Donald Trump’s introduction of his long-threatened 25 percent trade tariffs on Mexico and Canada has caused global stock markets to drop sharply, with the Dow Jones, S&P 500 and Nasdaq all falling.
Investors, fearful of a trade war erupting, had hoped the president might relent in his promise to penalize imports from the nation’s two biggest trading partners.
Instead, Trump told reporters at the White House on Monday that there was "no room left for Mexico or for Canada,” adding: “The tariffs, they’re all set. They go into effect tomorrow.”
The president also said that he would impose an extra 10 percent tariff on China, on top of the previous 10 percent tariff he introduced last month, with Beijing already retaliating.
The unease has already led to warnings that the U.S. could be heading for recession, with the Atlanta Fed’s GDPNow model estimating real GDP growth for the first quarter of 2025 at -2.8 percent, down from +3.9 percent just four weeks ago.
Trump has meanwhile moved to suspend aid to Ukraine after his feud with Volodymyr Zelensky escalated.
He will deliver the first joint congressional address of his second presidency on Tuesday evening.
Key Points
- Stocks tumble after Donald Trump kills hope for last-minute tariff deal with Mexico and Canada
- Trump halts aid to Ukraine after White House clash with Zelensky
- JD Vance says U.S. working on Ukraine peace plan ‘with the Russians’
Trump halts aid to Ukraine after White House clash with Zelensky
09:10
,
Joe Sommerlad
The other big news out of the Trump administration this morning is that it has moved to suspend aid to Ukraine after the president’s feud with Volodymyr Zelensky escalated on Monday.
Trump became incensed by the Ukrainian saying in an interview that the end of the war with Russia is “very, very far away” and accused him of not wanting peace.
This is the worst statement that could have been made by Zelenskyy, and America will not put up with it for much longer! It is what I was saying, this guy doesn't want there to be Peace as long as he has America's backing and, Europe, in the meeting they had with Zelenskyy,… pic.twitter.com/b73f3PNjAU
— Trump Posts on (@trump_repost) March 3, 2025
Here’s the latest on that disasterous development for Kyiv from Josh Marcus.
Stocks tumble after Donald Trump kills hope for last-minute tariff deal with Mexico and Canada
08:51
,
Joe Sommerlad
Donald Trump’s introduction of his long-threatened 25 percent trade tariffs on Mexico and Canada has caused global stock markets to drop sharply, with the Dow Jones, S&P 500 and Nasdaq all falling.
Investors, fearful of a trade war erupting, had hoped the president might relent in his promise to penalize imports from the nation’s two biggest trading partners but Trump told reporters at the White House on Monday that there was "no room left for Mexico or for Canada. The tariffs, they’re all set. They go into effect tomorrow.”
Trump: "Tomorrow, tariffs -- 25 percent on Canada and 25 percent on Mexico. And that'll start." pic.twitter.com/gSHwP5jCky
— Aaron Rupar (@atrupar) March 3, 2025
The president also said that he would impose an extra 10 percent tariff on China, on top of the previous 10 percent tariff he introduced last month, with Beijing already retaliating.
The unease has already led to warnings that the U.S. could be heading for recession, with the Atlanta Fed’s GDPNow model estimating real GDP growth for the first quarter of 2025 at -2.8 percent, down from +3.9 percent just four weeks ago.
Atlanta Fed's GDPNow index forecasts U.S. economy to plunge -2.8% in first quarter. pic.twitter.com/g34ecKNuZJ
— NewsWire (@NewsWire_US) March 3, 2025
Here’s the latest from Io Dodds.
DOGE is claiming credit for ‘canceling’ contracts that were ended decades ago
08:30
,
Oliver O'Connell
Elon Musk’s Department of Government Efficiency is taking credit for cancelling contracts that have long been dead, according to a new report.
Musk's team claimed they had canceled a Coast Guard contract between the maritime department and a company that provides entities administrative assistance. According to DOGE, killing the contract saved the US taxpayers $53.7 million, the New York Times reports.
However, the contract was worth only $144,000, was completed in 2005 and has not been active for two decades, the paper says.
Graig Graziosi has the story.
Which states have seen the biggest crackdown on immigration since Trump returned to office?
08:00
,
Oliver O'Connell
Rhian Lubin and Alicja Hagopian looked at where people are being detained in ICE facilities across the U.S.
