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11:15 AM ET, April 3, 2025

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 Top Items: 
The Economist:
President Trump's mindless tariffs will cause economic havoc  —  But the rest of the world can limit the damage  —  If you failed to spot America being “looted, pillaged, raped and plundered by nations near and far” or it being cruelly denied a “turn to prosper”, then congratulations …
RELATED:
Paul Krugman:
Will Malignant Stupidity Kill the World Economy?  —  A quick thank you to my readers.  When I struck out on my own, I wasn't sure if anyone would follow.  But I just passed 300K subscribers.  I'll try to be worthy of your support.  —  America created the modern world trading system.
Paul Krugman:
Trump Goes Crazy on Trade  —  Just a quick update after Trump's Rose Garden speech.  —  I guess it's just possible that when we get details about the Trump tariffs they will be lower than what he just announced, but based on what he said, he's gone full-on crazy.
Wired:
Trump Tariffs Hit Antarctic Islands Inhabited by Zero Humans and Many Penguins  —  The Heard and McDonald Islands are among the dozens of targets of President Donald Trump's latest round of tariffs.  But they have no exports, because no one lives there.  —  On Wednesday, President Donald …
Discussion: Associated Press and Politico
Camille Gijs / Politico:
EU ‘prepared’ to retaliate against Trump's 20 percent tariffs  —  European Commission President Ursula von der Leyen on Thursday slammed U.S. President Donald Trump's imposition of a 20 percent tariff on EU goods and vowed to retaliate, saying the bloc was “prepared to respond.”
Steven Nelson / New York Post:
Trump slaps at least 10% tariffs on almost all imports in ‘Declaration of Economic Independence’: ‘Half of what they are charging us’  —  WASHINGTON — President Trump declared a national emergency Wednesday to impose his sweeping “Liberation Day” tariffs on almost all imports …
Heather Cox Richardson / Letters from an American:
Just five months ago, on October 19, 2024, The Economist ran a special report on America's economy.  That economy was, the magazine said, “the envy of the world.”  Today, stock market futures plummeted after President Donald J. Trump announced that he will impose a 10% tariff on all imports …
James Fallows / Breaking the News:
Launching the Economic Version of the Iraq War.  —  Tariffs are like military actions.  They're ‘good’ or ‘bad’ based on specifics: Why, how, at what cost, toward what end.  Donald Trump has just committed US power in a profoundly stupid way.  —  ∙ Paid
Discussion: Raw Story
Financial Times:
Donald Trump baffles economists with tariff formula  —  Calculation deeply flawed economically and will fail in stated aim of ‘driving bilateral trade deficits to zero’, say analysts  —  Trade economists have poured scorn on the crude methodology used by Donald Trump to calculate the list of …
Ashley Carnahan / Fox News:
Treasury Secretary Bessent tells countries not to retaliate after sweeping ‘Liberation Day’ tariffs
Robert Jimison / New York Times:
Senate Votes to Rescind Some Trump Tariffs, With G.O.P. Support
The Guardian:
‘Nowhere on Earth is safe’: Trump imposes tariffs on uninhabited islands near Antarctica
Discussion: Quartz and Cafe Hayek
Jennifer Rubin / The Contrarian:
Truth still matters
Discussion: NJTODAY.NET
Ryan Dezember / Wall Street Journal:
Here's How Markets Are Responding to Trump's Tariffs Announcement
The White House:
Fact Sheet: President Donald J. Trump Declares National Emergency to Increase our Competitive Edge, Protect our Sovereignty, and Strengthen our National and Economic Security
Wall Street Journal:
Trump's New Protectionist Age
Wired:   Trump and DOGE Defund Program That Boosted American Manufacturing for Decades
William Kristol / The Bulwark:
Trump Calls It Liberation. It's Destruction.
Nette Nöstlinger / Politico:
German leaders push for tough response to Trump tariffs in hope of détente later
Discussion: Reuters and Wausau
Politico:
Senate Republicans buck Trump, join Dems in rejecting Canada tariffs
New York Times:
Live Updates: Trump Unveils Sweeping Tariffs on All Imports
Ian Dunt / The i Paper:   Trump's downfall begins now - his paranoia and baseless rage is his undoing
Tim Dickinson / Rolling Stone:
Trump Launches Trade War With Penguins, Not Putin
CNBC:
Dow futures tumble 900 points, S&P 500 futures lose 3% on Trump's tariff rollout: Live updates  —  U.S. stock futures cratered as President Donald Trump unveiled sweeping tariffs of at least 10% and even higher for some countries, raising the risks of a global trade war that hits the already sputtering U.S. economy.
RELATED:
NBC News:
Investors flee U.S. stocks as markets react sharply to Trump's tariff plan  —  Initial market indications on early Wednesday evening were that many investors had expected Trump's tariffs to be far less expansive.  —  Global markets reacted sharply and swiftly after President Donald Trump revealed …
Sally Goldenberg / Politico:
Adams to skip New York City's Democratic primary, run for reelection on nonpartisan line  —  The mayor has been at odds with his party and wants time to recover from now-dismissed federal charges.  —  NEW YORK — Mayor Eric Adams is opting out of New York City's Democratic primary and running …
RELATED:
New York Times:
Adams Doubles Down on Trump Alliance, Praising F.B.I. Director's Book  —  In the mayor's first comments after a judge ordered corruption charges against him dropped, he urged New Yorkers to read a book by the Trump administration's F.B.I. director.  —  Eric Adams, the Democratic mayor …
Anthony Izaguirre / Associated Press:
NYC Mayor Eric Adams will skip Democratic primary and run for reelection as an independent
New York Times:
In Oval Office Meeting, Far-Right Activist Pushes Trump to Fire National Security Staff  —  During the 30-minute meeting, Laura Loomer excoriated National Security Council officials in front of the president and Michael Waltz, the national security adviser.  —  Laura Loomer, the far-right activist …
RELATED:
Axios:
Scoop: Multiple firings on Trump's National Security Council after Loomer visit  —  Several members of President Trump's embattled National Security Council have been fired, a U.S. official and a second source familiar told Axios on Thursday.  —  Why it matters: The firings come …
Discussion: CNN
Robin Wigglesworth / Financial Times:
‘Beware a dollar confidence crisis’ — DB  —  Taking another look at the puzzling greenback puke  —  There's a lot going on at the moment, but the most interesting might be how the dollar has been absolutely tanked by yesterday's tariff news.  —  The DXY dollar index has plunged 1.7 per cent today …
Discussion: Reuters, Wausau and Tax Foundation
Bloomberg:
Trump Tariffs Set to Wipe Out Nearly $2 Trillion From US Stocks … Roughly $1.7 trillion is set to be erased from the S&P 500 Index when trading opens Thursday amid worries that President Donald Trump's sweeping new round of tariffs could plunge the economy into a recession.
Dasha Burns / Politico:
Waltz's team set up at least 20 Signal group chats for crises across the world  —  It's a more extensive use of the app than previously reported and sheds new light on how commonly the Trump administration's national security team relies on Signal.  —  National security adviser Mike Waltz's …
Associated Press:
Justice Department declined to prosecute Texas AG Paxton in final weeks of Biden's term: AP sources  —  The Justice Department quietly decided in the final weeks of the Biden administration not to prosecute Texas Attorney General Ken Paxton, effectively ending the corruption investigation …
Discussion: The Gateway Pundit
 
