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Good morning.
Donald Trump’s barrage of tariff announcements has wiped trillions of dollars off the value of the world’s largest companies and supercharged recession fears, with London’s stock market opening on Friday morning at its lowest level since January.
Wednesday’s dramatic import tax announcements of between 10% and 50% are causing alarm around the world, with China condemning “unilateral bullying” practices and the French president, Emmanuel Macron, suggesting a pause on investing in the US. The International Monetary Fund has warned that Trump’s move poses a “significant risk” to the global economy.
Sell-offs have gone global, sending exchanges plummeting in Asia and Europe. On Thursday the three main US stock markets experienced their worst day since June 2020, during the Covid pandemic.
What has the political reaction been? There are some signs of a slight Republican backlash, with the former Senate majority leader Mitch McConnell calling tariffs “bad policy” that hurt ordinary Americans. McConnell and three other Republican senators backed a Democrat resolution demanding that the 25% tariffs on Canadian products be reversed.
Get the latest from our business blog and our US politics blog.
Democrats decry reported firing of NSA director Tim Haugh
Top congressional Democrats on Thursday denounced the reported dismissal of the National Security Agency director Gen Tim Haugh, with one lawmaker saying it “makes all of us less safe”.
The Washington Post reported late on Thursday that Haugh, who also coordinated the Pentagon’s cybersecurity operations as head of US Cyber Command, had been dismissed. His civilian deputy at the NSA, Wendy Noble, was also fired.
Mark Warner, vice-chair of the Senate intelligence committee, asked: “At a time when the United States is facing unprecedented cyber threats … how does firing him make Americans any safer?”
Representative Jim Himes, the ranking member on the house intelligence committee, said he was “deeply disturbed by the decision”, adding that he feared Haugh may have been fired because he “followed the law and put national security first”.
Were others fired? Yes – Trump said earlier on Thursday that he had fired “some” White House national security council officials. The announcement came a day after the far-right activist Laura Loomer raised concerns with him about staff loyalty.
TikTok ban deadline once again approaches – what now?
The deadline for TikTok to divest or sell its assets to a non-Chinese owner is again looming, on 5 April, with the future unclear for the app that is used by 170 million Americans.
The ban-or-divest deadline was pushed back in January by an executive order by president Donald Trump, who earlier this week said he would “like to see TikTok remain alive”.
A handful of investors have said they are interested in the app, but ByteDance, the Chinese company that owns TikTok, has said it does not plan to sell. In court filings it said that divestiture “is simply not possible: not commercially, not technologically, not legally”.
Where did the TikTok ban come from? It started with Trump, who in 2020 said the Chinese-owned app posed a danger to national security. It then became a bipartisan issue, with Congress voting for a ban last year – but Trump has since made an about-face on the issue.
In other news …
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South Korea’s constitutional court voted unanimously to uphold the impeachment of the country’s suspended president,Yoon Suk Yeol, after he declared martial law in December.
Trump has reportedly threatened to freeze $510m in grants to Brown University in Rhode Island as the administration cracks down on academic institutions in the wake of last autumn’s Palestinian solidarity protests.
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p class=”dcr-16w5gq9″>Israel has bombed a school-turned-shelter in Gaza City and killed at least 27 people,
Source: https://www.theguardian.com/us-news/2025/apr/04/first-thing-markets-plunge-as-imf-says-trump-trade-war-poses-significant-risk-to-global-economy
