U.S. stocks ended the day higher on Tuesday after remarks by Treasury Secretary Scott Bessent that while any negotiations with China over Donald Trump’s tariffs may be a “slog,” he believes there will be a de-escalation of the current trade tensions, describing the situation as not sustainable.
Bessent’s comments were made at a closed-door event on the sidelines of the International Monetary Fund and World Bank Spring Meetings and came the same day that the IMF warned the U.S. economy would be hit hardest by Trump’s aggressive tariffs plan.
In its forecast of global economic growth, the IMF dropped the U.S. from 2.7 percent to 1.8 percent for the year, while downgrading nearly all countries and shaving half a percentage point off global growth.
The White House continues to claim that trade agreements are being negotiated, with basic terms reportedly close to being agreed with Japan and India.
At a swearing-in ceremony for SEC chair Paul Atkins, Trump sought to allay market fears by saying the China tariffs will come down, and that he had no intention of firing Federal Reserve Chair Jerome Powell, having previously said the opposite.
Key Points
- Trump admits China’s tariffs will drop ‘but it won’t be zero’
- Trump says he has no intention of firing Fed Chair Powell
- Markets rise as Bessent says China-U.S. tariff standoff will de-escalate
- World ‘entering a new era’ as IMF slashes U.S. economic forecast
- Top economist says almost 100% chance of U.S. recession if Trump doesn't retreat on tariffs
RFK Jr. appears on Fox News to tout petroleum-based food dye ban
01:38 , Katie HawkinsonHealth and Human Services Secretary Robert F. Kennedy Jr. appeared on Fox News to celebrate his ban on petroleum-based synthetic dyes in the nation’s food supply.
“The food our kids are eating today is not really food,” Kennedy told Jesse Watters. “It's food-like substances, and some of it was made in petroleum refineries, and we need to give our kids real food.”
Kennedy also doubled down on his claim that autism diagnoses in the U.S. are “20 times worse than COVID-19” in terms of “the economic impact, the social impact, the moral impact on our country.”
Kennedy previously claimed autism “dwarfs the COVID epidemic and the impacts on our country because COVID killed old people.”
Six security guards charged after woman’s removal from Republican town hall
01:00 , Oliver O'ConnellSix men who forcibly removed a woman from a Republicantown hall meeting have been hit with a string of charges, following the chaotic incident in northern Idaho.
Mike Bedigan reports.
6 security guards charged after woman’s removal from Republican town hall
Trump tariffs: What are companies saying, and doing?
00:30 , APCompanies from a wide range of industries are having trouble assessing the impact of tariffs because of the constant uncertainty over whether and where the taxes will be imposed next or postponed, sometimes on a daily or weekly basis. Some tariffs remain in place against key U.S. trading partners, but others have been postponed to give nations time to negotiate.
As a result, companies have been giving somewhat shaky financial forecasts during their latest round of earnings updates.
Here's how several big companies are dealing with the tariff confusion:
Tackling tariffs: What some companies are saying, and doing, about tariffs
Amid Trump feud, Top producer at 60 Minutes quits over lack of ‘journalistic independence’
00:15 , Oliver O'ConnellThe executive producer of 60 Minutes, Bill Owens, revealed Tuesday that he’s resigning, saying that he had lost his journalistic independence amid an onslaught of attacks on the program by Donald Trump.
“Over the past months, it has become clear that I would not be allowed to run the show as I have always run it, to make independent decisions based on what was right for 60 Minutes, right for the audience,” Owens told a shocked staff in a memo obtained by The New York Times.
“So, having defended this show — and what we stand for — from every angle, over time with everything I could, I am stepping aside so the show can move forward,” he added.
Gustaf Kilander and Justin Baragona report.
Top producer at 60 Minutes quits over ‘journalistic independence’ amid Trump feud
Trump admin sues Uber for making subscriptions too hard to cancel
00:00 , Oliver O'ConnellThe Federal Trade Commission is suing Uber, claiming the ride-share company makes it too difficult to cancel its subscription service, Uber One.
The complaint filed in the U.S. District Court for the Northern District of California alleges the company charged consumers for Uber One without their consent, failed to deliver promised savings and made it difficult for users to cancel the service despite its “cancel anytime” policy.
Michelle Del Rey has the details.
Trump admin sues Uber alleging company makes it too hard to cancel subscription
Colombian president says US has revoked his visa and appears to mock Trump as ‘Donald Duck’
23:45 , Oliver O'ConnellColombia’s president Gustavo Petro has claimed that U.S. officials have revoked his visa, a claim the State Department would not immediately confirm.
Petro was speaking during a televised meeting of his cabinet called to address an outbreak of yellow fever, according to The City Paper Bogotá. The president spent several days in January engulfed in a conflict with the Trump administration about accepting Colombian nationals deported from the United States, before backing down.
John Bowden has the story.
Colombian president says US revoked his visa and mocks ‘Donald Duck’
A Venezuelan delivery driver was ‘disappeared’ after making a wrong turn. The Trump administration claims they know where he is
23:30 , Oliver O'ConnellIn January, a delivery worker in Michigan had picked up an order from McDonald’s and was on his way to its destination when he made a wrong turn on a bridge into Canada.
When Ricardo Prada Vásquez tried to re-enter the country from the Ambassador Bridge, the 32-year-old Venezuelan immigrant was detained by immigration authorities.
Alex Woodward reports on what happened next.
ICE ‘disappeared’ Venezuelan immigrant who accidentally entered Canada
It’s official – Donald Trump is bad for the world economy
23:12 , The IndependentThough covered by a thin veneer of nuanced “econospeak”, the message of the International Monetary Fund (IMF) could not be clearer: Donald Trump is bad for the world economy and will make America poorer, not wealthier – now, tomorrow and far into the future.
The assessment of the IMF’s economists – who are listened to intently by investors, even if not President Trump – is damning. The downgrade in the growth forecasts for the United States this year alone amounts to almost 1 per cent of GDP – a loss of some $200bn, of which about half is a direct result of the tariffs announced on and after the ironically named “Liberation Day” on 2 April. Mr Trump was at least wise to postpone his foolish initiative by one day.
The losses to output and the negative effects on the living standards of Americans will continue to accumulate well into the long term. Rather than “trillions” of dollars flowing into the US Treasury, the impact of tariffs will be negative virtually everywhere on the planet. Trade wars have no winners and countless losers. As Mr Trump said, no other president has ever done anything like this before – but it’s not in a good way.
Continue reading...
Musk says time at DOGE will drop significantly in May
23:00 , Oliver O'ConnellElon Musk says starting in May, his time spent with the Department of Government Efficiency will “drop significantly,” and he'll allocate more time to Tesla.
The company has faced backlash and angry protests over Musk’s leadership of DOGE.
The Austin, Texas, company said Tuesday that quarterly profits fell by 71%, far below analyst estimates. And Tesla’s revenue fell 9% in the January through March period, below Wall Street’s forecast.
Tesla’s stock has fallen more than 40% this year but rose slightly in after-hours trading.
Here’s Musk speaking on Tesla’s earnings call today:
"Starting probably next month, in May, my time allocation to DOGE will drop significantly," Elon Musk says in $TSLA's earnings call.
— Yahoo Finance (@YahooFinance) April 22, 2025
Earlier, he explained he was doing the work: "If the ship of America goes down, we all go down with it, including Tesla and everyone else." pic.twitter.com/GLkgLhJtAo
Trump admin submits court-ordered daily report on Kilmar Abrego Garcia confidentially
22:53 , Oliver O'ConnellThe Trump administration has submitted today’s court-ordered daily status report on Kilmar Abrego Garcia confidentially.
