Personal Loans if You Don't Have Credit This was CNBC's live coverage of how U.S. trade partners, the White House and employers responded to President Donald Trump's historic tariffs. Canada and Mexico will not face an additional 10% tariff as a result of Trump's announcement revising his so-called reciprocal tariff policy, a White House official tells CNBC. The president for days has insisted that his tariffs would not be lifted, despite turmoil in the markets and backlash from investors, voters and allies. Here are three examples of Trump digging in, just days before reversing course: Trump says that Dimon was "very good" during the interview and that he said "something had to be done with the tariffs and trade." The White House tells NBC News that it will not be releasing a list of the countries that have so far reached out to start negotiating with the U.S. over Trump's so-called reciprocal tariffs. Trump, in his Truth Social post announcing the 90-day tariff pause, said that "more than 75 Countries" have called U.S. officials seeking to strike new trade deals. Trump said he paused the imposition of higher tariffs on many countries because people "were getting a little bit yippy." "Well, I thought that people were jumping a little bit out of line," Trump told reporters at the White House. "They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid, unlike these champions, because we have a big job to do," the president said while standing with auto racing champions. "No other president would have done what I did. Trump's political operation is amplifying a Truth Social post the president sent just hours before he suspended most tariffs, in which he announced that it was "a great time to buy." "Did the Panicans listen to @POTUS's advice this morning?" Trump War Room posted on X, just after the tariff pause announcement. A range of retail stocks spiked after Trump's tariff policy reversal. Nike's stock rose 10%, while shares of Walmart and Target climbed more than 8% each. U.S. crude oil futures jumped more than 4% after Trump announced a lower tariff rate for countries except China, their best day since October 2024. The U.S. benchmark rose $2.77, or 4.65%, to close at $62.35 per barrel, while global benchmark Brent was up $2.48, or 3.95%, to $65.30 per barrel. U.S. crude hit an intraday low of $55.12 earlier in the session after Beijing announced tariffs of 84% on U.S. goods in response to Trump's levies. But the oil market turned around, swinging more than 13% from its low after Trump dramatically reversed course on his trade war. The Nasdaq Composite jumped nearly 10% and headed for its best day since 2008 as technology stocks rallied after Trump postponed some tariffs for 90 days. Tesla, Nvidia and Apple surged more than 10% each, while the VanEck Semiconductor ETF popped more than 14% as chipmaking stocks gained. Rep. Steven Horsford grilled Trump's trade representative, Jamieson Greer, about his knowledge of the tariff pause. the Nevada Democrat said to Greer during a hearing. "It looks like your boss just pulled out the rug from under you," he added. "This is amateur hour, and it needs to stop." As tariffs are set to drive up prices for many goods, Walmart may be able to attract new customers and more frequent visits from shoppers, Chief Financial Officer John David Rainey said Wednesday. "If you look back two years ago when we saw inflation, we invited a lot of new customers to Walmart with high prices," he said. "And what we saw over those two years is they stayed with us." Walmart executives made the comments before Trump said he would temporarily lower tariffs on dozens of trading partners to 10%, and raise duties on Chinese imports to 125%. Earlier in the day, the retail giant stuck by its full-year forecast yet it scrapped its first-quarter operating income guidance and did not provide an updated range for that metric. In a news release, the discounter said it wants to "maintain flexibility to invest in price as tariffs are implemented." CEO Doug McMillon said the discounter is committed to keeping prices low. He added, "we're not going to let them narrow." Shares of Truth Social operator Trump Media & Technology Group Corp. are rocketing nearly 19% higher, just minutes after the president temporarily backed off his so-called reciprocal tariffs for dozens of countries. Treasury Secretary Scott Bessent says Trump was always planning to pull back his sweeping tariff plans for dozens of countries just days after announcing it. "This was his strategy all along," Bessent tells reporters at the White House. "You might even say he goaded China into a bad position," Bessent says, referring to the fact that China, which imposed retaliatory tariffs, now faces higher U.S. duties while others get a reprieve. "Each one of these is going to be a separate, bespoke negotiation," Bessent says. The White House is clarifying that Trump's announcement of a 90-day tariff "pause" means that the "tariff level will be brought down to a universal 10% tariff" during that time, while "negotiations are