Trump dismisses criticism of tariffs, claiming US makes $2bn a day from levies
Now that Donald Trump’s executive order signing ceremony has concluded, we’re turning our focus back to the other news of the day – including the state of the stock market just under a week since Trump ordered sweeping tariffs on the United States’s global trading partners.
Wall Street closed today on another day of falling stocks, after US markets opened at higher levels this morning. The S&P fell 1.6%, wiping out an earlier gain of 4.1%. Meanwhile, the Dow Jones lost 0.84% and the Nasdaq composite dropped 2.1%.
During his speech, Trump addressed criticism of his tariff policy, saying that the United States is making $2bn a day in tariffs. He added that Japan and South Korea are sending representatives to the US to make a deal to avoid the tariffs Trump has levied against them.
“America is going to be very rich again very soon,” he said.
Key events
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Canadian tariffs on US cars to go into effect at midnight
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Trump dismisses criticism of tariffs, claiming US makes $2bn a day from levies
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Trump signs four executive orders to boost US coal mining and production
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Trump claims US makes $2bn a day from tariffs
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Trump claims without details that coal executive order can’t be overturned
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Trump extols ‘beautiful, clean coal’ as he talks of signing executive order
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Trump to sign executive orders aimed at boosting coal industry
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The day so far
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US will take back Panama Canal from ‘China’s influence’, Pentagon chief Pete Hegseth says
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‘Boys will be boys’: White House on Musk-Navarro public spat
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White House insists talks with Iran will be direct, despite Iran saying they will be indirect
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China has to make a deal with the US, White House says
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Nearly 70 countries have reached out seeking tariff deals, White House says
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US to go ahead with imposition of 104% tariff on China from Wednesday after Beijing did not lift retaliatory tariffs
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Iran says talks with US will be indirect, contrary to Trump’s words
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Elon Musk reportedly made several pushes for Trump to back off global tariffs surge
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Senate confirms Trump’s controversial pick for Pentagon No 3 job
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Italian PM Giorgia Meloni to travel to US next week for tariff talks with Trump
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Deadline for China to avoid 50% extra tariff passes
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Treasury secretary Scott Bessent says he expects a couple of big deals ‘very quickly’ on tariffs
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Exceptions or exemptions to tariffs not expected in the near term, says US trade representative Greer
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US trade representative Jamieson Greer testifies on Donald Trump’s trade and tariff policies before Senate committee
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Trump to sign executive orders to boost US coal industry
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Trump: ‘We are waiting for China to call’
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Wall Street surges 3% as European markets rebound on trade deal hopes
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Trump touts ‘great’ call with South Korean acting president on both tariffs and ‘non-tariff subjects’
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South Korea’s acting president talks with Trump as trade minister travels to US to negotiate 25% tariff
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Homeland security secretary to waive federal environmental laws for California border wall
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‘Everything is on the table,’ says Scott Bessent on negotiations around EU ‘non-tariff barriers’
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China tariff escalation is ‘a big mistake’, says US treasury secretary Scott Bessent after China rejects Trump’s threats
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Trump administration weighs drone strikes on Mexican cartels, NBC News reports
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Netanyahu discusses Gaza and tariffs with Trump at White House meeting
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European markets open higher after global sell-off driven by Trump tariffs
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China dismisses Trump’s threat of extra 50% tariffs as his deadline looms
More than 4,000 people have signed a petition urging Avelo Airlines to end its recent agreement to fly federal deprotation flights for the Trump administration.
The petition, which was launched by the New Haven Immigrant Heritage Coalition, reads: “We pledge to boycott the airline until they stop plans to profit off Ice flights that are tearing families and communities apart.”
My colleague Anna Betts has more:
As House speaker Mike Johnson whips votes for the Senate’s budget proposal, which the House is slated to vote on tomorrow, some Republican lawmakers are criticizing the plan.
At least six House Republicans tell CNN they’re leaning “no” on the measure, saying it does not do enough to cut spending.
“I’ve got a bill in front of me, and it’s a budget. And in my opinion and in my view, it will increase the deficit. And I didn’t come here to do that,” said Texas representative Chip Roy.