This is the first time that’s happened.
Judge Paula Xinis torches government attorneys once again, finding their refusals to answer questions from Kilmar Abrego Garcia’s lawyers “specious” and in “bad faith.”
Trump administration attorneys are ordered to come up with legal arguments to defend their “vague and unsubstantiated assertions of privilege” they’ve used as “a shield to obstruct discovery and evade compliance” with court orders.
“Defendants have known, at least since last week, that this Court requires specific legal and factual showings to support any claim of privilege. Yet they have continued to rely on boilerplate assertions. That ends now,” Xinis wrote.
Xinis also calls out the administration for its “continued mischaracterization of the Supreme Court’s Order” to “facilitate” Abrego Garcia’s release.
The judge also notes that the government must provide some evidence to defend allegations that Abrego Garcia is a member of MS-13. “Defendants cannot invoke the moniker of MS-13 as responsive to the Court’s previous order … then object to follow-up interrogatories seeking the factual bases for the same,” Xinis wrote.
The government must answer questions from Abrego Garcia’s attorneys by 6 p.m. tomorrow night.
Judge blocks Trump's shutdown of government-funded news broadcasts
22:50 , ReutersA federal judge ordered the Trump administration on Tuesday to halt efforts to shut down Voice of America, Radio Free Asia and Middle East Broadcasting Networks, whose news broadcasts are funded by the government to export U.S. values to the world.
U.S. District Judge Royce Lamberth, who is overseeing six lawsuits from employees and contractors affected by the shutdown of U.S. Agency for Global Media, ordered the administration to “take all necessary steps” to restore employees and contractors to their positions and resume radio, television and online news broadcasts.
USAGM placed over 1,000 employees on leave and told 600 contractors they would be terminated after the agency abruptly shut down the broadcasts in March.
The ruling was a “significant victory for press freedom,” said Andrew Celli, an attorney representing VOA employees in the lawsuits.
VOA was founded to combat Nazi propaganda at the height of World War Two, and has become a major international media broadcaster.
Congress has funded and authorized the broadcasts to provide an “accurate, objective, and comprehensive” source of news in other nations and export the “cardinal American values of free speech, freedom of the press, and open debate,” Lamberth wrote. Congress made the broadcasts mandatory and did not allow the executive branch to unilaterally terminate or defund them, he ruled.
Trump advisor Kari Lake announced the shutdown on March 15, placing nearly all USAGM employees on leave, saying the agency was “irretrievably broken” and biased against President Donald Trump.
As Musk runs DOGE for Trump, revenue and profits plunge at Tesla
22:49 , Oliver O'ConnellTesla delivered disappointing earnings just after the bell on Tuesday, missing Wall Street expectations.
“It is difficult to measure the impacts of shifting global trade policy on the automotive and energy supply chains, our cost structure and demand for durable goods and related services,” the company said in a letter to investors, adding it would be revisiting guidance in its Q2 update.
Michelle Del Rey has the details.
Tesla suffers revenue and profit plunge while Musk runs DOGE or Trump
Trump admits China’s tariffs will drop ‘but it won’t be zero’
22:43 , Oliver O'ConnellPresident Donald Trump on Tuesday conceded that the 154 percent tax Americans currently pay for most imported goods from China will come down as a result of trade talks between Washington and Beijing.
Speaking in the Oval Office after a brief swearing-in ceremony for Securities and Exchange Commission Chair Paul Atkins, Trump said talks with China were “doing fine” because “everybody wants to have involvement” in American markets.
Andrew Feinberg reports from Washington, D.C.
Trump admits China’s tariffs will drop ‘but it won’t be zero’
Fired Hegseth aide said he was ousted over his loyalty to Trump
22:33 , Oliver O'ConnellA former top adviser to Defense Secretary Pete Hegseth, who was accused of leaking sensitive information to the media, claims he was fired as part of an elaborate deep state plot.
Dan Caldwell, who was one of three officials escorted from the Pentagon last week, maintains that he was not responsible for the leaked information, which has since prompted calls for his former boss to be dismissed.
Speaking to Tucker Carlson on the conservative commentator’s podcast Monday, Caldwell instead suggested that the purge was linked to his loyalty to Hegseth and President Donald Trump.
James Liddell has the story.
Fired Hegseth aide said he was ousted over his loyalty to Trump by deep state
Trump says he has no intention of firing Fed Chair Powell
22:28 , Oliver O'ConnellPresident Donald Trump says he has “no intention” of firing Federal Reserve Chairman Jerome Powell, whom he appointed in his first term.
“None whatsoever. Never did,” says Trump, before again voicing his strong desire for Powell and the Fed to lower interest rates.
Trump says he has no intention on firing Powell. Adds that he never did have an intention on firing Powell. pic.twitter.com/6AkBwOLkfT
— Acyn (@Acyn) April 22, 2025
As recently as this afternoon, the White House reiterated Trump’s displeasure with Powell.
Leavitt: I think the president made his position on the Fed and Powell quite clear. The president believes they have been making moves and taking action in the name of politics rather than in the name of what is right for the American economy.
— Acyn (@Acyn) April 22, 2025
The president has the right to… pic.twitter.com/vGWyaC288a
Fears over the independence of the Federal Reserve and Powell’s future have had a huge impact on the markets recently, causing big drops on Wall Street whenever Trump has criticized him.
Last week, Trump posted on Truth Social that Powell’s “termination cannot come fast enough!”
Watch: Trump says of China 'If they don't make a deal, we'll set the deal'
22:24 , Oliver O'Connell.@POTUS on China: "Ultimately, they have to make a deal because otherwise they're not going to be able to deal in the United States ... If they don't make a deal, we'll set the deal." pic.twitter.com/a6xnGH2s5c
— Rapid Response 47 (@RapidResponse47) April 22, 2025
Watch: Trump administration to resume defaulted student loan collections
22:15 , Oliver O'Connell
Trump administration to resume defaulted student loan collections, Leavitt confirms
Earth Day marks the chance to help save the planet. The environment was already on the edge before Trump took office
22:00 , Oliver O'ConnellTuesday marks the 55th anniversary of the United States’ Earth Day movement. As the world continues to get hotter and hotter, each passing day is but another that could be used to combat the terrifying and existential threat of human-caused climate change.
Julia Musto reports from New York.
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Earth Day marks the chance to help save the planet. The environment is on the edge
Another week, another Republican town hall descends into chaos
21:30 , Oliver O'ConnellFlorida Representative Byron Donalds faced hundreds of his constituents on Monday during a contentious town hall filled with boos, jeers, cheers and shouting – the latest Republican to field aggressive questioning in the public forum.
Donalds, a close ally of President Donald Trump, defended the administration’s policies and positions as he fielded confrontational questions about Elon Musk, the Department of Government Efficiency, the Israel–Hamas conflict, diversity, equity and inclusion, and more.
However, he struggled to get through answers as audience members interrupted him several times to boo or shout at him.
Ariana Baio has the story.
Another Republican town hall descends into chaos over Musk and DEI
Hegseth’s fate is tied up in the debate over attacking Iran — here's why
21:15 , Oliver O'ConnellJohn Bowden writes:
...in conservative circles, the discussion over Hegseth’s fate has evolved from palace intrigue and a simple discussion about the secretary’s professionalism to a deeper debate over the two main factions vying for control of the second Trump administration’s foreign policy agenda.