ongoing." Commerce Secretary Howard Lutnick says on X that he and Treasury Secretary Scott Bessent "sat with the President while he wrote one of the most extraordinary Truth posts of his Presidency." "The world is ready to work with President Trump to fix global trade, and China has chosen the opposite direction," Lutnick writes. Delta Air Lines CEO Ed Bastian said the carrier will defer deliveries of new aircraft if they are hit with tariffs. The airline is a major customer of European manufacturer Airbus. While the company has been also assembling narrow-body aircraft out of its Mobile, Alabama, factory, tariffs on products from Europe could hit many of the hundreds of components that go into a plane. "We'll work very closely with Airbus, who are great partners, and they understand our perspective," Bastian said in an earnings call. Earlier, in an interview with CNBC, Bastian called Trump's tariffs the "wrong approach." He also noted that the U.S. exports more aerospace products than it brings in. "That's a really important fact to know and I hope our leaders in Washington are paying attention to that," Bastian said on the earnings call. Markets ripped higher on Trump's announcement of a 90-day tariff "pause." Trump in a Truth Social post says he is "immediately" raising U.S. tariffs on Chinese imports to 125% "based on the lack of respect that China has shown to the World's Markets." But Trump in the same post says he has "authorized a 90 day PAUSE" for other countries and that more than 75 nations have reached out to negotiate. That pause, and "a substantially lowered Reciprocal Tariff during this period, of 10%," are both "effective immediately," Trump writes. Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter! Trump's job approval rating fell sharply after the rollout of his sweeping global tariff policy a week ago, a new Economist/YouGov poll shows. The survey found that 51% of respondents disapprove of the job Trump is doing as president, versus 43% who view his efforts positively. Trump's disapproval gap widened by 5 percentage points from the pollster's prior survey, conducted from March 30 to April 1 — a day before he unveiled his so-called reciprocal tariffs. The new poll found 56% of Americans said that Trump's efforts to slap tariffs on imports have "gone too far." Respondents' views of Trump's handling of jobs and the economy also soured: 51% disapprove and 41% approve, according to the poll. That is a drop of 7 percentage points from the prior survey. The escalating trade war could ultimately dent the U.S. mortgage market — if China, Japan or other foreign nations choose to sell U.S. mortgage-backed securities in response to Trump's tariffs. At the end of January, more than $1.3 trillion worth of the securities was held by foreign countries, according to Ginnie Mae. Should those countries choose to sell, mortgage rates would rise. "If China wanted to hit us hard, they could unload treasuries. Sure it is," said Guy Cecala, executive chair of Inside Mortgage Finance. Chinese imports will generate $1.24 billion in tariffs collected each day after Trump's new duties take full effect, global trade data company ImportGenius estimates. Imports from Vietnam will generate $94.86 million in tariffs collected each day, according to ImportGenius, which shared its estimates with CNBC. Senate Minority Leader Chuck Schumer says that a "market crash" spurred by Trump's tariffs is lighting Americans' retirement accounts "on fire." "That's years, sometimes decades, of people's savings gone in a flash." For Americans retiring soon, Trump's tariffs are "like a brick over the head," Schumer says. An "on the water clause" will allow cargo entering U.S. ports today or already in transit at sea to avoid being subject to reciprocal tariffs that took effect today and Saturday. The clause was contained in updated guidance on tariffs of Chinese imports released by U.S. Customs and Border Protection. The guidance says that cargo already on its way to the U.S. will be subject to a base tariff rate of 10% that Trump announced in more than 180 countries last week — but not to extra, reciprocal rates of varying levels imposed on scores of those countries in recent days. Any cargo "loaded onto a vessel at the port of loading and in transit on the final mode of transport on or after 12:01 a.m. EDT April 5, 2025, and before 12:01 a.m. EDT April 9, 2025, and (2) are entered for consumption, or withdrawn from warehouse for consumption, before 12:01 a.m. EDT on May 27 2025, are subject to the 10% additional rate in lieu of the country-specific rate of duty," the guidance says. China issued an alert warning its citizens and students of the potential risk of traveling in the U.S. and attending schools there. China's Education Ministry issued a similar alert to students studying in the U.S. Google is trying to determine its response to tariffs that will increase the cost of goods imported to the U.S., the search engine company's cloud CEO, Thomas Kurian, said in an interview with CNBC's Deirdre Bosa on Tuesday. "The tariff side