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U.S. President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., U.S., April 2, 2025.
During a speech in the White House Rose Garden on Wednesday, Donald Trump announced a universal 10% tariff on all US imports, 25% tariffs on foreign-made cars and parts, as well as a naughty list of trading partners that were hit with “reciprocal tariffs” on top – to the tune of 20% for the EU, 54% for China, and 46% for Vietnam, to name a few of the hardest-hit.
There are some exceptions: Neither Canada nor Mexico were singled out for reciprocal tariffs, and although they are subject to automobile and steel tariffs, products compliant with the USMCA agreement – around 38% of imports from Canada and 50% from Mexico – will not be subject to any tariffs.
How will countries respond? The 10% tariffs will take effect on April 5, followed by higher reciprocal tariffs on April 9. This timeline gives countries a chance to retaliate, and many have vowed to do so by imposing equally high tariffs on US imports. But the Trump administration is betting that some may choose to negotiate, either by lowering their own tariffs or increasing investments in the US. “My advice to every country right now is, do not retaliate,” warned Treasury Secretary Scott Bessent on Fox News. “If you retaliate, there will be escalation. If you don’t, this is the high watermark.”
Financial markets react. S&P and NASDAQ futures declined by 2.4% and 4.3%, respectively. Meanwhile, New York copper futures are experiencing the sharpest drop, plunging as much as 4%, while crude oil fell by 2% in early trading in Asia.
Promises made, promises kept. From the blue-collar workers scattered throughout the Rose Garden crowd to the Teamsters union shoutout, the goal of the tariffs was clear: Trump wants to reshore manufacturing to the US. He also hopes that the revenue collected from tariffs will pay for the tax cuts making their way through Congress.
Trump is making a political gamble that the short-term pain from tariffs — price inflation and possibly even a recession — will be offset by economic benefits from tax cuts, deregulation, and expanded manufacturing. He’s betting that these benefits will arrive before the 2026 midterm elections – if he’s wrong, his party is likely to pay a heavy price at the ballot box.Sen. Cory Booker (D-NJ) speaks during a marathon address from the US Senate floor on Tuesday, April 1, 2025.
25+: The Democrats may not have the White House or a majority in Congress, but one thing they do have, still, is words. Lots and lots of words. Words for days, even, as Democratic Sen. Cory Booker showed by taking to the podium on Monday with a broadside against Donald Trump that lasted more than 25 hours. The veteran lawmaker from New Jersey, a former football player, had vowed to stay up there as long as he was “physically able.” Before yielding the floor on Tuesday night, Booker broke the record for the longest Senate floor speech, surpassing one set in 1957 by the late Sen. Strom Thurmond, who filibustered against civil rights.
42: The first stage of the Israel-Hamas ceasefire, brokered in January, officially lasted 42 days. The deal now looks to be far in the rearview mirror, as Israeli Defense Minister Israel Katz announced on Wednesday that he would expand his army’s latest military offensive in Gaza. The two sides are still negotiating another ceasefire deal via mediators but haven’t yet reached an agreement.
5: Benjamin Netanyahuleaves Wednesday on a five-day visit to Hungary. It’s the Israeli PM’s second trip abroad since the International Criminal Court last year issued an arrest warrant for him over alleged war crimes in Gaza. In February, he visited the US. Hungary is an ICC member, but the country’s proudly “illiberal” PM Viktor Orban says he won’t honor the court’s warrant. In recent years, the right-winger Netanyahu has cultivated controversial ties with populist nationalist parties in Europe, including some with histories of overt antisemitism.
6: In recent years, half a dozen Australian universities have closed the Chinese-funded Confucius Institutes on their campuses. The CIs educate students about Chinese language, history, and culture. The moves come amid broader tensions between Australia and China, and they reflect fears that Beijing has used the institutes to spread pro-Chinese propaganda and cultivate possible intelligence assets.
38: Argentina’s poverty rate plunged from 53% to 38% last year. Analysts credit “anarcho-capitalist” president Javier Milei, who drastically slashed government spending to put the mismanaged economy on a more stable footing. After an initial bout of pain, those measures brought inflation down from nearly 300% to 70%, easing poverty as people’s spending power increased.
Former Brazilian President Jair Bolsonaro walks after the Supreme Court voted that he should stand trial for allegedly attempting a coup after his 2022 electoral defeat, in Brasilia, Brazil, on March 26, 2025.
Much like Jair Bolsonaro’s beloved Seleção, which lost its soccer match to Argentina this week, the former Brazilian president has reason to be concerned about his own defensive strategy. On Wednesday, the country’s Supreme Court ordered him to stand trial for his alleged efforts to overturn the last election. The ruling raises the prospect of the 70-year-old ending up behind bars and imperils his hopes of running for office in 2026.
