Pence criticizes Trump's new tariffs as 'largest peacetime tax hike'

Former Vice President Mike Pence has voiced strong opposition to President Donald Trump's new tariffs, calling them "the largest peacetime tax hike in U.S. history."

On the social platform X, Pence saidthat the tariffs are nearly ten times the size of those imposed during the Trump-Pence administration and would cost American families over $3,500 annually.

Senate passes resolution to rebuke Trump's tariffs on Canada

The Senate passed a resolution Wednesday night by a 51-48 vote that seeks to block Trump's ability to impose tariffs on Canada. The resolution aims to end Trump's emergency declaration on fentanyl, which underpins the tariffs. The move follows Trump's announcement earlier in the day of sweeping tariff plans targeting several international trading partners, though Canada was spared from the new taxes for now.

This vote marks a rare rebuke of the president from Republicans, with four GOP senators—Lisa Murkowski, Susan Collins, Mitch McConnell, and Rand Paul—joining Democrats in support. While the resolution is unlikely to pass in the Republican-controlled House, it signals growing unease within the GOP over Trump's approach to trade and its potential economic consequences.

Trump had justified the tariffs as necessary to combat fentanyl trafficking from Canada, although critics argue the tariffs will harm U.S. businesses and consumers. Democrats, including Sen. Tim Kaine, emphasized that the move would raise costs and disrupt industries. Republicans, however, defended Trump's actions as necessary for border security and combating illegal drugs.

With ongoing concerns over the political and economic ramifications, the resolution in the Senate highlights the limits of GOP support for Trump's economic agenda.

Carney warns Trump's tariffs will hurt millions of Canadians

Canadian Prime Minister Mark Carney said President Trump's new trade measures will reshape the international trading system while still preserving key aspects of U.S.-Canada commerce.

Canada and Mexico have been spared from the latest round of tariffs for goods already covered under their free trade agreement with the U.S. However, the previously announced 25% tariffs on steel and aluminum remain in place.

Carney warned that the tariffs will negatively impact the U.S. economy, which in turn will hurt Canada. He pledged to fight back with countermeasures, saying millions of Canadians will be affected.

He plans to meet with his Cabinet committee on U.S.-Canada relations Wednesday evening and with provincial premiers Thursday before making further announcements.

House Democrats push for vote to rebuke Trump's tariff policy

House Republicans may soon have to vote on a resolution condemning President Trump's tariff policy, despite leadership's efforts to block it.

Rep. Greg Meeks, the top Democrat on the House Foreign Affairs Committee, said he plans to introduce a privileged resolution to force a floor vote. The procedural move would bypass GOP leadership, which has previously blocked similar attempts.

While House Republicans have worked to prevent votes criticizing Trump's tariffs, Democrats argue those rules don't apply to Meeks' resolution. If introduced this week, a vote could happen in the coming days, though GOP leaders are expected to try stopping it again.

EV group warns Trump tariffs will raise costs, deter investment

An electric vehicle advocacy group says President Trump's tariffs will drive up consumer costs and make it harder for the U.S. to attract investment in EV and battery production.

Albert Gore, executive director of the Zero Emission Transportation Association, said the plan creates uncertainty in a growing industry that supports jobs and economic opportunities. He warned it could hurt key trade partners like Canada, Mexico, and South Korea, which have invested billions in EV and battery supply chains.

Gore stressed that securing supply chains and boosting domestic production is crucial for U.S. competition with China.

China now faces 54% tariff as Trump adds new trade penalties

China, already subject to a 20% tariff on goods sent to the U.S., will now face a total 54% tariff after Trump imposed an additional 34% reciprocal tariff, White House Press Secretary Karoline Leavitt confirmed today.

The new tariffs, set to take effect May 2, will also apply to packages worth less than $800 from China and Hong Kong, impacting platforms like AliExpress, Temu, and Shein. Smaller packages shipped via standard postal service will be taxed at 30% or $25 per package, rising to $50 in June.

Trump's tariffs on other Asian nations, including 46% on Vietnam and 49% on Cambodia, aim to curb China's efforts to bypass trade restrictions by shifting production elsewhere.

OPINION: Are Trump's tariffs good for America? Newsweek writers' verdicts

During the campaign, President Donald Trump focused much of his rhetoric on the economy around tariffs, saying that he would impose them on a number of countries around the world in order to bring industry back to U.S. shores and fight unfair trade practices.

Promises made, promises kept as the president announced sweeping tariffs today on nations including China, the European Union, Vietnam, India, Japan and South Korea. Each country faces different rates for their products based on what Trump called "cheating" and their existing tariffs on U.S. goods.

Follow our live coverage for more details.

Daniel DePetris—Trump Can't Have It Both Ways

What is President Donald Trump's new tariff regime supposed to accomplish? And how will other countries react?

The second question is the easiest to answer: it depends on the country. Some, like Mexico, will adopt a carrot-and-stick approach, enacting retaliatory tariffs on specific U.S. goods while offering concessions. Others, like the European Union, will attempt to hit America's economic jugular, hoping the economic pain will somehow bring Trump to the table.

The first question is complicated. Trump has suggested the tariffs are designed to pull more revenue into the U.S. Treasury and equalize the global trading relationship. But they can't do both. If it's the former, there is no negotiation to be had.

Read the full story by Newsweek's staff.

Senate set to vote on measure rebuking Trump's tariff policy

The Senate is expected to begin voting around 6:45 p.m. ET on a Democrat-led measure opposing President Donald Trump's new tariff policy.

While Senate vote timing is subject to change, a Republican whip notice indicated that this is the current schedule. The measure seeks to challenge Trump's sweeping tariffs, which have drawn criticism from lawmakers concerned about economic impacts.

Stock markets dip as Trump's tariffs exceed expectations

Trump's newly announced tariffs are higher than many economists anticipated, leading to a decline in stock markets during after-hours trading.

"This is clearly worse news on tariffs than we had forecast," said Michael Pearce, deputy chief U.S. economist at Oxford Economics, AP reported.

Pearce noted that he will revise his economic projections, expecting inflation to exceed 3% later this year, up from the current 2.5%, while also lowering his growth forecast.

UK responds to Trump tariffs, vows continued negotiations

A Downing Street source reacted to Trump's new tariffs, emphasizing the UK's commitment to securing a lower levy and protecting jobs.

"We don't want any tariffs at all, but a lower levy than others vindicates our approach," the source said. "It matters because the difference between 10% and 20% is thousands of jobs."

Trump says new tariffs protect U.S. farmers and ranchers

Trump defended his latest round of tariffs as a measure to protect American farmers and ranchers from unfair trade practices.

"With today's actions, we're also standing up for our great farmers and ranchers who are brutalized by nations all over the world," Trump said.

He singled out Canada's tariffs on U.S. dairy products, arguing they put American producers at a disadvantage.

"It's not fair to our farmers. It's not fair to our country," he said, adding that the U.S. provides subsidies to nations like Canada and Mexico to "keep them in business."

A look at the reciprocal tariffs

Trump defends tariff policy as 'kind reciprocal'

Trump defended his recently announced tariff policy, labeling it "kind reciprocal." He emphasized that the tariff rates he is imposing, while high, are not as severe as the levies that some U.S. trading partners impose on American exporters.

Trump referred to the rates as a "discounted reciprocal tariff," suggesting that he could have been even harsher in his approach to these countries.

Trump champions Gilded Age policies during tariff announcement

Trump once again praised the economic policies of the Gilded Age, claiming that the U.S. was at its wealthiest between 1870 and 1913 when it operated as a "tariff nation." Trump linked the move away from tariffs and toward an income tax in 1913 to the onset of the Great Depression in the 1930s, calling the shift "for reasons unknown to mankind."