is so fluid," he said. Pharmaceutical stocks are reeling after Trump reiterated that he is planning to impose "major" tariffs on drug imports with the stated goal of bringing more manufacturing back to the U.S. Amgen and Merck shares were down about 2%, while AbbVie shed 3%. Trump's remarks at an event in Washington did not provide many details on how these levies would be structured, but Bank of America analyst Tim Anderson speculates Trump will use a "Section 232 Investigation." If this is true, Anderson said it could take some time to execute, based on past examples. If it is, then action can be taken. Medical products were excluded from the "reciprocal" tariffs announced April 2. This was in keeping with long-standing trade agreements that have exempted drugs from tariffs. The new levies differ in important ways from Trump's tariffs implemented last week. There's also a remissions process that could allow companies some relief from the duties, according to Canadian officials. Canada's response includes 25% tariffs on vehicles from the U.S. that are not compliant with USMCA — or CUSMA, as Canada refers to it — as well as non-Canadian and non-Mexican content of USMCA-compliant fully assembled vehicles imported into Canada from the U.S. Canadian Prime Minister Mark Carney said Canada's new levies are expected to generate 8 billion Canadian dollars ($5.6 billion), which will be used to help workers and companies affected by Trump's tariffs. The tariffs were set to target a wide range of goods, including poultry, grains, clothing and metals, according to a draft document seen by CNBC in March. The EU has not released a final list of affected products and declined to comment when asked what it would include. The EU also faces tariffs of 20% on almost all U.S. imports. Trump Media shares popped on the heels of Trump using his initials — DJT — at the end of a social media post telling people, "THIS IS A GREAT TIME TO BUY!!!" Trump often signs his Truth Social posts "DJT" when the topic of those posts does not relate to stocks or the market. Trump is urging people to relax as trading restarts after four straight days of U.S. stock market declines. Everything is going to work out well," Trump wrote on Truth Social three minutes after markets opened in the red, again. "The USA will be bigger and better than ever before!" Trump is pressuring House Republicans to immediately pass a massive reconciliation bill that enshrines the president's campaign wish list of tax breaks and spending cuts. Trump has repeatedly urged Congress to pass what he calls a single "big, beautiful bill," claiming it is essential to the success of his economic agenda. Trump's tariffs on China are already hampering Christmas sales. Orders for those year-end items typically get finalized by mid-April, producers told the news service. This year, the U.S. orders aren't coming in. "So far this year, none of my American customers have placed any orders," Qun Ying, who runs an artificial Christmas tree factory in China, told Reuters. Gretchen Whitmer says her state is already hurting from Trump's tariff regime, even as she expresses support for the president's goal of reshoring U.S. manufacturing jobs. "I'm not going to sugarcoat it: These last few days have been really tough for Michigan," the Democratic governor said in a speech on the economy. Whitmer described a cascade of economic consequences as a result of Trump's tariffs, as carmakers stockpile parts, suppliers face higher costs and dealerships raise prices. "It really is a triple whammy: Higher costs, fewer jobs and more uncertainty," she said. Whitmer has been discussed as a possible contender for the 2028 presidential cycle. "By putting across-the-board tariffs with virtually every nation, on virtually every product, with no planning and no rhyme or reason to the numbers, is just creating economic chaos," she said on CNBC's "Squawk Box." Warren said the emergency law was designed for far greater scenarios, calling for more Republicans to join in the bipartisan legislation. "I think tariffs are a very important tool in our economic toolbox, but they have to be used in a way that is targeted," Warren said. Warren added that her most serious concern about tariffs is price increases and inflation, creating an environment for businesses to raise costs. "I think probably that's a likely outcome," he replied. Air France-KLM CEO Ben Smith said the company currently sees demand holding up, despite tariff uncertainty. "So far, we're not seeing anything at this point." The company will report earnings on April 30 and has thus far not lowered its forecasted guidance, Smith added. Walmart pulled its first-quarter operating income outlook to help it "maintain flexibility to invest in price as tariffs are implemented." "Clearly, our environment has changed, so that makes this really exciting for us," Walmart CEO Doug McMillon said ahead of an investor presentation in Dallas. "We've learned how to manage through turbulent periods," he said. "I'm not anti-tariff across the board," he just said on