CNN refutes Rogan-Musk conspiracy theory about Trump assassination attempt
07:00
,
Oliver O'Connell
CNN is pushing back on a conspiracy theory fueled by Joe Rogan and Elon Musk that the network had prior knowledge about the attempt on Donald Trump’s life, prompting the channel to air live coverage of the campaign rally.
The wild theory was quickly picked up by conservatives and MAGA media personalities, who wondered whether CNN “was tipped off” that a shooting would take place and that the network should be subjected to an investigation.
Justin Baragona reports.
Beijing vows to retaliate after Trump hikes tariffs on Chinese goods
06:06
,
Alisha Rahaman Sarkar
Beijing on Tuesday reiterated its firm opposition to Donald Trump's bid to impose an additional 10 per cent tariff on Chinese imports over the fentanyl row and vowed to take countermeasures.
A spokesperson for the Chinese ministry of commerce accused the US of disregarding facts and international trade rules, calling it a typical example of "unilateralism and bullying".
Read more on China’s response this morning here:
Pam Bondi insists more Jeffrey Epstein files are being released – despite disastrous ‘phase 1’
06:00
,
Oliver O'Connell
Attorney General Pam Bondi has again proclaimed that America will get “the full” Jeffrey Epstein files after the highly-anticipated “first phase” contained no major new allegations about the convicted sex offender nor his associates.
James Liddell has the story.
Trump’s war on DEI comes for programs helping autistic students find jobs in STEM
05:00
,
Eric Garcia
A special program to help autistic students successfully navigate careers in math and science now faces an existential threat thanks to the Trump administration’s bid to curtail diversity, equity, and inclusion efforts in American institutions.
Read more from Eric Garcia:
Canada will hit $155 billion in American goods with retaliatory tariffs
04:40
,
Josh Marcus
At the stroke of midnight, Canada will put tariffs on $155 billion worth of American goods, a response to what Ottawa called the “unjustified U.S. tariffs against Canada” set to take effect tomorrow.
“Canada will not let this unjustified decision go unanswered,” Prime Minister Justin Trudeau said in a statement.
The prime minister argued the country had implement more than $1 billion worth of steps to crack down on illegal drug and migration flows across the border, the issues the Trump administration has cited in its tariff plans.
“Our tariffs will remain in place until the U.S. trade action is withdrawn, and should U.S. tariffs not cease, we are in active and ongoing discussions with provinces and territories to pursue several non-tariff measures,” Trudeau added. “While we urge the U.S. administration to reconsider their tariffs, Canada remains firm in standing up for our economy, our jobs, our workers, and for a fair deal.”
Here’s what you need to know about the U.S. tariffs that kicked off the diplomatic crisis.
What to look and listen for in Trump’s address to Congress on Tuesday
04:00
,
AP
President Donald Trump will deliver the first joint congressional address of his second presidency on Tuesday evening.
Trump’s speech isn’t technically considered a State of the Union address — that comes next year, after he’s been on the job for longer — but there’s no distinguishable difference for anyone watching at home.
The House chamber will be packed with lawmakers, and the president’s arrival announced in a booming voice by the sergeant-at-arms, triggering cacophonous applause.
Almost no detail is left to chance in these situations.
So here’s an idea of what to look and listen for:
RFK Jr finally urges people to get measles jab after deadly outbreak
03:00
,
Oliver O'Connell
Longtime vaccine skeptic Robert F Kennedy Jr has urged people to get the measles jab after a deadly outbreak in Texas – having initially downplayed the rapid spread of the infectious disease.
Writing in a Fox News op-ed Sunday, the freshly-confirmed Department of Health and Human Service secretary championed the measles, mumps and rubella vaccine, touting its efficacy against the deadly virus.
James Liddell reports.
Former U.S. Ambassador to Russia slams aid pause
02:30
,
Josh Marcus
Michael McFaul, the former U.S. Ambassador to Russia, slammed Monday’s announcement that the U.S. will pause military aid to Ukraine in its war with Russia.
“This strategy of weakening your democratic partner to get a deal with an imperialist autocrat violates the most fundamental rules of diplomacy,” the former Obama administration official wrote on X.
'The Ukrainians didn't think we were serious'
02:15
,
Josh Marcus
More details are emerging about why the Trump administration cut off U.S. military aid to Ukraine.
The White House was reportedly exasperated with Ukrainian president Volodymyr Zelensky and sought to raise the stakes in its push to get him to accept some form of peace deal with Russia.
