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11:30 AM ET, April 3, 2025

memeorandum

 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.
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 …
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.
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 …
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 …
Jenny Che / Bloomberg:
France's Macron Urges EU Companies to Pause US Investments  —  French President Emmanuel Macron urged companies to pause investments in the US after President Donald Trump announced tariffs on the European Union and other regions.  —  It makes little sense for firms to invest there while the US hits …
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.”
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
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
William Kristol / The Bulwark:
Trump Calls It Liberation. It's Destruction.
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’
Wall Street Journal:
Trump's New Protectionist Age
New York Times:
'It's a Disaster': Global Markets Slide After Trump Unveils Tariffs
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
Wired:   Trump and DOGE Defund Program That Boosted American Manufacturing for Decades
Ryan Dezember / Wall Street Journal:
Here's How Markets Are Responding to Trump's Tariffs Announcement
Jack Blanchard / Politico:
(Trade) war on the world
Discussion: Florida Politics
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
Tim Dickinson / Rolling Stone:
Trump Launches Trade War With Penguins, Not Putin
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
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 …
CNN:
White House fires three NSC staffers after president meets with far-right activist Laura Loomer  —  The White House has fired at least three National Security Council staffers, three sources familiar with the move told CNN.  —  The firings came after Laura Loomer, the far-right activist …
Discussion: RedState
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 …
Noah Berlatsky / Public Notice:   Trump's third term threats are not a distraction
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:
Anthony Izaguirre / Associated Press:
NYC Mayor Eric Adams will skip Democratic primary and run for reelection as an independent
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
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.
RELATED:
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.
 
 
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 More Items: 
Leah Litman / The Atlantic:
How the Trump Administration Learned to Obscure the Truth in Court
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
Pamela Paul / New York Times:
My Farewell Column  —  This is my final column for The Times.  —  In the memo I wrote three …
Associated Press:
Justice Department declined to prosecute Texas AG Paxton in final weeks of Biden's term: AP sources
Discussion: The Gateway Pundit
 Earlier Items: 
Ian Dunt / The i Paper:
Trump's downfall begins now - his paranoia and baseless rage is his undoing
Discussion: Raw Story
Sydney Lupkin / NPR:
HHS guts the teams that fulfill public records requests for health agencies
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
Sunil Kumar / Tufts University:
University Declaration for Rümeysa Öztürk  —  Please see below a declaration …
Discussion: Boston.com and masslive.com
 

 
From Techmeme:

Qianer Liu / The Information:
Sources: Nvidia told suppliers like Amkor and Samsung to halt H20 chip production after China urged local tech firms to avoid H20 over alleged security concerns

The Information:
Source: Meta has signed a deal with Google, worth more than $10B over six years, to use Google Cloud's servers, storage, networking, and other services

Financial Times:
Court filing: Elon Musk says he talked to Mark Zuckerberg in February about backing a $97.4B OpenAI bid, but neither he nor Meta signed a letter of intent
 
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