While economists and historians note that the U.S. did experience growth during this period, it was largely driven by immigration and was also marked by significant inequality. Critics argue that Trump's view oversimplifies the complex economic factors at play during this era.

Trump announces full list of reciprocal tariffs on global trading partners

Trump has unveiled the full list of countries subject to reciprocal tariffs, with rates ranging from 10% to 49%. The new tariffs aim to level the playing field in trade relations, as Trump targets countries he believes have unfair trade practices.

Among the countries affected are China, facing a 34% tariff, the European Union at 20%, and Vietnam with the highest rate at 46%. Other nations like South Korea, India, and Japan are also included, with rates of 25%, 26%, and 24%, respectively. Several other countries, including the United Kingdom, Australia, and Brazil, will face a 10% tariff.

The tariffs will take effect shortly, marking a significant step in Trump's broader economic strategy to address global trade imbalances.

Trump sets high tariff rates based on 'cheating' and existing tariffs

Trump announced that the United States will calculate tariff rates for other countries based on their current tariffs and what he described as "other forms of cheating."

Under the new system, countries like China will face a 34% tariff, the European Union will be hit with 2%, Japan will face a 24% tariff, and India will be subject to a 26% tariff.

WATCH: Trump's announcement of tariffs on foreign cars

Trump pulls out visual aid on tariffs

Trump unveiled a chart displaying reciprocal tariff rates for U.S. trading partners, stating that he plans to charge half of those rates. However, the president did not provide any explanation or details regarding the calculations used to justify the proposed tariffs.

"They're ripping us off," he has said throughout his speech.

Trump highlights support from union leader at White House tariff event

Trump invited Brian Pannebecker, a retired autoworker and founder of Auto Workers for Trump, to speak briefly about his support for the president's economic policies.

Pannebecker, who previously spoke at the Republican National Convention, shared his frustrations with plant closures throughout his career, saying, "My entire life I have watched plant after plant after plant close."

Despite the United Auto Workers endorsing Democrat Kamala Harris in the 2024 election, the influential union has shown support for Trump's plans to impose tariffs on imported vehicles, a stance that aligns with Pannebecker's advocacy for the president's trade policies.

Trump claims egg prices have dropped under his watch, but economists warn of higher costs

Trump has touted a decrease in egg prices following an outbreak of avian flu, claiming credit for stabilizing the market.

However, economists are raising concerns about the potential impact of Trump's tariff policies, which could drive up prices for a wide range of goods.

Experts warn that while the administration's tariffs may initially boost domestic production, they are also likely to lead to higher costs for consumers.

The key issue, they say, is whether these price hikes will lead to sustained inflation, further burdening American households in the long term, NYT reported.

Trump announces tariffs as 'declaration of economic independence'

Trump has framed his tariff move as a "declaration of economic independence" for the United States. Speaking to reporters from the Rose Garden, Trump argued that for too long, American citizens have been sidelined while other nations profited at the country's expense. "Now it's our turn to prosper," he said.

As the tariff announcement looms, U.S. financial markets have experienced significant volatility, with investors uncertain about the potential economic impact. While Trump remains confident the tariffs will boost the U.S. economy, many experts have raised concerns. They warn that the move could lead to higher prices for American consumers, especially on imported goods.

Trump targets foreign tariffs on u.s. cars, as his own go into effect

Trump has been vocal in criticizing other countries for their tariffs on U.S. cars, but his administration already implemented a 25% tariff on imported cars and auto parts. These tariffs are set to take effect just after midnight Thursday.

A key target in Trump's rhetoric has been the European Union's value-added tax (VAT), a tax system that is common in many countries outside of the U.S. Unlike the U.S., which does not have a VAT, the EU has long imposed this tax, which Trump has repeatedly criticized.

Trump also said that several countries have imposed "non-monetary barriers" on the U.S., including currency manipulation, subsidies, high taxes, and intellectual property theft.

'Golden age' for America to come, according to Trump

Trump announced reciprocal tariffs, promising they would usher in a "golden age" for America.

He added that it would bring jobs and factories back to the country.

Tariff policies to bring 'trillions of dollars'

Trump said his tariff policies would bring in "trillions of dollars" to help lower taxes and reduce the national debt.

'Very simple' reciprocal tariffs

"This is one of the most important days," Trump said about the tariffs.

He also explained the definition of reciprocal tariffs to the audience.

Trump steps onto the podium in the Rose Garden

Trump started his speech by saying that the tariffs will "Make America good and wealthy again."

Canadian brewery co-founder warns tariffs could raise beer prices

Josh McJannett, co-founder of Ottawa-based Dominion City Brewing Co., says new U.S. tariffs could significantly increase brewing costs and reduce demand for beer. He warned that independent brewers on both sides of the border will be forced to pay more "for absolutely no reason."

McJannett said many brewing essentials are becoming more expensive, especially aluminum cans, which are now subject to tariffs under President Donald Trump's trade policies. While some breweries have stockpiled cans, suppliers are already raising prices, and the added costs will soon be unavoidable.

Dominion City has promoted a "Buy Canadian" initiative, using local ingredients whenever possible. However, key materials, like 16-ounce tallboy cans, are not produced in Canada, leaving brewers with no alternative but to pay higher prices.

For small operations like his, McJannett said passing a 25% cost increase onto consumers isn't realistic, as beer is a discretionary purchase. "People need to eat; they don't need to drink beer," he noted.

Auto tariffs could increase foreign car prices by $20,000

Trump's 25% tariffs on foreign-made cars and parts could raise the price of some imported cars by up to $20,000, according to analysis by Michigan think-tank Anderson Economic Group.

Brands such as Audi, BMW, Jaguar-Land Rover, Mercedes, Genesis, and Lexus are all likely to be affected, with luxury cars, electric vehicles and SUVS set to be hardest hit.

Even cars that are fully assembled in the U.S. are expected to see price hikes of at least $2,500 as they rely on some foreign parts.

"If you are in the market for a new car and you find one you like, my advice is to buy it right away. If you have a used car you rely upon, my advice is to make sure it is well maintained as you are likely to use it for a while longer than you had earlier planned," Patrick L. Anderson, the CEO of the group, told CNN.

Reporters enter Rose Garden ahead of Trump's tariff announcement

Reporters have been allowed into the Rose Garden for President Donald Trump's "Make America Wealthy Again" event, where he is set to unveil his latest tariff policy. Ahead of his arrival, top Republican lawmakers and Cabinet officials are seen mingling.

Defense Secretary Pete Hegseth is near the front row, speaking with House Speaker Mike Johnson, while other high-profile figures await Trump's remarks.

Steelworkers and autoworkers to attend Trump's Rose Garden announcement

Trump's upcoming announcement in the Rose Garden will include rank-and-file steelworkers and autoworkers in the audience, but no corporate executives are expected, according to White House officials.

Most of Trump's Cabinet, including Vice President JD Vance, will also be present for the event. Several members of Congress received invitations, including House Speaker Mike Johnson, House Majority Leader Steve Scalise, Senate Majority Leader John Thune, and Republican Senators Bill Hagerty of Tennessee and Bernie Moreno of Ohio.

Maryland man mistakenly deported as family pleads for his return

Kilmar Abrego Garcia has been gone for 22 days, and his young autistic son continues to search for him in the only way he knows—by clinging to his father's work shirts and inhaling his familiar scent, AP reports.

Abrego Garcia, 29, was deported to El Salvador on what the Trump administration now calls an "administrative error." He had been granted protection from deportation in 2019 due to threats from local gangs in his home country. Despite this, he was arrested on March 12 in an Ikea parking lot while his 5-year-old son sat in the car.

His wife, Jennifer Vasquez Sura, described their child's distress, saying he has been crying more, acting out, and struggling without his father.

With Abrego Garcia now in one of El Salvador's most dangerous prisons, his family is left waiting for action to correct the mistake.