 
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 More Items: 
Politico:
Top Johnson aide pleads not guilty to DUI charge
Michael C. Bender / New York Times:
Trump Administration Threatens to Withhold Funds From Public Schools
Elisha Krauss / Washington Examiner:
Hegseth embraces true equality for women in the military
Discussion: USA Today
Washington Post:
Trump touted these ICE arrests. Half were already in prison.
Discussion: Twitchy and Boston Herald
Pamela Paul / New York Times:
My Farewell Column  —  This is my final column for The Times.  —  In the memo I wrote three …
 Earlier Items: 
Jack Ewing / New York Times:
Auto Tariffs Take Effect, Putting Pressure on New Car Prices
Discussion: Wall Street Journal
Dan Rosenzweig-Ziff / Washington Post:
Naval Academy removes 400 books after defense leaders' DEI orders
Felix Salmon / Axios:
A third global recession in 20 years looms
Discussion: Wausau
New York Times:
Smithsonian's Leader's Future Unclear After Trump Executive Order
Discussion: The Guardian and Roll Call
ACLU:
Legal Organizations Across Ideologies File Amicus Brief Urging Court to Enjoin Executive Order Targeting Perkins Coie
Discussion: Reason
Sunil Kumar / Tufts University:
University Declaration for Rümeysa Öztürk  —  Please see below a declaration …
Discussion: Boston.com and masslive.com
 

 
From Techmeme:

Samantha Subin / CNBC:
The Nasdaq closes down 4%, with Meta down 7%, Nvidia down 6%, Amazon down 5%, and Apple down 4%, as the White House says Trump's tariffs on China now total 145%

Maxwell Zeff / TechCrunch:
OpenAI updates ChatGPT with a memory feature that references past chats for answers, rolling out to ChatGPT Pro and Plus subscribers, but not in the UK and EEA

Sarah Wynn / The Block:
Block reaches a $40M settlement with NYDFS for “critical gaps” in its anti-money laundering program, including risk-based controls and customer due diligence
 
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