Ending a historically bad week, stock markets plunged further across the world on Friday, and the risk of a U.S. recession rose as President Donald Trump tried to defend his sweeping global tariff agenda.
Having already insisted to reporters that the rollout of tariffs on all American trading partners was “going very well”, he posted on Truth Social on Friday: “ONLY THE WEAK WILL FAIL!” as $6 trillion in value was wiped out in two days.
On Friday morning, Trump dismissed China’s 34 percent retaliatory tariff against American goods, saying they had “PLAYED IT WRONG” and “PANICKED.” It is unclear what he meant by that.
He later revealed he was negotiating with Vietnam, a major source of U.S. imports, over the tariff rate he set for them. The president also implored Federal Reserve Chairman Jerome Powell to cut interest rates.
At the closing bell on Wall Street, investors looked back on a bloodbath of a day. The Dow Jones Industrial Average was down more than 2,200 points and the S&P 500 had lost 6% of its value.
While Americans fretted about their retirement plans and the prospect of slower growth and higher inflation, the president spent the day at his golf club.
Hegseth to visit Panama amid Trump’s demands to take back canal
Defense Secretary Pete Hegseth will travel to Panama next week to meet with leaders of the Central American country following recent Trump administration allegations of Chinese interference in the operations of the critical Panama Canal shipping lane.
President Donald Trump has complained about the U.S. relinquishing control of the waterway to Panama more than 20 years ago and has threatened to retake it, arguing that the U.S. was being overcharged for using it. Panama’s government has denied Trump’s assertion that China exerts influence over the canal.
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Former Trump official explains the reason he believes the administration is using Signal
Katie Hawkinson writes:
Kevin Carroll, who previously served under President Donald Trump in his first term and as a CIA officer, wrote an op-ed for The Guardian arguing National Security Adviser Mike Waltz, Defense Secretary Pete Hegseth, and other administration officials use Signal to ensure their communication isn’t discoverable in legal battles or subject to information requests.
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Social Security Administration planning to lay off thousands more staff in DOGE cuts
The Social Security Administration is reportedly drafting plans to lay off thousands more employees overseeing benefits for the nation’s seniors as part of Elon Musk’s Department of Government Efficiency initiative, even as it has struggled with reports of poor customer service following the loss of 7,000 workers who have left or been fired from the agency already this year.
Under the direction of Musk’s U.S. DOGE Service, the agency is looking at cuts across a variety of departments, including communications, personnel, legislative affairs, and retirement and disability policy.
“It’s just cut, cut, cut,” an official told The Washington Post, which reported on the plan.
Josh Marcus has the story.
Trump admin sends Hegseth to ceremony for remains of US soldiers while president attends fundraiser at Mar-a-Lago
Josh Marcus writes:
Instead, the president has been in Florida since yesterday, where he celebrated the beginning of a three-day tournament of the Saudi-backed LIV Golf series at one of his golf courses, then was set for a Friday fundraising dinner at his Mar-a-Lago estate.
“The Secretary of Defense will represent the Administration at the dignified transfer for the four brave U.S. service members who tragically died during a training exercise in Lithuania,” the White House told The Hill.
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Fed chair predicts tariffs will spike inflation and slow economic growth
Federal Reserve Chairman Jerome Powell warned that President Donald Trump’s across-the-board tariffs could cause a spike in inflation and curb economic growth.
Powell, who was nominated by Trump to lead the central bank in 2018, made the remarks on Friday at the Society for Advancing Business Editing and Writing conference.
Eric Garcia reports on his comments.
Trump campus crackdown continues with threat Harvard must end ‘ideological capture’ or lose billions
Josh Marcus writes:
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After years calling them a terrible idea, Vance applauded Trump’s tariff announcement from the Rose Garden
However, before he was a spokesman for the Trump Liberation Day tariffs, Vance was critical of the very same policies, including directly rebuking Trump when he talked about similar measures during his first term, according to an analysis from CNN’s KFILE.
The Trump administration’s major argument for the tariffs has been that they will encourage firms to bring manufacturing jobs back to the U.S., claims Vance once dismissed out of hand.
Josh Marcus reports from San Francisco.
Ted Cruz admits if Trump’s tariff gamble backfires, it could cost Republicans politically
Senator Ted Cruz has admitted that if Donald Trump’s tariffs sink the U.S. economy and drive it into recession, it could cause a 2026 electoral “bloodbath” for Republicans.
Cruz said that the impact of worldwide tariffs implemented by the White House could be the “single biggest determinant” for Republicans in the 2026 midterm elections.
Friday saw the Dow drop 2,200 points, wiping out a stunning $6 trillion from the market in just two days.
Ariana Baio reports.
EDITORIAL: Donald Trump’s ‘Liberation Day’ will live in infamy
Even the Bolshevik Revolution of 1917 took a little longer to shake the world. It is difficult to exaggerate the far-reaching effects of this abrupt abandonment of the post-war American policy of liberalising trade.
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Fox News hires ex-congressional candidate who once praised white nationalists
Today, that failed candidate is working for Fox News as a digital reporter.
Justin Baragona reports.
Source: independent.co.uk