The case at hand: Brazil’s Prosecutor-General Paulo Gonet charged Bolsonaro and 33 others in February with attempting a coup on Jan. 8, 2023, and accused them of forging a plot to poison President Luiz Inácio Lula da Silva and kill a Supreme Court justice. Bolsonaro has denied any wrongdoing.
It is “highly likely” that the court will also find Bolsonaro guilty, said Eurasia Group Managing Director Chris Garman, but that wouldn’t stop him from holding significant sway at the next election in 2026.
“From an electoral point of view, he will remain a kingmaker on the right for the 2026 presidential election,” said Garman. “Polls consistently show his public support hasn’t dropped since the last presidential election, and he will be seen as a martyr among the conservative voters who will agree with claims he is being politically persecuted.”
Climate change activists hang a sign on Tower Bridge during a demonstration against the climate crisis, in central London, Britain, April 8, 2022.
2.2: As the world gets hotter from climate change, we are using more energy to cool ourselves down, which is making climate change worse. According to the IEA, record-high temps in 2024 were responsible for half of the rise in emissions from energy – as severe heat waves caused air conditioning usage to surge, fueling electricity demand, and in turn raising emissions. This contributed to a 2.2% increase in global energy demand, up from 1.8% the year before. As a result, greenhouse gas emissions from energy consumption grew by 0.8% over the past year.
25: Donald Trump on Monday announced a 25% tariff on all imports from countries that buy Venezuelan oil or gas, starting April 2, alongside new tariffs on Venezuela itself. Venezuela will face a “secondary” tariff because it is the home to the Tren de Aragua gang, which Trump said is sending members to the US.
40: India has lifted its restrictions on rice exports, a move that should help curb food price inflation and increase agricultural workers’ salaries amid an economic slowdown in the country. Initially imposed after Russia’s 2022 invasion of Ukraine to prevent domestic shortages, the curbs drove up prices worldwide. As the largest rice exporter – accounting for over 40% of global rice exports – India’s decision should benefit poorer nations, especially in Africa, where rising food costs have fueled unrest. However, it will come at a cost for other rice-producing countries like Thailand and Pakistan, which worry that India will flood the market and prices will plummet.
93: US egg imports from Brazil surged 93% in February as a part of the Trump administration’s $1 billion plan to lower egg prices, which includes upping imports, helping farmers prevent the spread of the virus, and researching vaccine options. The eggs will end up in processed foods, freeing up more fresh eggs for grocery shelves. The US Food and Drug Administration is also reviewing a petition from the National Chicken Council to allow for the sale of eggs laid by chickens raised for meat – something it has previously forbidden because of salmonella risks.
200,000: Speaking of eggs, the Trump administration is seeking corporate sponsors for the White House Easter Egg Roll, a departure from tradition. Sponsorship packages range from $75,000 to $200,000, offering perks like logo placement, media engagement, and exclusive tickets. But there will still be a number of free tickets available.
People gather for the "Elbows up" rally on Parliament Hill in Ottawa, Ontario, Canada, on March 9, 2025.
On March 4, 2025, US President Donald Trumpincreased tariffs on Chinese imports from 10% to 20%. The same day, the US imposed a 25% tariff on imports from Canada and Mexico. Two days later, Trump announced that goods and services covered by the United States-Mexico-Canada Agreement, aka USMCA, would be exempt until April 2, when reciprocal tariffs are set to take effect against all countries around the globe. Canadian energy and potash remain tariffed at 10%, while its steel and aluminum are tariffed at 25%.
Faced with these realities, Mexico, China, and Canada are pursuing very different strategies. What’s working, what’s not, and what’s next?
Mexico has opted for a “respectful” approach prioritizing dialogue over reprisals. In January, President Claudia Sheinbaum launched “Plan Mexico” to address her country’s $105 billion trade imbalance with China by boosting domestic production and attracting investments. She also aggressively tackled drug cartels and migration, Trump’s two pet peeves at the border. In a phone call on March 5, Trump told her, “You’re tough,” and announced his intent to grant Mexico its USMCA reprieve until April 2.
China has taken decisive retaliatory actions – but also sees an opportunity. Vowing to fight “to the bitter end,” Beijing imposed additional tariffs ranging from 10% to 15% on specific American imports, notably soybeans, pork, beef, chicken, and cotton, which will hurt Trump’s Midwestern voters. But China will also leverage America’s April 2 tariffs to boost trade with other nations, potentially offsetting losses in the US market.
