'm doing, and you know what I'm doing too,” he said.
The president also warned of impending tariffs on imported pharmaceuticals in an effort to bully companies into moving production to the U.S.
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Key Points
- Trump says tariff situation ‘is great’ for midterms as markets continue to tumble
- White House advising foreign trade negotiators to ‘think creatively’, report says
- Asian shares deepen losses after Wall St falls again; Japan's Nikkei drops almost 4%
- Elon Musk mocks Trump trade adviser Peter Navarro: ‘Dumber than a sack of bricks’
Amid Trump tariffs standoff, China hits back at JD Vance after he calls workers there ‘peasants’
06:45
,
Oliver O'Connell
Gustaf Kilander reports:
China has hit back against Vice President JD Vance after he referred to the nation’s population as “Chinese peasants.”
Vance appeared on Fox News last week, where he defended the Trump administration’s widespread new tariffs by asking what the “globalist economy” has done for the U.S. The vice president said the U.S. was “incurring a huge amount of debt to buy things that other countries make.”
He added: “We borrow money from Chinese peasants to buy the things those Chinese peasants manufacture.”
Read on...
Judge orders White House to restore access for Associated Press
05:45
,
Oliver O'Connell
The White House has been ordered to restore access to the Associated Press to President Donald Trump in areas where other journalists are permitted, a federal judge ruled on Tuesday.
Judge Trevor McFadden of the D.C. Circuit ruled in favor of AP, ruling in a 41-page order that the government could not choose which reporters it permits access to based on “viewpoint” because it violates the First Amendment.
The White House now must “put the AP on an equal playing field” with the other journalists, McFadden said.
Ariana Baio reports.
Vietnamese deputy PM to meet with Bessent in Washington
05:15
,
Oliver O'Connell
Reuters reports that Vietnam's Deputy Prime Minister is scheduled to speak on Wednesday with Treasury Secretary Scott Bessent and also intends to meet with executives from Boeing, SpaceX, and Apple this week, according to an internal schedule seen by the agency.
The export-reliant Southeast Asian nation is urgently working to convince the Trump administration to reconsider its decision to impose a 46% tariff on Vietnam's exports to Washington, which represent about 30% of the country's gross domestic product.
Deputy Prime Minister Ho Duc Phoc is planning to meet Bessent for approximately 45 minutes at the Treasury in Washington at 4 p.m. ET on Wednesday, according to the internal schedule, which remains subject to change.
A senior U.S. official confirmed the meeting but declined to disclose further details or topics.
The purpose of the meeting is to arrange discussions regarding a potential revision of tariffs on Vietnam, according to one individual who spoke in Washington with members of the Vietnamese delegation, noting that an immediate reprieve seems unlikely.
Trump threatened semiconductor company with 100% tax if it didn't build U.S. plant
04:55
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Reuters
President Donald Trump on Tuesday said he told the Taiwan Semiconductor Manufacturing Company, which has pledged to build new factories in the United States, it would pay a tax of up to 100% if it didn't build its plants in the country.
Speaking at a Republican National Congressional Committee event, Trump criticized former president Joe Biden's administration for providing a $6.6 billion grant to TSMC's U.S. unit for semiconductor production in Phoenix, Arizona, saying semiconductor companies don't need the money.
"TSMC, I gave them no money ... all I did was say, if you don't build your plant here, you're going to pay a big tax," Trump said.
‘Boys will be boys’: Musk’s growing public feud with Trump trade adviser over tariffs dismissed by White House
04:45
,
Oliver O'Connell
Andrew Feinberg reports from Washington, D.C.:
The White House is attempting to paper over an ugly online spat between two of Donald Trump’s close confidants over the tariff policies that have roiled stock markets and disturbed investors over the last six days as Trump himself is doubling down on increasing the taxes Americans will pay on Chinese imports.
Press secretary Karoline Leavitt on Tuesday dismissed an online war of words between Tesla and SpaceX chief executive turned White House adviser Elon Musk and Peter Navarro, the longtime Trump aide and China hawk who has pressed Trump to tax Americans as a way of punishing foreign countries for trade deficits that are the result of market forces and decades-long trends in globalization of supply chains.
Read on...