Wall Street fluctuates as Trump's tariff announcement looms

Stocks remained volatile Wednesday as investors awaited Trump's expected tariff announcement. After rising earlier in the day, markets pulled back slightly but held onto gains in afternoon trading.

The Dow Jones Industrial Average was up 97 points, or 0.23%, while the S&P 500 gained 0.26%. The Nasdaq Composite, led by tech stocks, rose 0.4%. The Dow had surged nearly 400 points in the early afternoon before retreating but remained in positive territory.

Market uncertainty has fueled choppy trading in recent weeks, with some analysts suggesting stocks may have been oversold ahead of Trump's announcement, scheduled for 4 p.m. ET.

"I just feel like this is one of those moments where the bark may have been worse than the bite," said Jamie Cox, managing partner at Harris Financial Group, per CNN.

Investors will continue to react after the stock market closes at 4 p.m. ET, as futures trading extends into the evening. Many remain focused on the potential economic risks of Trump's tariff plans.

"We would just love to see more clarity," said JoAnne Bianco, senior investment strategist at BondBloxx.

SBA administrator praises Trump for 'standing up to our allies'

Kelly Loeffler, the Administrator of the Small Business Administration, praised President Trump for "stand[ing] up to our allies" over the tariffs.

During an appearance on Fox Business, Loeffler repeated Trump's rhetoric that the United States' trade partners were "no longer going to take advantage of us" once the levies were introduced this afternoon.

"This is an exciting day, Liberation Day. This is the single greatest salvation, for not just small businesses, but for America," she said.

"This country was traveling down an unsustainable path, and President Trump has been the only president that has a backbone to stand up to our allies and adversaries alike and say, 'We have to level the playing field,'" she added in the clip, shared by Trump on Truth Social.

OPINION: Trump tariffs are already reshaping Canada's political future

The first round of new U.S. tariffs on Canadian goods are expected to take effect Wednesday. A second wave targeting lumber and steel is set to follow within weeks. Following his first call with newly installed prime minister Mark Carney, in which the two leaders discussed the looming tariffs, Donald Trump told reporters "We are going to end up with a very good relationship with Canada."

Trump may have spoken too soon. The trade war isn't just targeting Canada's economy—it redrew the country's political map. Trump's sweeping tariffs, inflammatory rhetoric, and not-so-veiled annexation talk may have been designed to pressure Ottawa, but instead they revived Canada's ruling Liberal Party, deepened a civil war among its Conservatives, and handed Carney a nationalist wave to ride into a snap election.

On March 31, Carney—just weeks into the job—called a federal election for April 28. It was a bold but calculated move. "President Trump claims that Canada isn't a real country," Carney told reporters. "He wants to break us so America can own us. We will not let that happen."

Only a few weeks ago, the Liberals were facing political disaster. After Justin Trudeau's resignation, the party trailed the Conservatives by 26 to 27 points. Pollsters projected a Conservative super-majority of up to 240 seats in the newly expanded 343-seat House of Commons.

Everything changed after the March 4 tariff announcement. Trump imposed a 25 percent levy on most Canadian imports and a 10 percent tax on energy, citing Canada's alleged role in fentanyl smuggling and migrant crossings. Experts immediately dismissed those claims as baseless—Canada is not a source country for fentanyl, and more crossings occur into Canada than out of it. On top of the tariff threats, Trump personally insulted Canadian leadership and sovereignty, calling Trudeau a "governor" and referring to Canada as the "51st state."

Read the full opinion piece by Faisal Kutty on Newsweek.

Law firms fear Trump orders could affect security clearances for military members

Law firms have warned that Trump's sweeping executive order targeting lawyers who have worked with his perceived enemies, are too broad and could potentially revoke security clearances of military members.

They warn that some of the lawyers at the firms affected by the orders are also military reservists who require their clearances to report to duty.

A White House spokesman pointed to the provision of the order saying the clearances are to be suspended "pending a review of whether such clearances are consistent with the national interest."

Democrats criticize Trump's tariffs, warn of rising costs for households

Democrats are preparing to use President Trump's tariffs as a key point in their argument that he is mismanaging the economy. Senator Chris Van Hollen, a Maryland Democrat, is set to address the Senate floor this evening, warning that the tariffs could increase costs for the average American household by up to $2,000 annually.

This push comes as the party seeks to highlight the potential financial burden on consumers amid escalating trade tensions.

Avocado producers in Michoacan halt production amid tariff uncertainty

Avocado production in Michoacan, Mexico—the world's leading avocado-producing region—has come to a near standstill as producers wait for clarity on potential tariffs. Jorge Mendoza, a salesman at Frutas Finas Sanchez, shared that while some cutting is still happening, it's at a reduced volume. "They're cutting, but very little volume," he said, noting that producers are adapting to lower prices, which could hurt them financially.

Mendoza explained that U.S. clients have asked to delay orders this week, fearing shipments could face tariffs upon arrival. "There's a lot of uncertainty; everyone is panicking," Mendoza added, pointing out that some clients had already paid tariffs last month and are now being more cautious. The industry is currently in a holding pattern, with minimal product movement as producers await further developments.

25% auto tariffs go into effect at one minute past midnight on April 3

President Trump's 25% auto tariffs are set to go into effect at one minute past midnight on April 3.

White House Press Secretary Leavitt confirmed there will be no exemptions to the auto tariffs.

It is not yet clear what time Trump's 20% universal tariffs will go into effect.

Groups urge Trump to reconsider new tariffs amid trade war concerns

As Trump prepares to unveil a new package of tariffs, advocacy groups that could face retaliation in a potential trade war are urging him to rethink the move. Brian Kuehl, executive director of Farmers for Free Trade, expressed concern over the impact on farmers, saying, per the New York Times, "Farmers don't want tariffs."

With the farm economy already struggling, Kuehl emphasized that additional tariffs could exacerbate the situation by raising input costs, closing off key markets, and increasing uncertainty. He warned that such measures could push more family farms to the brink of bankruptcy, further intensifying the challenges faced by the agricultural sector.

Social Security 'war room' announced to fight Donald Trump

President Donald Trump has been openly embracing the idea of seeking out a third term, despite being expressly prohibited from doing so by the 22nd Amendment of the U.S. Constitution.

Many Democrats see this as a further sign of Trump's lawlessness and his willingness to openly flout the Constitution. It may be. Or it may just be Trump needling us.

Yet, bluff or no bluff, let's call him on it. Let's change the Constitution and have him run again in 2028—in free and fair elections.

There are two good reasons to do this. First, the 22nd Amendment is senseless and anti-democratic. Harry Truman, who was president when it passed (but it did not apply to) saw it that way, calling the amendment "stupid" and "one of the worst that has been put into the Constitution."

Read in full from Ross Rosenfeld, former teacher, writer, and college advisor, on Newsweek.

Trump considers new 'External Revenue Service' to collect tariffs

Trump is reportedly considering the creation of an "External Revenue Service" to collect tariffs and foreign revenue as part of a broader new trade agenda. The announcement, expected Wednesday, will also include a plan to impose tariffs on low-value merchandise shipped from China to individual U.S. consumers.

Trump's proposal seeks to alter the current system that allows duty-free shipments of Chinese goods worth less than $800. This loophole has allowed Chinese e-commerce giants like Shein and Temu to bypass import fees, undermining American retailers who must pay these fees for bulk imports. Under the new plan, a $25 fee could be attached to low-value packages from China, disrupting the ultra-low prices consumers are accustomed to.

Trump has described the External Revenue Service as a government body to collect all revenue from foreign sources, positioning it as a replacement for the IRS. However, the idea of fully replacing the income tax with tariff revenue would be a complex economic shift requiring congressional approval.

Details on the final decision remain unclear, but Trump is expected to discuss the new strategy at a 4 p.m. event in the Rose Garden, where he will highlight the impact on global trade and U.S. consumers.