CNBC, noting that China and other nations with adversarial trade relationships with the U.S. should have tariffs. Bacon has introduced a bipartisan bill to curb the president's authority over tariffs. Bessent is calling for China to come to the negotiating table over tariffs, singling out the fentanyl issue as a potential basis for reciprocity. Bessent said Trump and Chinese President Xi Jinping have "a very good personal relationship, and I am confident that this will be resolved at the highest level." "A very good start would be for them to make a gesture on the precursor fentanyl, because distributing drugs in China is punishable by death. Delta Air Lines CEO Ed Bastian said Trump's shifting trade policy is the "wrong approach" and is hurting domestic leisure and corporate bookings alike. The carrier said it is too early to update its 2025 forecast, which Bastian in early January said was going to be the airline's "best financial year in our history." Bastian said in November the Trump administration's approach to regulation would likely be a "breath of fresh air." In addition to market turmoil, concerns about higher prices from tariffs and mass government layoffs, airline CEOs have noted they're seeing declining international travel demand into the U.S., particularly from Canada, which threatens to drive up the $50 billion deficit in international tourism spending. "This is a GREAT time to move your COMPANY into the United States of America, like Apple, and so many others, in record numbers, are doing," Trump posted on social media. Sign up for free newsletters and get more CNBC delivered to your inbox

Personal Loans if You Don't Have Credit Personal Loans for 580 Credit Score or Lower Personal Loans for 670 Credit Score or Lower The company sent a notice to U.S. employees last week saying it rescinded "the rule requesting that workers refrain from commenting internally or externally about the on-going antitrust lawsuit filed against Google by the U.S. Department of Justice," according to correspondence viewed by CNBC. Google settled with the Alphabet Workers Union, which represents company employees and contractors, according to the U.S. National Labor Relations Board, or NLRB. The settlement and policy reversal mark a major victory for Google staffers, who have seen increased censorship on subjects such as politics, litigation and defense contracts by the search giant since 2019. The U.S. Department of Justice filed an antitrust lawsuit against Google in 2020, alleging that the company has kept its share of the general search market by creating strong barriers to entry and a feedback loop that sustained its dominance. Google said it "will not announce or maintain overbroad rules or policies that restrict your right to comment, internally or externally, about whether and/or how the on-going antitrust lawsuit filed against Google by the U.S. Department of Justice may impact your terms and conditions of employment," according to last week's notice. The DOJ has said it is considering structural remedies, including breaking up Google's Chrome web browser, which it argues gives Google an unfair advantage in the search market. A U.S. District Court judge ruled in August that Google illegally held a monopoly in the search market. Following the August ruling, Kent Walker, Google's president of global affairs, sent a companywide email directing employees to "refrain from commenting on this case, both internally and externally." The union alleged that Walker's message was an "overly broad directive" and said that a breakup could impact workers' roles. The NLRB in March ruled that Google must allow workers to speak on such topics. Google's settlement states that the National Labor Relations Act gives employees the right to form, join or assist a union. It notes that Google is not rescinding its prior clarification that states employees may not speak on behalf of Google on this matter without approval from the company. The settlement also adds that Google will not interfere with, restrain or coerce workers in the exercise of their rights. "We think the potential remedies from this trial could have impact on our wages, working conditions and terms of employment," said Stephen McMurtry, communications chair of the Alphabet Workers Union-CWA, told CNBC. WATCH: Google's cloud strategy amid tariff turmoil Sign up for free newsletters and get more CNBC delivered to your inbox