“The Ukrainians didn’t think we were serious,” a Trump administration official told The Wall Street Journal. “We had to make a demonstration.”
Kremlin says Trump ‘largely aligns’ with their vision of foreign policy
02:00
,
Oliver O'Connell
President Donald Trump’s confrontational Oval Office meeting with Ukrainian President Volodymyr Zelensky signifies a shift in United States foreign policy to one that “largely aligns” with the Kremlin, according to a spokesman for the Russian government.
Since taking office, Trump appears to be taking a friendlier position toward Russia than his predecessors, potentially changing the geopolitical dynamic that has largely existed since World War II.
Trump has questioned the U.S.’s support of Ukraine in the war, pushed blame away from Russia and onto Ukraine and, last week, publicly berated Zelensky during an Oval Office meeting.
Ariana Baio reports.
Vance to sit down for interview with Sean Hannity amid Ukraine chaos
01:37
,
Josh Marcus
COMING UP
— Taylor Van Kirk (@VPPressSec) March 4, 2025
Tune in to Fox News at 9pm EST to watch @VP JD Vance's interview with Sean Hannity pic.twitter.com/mPrtVbIlWN
An interview between Vice President JD Vance and Sean Hannity of Fox News is set to air this evening at 9pm EST.
During the chat, Vance is sure to be asked about the chaotic White House meeting in which he and Ukrainian president Volodymyr Zelensky clashed in front of news cameras.
That confrontation set the stage for today’s announcement that the U.S. is suspending military aid to Ukraine.
We’ll be following all the latest details, so stay tuned.
Watch: Tuberville says Putin and Trump to decide future of Ukraine — not Zelensky
01:30
,
Oliver O'Connell
Senator Tommy Tuberville of Alabama says the future of Ukraine will be decided by Vladimir Putin and Donald Trump, not Volodymyr Zelensky — who he claims has been “brainwashed” by “globalist, socialist grouping in Europe.”
Tuberville: Putin and Trump will decide future of Ukraine, not Zelensky pic.twitter.com/QgdXQZB1zy
— The Bulwark (@BulwarkOnline) March 3, 2025
Trump's break with Zelensky was a long time coming
01:17
,
Josh Marcus
Trump administration officials, describing their sudden decision to halt U.S. military aid to Ukraine, have described the move as a short-term “pause,” meant to determined if Zelensky remains “committed” to an acceptable peace deal with Russia.
But the cracks in the U.S.-Ukraine alliance have been showing for some time now.
Growing voices on the right flank of the GOP have long taken issue with the war, and Trump himself took in recent days to calling Zelensky a dictator and falsely accusing him of starting the war.
His administration also negotiated directly with Russian officials in Saudi Arabia, without including Ukraine.
Here’s more on Trump and Zelensky’s long, tortured relationship.
TSMC to spend $100 billion to expand chip manufacturing in US, Trump announces
01:00
,
AP
Chip giant Taiwan Semiconductor Manufacturing Co. plans to invest a $100 billion in the United States, President Donald Trump announced Monday as he appeared with the company's head at the White House.
TSMC, the world’s biggest semiconductor manufacturer, produces chips for companies including Apple, Intel and Nvidia. The company had already announced plans to invest more than $65 billion in the U.S., including three plants in Arizona after the Biden administration offered billions in subsidies. Its first factory in Arizona has started mass production of its 4-nanometer chips.
Trump and TSMC’s chief executive officer C. C. Wei said the $100 billion is on top of the $65 billion that was already announced.
Read more...
Watch: Trump says, 'No room left for Mexico or Canada' in tariffs deal
00:30
,
Ariana Baio
Breaking: Trump halts all military aid to Ukraine after White House row with Zelensky
00:21
,
Josh Marcus
The Trump administration has reportedly paused all military aid to Ukraine.
The decision, reported by Bloomberg News, comes after a meeting between Trump and Ukrainian president Volodymyr Zelensky at the White House on Friday descended into chaos, the latest in a larger fraying of the U.S.-Ukraine alliance.
We’ll be following all the latest details.
Trump tells US farmers to up production ahead of tariffs from April 2: ‘Have fun!’
00:20
,
Josh Marcus
Donald Trump has warned U.S. farmers to start upping their production from April 2, after announcing that he will soon be imposing tariffs on “external” agricultural products.
“To the Great Farmers of the United States: Get ready to start making a lot of agricultural product to be sold INSIDE of the United States. Tariffs will go on external product on April 2nd. Have fun!” the president wrote on Truth Social on Monday.