Texas AG Paxton to challenge Sen. Cornyn in primary
04:23
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Oliver O'Connell
Republican Texas Attorney General Ken Paxton announced on Tuesday that he will challenge Republican U.S. Senator John Cornyn from Texas in the 2026 primary, adding he will support for President Donald Trump's agenda.
“I am announcing that I am running for U.S. Senate against John Cornyn,” Paxton said in an interview on Fox News show The Ingraham Angle.
“We have another great U.S. senator, Ted Cruz (from Texas), and it's time we have another great senator that will actually stand up and fight for Republican values, fight for the values of the people of Texas and also support ... Donald Trump in the areas that he's focused on in a very significant way.”
Cornyn's campaign quickly emphasized the senator's backing of Trump while attacking Paxton.
“Ken Paxton is a fraud,” Cornyn's team said while touting his voting record in favor of Trump's agenda.
Trump has previously expressed support for both Paxton and Cornyn, who will be seeking a fifth term.
Democrats have not won a Senate race in Texas since 1988.
With reporting from Reuters
White House advising foreign trade negotiators to ‘think creatively’, report says
04:11
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Oliver O'Connell
CNN reports that countries around the world are being advised by U.S. diplomats and sources close to the White House that as they respond to the tariffs imposed by Donald Trump, they should “think creatively, beyond the scope of trade.
Per the network:
Their message to foreign counterparts seems simple: If they have a unique card to play, they should.
Ideas being discussed run the gamut, and include possible action on securing the freedom of Americans wrongfully detained abroad, committing to working with US artificial intelligence companies, buying more US energy or combatting global drug trafficking, according to five people familiar with the brainstorming sessions.
After days of mixed signals over how willing the president would be to negotiate tariff relief, Tuesday’s message was far clearer: Trump is ready for opening bids.
The administration has reportedly been inundated with calls from foreign governments as well as CEOs of large multinational corporations who have been arguing to Chief of Staff Susie Wiles, Vice President JD Vance, and Treasury Secretary Scott Bessent that the tariff policy will harm the global economy and credibility of American business and government.
Latest leak in the Keystone oil pipeline continues its troubled history
04:00
,
AP
The latest leak in the Keystone oil pipeline in North Dakota on Tuesday continues the troubled history of the 15-year-old pipeline.
The 2,700-mile-long (4,350-kilometer-long) pipeline originates in Alberta, Canada, and carries heavy tar sands crude oil south across the Dakotas and Nebraska before splitting to carry oil both to refineries in Illinois and south to Oklahoma and Texas.
The Keystone Pipeline was constructed in 2010 at a cost of $5.2 billion. It was built by TC Energy, but it is now operated by South Bow as of 2024.
Read on...
Rand Paul mocks Trump’s odd view of trade
03:45
,
Oliver O'Connell
Kentucky Republican Senator Rand Paul on Tuesday mocked President Donald Trump’s unusual perspectives on international trade, deficits and tariffs, calling them “backwards and upside down.”
It’s “based on a fallacy," Paul told CNBC in an interview from the Capitol.
Mary Papenfuss reports.
Watch: 'We're going to be announcing very shortly a major tariff on pharmaceuticals'
03:30
,
Oliver O'Connell
President Trump: "We're going to tariff our pharmaceuticals and once we do that they're going to come rushing back into our country because we're the big market...So, we're going to be announcing very shortly a major tariff on pharmaceuticals." pic.twitter.com/rdBOewo7MW
— CSPAN (@cspan) April 9, 2025
Asian shares deepen losses after another Wall St retreat
03:18
,
Oliver O'Connell
Asian shares sank again on Wednesday as the latest set of U.S. tariffs, including a massive 104% levy on Chinese imports, was due to take effect.
Japan’s Nikkei 225 index initially lost nearly 4% and markets in South Korea, New Zealand and Australia also declined.
On Tuesday, the S&P 500 dropped 1.6% after wiping out an early gain of 4.1%. That took it nearly 19% below its record set in February. The Dow Jones Industrial Average dropped 0.8%, while the Nasdaq composite lost 2.1%. Uncertainty is still high about what President Donald Trump will do with his trade war.
The sharply higher tariffs were scheduled to kick in after midnight Eastern time in the U.S., and investors have no idea what to make of President Donald Trump’s trade war.
Continue reading...
Watch: Cruz implores Trump to make tariffs deal and not make them permanent
03:11
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Oliver O'Connell
Senator Ted Cruz implored President Donald Trump to make a deal on tariffs sooner rather than later and said they should not become a permanent feature of American trade policy.