Israel announces its canceling tariffs on US ahead of Trump's announcement

Israel has announced that it is canceling all its tariffs on the United States, ahead of President Trump's announcement today.

It is the first country to do so to avoid reciprocal tariffs, but other countries may follow its example.

Kennedy's silence on HHS layoffs raises questions from lawmakers

Secretary Robert F. Kennedy Jr. has provided no new details about his restructuring of the U.S. Department of Health and Human Services (HHS), following massive layoffs that have affected up to 10,000 employees across the agency. This has led to growing concerns from both Republican and Democratic lawmakers, with a bipartisan request for Kennedy to testify before a Senate committee next week to explain the cuts.

The layoffs, which aim to reduce a quarter of HHS's workforce, have been met with strong opposition from public health experts and top Democrats. The department has not disclosed which specific jobs have been eliminated, but reports indicate cuts at key agencies, including 3,500 positions at the Food and Drug Administration, 2,400 at the Centers for Disease Control and Prevention, and 1,200 at the National Institutes of Health.

Kennedy defended the overhaul, stating it was designed to realign HHS with its core mission of addressing the chronic disease epidemic and improving public health. However, many are questioning the effectiveness of such deep cuts, particularly in areas like medical research, food safety, and infectious disease prevention.

While the cuts are projected to save $1.8 billion from HHS's $1.7 trillion annual budget, concerns remain over the long-term impact on public health. Lawmakers, including Senators Bill Cassidy and Bernie Sanders, have called for Kennedy to testify, demanding clarity on the reasoning behind the layoffs and how the restructuring will benefit American health.

WATCH: Italy PM Meloni reiterated the need to avoid commercial war with the US

Amazon makes Hail Mary TikTok pitch ahead of Donald Trump's deadline

Amazon has submitted a last-minute bid to acquire TikTok, according to a Trump administration official, as the U.S. faces a looming Saturday deadline for the platform to be sold or banned.

The official, who spoke to the Associated Press on condition of anonymity due to lack of authorization to speak publicly, said the offer was made through a letter addressed to Vice President JD Vance and Commerce Secretary Howard Lutnick.

President Donald Trump, on his Inauguration Day, granted TikTok a temporary reprieve from enforcement of a law—previously upheld unanimously by the Supreme Court—that mandates TikTok's Chinese parent company, ByteDance, divest the platform for national security reasons or cease operations in the U.S.

While Trump has floated the possibility of extending the pause again, he has also indicated he expects a deal to be finalized by the April 5 deadline.

Amazon has not issued a public statement regarding the bid. News of the offer emerged as Trump prepared to meet with senior officials on Wednesday to review the approaching cutoff for TikTok's sale.

Goldman Sachs raises recession risk as tariffs threaten US economy

Goldman Sachs has warned of a growing risk of a US recession, citing the impact of surging tariffs on growth, inflation, and unemployment. The Wall Street bank now forecasts a 35% chance of a recession in the next 12 months, up from its previous estimate of 20%.

In a recent report, Goldman Sachs also raised its inflation forecast, cut its 2025 GDP growth estimate to just 1%, and adjusted its year-end unemployment rate outlook to 4.5%. The bank acknowledged that while it still expects the US to avoid a recession, other economists see the odds as more balanced.

The increase in recession probability follows a significant drop in household and business confidence, along with statements from White House officials suggesting a greater tolerance for near-term economic weakness in pursuit of trade policies. This marks Goldman Sachs' highest recession risk since the regional banking crisis two years ago.

WATCH: 'It's not Liberation Day, it's Recession Day': Jeffries slams Trump Tatriffs

Boston DA criticizes ICE for detaining suspect during trial

Boston's district attorney condemned U.S. Immigration and Customs Enforcement (ICE) on Wednesday after an agent detained a suspect in the middle of his trial, calling the action reckless and harmful to public safety.

ICE agent Brian Sullivan arrested Wilson Martell-Lebron last week as he was leaving court, but a Boston judge ruled Monday that the move violated his due process rights. Suffolk County District Attorney Kevin Hayden said the arrest not only disrupted the trial but also undermined law enforcement efforts.

"I've watched ICE actions over the last few months, and I have concerns that those actions are harming our public safety goals," Hayden said, arguing that fear of ICE discourages victims and witnesses from cooperating with investigations.

The judge dismissed charges against Martell-Lebron and filed a contempt charge against Sullivan, which could lead to further legal action. Meanwhile, Martell-Lebron remains in ICE custody at a detention facility in Plymouth.

ICE has increased courthouse arrests since Trump's second term began, following a repeal of a 2011 policy that restricted enforcement near schools, places of worship, and hospitals. Hayden vowed to prevent similar incidents in the future, saying, "It should not have happened, and we're going to do everything we can to make sure it doesn't happen again."

How Donald Trump's net worth change compares to Elon Musk's

The story behind the net worth of President Donald Trump and Elon Musk has changed drastically this year, but for different reasons.

Trump's third bid for the White House resulted not just in him reclaiming his seat in the Oval Office but also in increasing his net worth by nearly double within the past year. The Republican leader's $5.1 billion net worth as of March 31, according to Forbes, bolstered his financials through stock shares, real estate equity and cryptocurrency.

Musk, on the other hand, has experienced some financial downfalls since the turn of the year. While still the world's richest man by a lot at about $3.83 billion as of April 2, ahead of Meta CEO Mark Zuckerberg, Forbes reported that Musk's fortune dropped about $121 billion from December to the end of March; however, recent upticks in Tesla's stock price have salvaged his net worth.

Forbes reports that Trump's financial gains are correlated with business ventures, including his Truth Social platform, his real estate investments, his golf properties and resorts, and liquid and other assets.

Read in full from Nick Mordowanec on Newsweek.

Experts weigh in on Trump tariffs, Florida elections, and federal health agency layoffs

CNN's News Central featured discussions Tuesday on key political and economic issues, including the potential effects of Trump's tariff policies, Florida's special House elections, and mass layoffs at federal health agencies.

Moody's Analytics Chief Economist Mark Zandi warned anchor Kate Bolduan that there are "no good" outcomes from Trump's proposed tariffs, calling them variations on a "dark theme." He compared a potential 20% tariff across all countries to the Smoot-Hawley tariffs of the Great Depression, saying it could push unemployment above 7% and trigger a significant recession.

Rep. Byron Donalds (R-FL) downplayed Democratic wins in Florida's special House elections, telling anchor Sara Sidner that Republican turnout remained strong despite Democratic enthusiasm. He dismissed concerns about the GOP's standing, saying, "Everything in Florida is just fine."

Former Obama Health and Human Services Secretary Kathleen Sebelius criticized the Trump administration's layoffs at federal health agencies, warning that they would lead to "sheer chaos." She said the vacancies could disrupt drug approvals, research grants, and public health safety measures.

NATO country hails new US fighter jets as 'symbol' amid Russia-Ukraine war

Bulgaria on Wednesday received the first of 16 new F-16 fighter jets from the United States, marking a major step in modernizing its air force and aligning its military capabilities with NATO standards.

Prime Minister Rosen Zhelyazkov welcomed the aircraft at the Graf Ignatievo air base in central Bulgaria, calling it more than just a military asset.

"This is not just a fighter jet, but a symbol and embodiment of Bulgaria's strategic partnership with the United States—a partnership that brings a new outlook for the Bulgarian Army," he said.

Bulgaria initially signed a $1.3 billion deal in July 2019 to purchase eight multi-role F-16 Block 70 jets. Delivery was originally scheduled for 2023 but was delayed due to the COVID-19 pandemic. In 2022, the government finalized a second deal with Lockheed Martin to acquire an additional eight jets by the end of 2027.

