ACTUAL NEWS: Thursday, April 10th 2025 Daily Briefing
- Olga Nesterova
- 2 days ago
- 10 min read
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Wall Street stocks plunged on Thursday amid mounting concerns over the economic impact of U.S. President Donald Trump's multi-front tariff war.
All three major U.S. stock indexes posted significant losses, erasing much of the previous session's gains as growing fears over the escalating U.S.-China trade conflict overshadowed optimism from positive economic data and U.S.-Europe trade negotiations.
The DJIA fell by 1,014 points, dropping below 40,000, or 2.5%.
The Nasdaq Composite lost 737 points, or 4.31%.
The S&P 500 dropped 188 points, or 3.46%.
President Donald Trump's "pause" on certain import taxes may have alleviated some immediate pressure on financial markets, but it does little to change the underlying circumstances that have reshaped the U.S. economic outlook, with rising recession risks and the potential for increased inflation.
President Donald Trump expressed on Thursday that he would welcome a deal with China to resolve the escalating trade war.
Trump made the remarks during a Cabinet meeting open to the press. U.S. Treasury Secretary Scott Bessent added that as trade deals are settled with various countries, it will provide more certainty regarding U.S. trade policy.
Elon Musk downgraded his projected savings from $2 trillion to $150 billion for FY26, as announced today at the cabinet meeting. He also claimed that there are people who "aren't born yet" receiving Social Security benefits.
In fact, some children aged 1-4 years receive benefits because they are orphans.
Then, Agriculture Secretary Rollins declared: We are more than friends. We've all become family.
One might say, it is a cult.
President Trump: We’ve moved a lot of troops to Panama Canal
Per DOD readout last week, US and Panama are conducting a “training”.
President Trump shared his thoughts on "combating" autism: You stop taking something, stop eating something, or maybe it’s a shot.. but something is causing it.
Regarding the war in Ukraine, which President Trump has vowed to "solve within 24 hours," he reiterated that Ukrainian and Russian soldiers continue to die each week, adding, “They’re not Americans, but they’re people.”
Also today, another U.S.–Russia prisoner swap took place in Abu Dhabi. The United States exchanged a convicted Russian smuggler—who had illegally transferred sensitive microelectronics from the U.S. to Russia—for an American ballerina who had been detained after donating 40 pounds to a Ukraine-based charity.
U.S. Ambassador to Ukraine, Bridget Brink, has resigned.
Earlier, President Zelenskyy expressed disapproval after Brink failed to mention that a Russian missile was responsible for the deaths of children in Kryvyi Rih. She later posted an acknowledgment of Russia's involvement in the tragedy.
Brink was appointed by former President Biden in May 2022.
TODAY IN HISTORY
1633: Bananas went on sale for the first time in London.
1849: The safety pin was patented by Walter Hunt in the United States; he later sold his rights to the fastener for just $400.
1866: Henry Bergh, after stopping a carriage driver in Russia from beating his horse, founded the American Society for the Prevention of Cruelty to Animals (ASPCA) in New York City, becoming one of the largest organizations dedicated to animal welfare.
1912: The RMS Titanic embarked on its maiden voyage, which tragically ended when the luxury liner struck an iceberg and sank several days later.
1919: Mexican revolutionary Emiliano Zapata, known for his agrarianism and guerrilla actions during the Mexican Revolution, was ambushed and fatally shot.
1925: The first government led by French Premier Édouard Herriot, leader of the Radical Party, fell after being put into office by the left-wing coalition Cartel des Gauches.
1938: In Austria, a controlled plebiscite, following Adolf Hitler's invasion, saw 99.7 percent of Austrians approve the Anschluss, the political union of Austria and Germany.
1972: The development, production, and stockpiling of biological weapons were outlawed by the Biological Weapons Convention, signed by more than 150 countries.
1973: Pakistan adopted its third constitution, shifting the role of Zulfikar Ali Bhutto from president to prime minister.
1986: Halley's Comet reached the perigee (point nearest Earth) during its most recent passage near the planet.
1988: After a decade of construction, the Seto Great Bridge, spanning the Inland Sea in Japan, was opened to traffic.
1998: The Good Friday Agreement was signed, calling for devolved government in Northern Ireland; the accord was ratified by both Ireland and Northern Ireland the following month.
2001: The Netherlands passed a bill permitting euthanasia, becoming the first country to legalize the practice nationally.
2019: Astronomers released the first-ever image of a black hole, located at the center of the massive galaxy M87.
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NATIONAL
Six people have died after a helicopter crashed into the Hudson River near Manhattan. Officials briefed on the rescue efforts said the pilot and a family believed to be from Spain were killed in the crash, with three children among the victims.
U.S. lawmakers held their first hearing Thursday in more than three years on the ongoing debate over ending the practice of switching clocks twice a year. The Senate Commerce Committee discussed whether to make daylight saving time permanent or to remain on standard time year-round. The Senate unanimously voted in March 2022 to make daylight saving time permanent, but the effort stalled in the House of Representatives, which never addressed the issue.