Personal Loans if You Don't Have Credit Wednesday's jaw-dropping stock-market rally on President Donald Trump's surprising tariff reversal is one for the history books. The S&P 500 skyrocketed 9.52% in a kneejerk reaction to Trump's announcement to put a 90-day pause on some of the lofty 'reciprocal' tariffs. The Dow Jones Industrial Average advanced 2,962.86 points, or 7.87% and posted its biggest advance since March 2020. The Nasdaq Composite jumped 12.16%, notching its largest one-day jump since January 2001 and second-best day ever. "This is the pivotal moment we've been waiting for," said Gina Bolvin, president of Bolvin Wealth Management Group. "The immediate market reaction has been overwhelmingly positive, as investors interpret this as a step toward much-needed clarity." The market was a coiled spring after a brutal four-day stretch that briefly pushed the S&P 500 into bear-market territory. While stocks managed to recoup much of the losses, investors are not completely out of the woods as Trump vows to reorient global trade. The president said more than 75 countries contacted U.S. officials to negotiate after he unveiled his new tariffs last week. "It's still too early to signal an all clear," said Dave Sekera, Morningstar's chief U.S. market strategist. "Trade negotiations have yet to start and once they do, there will be positive and negative headlines as each party positions itself to extract the maximum amount of concessions possible." Sign up for free newsletters and get more CNBC delivered to your inbox

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Sarah Wynn-Williams, a former Meta Platforms Inc. executive-turned-whistleblower, testified before Congress that the social media giant threatened US interests while cozying up to China — claims the company said are false. Wynn-Williams, who served as director of global public policy for the company until she left in 2017, told the Senate Judiciary Subcommittee on Crime and Counterterrorism on Wednesday that she witnessed executives undermining US national security. The testimony included allegations that Meta, formerly called Facebook, offered censorship tools to China and helped the country advance in an artificial intelligence arms race.

Find the Best Personal Loan for You Personal Loans if You Don't Have Credit United Airlines and Microchip Technology were among the stocks showing the largest intraday reversals in their share prices in Wednesday afternoon's furious rally following President Donald Trump's decision to pause most of the largest tariff increases for 90 days. The moves came alongside a roaring rally in stocks after Trump temporarily dropped the highest new tariff rates on most U.S. imports to 10% for 90 days, while raising those imposed on Chinese imports to 125%, "effective immediately." United Airlines, Microchip and others would suffer under a global trade war that has dampened consumer confidence and curtailed spending. Delta Air Lines recently said it would not reaffirm its financial guidance for the full year, citing uncertainty caused by higher U.S. tariffs on imports. Microchip and rivals such as ON Semiconductor, which soared 21.8% from its lows of the day, have slumped since the market peaked in February, despite semiconductors being excluded from the tariff increases, hurt by concern that the economy would slow and demand for chips would weaken. The Dow Jones Industrial Average advanced 3,100 points, or about 8.1%, while the Nasdaq Composite jumped as much as 12.7%, its second-largest gain ever. "The market's move upward is violent, and speaks to how badly the market was looking for clarity" on tariff policy, said Chris Brigati, chief investment officer at investment firm SWBC. "It appears President Trump's motivation to get trade counterparts to the negotiating table is bearing fruit and that is a constructive development for the ongoing trade war." Sign up for free newsletters and get more CNBC delivered to your inbox

The wild trade war saga is causing recession forecasts to swing at one of Wall Street's top banks. Goldman Sachs reversed its recession call on Wednesday. Analysts raised the probability of a recession for the third time before slashing their new forecast in the afternoon after President Donald Trump announced a 90-day tariff pause and walked back most of his recently unveiled reciprocal levies. The administration is also raising China's tariff rate to 125%, he added. Still, the newest tariff plan is more in line with what Goldman originally anticipated for Trump's trade policy, the bank said in a note, explaining why it was cutting its recession probability from 65% back to 45%. "As a result, we are reverting to our non-recession baseline forecast with GDP growth of 0.5% and a 45% probability of recession," analysts wrote an hour after most tariffs were paused. Last week, Goldman raised its 12-month probability of a recession from 35% to 45%. Analysts said the bank intended to change its baseline forecast to a recession if Trump implemented his new tariffs on Wednesday. Early Wednesday, as Trump's new tariffs went into effect, the bank raised its 12-month recession probability to 65%, saying it believed it was unlikely that the White House would quickly reverse most of the tariffs. With the reduced 10% tariff, it now expects the overall US tariff rate to rise 15 percentage points, it added. Stocks were in choppy waters Wednesday before staging a stunning reversal after Trump announced the tariff reprieve. Correction: April 9, 2025 — An earlier version of this story misstated when the 10% across-the-board tariff would be in place. It's set to stay in place during the 90-day pause on most tariffs, not go into effect after it.