However, he did not specify what products would be subject to the tariffs or if there would be any exceptions.
Mike Bedigan has the story.
Melania mocks Democrats during Capitol Hill roundtable
00:09
,
Josh Marcus
First Lady Melania Trump was surprised and frustrated that Democratic lawmakers ignored a roundtable meeting on Capitol Hill on Monday discussing a bill making its way through Congress that would criminalize the sharing of intimate photos online without the subject's consent.
The bill, called the "Take It Down Act," would criminalize the sharing of intimate photos on the internet without the subject's consent, which is colloquially known as "revenge porn."
Victims of revenge porn have experienced having their nude or otherwise private photos shared widely online. It's unclear if the “Take It Down Act” would have stopped Congresswoman Marjorie Taylor Greene — one of the most vocal cheerleaders for Donald Trump — from sharing nudes of Hunter Biden in front of Congress without his consent.
Rather than calling out a member of Congress for engaging in the very actions she's advocating to criminalize, the First Lady instead expressed her disappointment that more Democrats didn't attend the roundtable. According to a report by The Hill, Democratic Congressman Ro Khanna was the only member of his party in attendance.
Graig Graziosi reports.
States look to bolster consumer protection as Trump promises tariffs and trade war
00:00
,
Mike Bedigan
State legislators are looking at ways to bolster protections for their consumers after Donald Trump vowed to close down the federal watchdog and impose exorbitant tariffs on foreign trade partners.
Officials in states including Massachusetts and Illinois are among those warning that the shuttering of the Consumer Financial Protection Bureau will have dire effects on vulnerable consumers, including veterans and the elderly.
At a forum earlier this week, Massachusetts Attorney General Andrea Joy Campbell called the weakening of the bureau “a national emergency” and said that some states were “stepping away wholeheartedly” from work on protecting their own consumers.
Illinois state Senator Mark Walker was already working on legislation to help consumers but said that in the wake of Trump’s moves against the CFPB, “the urgency is much higher now.
Pentagon plans to bring back Fort Benning. It’ll just be named after a different Benning
Monday 3 March 2025 23:40
,
AP
Defense Secretary Pete Hegseth has, for the second time, ordered a reversal of a U.S. military base name change, saying that Fort Moore in Georgia should revert back to being called Fort Benning.
The move reflects an ongoing effort by the Pentagon to overturn the Biden administration’s 2023 decision to remove names that honored Confederate leaders, including for nine Army bases. But the drive to revert to the former names means that officials need to find service members with the same name as the Confederate leaders.
Previously, Fort Benning was named for Brig. Gen. Henry L. Benning , a Confederate officer during the American Civil War who stridently opposed the abolition of slavery.
Now, Hegseth said, Fort Benning will be named in honor of Cpl. Fred G. Benning, a Distinguished Service Cross recipient, who served in France during World War I.
Watch:Fox News now claims Trump didn't attend Biden Inauguration because of Covid
Monday 3 March 2025 23:30
,
Ariana Baio
HHS spokesperson quits after reportedly clashing with RFK Jr over ‘muted’ measles response
Monday 3 March 2025 23:10
,
Oliver O'Connell
The top spokesperson in the Department of Health and Human Services announced his resignation on Monday after reportedly clashing with Secretary Robert F. Kennedy Jr. over the department’s response to the growing measles outbreak.
Thomas Corry, who served as the department’s assistant secretary of public affairs for roughly two weeks, announced that he had resigned on Friday in a LinkedIn post, saying his departure was “effective immediately.”
“To my colleagues at HHS, I wish you the best and great success,” Corry wrote.
Ariana Baio and Mike Bedigan report.
White House seeks plan for possible Russia sanctions relief, report says
Monday 3 March 2025 22:55
,
Oliver O'Connell
Reuters reports that the U.S. is developing a plan to potentially grant Russia sanctions relief as President Donald Trump aims to restore relations with Moscow and halt the war in Ukraine, according to a U.S. official and another individual familiar with the situation.
The White House has instructed the State and Treasury departments to create a list of sanctions that could be relaxed for U.S. officials to discuss with Russian representatives in the coming days as part of the administration's overarching discussions with Moscow on improving diplomatic and economic relations, the sources noted.
According to sources, the sanctions offices are preparing a proposal to lift sanctions on selected entities and individuals, including several Russian oligarchs.