Cruz: Take the deal.. Trump has the opportunity for the most extraordinary win for the American people right now by making a deal.. There are voices in the administration that want to have tariffs as a permanent feature of the economy. I think that’s a mistake pic.twitter.com/nO3ROhTiSA
— Acyn (@Acyn) April 9, 2025
There was a similar sentiment from Senator John Kennedy.
Kennedy’s message for Trump: If Vietnam offers you zero tariffs barriers, pounce on it pic.twitter.com/Y1Ah9xOUQE
— Acyn (@Acyn) April 9, 2025
World bracing for market turmoil after US hits China with 104% tariffs in midnight ultimatum
03:00
,
Oliver O'Connell
Andy Gregory reports:
Global markets are bracing for a trade war between the world’s two largest economies, as the White House confirmed Donald Trump’s 104 per cent tariffs on China are set to take effect.
Stock indexes in Europe and Asia finally returned to green on Tuesday, after nearly a week of turmoil – sparked by Mr Trump’s so-called “Liberation Day” tariffs announcement – wiped close to $10trn off the value of global markets.
But Wall Street continued its downward trend as Washington and Beijing traded increasingly stormy rhetoric, and the White House confirmed that tariffs of 104 per cent would start to be collected on Chinese goods from midnight in Washington DC (5am BST) on Wednesday.
Continue reading...
Trump promises to raise military budget to $1 trillion even as DOGE hacks other agencies to the bones
02:40
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Oliver O'Connell
Senior Trump administration officials promised they would push through a roughly $1 trillion military budget for the coming year, even as the Elon Musk-led Department of Government Efficiency (DOGE) project aims to drastically shrink federal spending.
“We’re going to be approving a budget, and I’m proud to say, actually, the biggest one we’ve ever done for the military,” Trump said Monday during a White House event with Israeli Prime Minister Benjamin Netanyahu.
Josh Marcus reports.
Watch: Trump insists miners would rather mine than have a penthouse on 5th Avenue
02:30
,
Oliver O'Connell
02:16
,
Oliver O'Connell
Watch: Maria Bartiromo explains why timing is crucial in Trump's tariffs gamble
02:10
,
Oliver O'Connell
Bartiromo: People have lost money. We are talking about a $9 trillion in market value lost, wiped out in about a week and a half from the peak. So markets going down is not good. Right now what you are seeing is expectation that the first quarter will be week. Companies are… pic.twitter.com/LSjtk7yRVT
— Acyn (@Acyn) April 9, 2025
Trump wraps up remarks
02:09
,
Oliver O'Connell
President Donald Trump concluded his extensive remarks at the National Republican Congressional Committee dinner in Washington, D.C., after 91 minutes.
Asian shares deepen losses after Wall St falls again; Japan's Nikkei drops almost 4%
02:06
,
Oliver O'Connell
Japan's Nikkei saw a broad sell-off on Wednesday morning, falling as much as 4%, and other Asian markets were braced for further falls hours before President Donald Trump’s 104% tariffs against China are set to take effect.
The Trump administration has scheduled talks with South Korea and Japan, two close allies and major trading partners, and Italian Prime Minister Giorgia Meloni is due to visit next week.
“These are tailored, highly tailored deals,” Trump said at a White House event, where he signed executive orders aimed at boosting coal production. “We've had talks with many, many countries, over 70, they all want to come in. Our problem is, can't see that many that fast.”
With reporting from wire services
Senate Democrats looking to block Trump nominees over administration’s ‘lawlessness’
02:00
,
Oliver O'Connell
A small but growing number of Senate Democrats are using their power to gum up the works as Donald Trump’s administration continues to flout the orders of federal judges and cut programs which its critcs argue the president’s appointees lack the constitutional standing to end.
Though the minority party lacks the numbers to actually block any of the president’s political appointments without the support of several Republican defections, several senators are signaling that they plan to slow down business in the chamber unless the White House starts listening to them.
John Bowden reports.
Watch: Bad news if you need new sneakers
01:52
,
Oliver O'Connell
Gulp.
