On Thursday, chaos reigned once more as markets tumbled following a fleeting rally. The brief optimism sparked by Donald Trump’s decision to pull back on global “reciprocal” tariffs soon vanished as investors grappled with ongoing uncertainties. As the week drew to a close—with the US imposing tariffs of 145% on China and Beijing showing no signs of concession—the weariness in the markets was palpable.
Stocks failed to respond positively on Thursday morning despite the European Union’s announcement that it would halt 25% retaliatory tariffs on US imports, as well as new data indicating a reduction in US inflation to 2.4% in March—typically encouraging news for Wall Street.
Janet Yellen, the former US Treasury Secretary, labeled Trump’s economic strategies as the “worst self-inflicted wound” on what was otherwise a “well-functioning economy.”
Trump Worsens Market Turmoil
US stocks declined once more on Thursday following a historic surge in response to Trump’s surprising pullback on the substantial tariffs placed on numerous countries.
The downturn was exacerbated as the president attributed the market’s reaction to “transition problems,” and the sell-off accelerated after a White House clarification revealed that tariffs on China had increased by 145% since Trump assumed office.
Supreme Court Mandates Return of Wrongly Deported Individual
The Supreme Court directed the Trump administration to facilitate the return of a Salvadorian man who had been wrongfully deported from the US. This decision followed a US district judge’s order in response to a legal challenge brought by Kilmar Abrego Garcia and his family regarding the legality of his deportation.
Increased Federal Pressure on Columbia University
Reports indicate that the Trump administration is contemplating placing Columbia University under a consent decree, marking a significant escalation in the federal government’s scrutiny of the Ivy League institution.
Additionally, US Secretary of State Marco Rubio argued that activist Mahmoud Khalil of Columbia University could be deported solely for his beliefs, signaling an unprecedented stance by the federal government on deportation based on ideological grounds.