Read on...
Why Pete Hegseth’s fate is tied up in the debate over attacking Iran
Wall St ends trading day higher on Bessent comments
21:14 , Oliver O'ConnellWall Street rebounded on Tuesday as a spate of quarterly earnings reports and hints at the de-escalation of U.S.-China trade tensions brought buyers in from the sidelines.
A broad rally boosted all three major U.S. indices by more than 2%, as investors looked past Trump's ramped-up rhetoric against Federal Reserve Chair Jerome Powell, who is widely considered a stabilizing force for the markets.
Minneapolis Fed President Neel Kashkari, when asked about Trump's attacks on Powell, said the Fed's independence is “foundational” to better economic outcomes.
Having been battered for weeks by the White House's erratic and multi-front tariff disputes, the S&P 500 is currently about 14.4% below its record closing high reached on February 19.
Treasury Secretary Scott Bessent said that while trade negotiations with Beijing will likely be “a slog,” he believes that there will be a de-escalation of U.S.-China trade tensions.
According to preliminary data, the S&P 500 gained 129.13 points, or 2.50%, to end at 5,287.33 points, while the Nasdaq Composite gained 429.52 points, or 2.71%, to 16,300.42. The Dow Jones Industrial Average rose 1,013.56 points, or 2.66%, to 39,183.97.
With reporting from Reuters
White House insists it can still seal 75 trade deals in 90 days
21:00 , Oliver O'Connell...and yet is only in talks with 34 countries.
Andrew Feinberg reports from Washington, D.C.
Bessent predicts U.S.-China trade talks will be a 'slog' but sees de-escalation soon
20:50 , Oliver O'ConnellTreasury Secretary Scott Bessent believes there will be a de-escalation in U.S.-China trade tensions, but negotiations with Beijing have not yet started and would be a “slog,” according to a person present at closed-door remarks he gave to investors at a JP Morgan conference on Tuesday.
Bessent described the current bilateral trade situation as a two-way embargo, and neither side views the status quo as sustainable, the person told Reuters. The treasury secretary added that the Trump administration’s goal was not to decouple the world’s two largest economies.
Instead, Bessent expressed hope for a “big, beautiful rebalancing” of China’s economy towards more consumption and the U.S. economy towards more manufacturing, but it was unclear whether Beijing was ready to do that, the source said.
The private investment conference took place in Washington, D.C., on the sidelines of the International Monetary Fund and World Bank Spring Meetings. Bloomberg first reported on some of Bessent’s remarks.
Currently, the U.S. has 145 percent tariffs on Chinese goods, and China has 125 percent tariffs on American-made goods.
Bessent predicts that a de-escalation would occur in the “very near future” and would provide “a sigh of relief” for markets, the person said.
Bessent’s comments contributed to positive corporate earnings momentum on Wall Street, which rebounded from Monday’s sell-off sparked by President Donald Trump’s criticism of Federal Reserve Chair Jerome Powell.
Major U.S. stock indexes were up more than 2% in afternoon trading.
In other remarks, Bessent indicated that the Trump administration would be willing to offer Argentina’s government some financial support if a global shock derailed the South American country’s economic recovery, the person said.
Such help would be contingent on Javier Milei’s government remaining committed to reforms and ensuring that any difficulties were not Argentina’s fault. Bessent was in Buenos Aires last week to show support for the reforms and a $20 billion loan from the International Monetary Fund.
With reporting from Reuters
Trump tariffs: Dow is heading for its worst April since the Great Depression
20:40 , Oliver O'ConnellThe Dow Jones Industrial Average is set to have its worst April since 1932 after losing almost 1,000 points on Monday, Dow Jones Market Data shows.
Similarly, the S&P 500 has had its worst performance since inauguration day for any new president dating to 1928, Bespoke Investment Group has found.
Concerns about President Donald Trump’s trade policies and the possibility that he may remove Federal Reserve Chair Jerome Powell have prompted investors to expect bigger losses in the near future. There are few who believe that the White House’s negotiations with trade partners will resolve any issues quickly enough to reduce the tension, according to The Wall Street Journal.
Gustaf Kilander reports from Washington, D.C.
Dow is heading for its worst April since the Great Depression
White House asked about independence of Federal Reserve
20:30 , Oliver O'ConnellAt today’s White House briefing, Press Secretary Karoline Leavitt was asked about the independence of the Federal Reserve.
Leavitt responded: “I think the president made his position on the Fed and Powell quite clear. The president believes they have been making moves and taking action in the name of politics rather than in the name of what is right for the American economy.
“The president has the right to express his displeasure with the Fed and believes interest rates should be lower.
“I also spoke to Kevin Hassett about the Fed. He's called into question the Fed's Independence and whether they are actually doing things out of the best interest of the economy or if they are doing it for partisan reasons. The president wants to see interest rates lower. He's made that quite clear.”
Watch that moment here:
Leavitt: I think the president made his position on the Fed and Powell quite clear. The president believes they have been making moves and taking action in the name of politics rather than in the name of what is right for the American economy.
— Acyn (@Acyn) April 22, 2025
The president has the right to… pic.twitter.com/vGWyaC288a
COMMENT: Could Trump, the ‘puerile president’, now sink the global economy?
20:20 , Oliver O'ConnellJames Moore writes:
As chairman of the US Federal Reserve, Jerome Powell is one of the world’s most important and consequential economic figures. He is also, according to Donald Trump, the man who gave him the job, “a major loser”.
The puerile president wrote on social media: "There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW.”
In recent days, such has been the ferocity of Trump’s personal attacks on Powell over his handling of the US economy that, on Monday, the value of the dollar sank to its lowest point in three years. Stocks, already bruised by the “Trump Slump” from global tariffs, have taken a further hit.
Continue reading...
Could Trump, the ‘puerile president’, now sink the global economy?
Watch: White House asked about countries warning citizens against visiting U.S.
20:10 , Oliver O'ConnellReporter: Several countries have warned citizens about travel to the U.S.. Do have a message for people who might be reconsidering business or tourism travel to the U.S.?
— Acyn (@Acyn) April 22, 2025
Leavitt: I think most recognize the U.S. Is a great place to do business, a beautiful place to visit and… pic.twitter.com/BvFFv85Cp2
COMMENT: Pete Hegseth is an alpha male who doesn’t have time for your Deep State questions
20:00 , Oliver O'ConnellHolly Baxter writes:
Last week, the Pentagon quietly placed three top aides — Dan Caldwell, Colin Carroll and Darin Selnick — on administrative leave in connection with a widening probe into leaked internal messages from a private Signal chat. The messages, which allegedly revealed internal dissent and strategic planning inside Defense Secretary Pete Hegseth’s inner circle, have prompted national security concerns and questions about internal vetting at the Department of Defense.
That, of course, comes hot on the heels of the whole “bombing the Houthis while sharing fist-bump emojis and American flags” thing we all had to contend with a few weeks prior.
If you were hoping for sober accountability or a show of calm leadership in response, however, Tuesday morning’s Fox & Friends interview with Hegseth delivered instead…something else entirely.
Read on...
Pete Hegseth is a very manly man who doesn’t have time for your Deep State questions
Watch: Vance admits tariffs will cause 'profound changes'
19:45 , Oliver O'ConnellMel Gibson, Sylvester Stallone and Jon Voight are Trump’s ambassadors to Hollywood — but what are they doing?
19:30 , Oliver O'ConnellAt the start of the year, President Donald Trump appointed three “special ambassadors” to Hollywood: Sylvester Stallone, Mel Gibson, and Jon Voight.