So-called options papers are often prepared by officials working on sanctions, but the White House's recent specific request for one emphasizes Trump and his advisers' readiness to ease Russian sanctions as part of a potential agreement with Moscow.
It remains unclear what Washington might specifically seek in exchange for any sanctions relief.
White House announces theme of Trump's Tuesday address to Congress
Monday 3 March 2025 22:47
,
Oliver O'Connell
White House officials have told Fox News Digital that Donald Trump’s speech to Congress on Tuesday night will be themed “The Renewal of the American Dream.”
The speech will feature four main sections, according to Fox: accomplishments from Trump's second term thus far at home and abroad; what the Trump administration has done for the economy; the president's renewed push for Congress to pass additional funding for border security; and the president's plans for peace around the globe.
“President Trump has accomplished more in one month than any president in four years — and the renewal of the American Dream is well underway,” White House Press Secretary Karoline Leavitt told Fox News Digital.
“In his Joint Address to Congress, President Trump will celebrate his extraordinarily successful first month in office while outlining his bold, ambitious and common-sense vision for the future.”
We’ll be covering the speech live here tomorrow night, along with reaction and fact-checking.
CNN refutes Rogan-Musk conspiracy theory about Trump assassination attempt
Monday 3 March 2025 22:40
,
Oliver O'Connell
CNN is pushing back on a conspiracy theory fueled by Joe Rogan and Elon Musk that the network had prior knowledge about the attempt on Donald Trump’s life, prompting the channel to air live coverage of the campaign rally.
The wild theory was quickly picked up by conservatives and MAGA media personalities, who wondered whether CNN “was tipped off” that a shooting would take place and that the network should be subjected to an investigation.
Justin Baragona reports.
Senate voting to confirm McMahon as Trump's education secretary
Monday 3 March 2025 22:38
,
Oliver O'Connell
Senate NOW voting to confirm Linda McMahon to serve as Education Secretary in the second Trump Administration amid calls by President Trump to close the U.S. Education Department. Schumer announced from the Senate floor that "every single Democrat will vote against Ms. McMahon."
— Craig Caplan (@CraigCaplan) March 3, 2025
Watch: Canadian foreign minister says Canada ready with tariffs on U.S. goods
Monday 3 March 2025 22:35
,
Oliver O'Connell
Foreign Affairs Minister Mélanie Joly has confirmed that Canada is ready to implement retaliatory tariffs against the U.S. if President Donald Trump goes ahead and imposes tariffs on Canadian goods.
BREAKING: Canadian Foreign Affairs Minister Mélanie Joly has confirmed that Canada will implement retaliatory tariffs against the United States. Tariffs will soon be placed on U.S. exports, including orange juice, peanut butter, wine, coffee, cars, trucks, steel, and aluminum.… pic.twitter.com/ecV3DSs2Us
— Ed Krassenstein (@EdKrassen) March 3, 2025
Co-chair of Congressional Ukraine Caucus says he thinks mineral deal will be signed soon
Monday 3 March 2025 22:25
,
Oliver O'Connell
Congressman Brian Fitzpatrick, a Pennsylvania Republican and co-chair of the Congressional Ukraine Caucus, believes a mineral deal between the U.S. and Ukraine will be signed soon.
He made the assessment after speaking with Ukrainian President Volodymyr Zelensky’s chief of staff, Andrii Yermak.
“We are 100% getting this train back on the tracks,” Fitzpatrick wrote on X.
I just had a lengthy and productive one-on-one conversation with President Volodymyr Zelenskyy’s Chief-of-Staff, Andrii Yermak. We are 100% getting this train back on the tracks. This mineral deal will be signed in short order, which will lead to a strong long-term economic…
— Rep. Brian Fitzpatrick (@RepBrianFitz) March 3, 2025
Trump praised the proposed agreement Monday as “a great deal,” days after he refused to sign it because he claimed Zelensky was disrespectful during a televised Oval Office meeting at which he and Vice President JD Vance berated the Ukrainian leader.
The deal would give the United States an interest in Ukraine’s rare Earth minerals, which Trump says would compensate the Americans for the billions of dollars in weapons and economic assistance they have provided.
Fitzpatrick wrote that the deal would “ultimately and naturally lead to security assistance.”
Which states have seen the biggest crackdown on immigration since Trump returned to office?
Monday 3 March 2025 22:20
,
Oliver O'Connell
Rhian Lubin and