Personal Loans if You Don't Have Credit This was CNBC's live coverage of how U.S. trade partners, the White House and employers responded to President Donald Trump's historic tariffs. Canada and Mexico will not face an additional 10% tariff as a result of Trump's announcement revising his so-called reciprocal tariff policy, a White House official tells CNBC. The president for days has insisted that his tariffs would not be lifted, despite turmoil in the markets and backlash from investors, voters and allies. Here are three examples of Trump digging in, just days before reversing course: Trump says that Dimon was "very good" during the interview and that he said "something had to be done with the tariffs and trade." The White House tells NBC News that it will not be releasing a list of the countries that have so far reached out to start negotiating with the U.S. over Trump's so-called reciprocal tariffs. Trump, in his Truth Social post announcing the 90-day tariff pause, said that "more than 75 Countries" have called U.S. officials seeking to strike new trade deals. Trump said he paused the imposition of higher tariffs on many countries because people "were getting a little bit yippy." "Well, I thought that people were jumping a little bit out of line," Trump told reporters at the White House. "They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid, unlike these champions, because we have a big job to do," the president said while standing with auto racing champions. "No other president would have done what I did. Trump's political operation is amplifying a Truth Social post the president sent just hours before he suspended most tariffs, in which he announced that it was "a great time to buy." "Did the Panicans listen to @POTUS's advice this morning?" Trump War Room posted on X, just after the tariff pause announcement. A range of retail stocks spiked after Trump's tariff policy reversal. Nike's stock rose 10%, while shares of Walmart and Target climbed more than 8% each. U.S. crude oil futures jumped more than 4% after Trump announced a lower tariff rate for countries except China, their best day since October 2024. The U.S. benchmark rose $2.77, or 4.65%, to close at $62.35 per barrel, while global benchmark Brent was up $2.48, or 3.95%, to $65.30 per barrel. U.S. crude hit an intraday low of $55.12 earlier in the session after Beijing announced tariffs of 84% on U.S. goods in response to Trump's levies. But the oil market turned around, swinging more than 13% from its low after Trump dramatically reversed course on his trade war. The Nasdaq Composite jumped nearly 10% and headed for its best day since 2008 as technology stocks rallied after Trump postponed some tariffs for 90 days. Tesla, Nvidia and Apple surged more than 10% each, while the VanEck Semiconductor ETF popped more than 14% as chipmaking stocks gained. Rep. Steven Horsford grilled Trump's trade representative, Jamieson Greer, about his knowledge of the tariff pause. the Nevada Democrat said to Greer during a hearing. "It looks like your boss just pulled out the rug from under you," he added. "This is amateur hour, and it needs to stop." As tariffs are set to drive up prices for many goods, Walmart may be able to attract new customers and more frequent visits from shoppers, Chief Financial Officer John David Rainey said Wednesday. "If you look back two years ago when we saw inflation, we invited a lot of new customers to Walmart with high prices," he said. "And what we saw over those two years is they stayed with us." Walmart executives made the comments before Trump said he would temporarily lower tariffs on dozens of trading partners to 10%, and raise duties on Chinese imports to 125%. Earlier in the day, the retail giant stuck by its full-year forecast yet it scrapped its first-quarter operating income guidance and did not provide an updated range for that metric. In a news release, the discounter said it wants to "maintain flexibility to invest in price as tariffs are implemented." CEO Doug McMillon said the discounter is committed to keeping prices low. He added, "we're not going to let them narrow." Shares of Truth Social operator Trump Media & Technology Group Corp. are rocketing nearly 19% higher, just minutes after the president temporarily backed off his so-called reciprocal tariffs for dozens of countries. Treasury Secretary Scott Bessent says Trump was always planning to pull back his sweeping tariff plans for dozens of countries just days after announcing it. "This was his strategy all along," Bessent tells reporters at the