memeorandum: Musk will stay on as an adviser post-DOGE, Vance says (Avery Lotz/Axios)

11:20 AM ET, April 3, 2025

Top Items:

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 …

Discussion: Bloomberg, Mother Jones, Washington Examiner, Baltimore Sun, 19FortyFive, Reuters, New York Times, USA Today, The Independent, Wausau, The Atlantic and Breitbart

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.

Discussion: CNBC, NPR, CNN, New York Times, The Budget Lab at Yale and Lawyers, Guns & Money, more at Techmeme »

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.

Discussion: Washington Post, Blue Virginia, Raw Story, The Japan Times and ABC News

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: Rolling Stone, Associated Press and Politico

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 …

Discussion: The Guardian, Fox News, New York Post and The Atlantic

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.”

Discussion: Washington Post, BBC, The Guardian, Associated Press, CNN, Fox News, Politico, ING Think, Bloomberg, Fortune, UPI, Reuters, Hong Kong Free Press HKFP, CBS News and Wausau

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 …

Discussion: Bloomberg, Politico, Wausau, Eschaton, El País and Raw Story

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

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 …

Jennifer Rubin / The Contrarian:

Truth still matters — Voters are seeing—and experiencing—that lies have consequences — Victory in the Wisconsin state supreme court race with a record turnout gives democracy advocates plenty of reason for optimism. Money cannot buy everything. Lottery gimmicks and deceptive ads …

Discussion: NJTODAY.NET

New York Times:
'It's a Disaster': Global Markets Slide After Trump Unveils Tariffs

Discussion: Washington Examiner, CBS News, CNN, Quartz, Wall Street Journal, The Independent, Bloomberg, The Hill, Al Jazeera, Associated Press and KTVZ-TV

Ashley Carnahan / Fox News:
Treasury Secretary Bessent tells countries not to retaliate after sweeping ‘Liberation Day’ tariffs

Discussion: The Hill, HotAir, Washington Examiner, Daily Mail, New York Times, Wall Street Journal, Semafor, Townhall, Associated Press, RedState, 19FortyFive, IJR, Raw Story, Bloomberg, Mediaite, Rolling Stone and San Diego Union-Tribune, more at Techmeme »

Robert Jimison / New York Times:
Senate Votes to Rescind Some Trump Tariffs, With G.O.P. Support

Discussion: ABC News, CNN, Fox News, Newsmax, The Hill, NBC News, Daily Kos, Associated Press, Reuters, Kyodo News+, Washington Times, Off the Kuff, UPI, Roll Call, The Daily Wire, NPR, El País, Wall Street Journal, Bloomberg, The Daily Caller and CBS News

Wall Street Journal:
Trump's New Protectionist Age

Discussion: Al Jazeera, European Commission, DCReport.org, Bloomberg, Reason, Metro.co.uk, Raw Story, Wausau, USA Today, Blaze Media, Cafe Hayek, Business Insider, CBS News, Washington Examiner and New York Times

Ian Dunt / The i Paper:
Trump's downfall begins now - his paranoia and baseless rage is his undoing

Discussion: Raw Story

William Kristol / The Bulwark:
Trump Calls It Liberation. It's Destruction.

Discussion: The Economist, Associated Press and Fortune

Axios:
Trump's tariffs list is missing one big country: Russia

Discussion: The Hill, Quartz, The Kyiv Independent and Mediaite

Victoria Guida / Politico:
‘This Could Get Much Uglier’: The Fatal Flaw In Trump's Trade War

Discussion: Wall Street Journal, New York Magazine, UPI, OutsideTheBeltway, Fortune, New York Times, The Lever, 9to5Mac, Breaking Defense, Semafor and TRADLINX, more at Techmeme »

Washington Post:
Trump's tariffs hit even remote islands. One is mainly home to penguins.

