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EXCLUSIVE: California Gov. Gavin Newsom announced plans Friday morning directing the state to pursue "strategic" relationships with countries announcing retaliatory tariffs against the U.S., urging them to exclude California-made products from those taxes, Fox News Digital exclusively learned first. "Donald Trump's tariffs do not represent all Americans," Newsom said in a video announcement posted to X. "And on behalf of 40 million Americans that live in the great state of California, the tentpole of the U.S. economy … the dominant manufacturing state in America, our state of mind is around supporting stable trading relationships around the globe." Sources in Newsom's...

Wall Street kicked off Friday with another brutal stretch of losses driven by President Trump’s new tariffs despite stronger than expected March jobs data. The Dow Jones Industrial Average was down more than 1,200 points shortly before 10:30 a.m. EDT Friday, a day after the market suffered its worse single-day of trading in five years. The S&P 500 index was down 3.6 percent, and the Nasdaq composite was down 3.5 percent. All three major indexes took serious losses Thursday, the first full day of trading after Trump’s announcement of up to $600 billion in new import taxes. The scale and...

It’s interesting to note that the average US MFN tariff on Chinese goods coming into the United States is 2%, whereas the average Chinese MFN tariff on US goods going into China is 35% Is that reciprocal in terms of jobs? This is the biggest and crulest hoax of all. The China trade supports 170,000 jobs in the United States. 170,000 jobs. Whereas our imports from China support 10 million jobs at least. The fact is that that US China trade is a job loser so my eyes are correct.

Treasury Secretary Scott Bessent cautioned last month that Americans will likely experience "a detox period" after President Donald Trump implements his wide-ranging tariffs. What are we detoxing from, exactly? From an abundance of affordable goods and the world's highest living standards? From consistent economic growth? From leading the world in nearly every possible innovation and quantifiable economic measurement? From being an evolving manufacturing powerhouse? From enjoying an unprecedented per capita GDP or the low unemployment rates? The Trump administration suffers from Munchausen syndrome by tariff, prescribing toxic cures for mythical ailments to gain attention. That's something to remember as Trump...

Mark Cuban explains why 'strategic tariffs' if implemented properly could benefit the United States:Tara Palmeri: "Do you think these tariffs will impact everyone from the top down?"Mark Cuban: "If they're strategic: If China is subsidizing their steel industry, and we put… pic.twitter.com/03rPbeTuuT— Eric Abbenante (@EricAbbenante) April 3, 2025

Believing that a country is in bad shape if it imports more goods than it exports — i.e., if it has a trade deficit — is, in most cases, a harmless error in reasoning. It’s the sort of thing that seems to make sense at first glance, but any halfway decent economics professor can train it out of students in one or two lectures. That error in reasoning becomes harmful when the person who believes it is the president of the United States, and he is willing to claim emergency powers to act on it unilaterally. That’s what Donald Trump...

FRANKFURT (Reuters) - With the ink still fresh on U.S. President Donald Trump's latest batch of tariffs, some are already bracing for what may come next in his effort to strong-arm trading partners into doing his bidding. As the epicentre of the financial world and the issuer of the global reserve currency, the United States has a number of levers that Trump can pull to coerce other countries, from credit cards to the very provision of dollars to foreign banks. While deploying these unconventional weapons would come at a large cost for the U.S. itself and may even backfire altogether,...

Treasury Secretary Scott Bessent made it clear in an interview with CNN that the era of trade imbalances is over, and under President Trump, the U.S. will no longer tolerate unfair treatment. During a discussion with CNN’s Kaitlan Collins, Bessent confidently explained the administration’s position on tariffs and trade policy, signaling that Trump’s economic strategy is deliberate and well thought out. When pressed on how the administration’s policies could impact the auto industry, particularly regarding vehicles made with foreign parts, Bessent was blunt. “If half the cars coming into the United States are foreign-made, that's hard to turn around overnight,...

China Thursday urged the United States to immediately cancel its latest tariffs and vowed countermeasures to safeguard its own interests, after President Donald Trump declared sweeping levies on all U.S. trading partners around the world.The U.S. move disregards the balance of interests reached in multilateral trade negotiations over the years and the fact that it has long benefited greatly from international trade, the Chinese Commerce Ministry said in a statement.'SAFEGUARD RIGHTS & INTERESTS'"China firmly opposes this and will take countermeasures to safeguard its own rights and interests," the ministry said, as the world's largest economies look set to spiral deeper...

One of the surprises out of Wednesday's big tariffs announcement was that the Trump administration used a surprisingly simplistic approach to calculating these much-hyped reciprocal tariffs. Why it matters: This was not a finely tuned set of import taxes calibrated to exert pressure on trading partners to adjust specific policies with which the U.S. has grievances. Rather, it was some simple arithmetic, based on overall trade data, that became the justification for the most sweeping U.S. duties in generations — a trade-weighted 22.5% tariff, per the Yale Budget Lab, up from around 2.4% last year. It implies fewer off-ramps for...

