US President Donald Trump’s sweeping tariffs have sent global financial markets into turmoil, with stocks plummeting across the board. The Dow Jones industrial average fell 2,231.07 points, or 5.2%, its worst week since the Covid-19 crisis in 2020.
Experts say the impact on global growth will be negative but uncertain. China has retaliated with punitive tariffs of 34% on goods imported from the US, mirroring the US decision and exacerbating the sell-off.
Federal Reserve Chair Jerome Powell warned that Trump’s tariffs would likely raise prices and slow down economic growth, defying the president’s demands for an interest rate cut. Democrats are also protesting against the firing of a national security official.
The Supreme Court has allowed the Trump administration to freeze $65m in teacher-training grants promoting diversity and inclusion initiatives. Meanwhile, TikTok’s sale deadline has been extended to 75 days after President Trump announced sweeping tariffs.
The US is also testing Russia’s seriousness about peace in Ukraine, with Secretary of State Marco Rubio warning that actions, not words, will determine the outcome.
Source: https://www.theguardian.com/us-news/2025/apr/05/president-trump-administration-news-updates-today-tariffs-prices