An immigration judge has ruled that if the Trump administration cannot provide evidence supporting Palestinian activist Mahmoud Khalil’s deportation by 5pm tomorrow, she may order his release on Friday.
My colleague Delaney Nolan has the whole story:
Earlier today, Khalil’s wife, Noor Abdalla published an exclusive letter to her husband with The Guardian. In it, Abdalla writes: “I could not be more proud of you, Mahmoud.”
Canadian tariffs on US cars to go into effect at midnight
Canada’s retaliatory 25% tariffs on some American cars will go into effect at 12.01 ET tonight, said Mark Carney, the Canadian prime minister.
“President Trump caused this trade crisis – and Canada is responding with purpose and with force,” Carney wrote in a social media post.
The tariffs apply only to vehicles not already covered by the US-Mexico-Canada Free Trade agreement.
In a Wall Street Journal op-ed published this evening, senator Mitch McConnell criticized Donald Trump’s executive order focused on election security. The Kentucky Republican and former Senate majority leader argues that the order is an instance of federal overreach on states’ powers.
“Elections may have national consequences but the power to conduct them rests in state capitols,” McConnell wrote.
He warns that “even a targeted federal mandate to strengthen election integrity today could make it easier for a future Democratic president and Congress to use more sweeping mandates to carry out a complete federal takeover of American elections”.
A federal judge has ruled that the White House’s decision to block the Associated Press from its press pool is unconstitutional.
“Under the First Amendment, if the Government opens its doors to some journalists—be it to the Oval Office, the East Room, or elsewhere—it cannot then shut those doors to other journalists because of their viewpoints,” US district judge Trevor McFadden, a Trump appointee, wrote. “The Constitution requires no less.”
The ruling comes nearly two months after the White House first barred an AP reporter from the Oval Office over the outlet’s decision to continue using the term “Gulf of Mexico” after Donald Trump issued an executive order renaming the body of water the “Gulf of America.”
The government has a week to respond to the ruling.
Trump dismisses criticism of tariffs, claiming US makes $2bn a day from levies
Now that Donald Trump’s executive order signing ceremony has concluded, we’re turning our focus back to the other news of the day – including the state of the stock market just under a week since Trump ordered sweeping tariffs on the United States’s global trading partners.
Wall Street closed today on another day of falling stocks, after US markets opened at higher levels this morning. The S&P fell 1.6%, wiping out an earlier gain of 4.1%. Meanwhile, the Dow Jones lost 0.84% and the Nasdaq composite dropped 2.1%.
During his speech, Trump addressed criticism of his tariff policy, saying that the United States is making $2bn a day in tariffs. He added that Japan and South Korea are sending representatives to the US to make a deal to avoid the tariffs Trump has levied against them.
“America is going to be very rich again very soon,” he said.
Trump signs four executive orders to boost US coal mining and production
Donald Trump has signed four executive orders on coal.
The first directs all departments and agencies to “end all discriminatory policies against the coal industry” including by ending the leasing moratorium on coal on federal land and accelerate all permitted funding for coal projects.
The second imposes a moratorium on the “unscientific and unrealistic policies enacted by the Biden administration” to protect coal power plants currently operating.
The third promotes “grid security and reliability” by ensuring that grid policies are focused on “secure and effective energy production” as opposed to “woke” policies that “discriminate against secure sources of power like coal and other fossil fuels”.
And the fourth instructs the justice department to “vigorously pursue and investigate” the “unconstitutional” policies of “radically leftist states” that “discriminate against coal”.
Donald Trump has been joined on stage by a West Virginia coal miner, named Jeff Crow, and Tony Campbell of the East Kentucky Power Cooperative. Both applauded Trump for lowering regulations on coal.
Donald Trump is now criticizing the Green New Deal and saying that climate change will create more “waterfront property”.
Donald Trump adds that “as part of our historic deregulatory efforts” today, his executive order will grant “immediate regulatory relief to 47 counties operating 66 coal plants” across the country.
Trump says he’s directed energy secretary Chris Wright to save the Cholla Power Plant – located near the Navajo Nation’s capitol in Window Rock, Arizona, “which has been slated for destruction”.
Donald Trump is now discussing the wildfires that devastated southern California in January, returning to a debate he’s continued with California governor Gavin Newsom about water access in the state’s Central valley.