Canada has been the most aggressive, going “elbows up” – a hockey term signaling defiance. Ottawa imposed counter-tariffs that could imperil 3.7 million jobs in red US states, and Ontario Premier Doug Ford threatened to impose a surcharge on electricity exports (which he later withdrew). This week, newly appointed Prime Minister Mark Carney will travel to Europe to shore up trade with the UK and France, rather than engaging first with Washington.
Why the tough stance? For Canada, this isn’t just about tariffs. Trump’s continuous talk of making Canada the 51st US state has enraged Canadians, who are canceling US holidays and boycotting American products. It has also upended the next Canadian election, which Carney is expected to call within days, and which he could now win on the back of anti-Trump sentiment.A drone view shows a flooded area in the city of Bahia Blanca, in the province of Buenos Aires, Argentina.
13: The port city of Bahia Blanca, Argentina, was devastated by a massive rainstorm this weekend that dumped a year’s worth of rain in just a few hours, killing 13 people and displacing hundreds. A similarly devastating rainstorm in December 2023 also claimed 13 lives in Bahia Blanca.
200: A grim discovery was made in a clandestine crematorium in Jalisco, Mexico: 200 pairs of shoes. The footwear is believed to belong to people killed by organized criminal gangs. It was uncovered by relatives of some of Jalisco’s 15,000 missing people, the most of any state in Mexico, where over 100,000 people are registered as “disappeared.”
5 million: The Democratic Republic of Congo has announced a $5 million reward for information leading to the arrest of three M23 rebel leaders, and a $4 million reward for the arrest of two journalists in exile deemed as “accomplices.” But with the DRC’s army increasingly outmatched by rebel forces, the chances of capture are considered slim.
22: A new study reveals that America’s butterfly population has declined by 22% since 2000, with the Southwest hardest hit with a drop of over 50%. The change is primarily attributed to insecticides, climate change, and habitat loss, and it could imperil certain crops, including Texas cotton, of which half is pollinated by butterflies.
296: The latest twist in cyber warfare? Internet shutdowns. In 2024, 296 shutdowns were reported across 54 countries, compared with 283 shutdowns in 39 countries the previous year. Shutdowns were used for political control, to suppress dissent, and to disrupt elections, and they were particularly acute in Africa, where at least five have been in place for over a year.
President Donald Trump talks with Canada's Prime Minister Justin Trudeau during a North Atlantic Treaty Organization Plenary Session at the NATO summit in Watford, Britain, in December 2019.
On Thursday, US President Donald Trump announced a one-month tariff reprieve on all Mexican and Canadian goods governed by the USMCA, as well as potash,until reciprocal tariffs are imposed worldwide on April 2.Canada supplies 80% of US potash, a critical component of fertilizer. The decrees follow Wednesday’s one-month tariff reprieve for America’s Big 3 automakers: Stellantis, Ford, and General Motors.
What will be tariff-free? According to senior administration officials, 50% of goods entering the US from Mexico and 38% of goods from Canada would qualify. Some Canadian energy products will still be subject to a 10% tariff, and some Mexican products, like computers, will still face a 25% tariff.
How have Canada and Mexico responded? Mexican President Claudia Sheinbaum had not imposed tariffs but was set to announce them Sunday if no deal was reached.
Canada’s initial set of tariffs on $30 billion in American goods imposed on Tuesday will remain. A second wave of $150 billion set to take effect after 20 days has reportedly been suspended until April. Ontario Premier Doug Ford also said that Canada would be imposing a 25% tariff on electricity exports starting Monday, regardless of whether tariffs would be lifted. Canadian provinces have also removed US-made alcohol from store shelves and barred American firms from procurement contracts, and there is no sign that this measure will be reversed.
Why did Trump change course? Trump said “I wasn’t even looking at the market” but major stock indexes plummeted this week, as investors were spooked by the uncertainty. In the Oval Office, Trump said “This is about companies and countries that have been ripping off our country and they won’t be ripping off our country anymore.”
Trump’s reprieve on Mexico specifically mentioned actions taken to stem the flow of illegal aliens and fentanyl into the US. This contrasts with his conversation Wednesday with Canadian Prime Minister Justin Trudeau in which Trump claimed Canada’s efforts on fentanylwere insufficient to drop US tariffs.
But the US president has citedother reasons for tariffs on Canada, including accusing the country of not allowing US banks to operate there and falsely claiming that the US “subsidizes” Canada to the tune of $200 billion a year. Commerce Secretary Howard Lutnick alsoaccused Canada of having a “national tariff” on US products because it has a 5-15% federal-provincial sales tax.