White House. "You might even say he goaded China into a bad position," Bessent says, referring to the fact that China, which imposed retaliatory tariffs, now faces higher U.S. duties while others get a reprieve. "Each one of these is going to be a separate, bespoke negotiation," Bessent says. The White House is clarifying that Trump's announcement of a 90-day tariff "pause" means that the "tariff level will be brought down to a universal 10% tariff" during that time, while "negotiations are ongoing." Commerce Secretary Howard Lutnick says on X that he and Treasury Secretary Scott Bessent "sat with the President while he wrote one of the most extraordinary Truth posts of his Presidency." "The world is ready to work with President Trump to fix global trade, and China has chosen the opposite direction," Lutnick writes. Delta Air Lines CEO Ed Bastian said the carrier will defer deliveries of new aircraft if they are hit with tariffs. The airline is a major customer of European manufacturer Airbus. While the company has been also assembling narrow-body aircraft out of its Mobile, Alabama, factory, tariffs on products from Europe could hit many of the hundreds of components that go into a plane. "We'll work very closely with Airbus, who are great partners, and they understand our perspective," Bastian said in an earnings call. Earlier, in an interview with CNBC, Bastian called Trump's tariffs the "wrong approach." He also noted that the U.S. exports more aerospace products than it brings in. "That's a really important fact to know and I hope our leaders in Washington are paying attention to that," Bastian said on the earnings call. Markets ripped higher on Trump's announcement of a 90-day tariff "pause." Trump in a Truth Social post says he is "immediately" raising U.S. tariffs on Chinese imports to 125% "based on the lack of respect that China has shown to the World's Markets." But Trump in the same post says he has "authorized a 90 day PAUSE" for other countries and that more than 75 nations have reached out to negotiate. That pause, and "a substantially lowered Reciprocal Tariff during this period, of 10%," are both "effective immediately," Trump writes. Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter! Trump's job approval rating fell sharply after the rollout of his sweeping global tariff policy a week ago, a new Economist/YouGov poll shows. The survey found that 51% of respondents disapprove of the job Trump is doing as president, versus 43% who view his efforts positively. Trump's disapproval gap widened by 5 percentage points from the pollster's prior survey, conducted from March 30 to April 1 — a day before he unveiled his so-called reciprocal tariffs. The new poll found 56% of Americans said that Trump's efforts to slap tariffs on imports have "gone too far." Respondents' views of Trump's handling of jobs and the economy also soured: 51% disapprove and 41% approve, according to the poll. That is a drop of 7 percentage points from the prior survey. The escalating trade war could ultimately dent the U.S. mortgage market — if China, Japan or other foreign nations choose to sell U.S. mortgage-backed securities in response to Trump's tariffs. At the end of January, more than $1.3 trillion worth of the securities was held by foreign countries, according to Ginnie Mae. Should those countries choose to sell, mortgage rates would rise. "If China wanted to hit us hard, they could unload treasuries. Sure it is," said Guy Cecala, executive chair of Inside Mortgage Finance. Chinese imports will generate $1.24 billion in tariffs collected each day after Trump's new duties take full effect, global trade data company ImportGenius estimates. Imports from Vietnam will generate $94.86 million in tariffs collected each day, according to ImportGenius, which shared its estimates with CNBC. Senate Minority Leader Chuck Schumer says that a "market crash" spurred by Trump's tariffs is lighting Americans' retirement accounts "on fire." "That's years, sometimes decades, of people's savings gone in a flash." For Americans retiring soon, Trump's tariffs are "like a brick over the head," Schumer says. An "on the water clause" will allow cargo entering U.S. ports today or already in transit at sea to avoid being subject to reciprocal tariffs that took effect today and Saturday. The clause was contained in updated guidance on tariffs of Chinese imports released by U.S. Customs and Border Protection. The guidance says that cargo already on its way to the U.S. will be subject to a base tariff rate of 10% that Trump announced in more