Good morning, friends.
Yesterday was insane on Wall Street and in D.C. It’s the perfect time to start a daily news dispatch because I don’t anticipate things slowing down anytime soon.
Here’s what’s happening in our country and around the world, and what you need to keep an eye on. Let’s get into it so you can move on with your day!
Trump Raises China Tariff to 125%, Pauses Others for 90 Days
Details: President Trump announced a steep tariff hike on China to 125%, effective immediately, while pausing "reciprocal" 10% tariffs on other countries for 90 days after calling them a “mistake” on X. Stocks surged, with the Nasdaq up 10% by midday.
Why It Matters: The move escalates U.S.-China trade tensions, potentially raising consumer prices, but the pause signals flexibility with allies. Markets love the uncertainty reduction—temporarily.
Political Implications: Trump’s base cheers the China hardline, but the pause could frustrate protectionists. Democrats may pounce if inflation spikes, blaming tariff chaos.
US Supreme Court Allows Trump to Pursue Deportations Under 1798 Law
Details: The Court upheld Trump’s use of the Alien Enemies Act for mass deportations, with limits, sparking debate over its modern relevance. If you need an explainer on what the AEA is, we detailed it on this episode of Rivera & Reeves.
Why It Matters: This fulfills a key campaign promise, targeting undocumented immigrants, but legal battles loom over the scope and enforcement.
Political Implications: GOP hails it as a win for border security; Dems warn of authoritarian overreach, setting up a 2026 midterm flashpoint.
Nightclub Roof Collapse in Dominican Republic Kills 98
Details: A concert in Santo Domingo turned tragic when the venue’s roof collapsed, killing 98 and injuring 160, including politicians and athletes.
Why It Matters: It’s a humanitarian crisis with international eyes on relief efforts and questions about building safety standards.
White House Freezes $1B+ in Funding to Cornell, Northwestern Over Civil Rights Claims
Details: Alleged violations prompted the White House to freeze $1 billion for Cornell and $790 million for Northwestern, shocking academia.
Why It Matters: It’s a rare federal flex against elite universities, spotlighting campus culture and federal oversight - it could prompt other schools to tighten up the reigns and make sure they are acting fairly.
Political Implications: Conservatives will cheer it as a strike against “woke” institutions; progressives will decry it as political meddling in education.
Stocks Soar After Trump Tariff Pause Announcement
Details: Major indexes jumped—Nasdaq by 10%—as Trump’s 90-day tariff pause eased fears of a broader trade war, though China remains targeted.
Why It Matters: Markets crave stability, and this pause delivers it short-term, and reflects many buyers’ opinions on pausing tariffs on most countries (with the exception of China.)
Political Implications: Trump can claim an economic win, but Dems might argue it’s a Band-Aid on a self-inflicted wound. You’ll also hear Dems say that he waffled on the whole “90-day pause” idea, but the administration is now saying that was the plan from the beginning.
UK Investors Loaded Up on US Stocks Before Tariff Turmoil
Details: Data shows UK investors heavily bought U.S. stocks pre-tariff chaos, now reaping gains from the market bounce.
Why It Matters: Global financial ties are tightening, and this could shift economic leverage across the Atlantic.
Political Implications: Could bolster U.S.-UK trade talks under Trump, but Brexit-era tensions may complicate alignment.
Iran Signals Direct Nuclear Talks with US Soon
Details: Trump claimed on X that Iran agreed to nuclear talks, a shift after years of standoffs, timed with Tehran’s revolution anniversary rally. It is being rumoured that the talks could be this weekend.
Why It Matters: A deal could ease Middle East tensions—or unravel if either side overplays its hand.
Political Implications: A diplomatic win could boost Trump’s foreign policy cred; failure risks emboldening hawks on both sides.
Prince Harry’s Lawyer Calls UK Security Stance ‘Unjustified’
Details: In a London court, Harry’s team argued the UK unfairly downgraded his security, escalating his royal rift.
Political Implications: Minimal U.S. impact, but could stir populist grumbling about privilege if U.S. funds ever get tied to it.
To Keep an Eye On
Under-the-Radar Stories That Could Grow
Google AI Mode Enhances Image Search in Labs: Google Lens integration lets users ask complex image questions, now wider in the U.S. Why watch? It’s a quiet tech revolution that could spark privacy or monopoly fights.
Media Tab Glitch Persists on X: Users can’t access older posts, frustrating creators. Why watch? If unresolved, it could dent X’s influence as a news hub—especially with Trump’s tariff posts dominating there.
Nepal’s Deposed King Calls for Support: Amid closer Russia-China ties, the ex-king seeks a comeback. Why watch? A destabilized Nepal could pull U.S. attention to Asia’s fringes.
UK Finance Minister to Meet US Treasury Secretary Soon: Post-tariff talks are brewing. Why watch? Signals how allies navigate Trump’s trade whims—could shift global economic blocs. Also of note: No, I’m not the Finance Minister (go read the article.)
THIS JUST IN (not included in the regular recording):
Sometimes news happens post-production, but it needs to be shared, and so here is what’s happening on the Hill TODAY.
Speaker Mike Johnson is in a bit of a pickle. He found himself with about a dozen holdouts after he delayed a vote on a compromise budget resolution because many of them desired deeper spending cuts than the Senate will likely accept. House GOP leadership is exploring four options to break this logjam: First, they're seeking informal spending cut assurances from Senate GOP leadership - currently the leading option. Second, Johnson floated entering formal conference negotiations with the Senate, which hardliners want but leadership opposes since "going to conference takes more time and the calendar is not our friend." This option upset Senate GOP leadership, with one senator complaining, "They got on our case for delaying. Now they're the ones delaying." Third, they're considering an amendment stating the House won't take up any reconciliation package without significant spending cuts - potentially $1.5 trillion - though the Senate could simply ignore this. Finally, the least favored option is amending the budget resolution, requiring another Senate vote-a-rama that nobody wants. Johnson remains publicly optimistic (I’ve met him, and he seems like a genuinely “look on the bright side” type of guy) about reaching consensus and plans a vote for today. He's also confirmed the chamber won't remain in session over the weekend due to Passover beginning Saturday evening.
That’s your briefing for April 10! Stay sharp, and I’ll see you tomorrow, bright and early, with the latest. Subscribe if you haven’t—plenty more where this came from.
If you have any thoughts or questions, drop them in the comments, and I’ll follow up!
