It’s Friday. I’m still not over the penguin tariff jokes on social media. Like this. And this. And this. Oh, and this. OK, fine. I’ll get to the news now.
In today’s issue:
- China retaliates against Trump tariffs
- Stock market selloff intensifies
- Surprisingly strong March jobs report
- How a TikTok deal could be tied to tariffs
THE FIRST 100 DAYS
China retaliates:
China announced this morning that it will slap a 34 percent tariff on all U.S. imports starting next week, matching the Trump administration’s 34 percent “Liberation Day” tariff on Beijing.
The stock markets did not take kindly to that news, tumbling yet again this morning. The Dow Jones Industrial Average was down more than 1,200 points this morning. The S&P 500 index was down 3.6 percent, and the Nasdaq composite was down 3.5 percent.
^ Keep in mind: This is after yesterday’s worst day of market losses since the COVID-19 outbreak in 2020. The Dow and S&P each had their worst losses since June 2020, and the Nasdaq had its worst day since March 2020. It’s worth noting, per The Hill’s Sylvan Lane, that the losses are magnified due to the stock market’s rapid growth since 2020, but the steep losses do show growing concern over Trump’s trade policies.
How is Trump handling this?: He bashed China this morning, arguing Beijing “panicked.” “China played it wrong, they panicked – the one thing they cannot afford to do!” Trump posted on Truth Social.
In fact, Trump is encouraging investors to buy stocks now while the market is down. “THIS IS A GREAT TIME TO GET RICH, RICHER THAN EVER BEFORE!!!” Trump said on Truth Social.
He urged the Fed to cut interest rates: Trump accused Federal Reserve Chair Jerome Powell, a fellow Republican, of refusing to cut interest rates for political reasons. “This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates. He is always “late,” but he could now change his image, and quickly,” Trump posted.
Jerome Powell just weighed in — and it was not glowing: Powell warned the economic harm from the new tariffs could be far larger than anticipated. “While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent,” Powell said. More from Powell’s assessment
Trump’s team is also jumping in to defend the market losses.
- Vice President Vance told Newsmax this morning that he thought the market reaction to Trump’s tariffs “could be worse.” “We’re feeling good,” he said. Vance’s reasoning
- Secretary of State Marco Rubio expects the markets to bounce back. “Once you know what the rules are, they will adjust to those rules. So I don’t think it’s fair to say economies are crashing,” Rubio said this morning in Brussels. Rubio’s reasoning
➤ ^ BY THE WAY, TOMORROW’S TIKTOK BAN IS TIED TO THIS:
Trump said Thursday that he could ease the tariffs on China if Beijing approves the sale of TikTok, which will be banned *tomorrow* unless a non-Chinese company buys it.
Backstory: Trump extended the TikTok ban in January, with the extension expiring April 5. He put Vice President Vance on the job to facilitate a deal. So far, there has been no sale.
Area Republicans look shell-shocked:
President Trump’s sweeping tariff announcement sent a shockwave through the global economy, put the stock market into a tailspin and fueled fears that the U.S. is headed toward a recession.
Are Republicans supportive?: The Hill’s Alexander Bolton reports that GOP senators “are expressing varying degrees of shock and alarm at the scale of President Trump’s ‘reciprocal’ tariffs against trading partners and allies.” They knew the tariffs were coming but are particularly concerned about their constituents.
If you watch one clip: 
Watch Sen. Mike Rounds’s (R-S.D.) quick reaction
A few GOP reactions:
- From a senior GOP senator: “It’s a bad idea, and I don’t see a way out.”
- From Sen. Thom Tillis (N.C.), who’s up for reelection next year: “I was just in meetings today with different associations. … They’re all concerned.”
- From Sen. Ted Cruz (Texas): “I’m not a fan of tariffs.”
- From Sen. Jerry Moran (Kan.): “The idea of a tariff to equal the stage has some merit and some support. But I think most Kansans would say, ‘Let’s do this in a more gradual way.’”
- From Sen. Lisa Murkowski (Alaska): “One of the things that I’m hearing from folks back home is they’re certainly afraid about what it’s going to mean for price increases, very afraid about that.”
More reactions: ‘GOP senators express alarm over scale of Trump tariffs’
The Trump team can exhale a bit:
Job growth was stronger than expected in March. The Labor Department released its monthly jobs report, showing the U.S. economy added 228,000 jobs in March, while the unemployment rate remained roughly steady.
What economists had expected: Job growth of roughly 135,000.
Timing: This is welcome news for the Trump administration after a tumultuous week of economic uncertainty and plunging stocks following Trump’s hefty tariffs.
➤ MORE READS:
- The Wall Street Journal: The White House Whirlwind That Led to Trump’s All-Out Tariff Strategy
- The Washington Post: Trump White House cited economists for its tariff formula. They pan it.
- Politico: Farmers are no strangers to trade wars. But this time may be worse.
- NPR: How much will tariffs raise prices? Trump’s economists just revealed their answer
- The Wall Street Journal: Trump Dives Into Political Unknown With Tariff Plan
- The New York Times: Trump Blocked America’s Front Door to China. Now He’s Closing Back Doors.
Trump is on a firing spree:
The Trump administration fired the director of the National Security Agency, his deputy and several other top NSA staffers Thursday.
Timing: Trump has also fired several officials at the National Security Council (NSC). This all comes shortly after his meeting with far-right activist and conspiracy theorist Laura Loomer, who argued some within the NSC are not loyal to him.
ON CAPITOL HILL
I would have loved to be there when Johnson heard about this:
You know the standoff between Rep. Anna Paulina Luna (R-Fla.) and House Republican leadership over whether to allow House lawmakers with newborn babies to vote remotely?
Speaker Mike Johnson (R-La.) strongly opposes the measure because he thinks it’s unconstitutional and a slippery slope. He’s been scrambling to find a compromise with Luna — because until he does, the House will remain at a standstill.
Well, President Trump weighed in Thursday, siding with Luna (!) He said he doesn’t know “why it’s controversial.” “I’m going to let the Speaker make the decision, but I like the idea of being able to — if you’re having a baby, I think you should be able to call in and vote, Trump said. “I’m in favor of that,” Trump added. Watch Trump’s reaction
Now, what?: Luna said she and Johnson are discussing next steps.
COMING UP
The House is out. The Senate is in. President Trump is in Palm Beach, Fla. (All times EST)
7:30 p.m. Trump attends a MAGA Inc. candlelight dinner at his Mar-a-Lago Resort.
INTERNET BUZZ
Celebrate: Today is National Chicken Cordon Bleu Day.
Anyone else nosey like me?: NOTUS’s Ursula Perano got Sen. Cory Booker’s (D-N.J.) Oura Ring stats after he broke the record for the longest Senate floor speech in history. 
See his stats
AND FINALLY…
And to get your weekend off to a good start, check out this friendly neighborhood crab wave.
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