— Jim Sciutto (@jimsciutto) April 8, 2025
Me: How much would a $100 pair of sneakers made in China or Vietnam cost if made in the U.S.?@FDRA’s Matt Priest: “$300 or $400 easily. In fact, we've even just looked at the tariffs coming into place tonight at midnight, a $150 pair of running shoes will be $230.” pic.twitter.com/RzMmsP0gYT
Trump says tariff situation ‘is great’ for midterms as markets continue to tumble
01:43
,
Oliver O'Connell
Andrew Feinberg reports from Washington, D.C.:
As stock markets around the world continue to drop amid fears over his attempt to blow up the world’s trade system, Donald Trump says the massive import taxes he is imposing on Americans will bring about a massive victory for his Republican Party in next year’s midterm elections.
Speaking to a group of GOP officeholders and deep-pocketed Republican donors at the National Republican Congressional Committee’s annual fundraising gala in Washington, Trump said the stage is now “set for a monumental victory for the Republicans in the midterms” on account of his policies, which most mainstream economists and business experts say will supercharge inflation and threaten America’s status as the world’s leading economy with a grievous self-inflicted wound.
“I really think we’re helped a lot by the tariffs situation. It’s great,” he said.
Continue reading...
IRS chief to quit over deal to share data with immigration officials, report says
01:39
,
Oliver O'Connell
The acting head of the U.S. Internal Revenue Service plans to resign over a new agreement to share the tax data of undocumented immigrants with Homeland Security personnel, The Washington Post reports, citing two people familiar with the situation.
Acting IRS Commissioner Melanie Krause will participate in the deferred resignation program recently offered to agency employees, the newspaper said.
Watch: Trump claims countries are 'kissing my ass' and 'dying to make deal' on tariffs
01:37
,
Oliver O'Connell
Trump: I'm telling you, these countries are calling us up kissing my ass. They are. They are dying to make a deal. pic.twitter.com/vuYHYX7Pqe
— Acyn (@Acyn) April 9, 2025
Official says Pentagon has no authority for drone strikes against drug cartels in Mexico
01:30
,
AP
A top Pentagon official said special operations forces do not have the authority to launch drone attacks at drug cartels in Mexico.
Colby Jenkins, who is currently assistant defense secretary for special operations, told a Senate committee that President Donald Trump’s move to designate drug cartels as foreign terrorist organizations does not automatically convey authority for direct action against them.
Under questioning from Sen. Elissa Slotkin, D-Mich., Jenkins said Trump’s designation “helps us unlock the doors” for a broader approach to drug cartels.
Slotkin noted that billionaire government adviser Elon Musk has said the foreign terrorist designation means the U.S. can conduct drone strikes against the cartels. Musk posted that Feb. 19 on the social platform X.
Jenkins said it does not, but now the military can provide options and be ready if Trump needs more done to protect the border.
There are manned and unmanned surveillance flights over Mexico’s airspace.
Watch: Trump says tariffs coming on pharmaceuticals
01:26
,
Oliver O'Connell
Trump: "We're gonna tariff our pharmaceuticals ... we're going to be announcing very shortly a major tariff on pharmaceuticals." pic.twitter.com/AzewiYDoHC
— Aaron Rupar (@atrupar) April 9, 2025
Trump administration says it cut funding to some life-saving UN food programs by mistake
01:20
,
AP
The State Department said Tuesday that it had rolled back an undisclosed number of sweeping funding cuts to U.N. World Food Program emergency projects in 14 impoverished countries, saying it had terminated some of the contracts for life-saving aid by mistake.
“There were a few programs that were cut in other countries that were not meant to be cut, that have been rolled back and put into place,” State Department spokeswoman Tammy Bruce told reporters.
Continue reading...
White House releases amended tariffs on China
01:07
,
Oliver O'Connell
The White House has officially released the amendment to President Donald Trump’s reciprocal tariffs “applied to low-value imports" from China.
At 12:01 a.m., the order will be “amended by deleting ‘34%’ each place that it appears and by inserting ‘84%’ in lieu thereof.”
That's on top of the 20% tariff rate already in place on Chinese imports into the U.S., taking the total to 104%.
Trump claims tariffs will help Republicans in midterms
Wednesday 9 April 2025 00:55
,
Oliver O'Connell
President Donald Trump remarked about how the tariffs might impact the midterm elections in 2026.