Stocks plummeted Thursday, sending the S&P 500 back into correction territory for its biggest one-day loss since 2020, after President Donald Trump unveiled sweeping tariffs, raising the risk of a global trade war that plunges the economy into a recession.The broad market index dropped 4.84% and settled at 5,396.52, posting its worst day since June 2020. The Dow Jones Industrial Average tumbled 1,679.39 points, or 3.98%, to close at 40,545.93 and mark its worst session since June 2020. The Nasdaq Composite plummeted 5.97% and ended at 16,550.61, registering its biggest decline since March 2020. The slide across equities was broad,...

Americans will likely have to pay more at the supermarket counter within the coming days while higher prices on everything from sneakers to furniture to cars could be felt in a matter of weeks following President Trump’s tariffs rollout, economists and industry experts told The Post.

When the upper brass of Bay Area tech flocked east to pay their respects to Donald Trump earlier this year, they surely expected some preferential treatment in return. But instead, the president just hit them where it hurts. Trump revealed sweeping new tariffs on Wednesday, including a 10% baseline tax on all imports and double or triple that much for certain countries. He dubbed the non-baseline tariffs “reciprocal” and noted that some goods would not be subject to those levies, including semiconductor chips, in a win for Silicon Valley. Nonetheless, on Thursday, the very tech executives who kissed Trump’s proverbial...

PULSE POINTS:❓What Happened: Former Vice President Mike Pence, who is pushing the GOP to reembrace unpopular globalist economic policies, is criticizing President Donald J. Trump’s imposition of extensive global tariffs, claiming they represent the largest peacetime tax increase in U.S. history.👥 Who’s Involved: Mike Pence, Donald Trump, and America First conservatives, including Trump’s trade advisor Peter Navarro.📍 Where & When: Pence posted criticism to X (formerly Twitter) Wednesday evening following President Trump’s “Liberation Day” event.💬 Key Quote: “The Trump Tariff Tax is the largest peacetime tax hike in U.S. history,” claims Pence.⚠️ Impact: Critics like Pence claim the tariffs could...

I. DON'T. KNOW. Normally, when I don't know about something, I try not to start a post about the subject. None of us knows everything about everything, and there is a reason why God invented the division of labor. Let people who know about how to do things do them. But in this case, the REASONS why I don't know whether Trump's tariffs will help or hurt America are important, and I hope I can help clarify at least some of the reasons why people are lining up on different sides of the issue. ARE TARIFFS GENERALLY GOOD ECONOMIC POLICY?All...

Treasury Secretary Scott Bessent made it clear in an interview with CNN that the era of trade imbalances is over, and under President Trump, the U.S. will no longer tolerate unfair treatment. During a discussion with CNN’s Kaitlan Collins, Bessent confidently explained the administration’s position on tariffs and trade policy, signaling that Trump’s economic strategy is deliberate and well thought out. When pressed on how the administration’s policies could impact the auto industry, particularly regarding vehicles made with foreign parts, Bessent was blunt. “If half the cars coming into the United States are foreign-made, that's hard to turn around overnight,...

WASHINGTON — The Trump administration is facing global blowback after announcing a dramatic series of tariffs on countries around the world, with U.S. adversaries and allies alike promising crushing responses that could devastate the American economy.Stock markets in the United States, Europe and Asia plunged in the aftermath of President Trump’s announcement, which included a 10% base rate hike on nearly all foreign imports. Still other countries and trading blocs, including China, the European Union, South Korea and Japan, were hit with higher rates.“We’re now preparing for further countermeasures to protect our interests and our businesses if negotiations fail,” Ursula...

Well, he did it. President Trump earned every bit of the label “Liberation Day.” Simply put, it was the most aggressive U.S. trade action in modern history. Nothing else even comes close. “April 2nd, 2025 will forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed,” President Trump told a large audience at the Rose Garden yesterday afternoon. “It’s our Declaration of Economic Independence,” he soaringly explained. The speech was equal parts policy, data, and classic Trumpian showmanship. And, having slept on it, I have decided it was a historic speech for a historic...

General Motors (GM) plans to expand production at one of its plants in Indiana thanks to President Donald Trump’s tariffs on foreign-made cars. On Wednesday evening, Trump announced a 25 percent tariff on all foreign-made cars to protect the nation’s auto industry from unfair trade competition. GM executives said they will be increasing production of light-duty trucks at the automaker’s Fort Wayne Assembly Plant in Indiana, according to an exclusive report by Reuters on Thursday.

The Establishment’s Big Guns Come Out Blazing Against TariffsOlivier Blanchard is a renowned economist—former chief economist of the IMF, Robert M. Solow Professor Emeritus at MIT, and Senior Fellow at the Peterson Institute for International Economics. When he speaks, the establishment listens.So, when Blanchard took to social media Wednesday morning—or “Liberation Day,” as President Trump is calling it—with a long post warning that Trump’s forthcoming tariffs could plunge the U.S. economy into recession, the commentariat responded with glee that their bias against Trump’s economic proposals was being confirmed from on high. His argument boils down to this: tariffs may initially...