A NATO member since 2004, Bulgaria has long aimed to replace its aging fleet of Soviet-era MiG-29 aircraft. Budget constraints, however, caused repeated delays. As Russia's war in Ukraine continues, Bulgaria has been depending on support from other NATO allies to meet its air policing responsibilities.

Read the full story by Gabe Whisnant on Newsweek.

Texas Senate passes bill requiring some sheriffs to assist ICE

The Texas Senate approved a bill Tuesday that would require sheriffs in larger counties to enter agreements with U.S. Immigration and Customs Enforcement (ICE) to help identify undocumented immigrants accused of crimes.

Senate Bill 8, introduced by Republican state Sens. Joan Huffman and Charles Schwertner, mandates that sheriffs in counties with over 100,000 residents seek a 287(g) agreement with ICE. The bill also establishes a $20 million fund to support smaller counties—those with fewer than 1 million residents—that enter such agreements by helping cover associated costs, including detaining individuals for potential immigration violations.

The legislation, which passed 20-11, allows the state attorney general to sue sheriffs who fail to comply. An amendment to the bill permits these lawsuits to be filed in the sheriff's county rather than in Travis County, which leans Democratic.

The 287(g) program enables ICE to train and deputize local law enforcement to enforce federal immigration laws. This can include questioning inmates in local jails about their immigration status or serving administrative immigration warrants.

Democratic lawmakers voiced concerns over the bill's financial impact and its potential to lead to racial profiling. They cited past cases, including former Arizona Sheriff Joe Arpaio, whose department was found to have racially profiled Latinos under the 287(g) program.

Schwertner defended the bill, stating it focuses on criminal activity rather than nationality. The measure now moves to the Texas House for consideration.

Aluminum tariffs to hit beer industry starting Friday

The Commerce Department announced Wednesday that, beginning at 12:01 a.m. ET on Friday, aluminum used in beer production and empty cans will be subject to a 25% tariff. These tariffs were first applied to all aluminum imports last month.

The move appears aimed at closing loopholes that businesses may have used to avoid the tariff. The decision could raise costs for breweries and beverage companies that depend on aluminum cans.

Senate Republicans face pressure from Trump on Canada tariff resolution

Senate Republicans are under pressure from Trump to oppose a Democratic resolution that would overturn his emergency declaration on fentanyl, which he is using to justify tariffs on Canada. The vote comes just hours after Trump is set to unveil his "reciprocal tariffs" on China, Mexico, and Canada.

At least four Republicans—Lisa Murkowski, Susan Collins, Mitch McConnell, and Rand Paul—are reportedly considering supporting the resolution. If all Democrats and these Republicans vote in favor, it would secure a simple majority in the Senate, though it would still need approval in the Republican-controlled House.

Trump, in an early morning social media post, urged the four senators to stand with him, arguing that Canada is not doing enough to prevent fentanyl from entering the U.S. However, federal data shows significantly more fentanyl is seized at the southern border than the northern border.

Democrats argue the tariffs would raise costs on industries like shipbuilding, home construction, and grocery imports. Senate Majority Leader Chuck Schumer said the Senate has a chance to "slow this trade war down" if Republicans join them.

While some Republicans acknowledge the economic risks, others are siding with Trump's argument that the tariffs address border security concerns. North Dakota Sen. Kevin Cramer, despite business concerns in his state, hopes the move will lead to trade negotiations rather than long-term tariffs.

China slams America's 'bullying' tariffs

Chinese Foreign Minister Wang Yi accused President Trump of "bullying" the rest of the world with his America first tariffs.

Yi told Russian news group RT, on Tuesday, that Beijing would retaliate with its own economic "counterattack" if Trump imposed further tariffs on China today.

"'America First' should not be American bullying, and it should not build its own interests on the basis of damaging the legitimate rights and interests of other countries," he told the outlet.

Trade war risks escalate as nations prepare retaliation against U.S. tariffs

A trade war doesn't simply stop once tariffs are imposed—retaliation often follows, escalating tensions between countries. Even before Trump's "Liberation Day" tariffs are officially announced at 4 p.m. ET, key U.S. trade partners are preparing to strike back.

The European Union has warned it has "a strong plan" for countermeasures, while Canada is set to unveil retaliatory tariffs today. China, South Korea, and Japan have signaled they will coordinate their responses, and Mexico plans to announce its own actions tomorrow.

Beyond the direct impact of U.S. tariffs, retaliatory measures could contribute to rising inflation, according to a report from Yale's Budget Lab. The back-and-forth trade restrictions could lead to higher prices for consumers and businesses, further straining global economic relations.

Trump's new tariffs set as negotiation tool, Treasury secretary tells lawmakers

The tariff rates Trump plans to announce Wednesday will serve as a ceiling and could be negotiated downward, Treasury Secretary Scott Bessent told lawmakers ahead of the announcement, according to a person familiar with the discussion.

Bessent's remarks indicate the administration is using the new duties as leverage to push other countries to lower their tariffs on U.S. imports. Trump has echoed this approach, stating he is open to adjustments if trade partners respond accordingly. However, he has also warned that retaliatory measures from other nations could lead him to raise tariffs further.

The Treasury secretary's meeting with Republican lawmakers comes as many in Congress express concerns that the tariffs could drive up costs for consumers. The administration argues the policy is necessary to secure better trade terms for American businesses and workers.

Mexican president says she will not engage in tit-for-tat tariffs

Mexican President Claudia Sheinbaum said on Wednesday that her country does not plan to engage in a tit-for-tat trade war with the United States.

"It's not a question of if you impose tariffs on me, I'm going to impose tariffs on you," she said in a news briefing Wednesday, AP reports.. "Our interest is in strengthening the Mexican economy."

Sheinbaum has said that she will wait to take action until she knows how Trump's tariffs will affect Mexico, and then announce on Thursday, a "comprehensive program, not a tit-for-tat on tariffs."

Trump to highlight workers impacted by reciprocal tariffs in Rose Garden event

Trump will be joined by workers from key industries in the Rose Garden as he promotes his administration's reciprocal tariffs policy. The guest list includes steelworkers, autoworkers, oil and gas workers, steamfitters, and truck drivers, according to a senior White House official.

The event is intended to showcase the administration's efforts to protect American jobs and industries affected by global trade policies. Trump has long argued that reciprocal tariffs are necessary to level the playing field for U.S. businesses and workers.

Trump puts pressure on Senate Republicans to oppose resolution to ax Canada tariffs

President Trump is putting Senate Republicans under pressure to oppose the Democratic resolution which would end the tariffs on Canada.

The Senate is expected to vote on the resolution which would nullify the presidential emergency on fentanyl - which Trump is using to impose his tariffs on America's neighbor.

It will be a significant loyalty test for Trump's GOP lawmakers, many of whom have expressed concerns about his tariffs plans.

At least four Republican senators, Susan Collins, Lisa Murkowski, Mitch McConnell and Rand Paul, have all shared doubts ahead of the vote.

Trump met with his Republican senators this morning to pressure them to support his tariffs at the vote, which is set to take place shortly before his tariffs announcement.

Elon Musk expected to step back from central role in Trump administration: Report

Elon Musk is set to scale back his role as a key figure in President Donald Trump's administration, according to multiple insiders familiar with the discussions cited by Politico. While Trump remains supportive of Musk and his Department of Government Efficiency initiative, both men have agreed that the billionaire will soon transition into a less visible role.

Musk's impending shift comes as frustration has grown within the administration over his unpredictability and controversial public statements. His backing of a conservative judge who lost a Wisconsin Supreme Court race by 10 points has further heightened concerns about his political influence.

The transition is expected to coincide with the expiration of Musk's special government employee status, which temporarily exempts him from some ethics rules. While Musk may continue advising Trump informally, one official warned that anyone expecting him to disappear from the president's orbit is "fooling themselves."