As the 100th day of the presidency approaches, it remains unclear exactly what they’ve been up to, according to the Los Angeles Times.
Trump said the three actors, all vocal supporters of the president, would be his “eyes and ears, and I will get done what they suggest.”
Gustaf Kilander reports.
Hollywood is still trying to work out what Trump’s ‘ambassadors’ are actually doing
White House 'close' to general tariff agreements with Japan and India, report says
19:11 , Oliver O'ConnellPolitico reports that the White House is nearing general agreements on trade with Japan and India to stave off massive U.S. tariffs, but many of the more challenging details are likely to be decided at a later date.
Given the short time frame the Trump administration has given itself, in the absence of full-fledged trade deals, officials are working to agree what three people close to the White House described as “memorandums of understanding” or a broad “architecture” for future deals, the outlet reports, noting that those people were granted anonymity to discuss the details of internal deliberations.
It “may take months to hammer out the final deals,” said one person, conceding, “these things are complicated.”
Watch: Vance children steal limelight during meeting with Indian PM
19:00 , Oliver O'Connell
JD Vance’s children steal limelight during meeting with Indian prime minister Modi
Watch: Trump claims 'doing very well' regarding trade deal with China
18:49 , Oliver O'ConnellWhite House Press Secretary Karoline Leavitt read a statement from President Donald Trump: “We're doing very well in respect to a potential trade deal with China.”
Leavitt told reporters that there are 18 proposals on paper for trade deals with various countries, and the trade team is meeting with 34 countries this week.
“We feel everyone involved wants to see a trade deal happen — and the ball is moving in the right direction.”
"We're doing very well in respect to a potential trade deal with China," says @PressSec.
— Rapid Response 47 (@RapidResponse47) April 22, 2025
"We feel everyone involved wants to see a trade deal happen — and the ball is moving in the right direction." pic.twitter.com/GfsGBOzaWJ
Meanwhile, China is warning its trading partners not to strike deals with the U.S. that would be detrimental to the Chinese economy.
China threatens to retaliate against countries that strike trade deals with Trump
There are also fears of the trade war escalating into a cold war between the world’s two largest economies.
Experts warn Trump’s trade war with China could erupt into a cold war
Watch: White House says Trump stands behind embattled Hegseth
18:36 , Oliver O'ConnellPress Secretary Karoline Hegseth was asked about embattled Defense Secretary Pete Hegseth at today’s White House briefing.
Reporter: You said on Fox News the entire Pentagon is working against secretary hegseth. The people who were fired were his own guys. How do you square it, and you see concerns?
— Acyn (@Acyn) April 22, 2025
Leavitt: They were Pentagon employees who leaked against their boss to news agencies in this room pic.twitter.com/qbMEdIpDYo
She told reporters that President Donald Trump continues to stand behind Hegseth.
Leavitt: Let me reiterate the president stands behind Hegseth and the change he's bringing to the Pentagon and the results he's achieved thus far speak for themselves. pic.twitter.com/ObZfKCZUiJ
— Acyn (@Acyn) April 22, 2025
Department of Education to resume collections on defaulted student loans
18:33 , Oliver O'ConnellWhite House Press Secretary Karoline Leavitt has announced that the Education Department will resume involuntary collections for defaulted student loans on May 5th.
They will recoup loans and go after “tax refunds, federal pensions and even their wages,” of those who owe money.
“If you take out a loan, you have to pay it back — Very simple,” Leavitt said.
.@PressSec: "No student loan has been referred to collection since March of 2020. That comes to an end. On May 5th, the @usedgov will resume involuntary collections for borrowers with defaulted federal student loans." pic.twitter.com/hpZOtVWG1U
— Rapid Response 47 (@RapidResponse47) April 22, 2025
Full story: Hegseth pulled airstrike info from secure military channel for Signal posts, report says
18:30 , APDefense Secretary Pete Hegseth pulled the airstrike information he posted into Signal chats with his wife, brother and dozens of others from a secure communications channel used by U.S. Central Command, raising new questions as to whether the embattled Pentagon head leaked classified information over an open, unsecured network.
NBC News first reported that the launch times and bomb drop times of U.S. warplanes that were about to strike Houthi targets in Yemen — details that multiple officials have said is highly classified — were taken from secure U.S. Central Command communications. A person familiar with the second chat confirmed that to The Associated Press.
Continue reading...
Hegseth pulled airstrike info from secure military channel for Signal posts, NBC News reports
'60 Minutes' exec producer resigns saying 'he lost independence'
18:30 , Oliver O'ConnellCBS News executive producer of 60 Minutes, Bill Owens, will resign from the long-running Sunday news program because he has lost his journalistic independence, The New York Times reports.
Owens is only the third person to run the program in its 57-year history.
He told his staff in a memo that “over the past months, it has become clear that I would not be allowed to run the show as I have always run it, to make independent decisions based on what was right for 60 Minutes, right for the audience.”
“So, having defended this show — and what we stand for — from every angle, over time with everything I could, I am stepping aside so the show can move forward,” he wrote in the memo, which was obtained by the Times.
Bill Owens’s full memo to “60 Minutes” staff: pic.twitter.com/tHQvAajVRm
— Michael M. Grynbaum (@grynbaum) April 22, 2025
60 Minutes has been accused by President Donald Trump of “unlawful and illegal behavior,” and he sued CBS for $10 billion over what he claims was a deceptively edited interview with then-Vice President Kamala Harris in October.
It is understood that there is a desire to settle the case in order to get the administration’s approval for the sale of CBS's parent company, Paramount.
Owens said in February that he would not apologize as part of any prospective settlement.
White House confirms Trump's upcoming travel to Rome and Middle East
18:19 , Oliver O'ConnellPress Secretary Karoline Leavitt confirmed President Donald Trump’s upcoming travel plans at today’s White House briefing.
The president will depart Washington, D.C., on Friday to travel to Rome for the funeral of Pope Francis on Saturday, returning that evening.
From May 13-16, the president will travel to Saudi Arabia, Qatar, and the United Arab Emirates — all key allies in the Gulf.
This Thursday, Norway's Prime Minister Jonas Gahr Stoere and Finance Minister Jens Stoltenberg will meet with Trump at the White House.
Trump says U.S. stands with India against terrorism after Kashmir attack
18:14 , Oliver O'ConnellPresident Donald Trump has said that the U.S. “stands strong with India against Terrorism,” after today’s deadly attack in Kashmir.
— Rapid Response 47 (@RapidResponse47) April 22, 2025
Read more about the attack here:
At least 20 feared dead after gunmen open fire in Indian Kashmir
Watch LIVE: White House holds briefing as Pete Hegseth refuses to step down after Signal chat scandal
18:08 , Oliver O'ConnellAl Gore compares Trump team to Nazi Germany saying they are ‘trying to create their own preferred version of reality’
18:00 , Oliver O'ConnellFormer vice president Al Gore lashed out at the Trump administration in a fiery speech about the climate crisis, comparing its attempts to “create their own preferred version of reality” to that of Adolf Hitler’s Third Reich.
Ariana Baio reports from New York.
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Top economist says almost 100% chance of U.S. recession if Trump doesn't retreat on tariffs
17:54 , Oliver O'ConnellKenneth Rogoff, a former chief economist of the International Monetary Fund, says that if President Donald Trump doesn't retreat on his tariffs, the chance of a U.S. recession and subsequent global recession is “almost 100 percent.”
