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By JON MICHAEL RAASCH FOR DAILYMAIL.COM Published: 13:10 BST, 4 April 2025 | Updated: 15:47 BST, 4 April 2025
Karoline Leavitt is fiercely defending tariffs implemented by Donald Trump as the odds of a global recession skyrocket.’To anyone on Wall Street this morning, I would say trust in President Trump,’ the White House press secretary said on CNN. ‘This is a president who is doubling down on his proven economic formula from his first term… this is indeed a national emergency… and it’s about time we have a president who actually does something about it.’The odds of a global recession passed 60 percent percent for the first time on Friday days after Donald Trump announced global tariffs.And China is retaliating against the United States in a sign of trade war escalation.Follow along with DailyMail.com’s live blog: Karoline Leavitt’s response as the markets tankU.S. dollar falls amid Trump tariff stormThe dollar on Thursday fell 1.7 percent in its biggest daily drop since November 2022. It came after President Donald Trump imposed tariffs on imports at levels not seen since the early 1900s.The dollar is normally a haven for investors in times of market turmoil.Thierry Wizman, global foreign exchange and rates strategist at Macquarie in New York, said:What we’re seeing today is a further indication that the structure and nature of the U.S. dollar’s relationship to global markets has changed.Remains of American soldiers who died in Lithuania arrive at Dover todayBy Emily Goodin, senior White House correspondent in West Palm Beach, Fla.The remains of the four American soldiers who were found dead after a scheduled training exercise Lithuania arrive at Dover Air Force Base later today for a dignified transfer.Lithuanian President Gitanas Nausėda and other leaders paid tribute to the soldiers as the vehicles carrying their remains transit drove through Vilnius.The soldiers were all based with the Army’s 3rd Infantry Division at Fort Stewart, Georgia.Their bodies were found submerged in about 15 feet of water and mud in a training area after their military vehicle went into a swamp.European markets hit even harder than the U.S. by Trump tariffsWall Street appears on track for another day of crushing losses,Major U.S. indexes plunged sharply before Friday’s opening bell, then doubled their losses after China matched Trump’s tariffs.Futures for the S&P 500 fell 3.6 percent before the bell, while futures for the Dow Jones Industrial Average shed 3.4 percent. Nasdaq futures tumbled 4 percent. That follows Thursday’s wipeout, Wall Street’s worst day in five years.However, Trump may be heartened that markets in Europe were having an even rougher time.By midday Friday local time, Germany’s DAX had lost 5 percent, the CAC 40 in Paris slipped 4.2 percent and the U.K.’s FTSE 100 gave up 3.8 percent.NATO chief says Trump has not ‘undercut’ collective defenseNATO chief Mark Rutte insisted Friday that President Donald Trump has not undermined the alliance’s Article Five collective defense pledge.Trump has rattled allies by threatening to only defend those he thinks are spending enough on defense as he pushes them to ramp up their military budgets.Article Five, he has not undercut. He has committed to NATO, he has committed to Article Five.The agenda is not for the US to leave NATO or to leave Europe, the US is here. They will pivot more towards Asia, so that might, over time, mean that they have to rebalance. But there is now and there will remain in Europe a nuclear and also a conventional presence of the United States.Trump golfs as markets dropBy Emily Goodin, senior White House correspondent in West Palm Beach, Fla.President Donald Trump arrived at his golf course in West Palm Beach on Friday morning, pulling into his private club shortly after the stock market opened.The Dow fell over 1,000 points while the S&P dropped 500 in the wake of new tariff policies that Trump announced on Wednesday.The president, however, kept his focus on the job numbers, which were better than expected. He’s urged the country to hang tough, arguing the market will straighten out.‘GREAT JOB NUMBERS, FAR BETTER THAN EXPECTED. IT’S ALREADY WORKING. HANG TOUGH, WE CAN’T LOSE!!,’ he wrote on Truth Social.Trump says China ‘panicked’ with retaliatory tariffs President Donald Trump fired back at China on Friday, claiming they reacted poorly to the sudden tariffs leveled by the United States. Nancy Pelosi loses eye-popping millions in just three days thanks to Trump’s tariffsJon Michael Raasch, Political Reporter for DailyMail.comAs the U.S. stock market reels from Donald Trump’s tariff announcement, former House Speaker Nancy Pelosi has slipped down the ranks of Congress’s wealthiest members.Pelosi, 85, has consistently ranked as one of the wealthiest lawmakers on Capitol Hill over recent years.Her federally mandated financial disclosures often give insights into her personal holdings, though she claims the trades are handled by her spouse.Over the last decade the California Democrat and her husband Paul Pelosi, an extraordinarily successful venture capitalist, have doubled their net worth, according to estimates from political money tracker Quiver Quantitative.According to data compiled by Quiver’s Pelosi tracker, including congressional asset filings, Pelosi’s net worth has more than doubled in the past decade from $123 million in 2014 to hitting an estimated $270 million earlier this year.China launches major trade war response with 34% additional tariffs on US goodsBeijing announced the measure today, the most serious escalation in a trade war with Trump that has fed fears of a recession and triggered a global stock market rout.Trump unveils his new ‘Gold Card’ visa design for the first time including a VERY familiar designPresident Trump brandished a sample of his new $5 million gold card that lets foreigners buy their way towards citizenship – with a familiar face slapped on it.Trump’s trade war ‘means 60% chance of global recession’ Fears of a global recession triggered by Donald Trump’s trade war are mounting todayChina hit back by mirroring America’s 34 percent charges on its exports, in a grim sign of escalation.
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Karoline Leavitt’s four-word message for Wall Street after Trump tariffs tank stock market: Live updates