Trump on the midterms: "I really think we're helped a lot by the tariffs situation. It's great." pic.twitter.com/Mu3fzavBj9
— Aaron Rupar (@atrupar) April 8, 2025
He added that many countries have “ripped us off, left and right.”
“But now it's our turn to do the ripping,” he added.
Trump: "Many countries have -- they've ripped us off left and right. But now it's our turn to do the ripping." pic.twitter.com/IiIHr3GRWS
— Aaron Rupar (@atrupar) April 8, 2025
Trump tells Republican holdouts on budget 'just stop grandstanding'
Wednesday 9 April 2025 00:50
,
Oliver O'Connell
In his remarks at tonight’s NRCC dinner, President Donald Trump says of the Republican budget resolution holdouts in the House: “We had a great meeting today, I think we are there. But in case there are a few Republicans out there, just close your eyes and get there… just stop grandstanding.”
Watch LIVE: Trump delivers remarks at the National Republican Congressional Committee Dinner
Wednesday 9 April 2025 00:38
,
Oliver O'Connell
Agriculture Sec quizzed on tariffs
Wednesday 9 April 2025 00:33
,
Oliver O'Connell
Agriculture Secretary Brooke Rollins said on Tuesday that new trade deals could be established with other countries regarding tariffs by the end of this week.
Rollins made these remarks during an interview with Fox News host Bret Baier on the network's Special Report show.
“I believe, sincerely, it will be sooner rather than later. I believe we'll be hearing about new deals that are being struck, perhaps by the end of the week,” Rollins said, adding that 70 countries had reached out to the U.S. for discussions.
Rollins was also asked how increasing egg imports could help reduce prices in the U.S. when they would be subject to the new tariffs.
Baier: But, you are importing a number of eggs to meet the shortage. There is 328% for the month. Almost 450% importing more than a year ago. Obviously some of that from Turkey and Mexico is hit by a tariff pic.twitter.com/s0xpDKXL6e
— Acyn (@Acyn) April 8, 2025
Pushed as to whether the tariffs plan was to generate revenue for the U.S. or to open negotiations with trading partners, Rollins said: “It’s an all of the above approach.”
BAIER: Are these tariffs designed to generate revenue for the country, or are they designed to negotiate each of these countries down?
— Aaron Rupar (@atrupar) April 8, 2025
BROOKE ROLLINS: It's an all of the above approach pic.twitter.com/dWF9GWYQ6x
The Trump administration has said it intended both to be the case — though any negotiation downward would significantly impinge on the collection of tariffs...
Republicans look for an exit ramp on tariffs
Wednesday 9 April 2025 00:15
,
Oliver O'Connell
Eric Garcia reports from Washington, D.C.
American consumers and the stock market are not the only groups seeking relief from President Donald Trump’s whipsaw trade actions; Senate Republicans also hope to find an exit off the Trump tariff train.
Trump appears uninterested in stopping the tariff steamroller. At midnight, the administration is set to levy an additional 50 percent tariff on China if China does not retract its 34 percent retaliatory tariff. That would boost the tariffs on Chinese goods to an extraordinary 104 percent.
During a hearing at the Senate Finance Committee with U.S. Trade Representative Jamieson Greer, Senator Thom Tillis of North Carolina warned that ultimately one person has to own the blame if projects go awry as he referenced his time in management consulting.
So “whose throat do I get to choke if this proves to be wrong,?” Tillis asked Greer.
Read on...
Despite judge's order, AP turned away from joining pool
Wednesday 9 April 2025 00:09
,
Oliver O'Connell
President Trump’s motorcade just left the White House for the NRCC dinner at the National Building Museum.
— AlexGangitano (@AlexGangitano) April 8, 2025
A reporter and photographer with the Associated Press were turned away from joining the pool, according to the print pooler.
Will China target Hollywood in response to Trump's tariffs?
Wednesday 9 April 2025 00:00
,
Oliver O'Connell
China is reportedly considering a ban on all US films in retaliation for Donald Trump raising tariffs on Chinese imports.
Bloomberg News reports that in China, two widely followed bloggers with links to the local authorities shared identical lists of measures that could be introduced by Chinese authorities in response. These include “reducing or banning the import of US films.”
Kevin E G Perry reports from Los Angeles.
National Press Club reacts to judge's order on restoring AP access to Oval Office
Tuesday 8 April 2025 23:50
,
Oliver O'Connell
The National Press Club has p