Rogoff was speaking to BBC Radio 4's PM programme in the U.K. today.
Hegseth again denies sharing classified info, even as report says it was taken from secure military comms
17:45 , Oliver O'ConnellDefense Secretary Pete Hegseth doubled down during a Tuesday morning Fox and Friends interview, insisting that the information on airstrike launches and bomb drop times that he shared with his wife, brother, and dozens of others in two separate Signal chats was not classified.
Hegseth didn’t deny the existence of a separate chat; instead, he attacked the media and his former staff, whom he accused of leaking information about the chats.
His repeat denial comes as NBC News reported Tuesday that the information Hegseth posted came directly from secure communications from the head of U.S. Central Command, Gen. Erik Kurilla.
The Pentagon’s inspector general is investigating the chats.
Per NBC News:
The material Kurilla sent included details about when U.S. fighters would take off and when they would hit their targets — details that could, if they fell into the wrong hands, put the pilots of those fighters in grave danger. But he was doing exactly what he was supposed to: providing Hegseth, his superior, with information he needed to know and using a system specifically designed to safely transmit sensitive and classified information.
But then Hegseth used his personal phone to send some of the same information Kurilla had given him to at least two group text chats on the Signal messaging app, three U.S. officials with direct knowledge of the exchanges told NBC News.
The sequence of events, which has not previously been reported, could raise new questions about Hegseth’s handling of the information, which he and the government have denied was classified. In all, according to the two sources, less than 10 minutes elapsed between Kurilla’s giving Hegseth the information and Hegseth’s sending it to the two group chats, one of which included other Cabinet-level officials and their designees — and, inadvertently, the editor of The Atlantic magazine. One of them was composed of Hegseth’s wife, brother and attorney and some of his aides.
Markets rise as Bessent says China-U.S. tariff standoff will de-escalate
17:41 , Oliver O'ConnellTreasury Secretary Scott Bessent told a closed-door investor summit Tuesday that the tariff standoff with China is unsustainable and that he expects the situation to de-escalate, Bloomberg reports.
Bessent made the remarks at a JPMorgan Chase event on the sidelines of the International Monetary Fund and World Bank spring meetings in Washington, D.C.
He added that negotiations between the U.S. and China have not yet started but that a deal is possible, according to people who attended his session, which wasn’t open to the public or media.
U.S. stocks rose after his comments, with the S&P 500 index gaining as much as 2.9% as of 12:28 p.m. in New York, while the dollar and Treasuries steadied.
RFK Jr. set to ban common food dyes from food supply including colorings for M&Ms, Lucky Charms and Gatorade
17:30 , Oliver O'ConnellHealth and Human Services Secretary Robert F. Kennedy, Jr., is expected to announce the Food and Drug Administration’s intent to phase out the use of petroleum-based synthetic dyes in the nation’s food supply - and its coloring used in many common foods.
The Trump administration says the move could mark a “major step forward” in the drive to “Make America Healthy Again.” The ban would impact products such as breakfast cereals, candy and snacks. They dyes been tied to neurological problems in some children.
Julia Musto reports.
European Central Bank’s Lagarde hopes Trump doesn’t fire Fed’s Powell
17:15 , Oliver O'ConnellEuropean Central Bank President Christine Lagarde told CNBC on Tuesday that she hoped that President Donald Trump would not fire Federal Reserve Chair Jerome Powell.
Asked if that scenario was a current material risk to markets, Lagarde said: “I certainly hope not ... I hope that it is not a risk.”
Speaking on the sidelines of the IMF World Bank Spring Meetings, Lagarde told CNBC’s Sara Eisen that she would not comment on the market implications of an event she hoped was “not on the table.”
Columbia student activist detained by ICE was denied leave for the birth of his son
17:00 , Oliver O'ConnellMahmoud Khalil, the Columbia University graduate who was arrested by federal immigration authorities for his role leading pro-Palestine demonstrations on campus, was denied permission to attend the birth of his child.
His wife Noor Abdalla gave birth to a boy on April 21.
Alex Woodward reports.
ICE denies Mahmoud Khalil’s leave to witness his son’s birth
‘Some merit’ to Trump’s local manufacturing grievance, IMF says, but it requires a sophisticated solution
16:45 , Rachel ClunOne of Donald Trump’s key reasons for introducing higher tariffs on imports to the U.S. was to encourage businesses to bring manufacturing back onshore.
Without mentioning Trump by name, the International Monetary Fund’s chief economist, Pierre-Olivier Gourinchas, said “there is some merit to these grievances” that globalization has been to blame for manufacturing jobs shifting overseas, but it wasn’t the only cause.
“The deeper force behind this decline is technological progress and automation, not globalization,” he said, pointing out the amount the U.S produces has remained stable despite the decline in manufacturing jobs.
He continued: “Both forces are ultimately beneficial but can be very disruptive to individuals and communities. It is a collective responsibility to ensure the right balance between the pace of progress or globalization and addressing the associated dislocations.”
Gourinchas warned policymakers needed to think well beyond the reductive lens of compensating transfers between ‘winners’ and ‘losers’.”
“Instead, it is important to better understand these root causes so that we can build an improved trading system that delivers more opportunities,” he said.
Rubio announces sweeping changes at State Dept
16:30 , Oliver O'ConnellThe Trump administration is reorganizing the State Department to eliminate offices it deems redundant and to cut some programs it claims do not align with U.S. interests, Secretary of State Marco Rubio said on Tuesday.
His announcement follows a leaked memo outlining the plan, as The Independent reported on Monday.
“This approach will empower the Department from the ground up, from the bureaus to the embassies,” Rubio said in a statement, describing the moves as part of President Donald Trump's “America First” agenda.
“Region-specific functions will be consolidated to increase functionality, redundant offices will be removed, and non-statutory programs that are misaligned with America’s core national interests will cease to exist,” Rubio said.
Today is the day. Under @POTUS’ leadership and at my direction, we are reversing decades of bloat and bureaucracy at the State Department.
— Secretary Marco Rubio (@SecRubio) April 22, 2025
These sweeping changes will empower our talented diplomats to put America and Americans first. pic.twitter.com/CGWz3JrYwu
Work that fell to the Under Secretary for Civilian Security, Human Rights, and Democracy will now be placed under a new Coordinator for Foreign Assistance and Humanitarian Affairs, he added.
Rubio, who now also serves as administrator for the gutted USAID administration, criticized the department's growth over the years, calling it “bloated, bureaucratic, and unable to perform its essential diplomatic mission in this new era of great power competition.”
The broad reorganization follows Trump's February order for a revamp of the U.S. Foreign Service — the country's diplomatic corps — to ensure alignment with his foreign policy agenda.
In March, officials indicated that the department was also preparing to close nearly a dozen consulates, though Rubio has yet to disclose whether this will occur.
Read more here:
Global growth could ‘immediately improve’ if trade wars end
16:28 , Rachel ClunThe International Monetary Fund’s chief economist says global economic growth could worsen if trade tensions ratchet up, but growth prospects would “immediately improve” if countries form new trade agreements.
“Risks to the global economy have increased, and worsening trade tensions could further depress growth,” Pierre-Olivier Gourinchas said.
“Financial conditions could tighten further as markets react negatively to the diminished growth prospects and increased uncertainty. While banks remain well capitalized overall, financial markets may face more severe tests.”
He continued: “Growth prospects could, however, immediately improve if countries ease their current trade policy stance and forge new trade agreements.”