Trump has publicly praised Musk's work, calling him a "patriot" and a "friend," but has also acknowledged that Musk will eventually want to return to his businesses. Meanwhile, many in Trump's circle are relieved that Musk's tenure—marked by drastic agency cuts and political missteps—may soon be coming to an end.

Ron DeSantis gives update on Florida dissolving income, property tax

Governor Ron DeSantis has reiterated his intention to see Florida become a no-income, no-property tax state, saying that this dream could be achieved by offloading residents' tax burden to visitors.

"The thing is, it's possible in Florida," DeSantis said on The Dana Show podcast. "So why would we not take that opportunity to do that?"

Earlier this year, DeSantis expressed his support for a constitutional amendment abolishing property taxes in Florida.

His efforts are part of a nationwide movement that has gained momentum in Republican-led states after years of rising home prices have significantly raised property taxes for millions of American homeowners. Four states, including Florida, Illinois, Kansas and Pennsylvania, have plans to eliminate property taxes.

Dana Loesch, a former National Rifle Association (NRA) spokesperson, hosted DeSantis on the Tuesday episode of her podcast.

During a roughly 15-minute interview, she praised the Republican governor for his commitment to eliminating property taxes in the Sunshine State. DeSantis recently announced on X (formerly Twitter) that he would support a referendum on abolishing them.

"I think you are the only person that's gone out there and said, 'You don't really own your own property. You're constantly paying rent to the government for it.' And you're pushing now to undo this in the state of Florida," Loesch said.

Read the full story by Giulia Carbonaro on Newsweek.

How global stock markets are reacting to Liberation Day

Global stock markets are on edge as investors brace for President Donald Trump's highly anticipated announcement of his "Liberation Day" tariffs.

Asia

Asian stocks have displayed a mixed performance throughout Wednesday's trading session.

The CSI 300 fell around 0.1 percent, with the MSCI China index down fractionally at the closing bell. The Shenzhen Component Index and S&P China 500 Index both gained around 0.1 percent.

The SSE Composite Index, featuring all stocks traded on the Shanghai Stock Exchange, is up 0.1 percent, with Hong Kong's Hang Seng Index marginally lower.

Japan's TOPIX closed down 0.4 percent on Wednesday, while the Nikkei 225—comprising 225 of the largest publicly traded companies on the Tokyo Stock Exchange—gained 0.3 percent.

South Korea's benchmark KOSPI Index fell 0.6 percent on Wednesday.

Europe

Europe's main indexes are all down in early trades.

The EURO STOXX 50 and STOXX EUROPE 600 indexes are down 0.9 percent and 1.0 percent, respectively, while the MSCI Europe—which measures the performance of large and mid-cap stocks across 15 developed European markets—has fallen 0.1 percent so far.

Meanwhile, the United Kingdom's FTSE 100 and FTSE 250 have both shed around 0.5 percent on Wednesday morning.

Elsewhere, Australia's S&P/ASX 200 index closed up 0.1 percent, while the FTSE/JSE Africa All Shares Index—featuring all listed companies on the Johannesburg Stock Exchange—is down 0.3 percent.

After TikTok ban, Trump's executive order sparks debate

Earlier this year, TikTok faced a nationwide ban in the U.S. after Congress passed the Protecting Americans from Foreign Adversary Controlled Applications Act (PAFACA), citing national security concerns over its ties to China. ByteDance, TikTok's parent company, failed to comply with the law's requirement to divest its U.S. operations, leading to the app's shutdown on January 19, 2025. However, newly inaugurated President Donald Trump issued an executive order granting TikTok a 75-day reprieve, effectively pausing enforcement of the ban.

Trump's decision bypassed a law upheld unanimously by the Supreme Court just days earlier, which deemed the ban necessary for national security. Despite bipartisan support for the legislation, few lawmakers have publicly criticized Trump's move. Sarah Kreps, director of Cornell University's Tech Policy Institute, remarked, "It's as if nothing ever happened," highlighting the lack of opposition despite widespread agreement on TikTok's potential risks.

The controversy stems from fears that ByteDance could be compelled by Chinese law to share U.S. user data or manipulate content for propaganda purposes. While TikTok has denied these allegations, concerns persist due to China's legal framework. Critics argue that targeting TikTok alone does not address broader issues of data privacy and foreign influence.

Trump's reprieve has reignited debates about free speech versus national security. While TikTok resumed operations for its 170 million U.S. users, its future remains uncertain as the administration explores options for a potential sale to American owners.

Trump's tariffs announcement will take place after markets close

President Trump's much-anticipated announcement on the tariffs he will impose on America's trade partners will take place just as the stock market closes.

The announcement, dubbed "Make America Wealthy Again" is set for 4 p.m. ET - the same time Wall Street ends trading for the day.

Global stock markets are down as they brace for the reciprocal tariffs and recently announced duties on auto imports take effect.

Indexes across Asia and Europe started the week in a slump, while Dow, Nasdaq and S&P 500 futures—contracts allowing investors to speculate on the future value of the major indexes—continued to slide over the weekend following Friday's sell-offs.

Senate Republicans meet with Trump to push tax cuts and spending plan

Senate Republicans met with President Donald Trump at the White House on Wednesday as they moved forward on his proposed tax cuts and spending reductions while delaying key decisions on costs and funding.

The Senate GOP's budget plan aligns with House Republicans' $4.5 trillion tax cuts package, which includes $2 trillion in spending reductions. If advanced, it would bring Trump's allies closer to a compromise that could take shape in the coming weeks.

"We are hopeful this week we can get a budget resolution on the floor that will unlock the process," said Senate Majority Leader John Thune.

A major point of contention is whether existing tax cuts, set to expire this year, should be offset by spending cuts. House Republicans insist on reducing health care and other spending, while Senate Republicans argue the cuts should be considered current policy and not require offsets. Trump also wants to expand tax breaks to include exemptions for tipped wages and overtime pay.

Democrats have slammed the plan as benefiting the wealthy at the expense of essential services. Senate Minority Leader Chuck Schumer called it "an obscene fraud," while Sen. Cory Booker criticized it as a "gimmick" that would grow deficits.

Despite internal debates and Democratic opposition, Republicans aim to pass the budget framework quickly, with an all-night voting session likely stretching into the weekend. The details of the final package will be negotiated in the coming weeks.

Italy's Premier Giorgia Meloni urges US and Europe to avoid trade war

Italy's Premier Giorgia Meloni has urged the United States and Europe to avoid a trade war which she warned would have hurt everyone involved.

"I remain convinced that we must work to avoid in all possible ways a trade war that would not benefit anyone, neither the United States nor Europe," Meloni said at a public event Wednesday.

The U.S. is responsible for 17% of Italian global food exports, meaning the tariffs would have "heavy" consequences for the country, Meloni added.

Meloni said, however, she was said that ready to impose "adequate responses to defend our productions."

Susan Crawford's victory in Wisconsin Supreme Court race solidifies liberal majority

Susan Crawford's win in Wisconsin's Supreme Court election over conservative candidate Brad Schimel, who Donald Trump and Elon Musk backed, cemented a liberal 4-3 majority on the court for at least three more years. The outcome is a major setback for Republicans, who fear it could lead to rulings that overturn GOP policies in the key battleground state.

Trump and other Republican leaders worry that the court's new makeup could lead to redistricting that favors Democrats, potentially shifting at least two congressional seats and impacting control of the U.S. House. Last year, the court declined to hear a challenge to Wisconsin's congressional maps, but Democrats, including Rep. Mark Pocan, hope the issue will be revisited soon.

Beyond redistricting, the court is expected to take up cases that could restore abortion rights in Wisconsin and challenge former Republican Gov. Scott Walker's anti-union laws. Walker also warned that the court could target right-to-work laws and school voucher programs. However, Jeff Mandell, general counsel at the liberal firm Law Forward, dismissed the idea that liberals plan to systematically undo past GOP victories.