Discussion: CNN, New Jersey Online, Wausau and Raw Story

New York Times:
Live Updates: China and Europe Vow to Respond to Trump's Tariffs

Discussion: Reuters, Associated Press, KTVZ-TV and Wausau

Bloomberg:
Germany and France Push for More Aggressive Tariff Response

Discussion: New York Times, Politico, Fox Business and Wausau

Andrew Solender / Axios:
House Democrats plan to force vote on killing Trump tariffs

Discussion: Fox News, USA Today, The Hill, The Guardian, The Post Millennial, Business Insider, KTVZ-TV and C-SPAN.org

Wired: Trump and DOGE Defund Program That Boosted American Manufacturing for Decades

The Guardian:
‘Nowhere on Earth is safe’: Trump imposes tariffs on uninhabited islands near Antarctica

Discussion: Quartz and Cafe Hayek

Ryan Dezember / Wall Street Journal:
Here's How Markets Are Responding to Trump's Tariffs Announcement

Discussion: New York Times, The Hill, The Free Press, New York Post, Raw Story, Foreign Policy, RedState, al.com, The Daily Signal, Breitbart, Los Angeles Times, UPI, Townhall and PBS NewsHour

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

Washington Post:
China, E.U. prepare ‘countermeasures’ as Trump tariffs unite friends and foes

Discussion: New York Times, 19FortyFive, Politico, Fortune, Semafor, Al Jazeera, ABC News, Reuters, Wired and GZERO

Nette Nöstlinger / Politico:
German leaders push for tough response to Trump tariffs in hope of détente later

Discussion: Reuters, Wausau and WisPolitics

Politico:
Senate Republicans buck Trump, join Dems in rejecting Canada tariffs

Discussion: Fox News, Townhall, MM Press, New York Post, Reason, The Gateway Pundit, Raw Story, Plain Dealer, The Independent and The Hill

Rebecca Falconer / Axios:
Uninhabited sub-Antarctic islands named in Trump's tariffs list

Discussion: ABC News, CNBC, El País and Daily Mail

New York Times:
Live Updates: Trump Unveils Sweeping Tariffs on All Imports

Discussion: Scripps News, The Hill, Politico, MeidasTouch News, Telegraph, The White House, CBS News, Forbes, Washington Post, Raw Story, Fortune, Wausau, Reuters, Crikey, Al Jazeera, NewsNation, The Verge, Grist, Fox Business and Vox

Jack Blanchard / Politico: (Trade) war on the world

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.

Discussion: Public Notice, Mediaite, Bloomberg, USA Today, New York Post, The Wrap, Business Insider, UPI, Wausau, Raw Story and Sportico, more at Techmeme »

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 …

Discussion: Today's Edition Newsletter, Quartz, Noahpinion, Wausau, Daily Mail, Axios, Raw Story, The Independent, Associated Press, NewsNation and Mediaite

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 …

Discussion: New York Magazine, The Hill, The Daily Caller, The National Pulse, New York Daily News, New York Times, Fox News, Hollywood Life, New York Post, CNBC, Daily Kos and GZERO

Anthony Izaguirre / Associated Press:
NYC Mayor Eric Adams will skip Democratic primary and run for reelection as an independent

Discussion: NBC News, Washington Examiner, Axios, USA Today, KTVZ-TV, Washington Post, UPI, Wausau, City Journal, Bloomberg, The Guardian, CBS News, New York Post, WAGA-TV and Mother Jones

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 …

Discussion: Raw Story

Axios:
Scoop: Multiple firings on Trump's National Security Council after Loomer visit

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.

Avery Lotz / Axios:

Musk will stay on as an adviser post-DOGE, Vance says — Elon Musk will remain a “friend and an adviser” to the White House after his time directing DOGE's reordering of the federal government is through, Vice President JD Vance said in a Thursday interview.

Discussion: Daily Mail, New York Post, Mediaite, The Independent and Wausau

Michael Wayland / CNBC:

Stellantis idles plants in Mexico and Canada due to tariffs … DETROIT — Stellantis is pausing production at two assembly plants in Canada and Mexico as the company attempts to navigate President Donald Trump's new round of 25% automotive tariffs that took effect Thursday.

Discussion: The Detroit News, Reuters, WDIV-TV, MeidasTouch News, Washington Examiner and Portal

New Republic:

Trump Suddenly Set to Cut Musk Loose as Knives Come Out Over WI Fiasco — After Democrats scored a huge victory in the Wisconsin Supreme Court race, a contest that revolved heavily around Elon Musk's involvement, Trumpworld is turning on their favorite billionaire.