Witkoff to hold fourth meeting with Putin in Moscow this week
16:22 , Oliver O'ConnellYury Ushakov, a Kremlin foreign policy adviser, said on Tuesday that President Donald Trump's envoy Steve Witkoff will visit Moscow this week, Interfax reported.
Witkoff has previously held three long meetings with President Vladimir Putin on prospects for an end to the war in Ukraine.
No further details about the new visit to Moscow were given by the Kremlin.
Trump holds call with Netanyahu
16:17 , Oliver O'ConnellPresident Donald Trump has spoken with Israeli Prime Minister Bibi Netanyahu this morning.
The president wrote on Truth Social: “I’ve just spoken to Prime Minister of Israel, Bibi Netanyahu, relative to numerous subjects including Trade, Iran, etc. The call went very well—We are on the same side of every issue.”
What are the IMF growth projections for other countries?
16:13 , Oliver O'ConnellWhile U.S. economic growth is projected to fall, it remains better than that of many other advanced economies.
IMF Growth Projections: 2025
— IMF (@IMFNews) April 22, 2025
🇺🇸US: 1.8%
🇩🇪 Germany: 0.0%
🇫🇷France: 0.6%
🇮🇹Italy: 0.4%
🇪🇸Spain: 2.5%
🇬🇧UK: 1.1%
🇯🇵Japan: 0.6%
🇨🇦Canada: 1.4%
🇨🇳China: 4.0%
🇮🇳India: 6.2%
🇷🇺Russia: 1.5%
🇲🇽Mexico: -0.3%
🇸🇦KSA: 3.0%
🇳🇬 Nigeria: 3.0%
🇿🇦RSA: 1.0% pic.twitter.com/LzX730aUw6
Watch: Most Americans to blame Trump if recession occurs
16:22 , Oliver O'ConnellHere’s CNN’s Harry Enten with the latest polling on Trump, the S&P 500, and the prospect of a recession in 2025.
Trump is on a planet all by himself when it comes to the S&P 500. It's off to a worse start (down 14%) under Trump than any presidency since the index was created in 1957.
— (((Harry Enten))) (@ForecasterEnten) April 22, 2025
The chance of a recession remains high, & the majority (52%) will blame Trump if a recession occurs. pic.twitter.com/Xlc1caAIjZ
What is the International Monetary Fund?
16:08 , Rachel ClunThe International Monetary Fund is the major financial arm of the United Nations, and it was created in 1944 in the aftermath of the depression to foster international financial stability.
It has two core jobs to help do that.
Firstly, the IMF provides economic policy advice. It oversees international financial systems and the economic policies of member countries, and analyzes the impact of those policies on domestic and international economic growth.
The IMF identifies risks to financial stability at a national and global level, and then recommends policy changes or adjustments to help countries grow their economies.
It is also the global lender of last resort for governments, generally from poorer nations. It provides cheap loans to countries that can struggle to raise critical capital through normal markets, particularly during times of crisis.
In total, the IMF has about $1 trillion it can lend out to its 191 member countries as needed.
In pictures: Vice president and family meet with Indian PM
14:37 , Rachel ClunVice president J.D. Vance and his family have met with Indian Prime Minister Narendra Modi, as the countries progress work on a trade agreement.
Vance said Modi was his childrens’ second favorite world leader, after Donald Trump.
World ‘entering a new era’ as IMF slashes U.S. economic forecast
14:27 , Rachel ClunThe outlook for the U.S. economy has significantly worsened, according to the International Monterary Fund, which cuts its growth forecast for the American economy to just 1.8 percent for the year.
That’s down from its pervious forecast of 2.7 percent, and one of the greatest negative economic growth revisions from the IMF’s latest global outlook.
While the U.N.’s top financial agency is does not expect a U.S. recession, it has raised the odds of one occurring this year from 25 percent to 37 percent.
"We are entering a new era," Pierre-Olivier Gourinchas, chief economist at the IMF, said. "This global economic system that has operated for the last eighty years is being reset."
IMF cuts global growth forecasts in tariff fallout
14:27 , Rachel ClunThe International Monetary Fund has warned the unprecedented disruption and uncertainty from Donald Trump’s tariffs will slow economic growth around the world.
The IMF slashed its global economic growth forecast by 0.5 percentage points for this year, downgrading growth in nearly all countries.
The IMF’s top economist, Pierre-Olivier Gourinchas, said: “While many of the scheduled tariff increases are on hold for now, the combination of measures and countermeasures has hiked US and global tariff rates to centennial highs.
“For this reason, we expect that the sharp increase on April 2 in both tariffs and uncertainty will lead to a significant slowdown in global growth in the near term.”
Trump kicks off Tuesday's coms with a presidential book plug
14:13 , James LiddellDonald Trump has issued his first statement of the day: a book plug for veteran Fox News host Dana Perino.
Perino, who was White House Press Secretary under George W. Bush’s administration, received a glowing review from the president for her new book, I Wish Someone Had Told Me.
“A great new book by Dana Perino, a FoxNews Star and very good person, is called, ‘I Wish Someone Had Told Me…,’” Trump posted on Truth Social Monday.
“The title says it all. Much to be learned about life and success. Get it NOW!!!”
Just in: Hegseth blames fired staffers for leaks in Fox and Friends appearance
13:52 , James LiddellDefense Secretary Pete Hegseth has blamed fired staffers for the leaks about the second Signal chat group he created about strikes against Houthis in Yemen, as he accused them of trying to “sabotage” President Donald Trump’s agenda.
Hegseth is fighting to hold onto his position after a bombshell report that he included his own wife and brother.
“None of this is based in reality,” Hegseth said during an appearance on Fox & Friends Tuesday morning, where he was a co-host for seven years.
When asked whether the report was “leaked as a way to get back” at him, Hegseth agreed.
“Those folks who are leaking, who have been pushed out of the building, are now attempting to leak and sabotage the president's agenda,” Hegseth said. “We're for the war fighters. We're for the president. And none of this is based in reality.”
Rhian Lubin has the full details.
Hegseth blames fired staffers for leaks and trying to sabotage Trump’s agenda
First House Republican calls for Pete Hegseth to be fired in the wake of Signalgate 2.0
13:45 , James LiddellA prominent GOP congressman has called for Pete Hegseth’s departure as the defense secretary is embroiled in a string of national security scandals.
After texting sensitive war plans involving a wave of U.S. air strikes in Yemen in the “Houthi PC small group” Signal chat last month, The New York Times revealed Sunday that Hegseth allegedly shared details of military strikes in a second Signal group, which included his wife, his attorney, and his brother.
On Monday, Nebraska Representative Don Bacon became the first House Republican to suggest that President Donald Trump, who has publicly downplayed the controversy surrounding his Pentagon chief, should remove Hegseth.
“The military should always pride itself on operational security. If the reports are true, the Secretary of Defense has failed at operational security, and that is unacceptable,” Bacon, a member of the House Armed Services Committee, told Axios.
James Liddell has the full details.
First House Republican calls for Pete Hegseth’s removal in the wake of Signalgate 2.0
Watch: Vance admits tariffs will cause 'profound changes'
13:22 , Rachel ClunThe vice president admitted in a speech earlier today that President Donald Trump’s trade policies including aggressive tariffs would cause ‘profound changes’ to the U.S. economy and to other nations.
Analysis: Pete Hegseth’s latest blunders have him fighting a war on two fronts
13:07 , Rachel ClunWashington bureau chief Eric Garcia writes that Hegseth’s numerous negative headlines either will put his job at risk or elevate him in the eyes of the president.