President Donald Trump announced on Thursday that he will seek to have major U.S. law firms provide free legal work to support his trade team's negotiations with other countries. This comes after four law firms recently agreed to "donate legal services to his administration" to avoid facing Executive Orders.
More than 2,600 U.S. Department of Energy staffers have opted to take the Trump administration's second round of resignation offers, sources said Thursday. Offices focused on power grid stability and loans for high-tech energy projects were significantly impacted.
Scientists at the U.S. National Institutes of Health may resume official travel for conferences and meetings starting Thursday, according to a Department of Health and Human Services spokesperson. Official travel had been suspended since February 26.
President Donald Trump suggested that farmers could petition the federal government to allow certain farmworkers, who are currently in the U.S. illegally, to remain—provided they leave the country and return with legal status.
The cybersecurity industry has largely gone quiet following President Donald Trump's action against one of its prominent members. On Wednesday, Trump ordered the cancellation of security clearances for executives and employees at SentinelOne as part of a broader campaign to use the U.S. government's power to target his political opponents.
The U.S. Federal Deposit Insurance Corporation has hired several staffers from Elon Musk's Department of Government Efficiency, according to an email sent to regulatory staff Thursday. The FDIC, which monitors banks and insures deposits, stated that a "small team" of DOGE staffers is working with agency leadership. The email clarified that these staffers have appropriate clearances and have not requested or been granted access to sensitive banking information.
The U.S. Food and Drug Administration said on Thursday that it plans to replace animal testing in the development of monoclonal antibody therapies and other drugs with "human-relevant methods," including the use of AI-based models.
The U.S. Senate confirmed President Donald Trump's nomination for the third Republican commissioner on the U.S. Federal Trade Commission, despite criticism from Democrats over Trump's move to oust two commissioners from the consumer protection and antitrust agency.
Four Republican senators have asked Congressional leadership to preserve energy tax credits included in the Biden-era Inflation Reduction Act as part of the upcoming budget reconciliation bill, according to a letter circulated on Thursday.
The United States will identify the cause of autism by September, Secretary of Health and Human Services Robert F. Kennedy Jr. said on Thursday, setting a deadline for an answer that has eluded scientists for decades.
The Trump administration is urging states to request waivers that would prevent food stamp recipients from using their benefits to buy soda and other processed foods, according to a Thursday op-ed by U.S. health and agriculture secretaries Robert F. Kennedy Jr. and Brooke Rollins.
Oil industry lobbyist Kathleen Sgamma withdrew her name from consideration to lead the U.S. Bureau of Land Management, U.S. Senator Mike Lee said on Thursday during a Senate hearing discussing her nomination.
President Donald Trump's reversal on sweeping import tariffs did little to alleviate companies' concerns about the consequences of his trade war and its disorganized implementation, which has led to soaring costs, reduced orders, and disrupted supply chains.
The United States is considering offers from 15 countries on tariff agreements and is nearing deals with some of them, White House economic adviser Kevin Hassett said Thursday after President Donald Trump reduced some tariffs in an unexpected move. As always, seeing is believing.
The U.S. Supreme Court upheld a judge's order on Thursday requiring President Donald Trump's administration to help facilitate the return of a Salvadoran man to the United States, acknowledging that he had been deported in error to El Salvador.
Federal Reserve Governor Michelle Bowman told lawmakers on Thursday that she would overhaul how the U.S. central bank monitors large banks, encourage innovation, and push for "pragmatic" rules for the financial system.
The U.S. House of Representatives passed a budget blueprint on Thursday, setting the stage for legislation later this year that could make certain expiring portions of President Donald Trump's 2017 tax cuts permanent.
The U.S. government posted a $161 billion budget deficit for March, down 32%, or $76 billion, from a year earlier. The decline was primarily due to a calendar shift for benefit payments, as receipts continued to grow, the Treasury Department said on Thursday.
Two U.S. House of Representatives lawmakers wrote to the Transportation Department's top ethics official on Thursday, requesting details on how the agency is addressing potential conflicts of interest involving
Elon Musk, considering ongoing investigations into SpaceX and Tesla, both of which Musk leads and is a close ally of President Donald Trump.
Elon Musk's government cost-cutting campaign at the U.S. Federal Trade Commission is raising concerns about the potential exposure of confidential corporate data, according to two Democratic commissioners at the agency, who were fired last month by President Donald Trump.
The number of Americans filing new applications for unemployment benefits rose slightly last week, and the trend could continue as companies grapple with the impact of President Donald Trump's tariffs on imports. Initial claims for state unemployment benefits increased by 4,000 to a seasonally adjusted 223,000 for the week ending April 5, according to the Labor Department.