The race saw record spending, with over $100 million poured into the contest. Musk and groups linked to him spent $21 million backing Schimel, while Democratic donors, including George Soros and Illinois Gov. JB Pritzker, helped fund Crawford's campaign. Despite Republicans outspending Democrats by $8 million, Crawford won by 10 points, mirroring the 2023 liberal victory that flipped court control.

The court has already ruled against Republicans in key cases, including striking down a ban on absentee ballot drop boxes and ordering new legislative maps that helped Democrats gain seats last November. With Democratic Gov. Tony Evers up for reelection in 2026, Walker questioned whether a Republican would even want to run, given the court's ability to block conservative policies.

Democrats argue that Crawford's win is proof that Wisconsin voters reject Trump's and Musk's agenda. "Republicans need to come back to the center," said Patrick Guarasci, a senior adviser to Crawford's campaign.

Treasury secretary says today's tariffs will not be raised any higher, but can be negotiated down

The tariffs set to be announced today by President Trump will likely be the peak and won't be raised any higher, Treasury Secretary Scott Bessent told lawmakers, according to the Wall Street Journal.

Bessent reportedly assured lawmakers that the tariffs can be negotiated downward from today.

The treasury secretary's statement appears to clash with comments made by the president who has threatened to raise tariffs on countries that impose their own reciprocal tariffs.

Wall Street tumbles hours before tariff announcement

Wall Street opened on Wednesday with losses across the S&P, Dow Jones and Nasdaq as the markets brace for Trump's tariffs announcement.

The S&P 500 was 0.3% lower in morning trading, while the Down was down 140 points, 0.3%, and the Nasdaq fell 0.2%.

Tesla, which has an oversized impact on Wall Street due to its size, fell again this morning, dropping 2.2% to extend its loss in 2025 to date at 35% amid anger at Elon Musk's DOGE cuts/

However, strategists say there is one upside to the tariffs announcement later today - it will end the uncertainty.

"We do not know how long the previously enacted tariffs and any future tariffs will remain in force, but we believe peak tariff uncertainty may soon be behind us," Kurt Reiman, head of fixed income Americas at UBS Global Wealth Management, told AP. "Much of the work the administration set out to achieve will have been put in place, and there are numerous potential offramps available."

Trump tariffs could cost average American household $4,200 a year

President Donald Trump imposing a 20 percent tariff could cost the average American household up to $4,200 a year, according to an analysis by The Budget Lab at Yale University.

The Budget Lab's analysis found that a broad 20 percent tariff would raise consumer prices by between 2.1 and 2.6 percent if the Federal Reserve did not take action.

"This is equivalent to a loss of purchasing power of $3,400-4,200 per household on average in 2024 dollars," the analysis said.

The analysis found that tariffs would burden households with lower incomes more.

If broad 20 percent tariffs are implemented and other countries retaliate with tariffs of their own, the disposable income of the lowest-income households could drop by 5.5 percent, while it would drop by just 1.9 percent for the highest-income households.

Read in full from Khaleda Rahman on Newsweek.

Americans already pulling back on spending amid uncertain economy

Americans have already begun to pull back on their spending as they brace for higher prices and potential recession.

Dave Gold, who works in finance, told BBC News that he's already halved his expenses, canceling his Netflix account and his travel plans, and trying to avoid making any Amazon purchases.

"It's just really hard to plan and be confident about what next month looks like," said the 37-year-old from Wyoming. "I thought it was time to reel it back in and protect myself in case things do happen."

Many U.S. retailers and airlines have warned they have seen

Dave is not the only American reining in their spending. Retail sales also fell in February, while firms from Walmart to Delta Air Lines have warned of slackening demand.

Meanwhile, job growth has slowed and the stock market is now trading at its lowest levels since September.

Republican senators meeting with Trump at White House

Republican senators are joining President Trump at the White House this morning to discuss his spending bill.

Senate Majority Leader John Thune and several GOP members on the Senate Budget Committee are expected to discuss Trump's proposals for tax breaks and spending cuts.

House and Senate Republicans remain divided on some of the details of the plan.

Trump promises to be 'kind' with tariffs

President Trump attempted to reassure voters and trade partners that the tariffs would not be overly harsh when they were announced on Wednesday.

Trump told reporters at the White House on Monday that the levies would be "nicer" than those imposed on the U.S.

"We are going to be very nice by comparison to what they were. The numbers will be lower than what they have been charging us, and in some cases, maybe substantially lower," Trump said at the Oval Office.

"Relatively speaking, we're going to be very kind," Trump said.

Schumer accuses Trump of 'playing Russian roulette' over tariffs

Sen. Charles Schumer has warned that Donald Trump's tariffs will be a "dagger to the heart of Upstate New York."

Speaking on a video call with New York reporters Tuesday, Schumer accused the president of "playing Russian roulette" with the economy and jobs through the his "reciprocal" tariffs on America's biggest trade partners and 25% auto tariffs.

The Minority Leader of the United States Senate said a recession was "the last thing we need" right now. "A recession where it's harder to keep a job, harder to get a job, harder to get a raise," he added, according to Syracuse.com.

Schumer said that the tariffs could cost Upstate New Yorkers almost $7 billion per year as the region relies heavily on cross-border trade.

"Trump has no plan. It's like playing Russian Roulette with Upstate New York's economy and Upstate New York's jobs," he said.

Trump's tariffs will be 'negative the world over': European Central Bank

The head of the European Central Bank has warned that President Trump's tariffs will be "negative the world over."

"The density and the durability of the impact will vary depending on the scope, on the products targeted, on how long it lasts, on whether or not there are negotiations," Christine Lagarde said on Newstalk radio on Wednesday.

"Because let's not forget quite often those escalation of tariffs, because they prove harmful, even for those who inflict it, lead to negotiation tables where people actually sit down and discuss and eventually remove some of those barriers," she added.

OPINION: America needs to have a heart-to-heart about money

Too many people are living in financial denial—pretending they can't afford to save, while spending on things they don't need to impress people they don't even know or like. I'm here to tell you: Your future self is depending on you to wake up. Right now.

Let's start with the hard truth: If you are not saving at least 10 percent of your income, after taxes, for your future, you are making a dangerous choice. Not because I said so, but because life will say so when you reach 60 or 65 and realize Social Security isn't going to cut it. And if you think you'll just "work forever," I urge you to talk to any 70-year-old who was forced into retirement because of their health or a layoff. Reality doesn't care about your intentions. It cares about your preparation.

Now, before you tell me you can't afford to save, stop. I've worked with countless people who said the same thing while spending $6 a day on lattes, upgrading their phone every year, and taking vacations they charged on credit cards. And let me be clear: This isn't about shame. This is about choice.

Read in full from Suze Orman, Personal Finance Expert, on Newsweek.

Republican lawmaker says tariffs show Trump's negotiation style

Republican Sen. John Hoeven has said that Donald Trump's reciprocal tariffs are an example of the president's aggressive negotiation style.

"Part of that is Trump's negotiating style, to keep people he's negotiating with, other countries, off balance," Hoeven said.

The senator conceded that the tariffs were likely to create some "short term disruption" which had sparked concern among Americans.

"Of course people are concerned about that. We'll have to see if it works," he added.

Republican says Trump tariffs will 'absolutely' inflict short-term pain

Republican Senator Tim Sheehy of Montana said that the tariffs President Donald Trump promises to impose this week would "absolutely" cause "short-term pain."

While speaking about the tariffs to CNN's Kaitlan Collins Monday night, Sheehy said he is unsure what the tariffs are going to look like exactly, as the president is in the process of figuring it out.

"There's absolutely going to be short-term pain," Sheehy said. "The president's been clear about that, everyone has. I mean, if you're going to remodel your house to make it better in the end, it's gonna be really annoying in the short-term when your house is getting remodeled."