Read his analysis here:
Pete Hegseth’s latest blunders have him fighting a war on two fronts - he could wind up the loser
Watch: Pete Hegseth’s children cringe as father attacks media over Signalgate 2.0
12:52 , Rachel ClunPete Hegseth’s children appeared to cringe as they listened to the defense secretary hit out at the media, as he was quizzed by the press over a story in the New York Times reporting he had created another Signal messaging chat that included his wife and brother.
Trump says Hegseth criticism a 'waste of time'
12:34 , Rachel ClunDonald Trump’s defense secretary Pete Hegseth has come under fire after it was revealed he shared details of a U.S. military operation in a second Signal group chat.
That chat group included his wife, brother and personal lawyer, according to the New York Times reporting, and Democrats have called for his resignation.
When asked about the revelations during the White House’s Easter Egg Roll, Trump said the criticism was “fake news” and a “waste of time”, the Guardian reports.
The president said he had full confidence in Hegseth.
“He’s doing a great job — ask the Houthis how he’s doing,” the New York Times reported.
U.K.'s FTSE edges higher following central bank comments
12:19 , Rachel ClunBritain’s FTSE edged higher on Tuesday morning after a Bank of England official commented on U.S. tariffs.
Megan Greene told Bloomberg that Britain would likely experience lower inflation due to President Donald Trump’s tariffs, because the U.K. could become the market of choice for cheaper Asian and European goods originally destined for the U.S.
Financial markets have fully priced in a rate cut at the Bank of England’s next policy meeting on May 8.
In response, the FSTE 100 was up 0.3 percent by mid-morning, and an index of Britain’s precious metal miners rose by 2.4 percent to a three-year high after gold prices briefly surpassed an all-time high of $3,500 an ounce.
Investors are also waiting on a speech from the Bank of England’s deputy governor Sarah Breeden later today, for further insights into the central bank’s thinking ahead of next month’s meeting.
Bank of England official warns central bank independence is crucial
12:04Following President Donald Trump’s attacks on Federal Reserve chair Jerome Powell, an official from the Bank of England warned central bank independence was crucial to keeping inflation low and maintaining confidence in markets.
Megan Greene, a member of the Monetary Policy Committee, said in an interview with Bloomberg Television that: “Credibility is the currency of central banks and I think independence is quite an important piece of that”.
Greene said the central bank’s target was provided by Treasury, but the Bank of England can hit it.
“I think we can do so credibly because we are free to make the decisions that we believe will most effectively achieve that,” she said, in comments reported by The Telegraph.
“I think central bank independence is absolutely crucial.”
Green also said the White House’s trade policy was likely to create more volatility.
“I think that the tariffs actually represent more of a disinflationary risk than an inflationary risk, though. And so we’ll have to see how that develops going forward,” she said.
Analysis: J.D. Vance uses India speech to go on charm offensive – while admitting there will be tariff pain
11:51 , Adam WithnallAsia Editor Adam Withnall watched the vice president’s speech earlier. Here is his analysis of what it meant:
On the surface, J.D. Vance's speech just now in Jaipur was all about how strong the U.S.-India relationship is – he drew many comparisons between his president Donald Trump and India's prime minister Narendra Modi, and gushed about how even his children were big fans of their host.
Yet behind the charm offensive there was also an admission: that Trump is not going to back down from his tariffs program, which included a punishing 26 percent duty for India, and that this will mean "profound changes" for America's relationships around the world.
Modi might have hoped for more than just kind words after meeting Vance and his family in person yesterday – Vance said the Indian leader was "arguably the most popular in the democratic world" and said he was jealous of his approval ratings, ignoring the fact that Modi's BJP lost its majority at the last election.
Instead of offering India a reprisal on Trump's tariffs, Vance defended them. Trump is "protecting the manufacturing economy and making sure Americans have good jobs," he said.
"Our administration seeks trade partners on the basis of fairness and shared national interests," he added. Trump has previously called India a tariff "abuser" and railed against the US's huge trade surplus with the country.
Vance says future of 21st century will be determined by US and India
11:34 , Rachel ClunWith trade negotiations progressing between the U.S. and India, vice president J.D. Vance said the rest of the 21st century will be shaped by the two countries.
“I really believe that the future of the 21st century is going to be determined by the strength of the United States Indian partnership,” he said during an address in Jaipur.
“I believe that if India and the United States work together successfully, we are going to see a 21st century that is prosperous and peaceful.”
He continued: “But I also believe that if we fail to work together successfully, the 21st century could be a very dark time for all of humanity.”
Vance said America wants India to buy more U.S military equipment, and suggested the south asian country could benefit more from American energy.
“There's much that we can create, much that we can do together,” he said.
Vance admits Trump’s tariffs will cause ‘profound changes’
11:19 , Rachel ClunThe vice president has admitted that President Donald Trump’s aggressive tariff increases will profoundly change the U.S. economy and affect other nations.
“It's clear to me, as it is to most observers, that President Trump, of course, intends to rebalance America's economic relationship with the rest of the world,” J.D. Vance said in an address during a visit to India.
“Fundamentally, [that] will cause profound changes within our borders in the United States, but of course, with other countries as well.”
He continued: “But I believe that this rebalancing is going to produce great benefits for American workers. It's going to produce great benefits for the people of India.
“And because our partnership is so important to the future of the world, I believe President Trump's efforts, joined, of course, by the whole country of India and Prime Minister Modi, will make the 21st century the best century in human history.”
America and India step closer to trade deal step closer
11:03 , Rachel ClunVice president J.D. Vance says he has finalised the terms of reference of a trade deal with India’s Prime Minister Narendra Modi.
“As many of you are aware, both of our governments are hard at work on a trade agreement built on shared priorities like creating new jobs, building durable supply chains and achieving prosperity for our workers,” Vance said in an address in Jaipur.
“In our meeting yesterday, Prime Minister Modi and I made very good progress on all of those points, and we are especially excited to formally announce that America and India have officially finalised the terms of reference for the trade and negotiation. I think this is a vital step.”
Vance said the U.S. and India had “much to offer one another,” which is why America wanted to strengthen its relationship with India.
India is set to face tariffs of 27 percent on its exports to the U.S., unless a new trade deal can be negotiated before the 90-day pause on higher tariffs ends.
J.D. Vance lashes out at Western countries in India press conference
10:59The vice president has hit out at Western countries, saying leaders “seem stricken by self doubt and even fear of the future” during a press conference in Jaipur, India.
“To them, humanity is always one bad decision away from catastrophe. ‘The world will soon end,’ they tell us, because we're burning too much fuel or making too many things or having too many children, and so rather than invest in the future, they too often retreat from [it], some of them pass laws that force their nations to use less power,” J.D. Vance said.
“They cancel nuclear and other energy generation facilities, even as their choices, the choices of these leaders, lead to more dependence on foreign adversaries. Meanwhile, their message to their friends, to countries like India, is to tell them that they are not allowed to grow well.”
He continued: “President Trump rejects these failed ideas. He wants America to grow. He wants India to grow, and he wants to build the future with our partners all over the globe.”
Watch live: J.D. Vance holds press conference during India trip to discuss trade deal
10:49 , Rachel ClunU.S. vice president J.D. Vance is holding a press conference during his trip to India on Tuesday as New Delhi looks to avoid tariffs and negotiate a bilateral trade deal with Washington.