Sarah Palin and the New York Times are heading back to court, where the former Alaska governor and Republican vice-presidential candidate will attempt to convince a second jury that the newspaper defamed her in an editorial about gun control.
President Donald Trump reiterated on Tuesday that he would impose tariffs on pharmaceutical imports, which have traditionally been exempt from trade disputes due to concerns about patient safety.
U.S. consumer prices unexpectedly fell in March, driven by cheaper gasoline and used cars. However, the modest inflation reading is unlikely to last as President Donald Trump has doubled down on tariffs on imported Chinese goods.
The Republican-led U.S. House of Representatives voted Wednesday to limit the ability of judges to issue nationwide injunctions blocking government policies after key parts of President Donald Trump's agenda were stymied by such court rulings.
The U.S. Army provided a memo to the Senate on Thursday explaining why it regularly failed to use a safety system known as ADS-B on helicopter flights around Reagan Washington National Airport. The memo, dated August 2024, was revealed by Senator Ted Cruz.
GLOBAL
Chinese companies selling products on Amazon are preparing to raise prices for the U.S. market or exit entirely due to President Donald Trump's unprecedented tariff hikes, according to sellers and the head of
China's largest e-commerce association. The Shenzhen Cross-Border E-Commerce Association, which represents over 3,000 Amazon sellers, shared these concerns.
Taiwan’s state-backed bodies could increase their U.S. purchases by $200 billion over the next decade and boost the percentage of LNG imports from the U.S. by one-third to help reduce the trade deficit, the country’s economy minister announced on Thursday.
The sale of nuclear-powered submarines to Australia under the AUKUS treaty now faces new uncertainties as U.S. President Donald Trump's tariffs take effect, alongside concerns in Washington that providing the subs to Canberra might diminish deterrence against China.
Technical consultations between the U.S. and Ukraine on a minerals deal will begin in Washington on Friday, Ukrainian Deputy Prime Minister Olha Stefanishyna confirmed on Thursday. She also stated that the discussions would not interfere with Ukraine’s other financial commitments.
U.S. Treasury Secretary Scott Bessent will meet with Argentina’s President Javier Milei and other government and business leaders in Buenos Aires next week to show support for the country’s economic reforms, the Treasury Department announced Thursday.
President Donald Trump's decision to impose steeper tariffs on Switzerland than on most of Europe shocked the export-oriented country, pushing it closer to the European Union as it scrambled to manage the fallout.
Imposing tariffs on U.S. imports from the Philippines could hinder the U.S. ally's ability to afford U.S. weapons systems, including a $5.58 billion plan to acquire F-16 fighter jets, Manila’s ambassador to Washington warned on Thursday.
Modelo Especial owner Constellation Brands' beer sales are taking a hit as demand from Hispanic populations in key U.S. states slows, partly due to Trump's immigration crackdown, company executives said on Thursday.
Ivory Coast, the world's largest cocoa producer, may take steps to increase cocoa prices if tariffs proposed by U.S. President Donald Trump are implemented, the country’s agriculture minister warned on Thursday.
As the Trump administration escalates efforts to acquire Greenland from Denmark — or potentially take it by force — some Silicon Valley tech investors are promoting the island as a site for a "freedom city," a libertarian utopia with minimal corporate regulation, sources familiar with the matter told Reuters.
The Trump administration imposed sanctions on Iranian oil trading networks on Thursday, including a China-based crude oil storage terminal linked to an independent refinery via a pipeline, just days before direct U.S.-Iran talks were scheduled.
U.S. Defense Secretary Pete Hegseth said it was up to Iran to decide whether the recent U.S. deployment of B-2 bombers was a message, as he expressed hope that U.S.-Iran negotiations over Tehran’s nuclear program could be resolved peacefully.
Iran may suspend cooperation with the UN nuclear watchdog if external threats continue, an adviser to Iran’s supreme leader said on Thursday, after President Donald Trump again warned of military force if
Tehran does not agree to a nuclear deal.
U.S. President Donald Trump stated on Thursday that progress was being made regarding the return of hostages held in Gaza, confirming that he was in talks with both Israel and Hamas, but did not provide further details.
President Donald Trump said on Thursday he was unsure if U.S. Steel needed to make a deal with Nippon Steel due to his tariff policy, casting additional doubt on the future of the proposed partnership. 'U.S. Steel is going to do very well now because of tariffs, and I don't know why they even need a deal,' Trump told reporters during a Cabinet meeting.
MEME OF THE DAY
POSTS OF THE DAY
NEWS CLIPS - NO COMMENTARY
Lutnick: You're going to see employment leaping starting today
Lutnick claims White House has "lots of offers"
Trump not to deport migrants "if farmers and hotel owners say so"
Kaja Kallas comments on the role China plays in Russia’s war against Ukraine
US General Explains Inside Story of Russia's Ukraine War
TODAY IN ONE PICTURE
That's all from me for now. Thank you for reading.
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