Continuing, "The reality is, that remodels got to happen in order to make things stronger and more stable on the backend." Sheehy continued to blast other countries in western Europe who have benefited from America's military, he says.

Read in full from Anna Commander on Newsweek.

Only 40% voters approve of Trump's handling of trade amid tariffs: Poll

A new poll has shown that only four in ten American voters still view President Trump's handling of trade favorably.

The AP-NORC poll, taken just days ahead of Trump's Liberation Day reciprocal tariffs, show that even Republican support for Trump's handling on trade has fallen, with 30% now disapproving, up from just 10%.

The poll also showed a low favorably rating for the president's handling of the economy, with 60% disapproving.

Odds of recession raised ahead of tariffs announcement

Goldman Sachs has increased the odds that the U.S. could slide into a recession within the next 12 months.

Economists raised the odds from 20 to 35 percent on Sunday, citing "statements from White House officials indicating greater willingness to tolerate near-term economic weakness in pursuit of their policies."

Republicans have admitted that the tariffs President Donald Trump promises to impose this week would "absolutely" cause "short-term pain."

"There's absolutely going to be short-term pain," Senator Tim Sheehy of Montana said. "The president's been clear about that, everyone has. I mean, if you're going to remodel your house to make it better in the end, it's gonna be really annoying in the short-term when your house is getting remodeled."

What time is Trump's 'Liberation Day' announcement?

Donald Trump is expected to announce his series of sweeping tariffs at a press conference he's named "Make America Wealthy Again."

The event, to be held at 4 p.m. ET on Wednesday, will see the president impose up to 20% "reciprocal" tariffs on America's trading allies.

He is also expected to announce 25% levies on car imports.

What Trump's 20% tariffs could mean for Americans

President Trump is planning to impose 20% tariffs on foreign imports today, which is set to have a direct impact on Americans' wallets.

The average U.S. household is set to pay between $3,400 and $4,200 more every year due to Trump's levies, Good Morning America reports.

Consumers will see "double digit price increases" on computers and clothing, and big increases in pharmaceuticals and for cars.

The price of food is also set to increase by 3.7%.

Majority of Europeans support retaliatory tariffs against US

The majority of Europeans are in support of imposing retaliatory tariffs against the U.S. if Donald Trump goes ahead with his levies against his major trade allies today, a new survey finds.

Residents in six countries; Denmark, France, Germany, Italy, Spain, Sweden and the U.K., were all in favor of the retaliatory tariffs on American imports.

In Denmark, 79% of respondents supported the idea, with 71% of respondents in Spain, 70% in France and Italy, 62% in Sweden, 60% in the U.K, and 56% in Italy.

Many European businesses are expecting to be hit hard by Trump's tariffs, especially German car makers and France's champagne producers, both of which rely on exports.

Trump announces 'it's Liberation Day' as he celebrates implementation of tariffs

President Donald Trump has announced his day of global tariffs is here with an all-caps post on Truth Social.

"IT'S LIBERATION DAY IN AMERICA!" he wrote on Wednesday morning.

Trump has referred to April 2 as "Liberation Day" since taking office, as he insists his global "reciprocal" tariffs will "liberate" America from being "ripped off like no country has never been ripped off in history."

Cory Booker says Trump's 'Liberation Day' mocks Americans

New Jersey Senator Cory Booker, a Democrat, said in a marathon speech that lasted more than 25 hours yesterday that Trump was mocking Americans with his "Liberation Day" of tariffs.

"I just feel that Trump mocks us," he said, questioning what it means for those who are "shackled from debt."

"What does Donald Trump's Liberty day tomorrow mean in a nation where I read letter after letter of people that feel like their liberty is gone, that they're losing sleep at night worried about Social Security? What does Liberty mean to the veteran that was laid off, that fought for my liberty?" Booker said.

Trump Lambasts 'Disloyal' GOP Senators Over Tariffs

President Trump has accused four Republican senators of disloyalty for opposing his push to impose tariffs on Canada over fentanyl trafficking.

Republican support for the tariffs is being tested as a resolution from Democratic Senator Tim Kaine, seeking to nullify the emergency declaration that Trump signed in February to implement the tariffs on Canada as punishment for not doing enough to halt the flow of illegal drugs into the U.S.

Trump accused the four Republicans—Mitch McConnell and Rand Paul of Kentucky, Susan Collins of Maine and Lisa Murkowski of Alaska—of being "extremely difficult to deal with" and "unbelievably disloyal."

"They are playing with the lives of the American people, and right into the hands of the Radical Left Democrats and Drug Cartels," he wrote on Truth Social early Wednesday.

Read more here.

Trump blasts Republican senators over tariffs loyalty test

resident Donald Trump lashed out at four Republican senators on Wednesday, accusing them of disloyalty for opposing his push to impose tariffs on Canada over fentanyl trafficking.

In a post on Truth Social, Trump named Senators Mitch McConnell and Rand Paul of Kentucky, Susan Collins of Maine, and Lisa Murkowski of Alaska, and said that they were "playing with the lives of the American people."

Senate Democrats advanced a resolution aimed at overturning the emergency declaration Trump used to justify the tariffs. It underscores tensions within the Republican Party over trade policy and the use of executive power.

Trump has argued the tariffs are necessary to penalize Canada for not stopping the flow of fentanyl into the U.S., framing the move as a matter of national security. Critics within his own party view the strategy as economically risky and diplomatically strained.

Read in full from Shane Croucher on Newsweek.

What Donald Trump Has Said About 'Liberation Day'

President Trump discussed "Liberation Day" on Monday, telling reporters that his tariffs would bring "tremendous wealth" back to the United States.

"I call it a lot of different names, but it's really the—in a sense, it's a rebirth of a country," he said, during Kid Rock's visit to the Oval Office. "The term I like best probably is the liberation of America, it's the liberation of this country."

During a visit to the Kennedy Center last month, he said: "April 2 is Liberation Day for our country because we're finally going to be taking in money."

Why Economists Are Concerned About Trump's Plans

Trump has said tariffs will boost domestic manufacturing, make the nation rich and address imbalances in trade.

But economists have warned that the move risks plunging the economy into a downturn, and that tariffs typically trickle down to consumers in the form of higher prices.

Some said new tariffs could raise the risk of a recession.

"If Trump puts in these kind of tariffs and we go into a trade war, the likelihood of a recession is going to be very high," economist Frederic Mishkin, former Federal Reserve Governor, told Newsweek.

Economic thinktank Chatham House has warned Trump's tariffs could undermine his own agenda of creating more American jobs.

Discussing Trump's February move to impose 25 percent tariffs on steel and aluminum imports, senior research fellow Max Yoeli wrote:

"The new, more comprehensive tariffs may boost US steel producers, supporting 80,000 jobs. But they threaten a portion of 12 million jobs in industries that use steel and aluminium, portending turbulence rather than renaissance for US manufacturing.

Map Shows Which Countries Might Face Fresh Tariffs

The Trump administration has not confirmed which countries will be hit with new tariffs. But there have been clues.

Treasury Secretary Scott Bessent last month singled out what he called the "Dirty 15"—the 15 percent of countries that trade heavily with the U.S. and have high tariffs on U.S. goods.

The map below highlights those countries, including: China, the European Union, Mexico, Japan, Canada, India and Thailand.

Read more here.

What Can We Expect on 'Liberation Day'?

Trump had said he wanted the tariffs to be "reciprocal," meaning the U.S. would match what other countries charge on imported goods. However, some reports have said the president is considering a 20 percent universal tariff.

Details about the plan remain uncertain, but White House press secretary Karoline Leavitt said on Tuesday that the new tariffs are set to take effect immediately after Trump announces them.

Trump is set to make the announcement during an event in the White House Rose Garden at 4 p.m. EDT.