U.S dollar in fragile state as Trump continues Fed Reserve attack
10:35 , Rachel Clun, ReutersThe president’s attacks on Federal Reserve chair Jerome Powell and ongoing concerns about his administration’s tariffs have left the U.S. dollar in a fragile state, analysts say.
Fears that Donald Trump’s aggressive tariffs could trigger a global trade war have been coupled with worries about the U.S. central bank’s independence, after continued attacks on the bank and its chair from the president.
The dollar is hovering around multi-year lows compared to benchmark currencies, and fell further after Thailand’s prime minister said trade negotiations with Washington that were scheduled to start on Wednesday would now be postponed.
On Monday, Trump heightened his criticism of Powell, calling him a “major loser” and demanding he lower interest rates immediately. Last week, Trump said Powell’s termination “cannot come fast enough”.
Francesco Pesole, strategist at ING, told Reuters: "The current worst-case scenario for the greenback is that Powell caves in and delivers an emergency rate cut, although that remains a low-probability event.
"Removing Powell from office or his resignation would have similar market effects."
News of second Signal chat rocks Pentagon
10:20Just days after three Pentagon officials were fired for allegedly leaking information, news broke on the weekend that details of upcoming U.S. military attacks on the Houthi group in Yemen had been shared by Secretary of Defense Pete Hegseth in a Signal chat.
The chat group included Hegseth’s personal lawyer, wife and brother, according to The New York Times, and is the second signal chat group in which details about military operations against the Houthis had been shared.
The first group came to light after the Atlantic’s editor reported he had been mistakenly added to the chat.
Late on Sunday, Hegseth lashed out at a post from Democrats who declared he “needs to go” following the latest revelation.
“Your agenda is illegals, trans & DEI — all of which are no longer allowed @ DoD,” Hegseth snapped back on X.
It comes after a former chief Pentagon spokesperons wrote an op-ed for Politico, detailing chaos inside the Pentagon under Hegseth’s leadership.
Taiwan to buy more gas and oil from U.S as it seeks zero tariff deal
10:06 , Rachel ClunTaiwan is planning to increase its purchases of U.S natural gas and oil as it seeks a zero-tariff agreement with the White House.
Taiwan’s president Lai Ching-te pledged to invest more in America on Tuesday, as he seeks to avoid tariffs of 32 percent on all exports to the U.S.
"Increasing purchases from the United States, including natural gas, oil, and other essential national energy sources, is not only the next focus of the tariff negotiations between Taiwan and the U.S., but also an important part of Taiwan's efforts to strengthen its energy autonomy and resilience," his office cited him as saying on Tuesday.
Taiwan currently gets about 10 percent of its liquified natural gas from the U.S., and Taiwan’s economy minister said earlier this month it could lift its imports from the U.S. by a third to help reduce the trade deficit.
Donald Trump to deliver two college commencement speeches, as Harvard sues
09:53 , Rachel ClunPresident Donald Trump will deliver commencement speeches at two colleges as his administration continues to put pressure on academic institutions around the country.
“I have agreed to do the Commencement Address at two really GREAT places, the University of Alabama and, WEST POINT. Stay tuned for times and dates!!!” the president wrote on Tuesday.
His announcement came after Harvard University filed a lawsuit against the Trump administration for violating its free speech rights by freezing $2.2 billion in federal funding.
The funding freeze was punishment for Harvard not accepting a long list of demands for changes at the school, including scrapping its diversity, equity and inclusion programs and overhauling its governance and enrollment policies.
"The government has not — and cannot — identify any rational connection between antisemitism concerns and the medical, scientific, technological and other research it has frozen that aims to save American lives, foster American success, preserve American security, and maintain America's position as a global leader in innovation,” the university’s complaint read.
When could the Federal Reserve lower interest rates?
09:34 , Rachel ClunDonald Trump has been angry at Federal Reserve chair Jerome Powell for not lowering interest rates sooner, labelling him “Mr Too Late”.
It’s worth looking at what central banks do, following those comments.
In the past few years, central banks around the world used monetary policy through higher interest rates to fight rising inflation following the pandemic, as higher borrowing costs helped ease demand.
As those interest rate increases worked to lower inflation, many central banks have since started cutting rates.
The Federal Reserve cut interest rates to 4.25-4.5 per cent late last year, but other central banks have made additional cuts this year. Most recently, the European Central Bank cut its key interest rates last week.
The Fed Reserve’s next meeting is May 6-7, but as Powell said the recent large changes to tariffs could lead to a rise in inflation.
As he said: “For the time being, we are well positioned to wait for greater clarity before considering any adjustments to our policy stance.”
Gold hits record $3,500 an ounce amid economic turmoil
08:57Gold hit a record $3,500 an ounce as the U.S. dollar fell on Tuesday, following Donald Trump’s sustained attacks on the Federal Reserve chair Jerome Powell.
Gold is seen as a safe haven investment, and investors have flocked to bullion amid the turmoil from Trump’s on-again, off-again aggressive tariff policies and repeated attacks on Powell.
The U.S dollar fell 0.2 percent against major currencies on Tuesday, to be down nearly 10 percent so far this year.
On Monday evening, Trump labelled Powell “Mr Too Late” after the Federal Reserve chair gave a speech saying the central bank would take a wait-and-see approach to interest rates in the face of ongoing economic uncertainty.
Trump attacks on Powell a ‘very real policy risk for investors’
08:50 , Rachel Clun, ReutersDonald Trump’s repeated criticisms of Federal Reserve chair Jerome Powell have driven a flight from U.S. assets and undermined the dollar, while the threat of tariffs continues to be a drag on markets around the world.
"The 'sell America' trade was in full flight," Tapas Strickland, head of market economics at NAB, told Reuters.
"Whether or not President Trump is legally able and willing to move against the Fed, the jousting underscores the loss of U.S. exceptionalism and the very real policy risk for investors."
Analysts at JPMorgan also noted the average trade deal took an average 18 months to negotiate and 45 months to implement, as the White House continues negotiating with trade partners around the world while higher tariffs remain on hold.
"We reiterate our view that if current policies do not change, then the probability of a U.S. recession in 2025 is 90 percent," they said in a note.
U.S dollar slumps to three-year low, markets respond to Trump
08:36 , Rachel ClunThe U.S dollar hit a low not seen in three years as the president again lashed the central bank chair.
The ICE U.S. Dollar Index, which measures the dollar against multiple other foreign currencies, fell to 97.92 by market close on Monday, its lowest level since March 2022, according to FactSet.
Global markets also responded to Trump’s latest tirade against the Federal Reserve, with the Dow Jones Industrial Average slumping by 1,221 points lower (3.1 percent). The S&P 500 dropped 3.3 percent, and the Nasdaq Composite lost 3.6 percent.
Trump attacks Fed chair Jerome Powell
08:32 , Rachel ClunThe president has again attacked Federal Reserve chair Jerome Powell, claiming the economy could slow if interest rates were not lowered immediately.
“‘Preemptive Cuts’ in Interest Rates are being called for by many. With Energy Costs way down, food prices (including Biden’s egg disaster!) substantially lower, and most other ‘things’ trending down, there is virtually No Inflation,” Donald Trump wrote on his Truth Social platform on Monday night.
“With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW.
He continued: “Europe has already ‘lowered’ seven times. Powell has always been ‘To Late,’ except when it came to the Election period when he lowered in order to help Sleepy Joe Biden, later Kamala, get elected. How did that work out?”
Last week, Trump threatened Powell faced “termination” soon, after the Federal Reserve chair said the bank would take a wait-and-see approach to interest rates in the face of economic uncertainty.