than 180 countries last week — but not to extra, reciprocal rates of varying levels imposed on scores of those countries in recent days. Any cargo "loaded onto a vessel at the port of loading and in transit on the final mode of transport on or after 12:01 a.m. EDT April 5, 2025, and before 12:01 a.m. EDT April 9, 2025, and (2) are entered for consumption, or withdrawn from warehouse for consumption, before 12:01 a.m. EDT on May 27 2025, are subject to the 10% additional rate in lieu of the country-specific rate of duty," the guidance says. China issued an alert warning its citizens and students of the potential risk of traveling in the U.S. and attending schools there. China's Education Ministry issued a similar alert to students studying in the U.S. Google is trying to determine its response to tariffs that will increase the cost of goods imported to the U.S., the search engine company's cloud CEO, Thomas Kurian, said in an interview with CNBC's Deirdre Bosa on Tuesday. "The tariff side is so fluid," he said. Pharmaceutical stocks are reeling after Trump reiterated that he is planning to impose "major" tariffs on drug imports with the stated goal of bringing more manufacturing back to the U.S. Amgen and Merck shares were down about 2%, while AbbVie shed 3%. Trump's remarks at an event in Washington did not provide many details on how these levies would be structured, but Bank of America analyst Tim Anderson speculates Trump will use a "Section 232 Investigation." If this is true, Anderson said it could take some time to execute, based on past examples. If it is, then action can be taken. Medical products were excluded from the "reciprocal" tariffs announced April 2. This was in keeping with long-standing trade agreements that have exempted drugs from tariffs. The new levies differ in important ways from Trump's tariffs implemented last week. There's also a remissions process that could allow companies some relief from the duties, according to Canadian officials. Canada's response includes 25% tariffs on vehicles from the U.S. that are not compliant with USMCA — or CUSMA, as Canada refers to it — as well as non-Canadian and non-Mexican content of USMCA-compliant fully assembled vehicles imported into Canada from the U.S. Canadian Prime Minister Mark Carney said Canada's new levies are expected to generate 8 billion Canadian dollars ($5.6 billion), which will be used to help workers and companies affected by Trump's tariffs. The tariffs were set to target a wide range of goods, including poultry, grains, clothing and metals, according to a draft document seen by CNBC in March. The EU has not released a final list of affected products and declined to comment when asked what it would include. The EU also faces tariffs of 20% on almost all U.S. imports. Trump Media shares popped on the heels of Trump using his initials — DJT — at the end of a social media post telling people, "THIS IS A GREAT TIME TO BUY!!!" Trump often signs his Truth Social posts "DJT" when the topic of those posts does not relate to stocks or the market. Trump is urging people to relax as trading restarts after four straight days of U.S. stock market declines. Everything is going to work out well," Trump wrote on Truth Social three minutes after markets opened in the red, again. "The USA will be bigger and better than ever before!" Trump is pressuring House Republicans to immediately pass a massive reconciliation bill that enshrines the president's campaign wish list of tax breaks and spending cuts. Trump has repeatedly urged Congress to pass what he calls a single "big, beautiful bill," claiming it is essential to the success of his economic agenda. Trump's tariffs on China are already hampering Christmas sales. Orders for those year-end items typically get finalized by mid-April, producers told the news service. This year, the U.S. orders aren't coming in. "So far this year, none of my American customers have placed any orders," Qun Ying, who runs an artificial Christmas tree factory in China, told Reuters. Gretchen Whitmer says her state is already hurting from Trump's tariff regime, even as she expresses support for the president's goal of reshoring U.S. manufacturing jobs. "I'm not going to sugarcoat it: These last few days have been really tough for Michigan," the Democratic governor said in a speech on the economy. Whitmer described a cascade of economic consequences as a result of Trump's tariffs, as carmakers stockpile parts, suppliers face higher costs and dealerships raise prices. "It really is a triple whammy: Higher costs, fewer jobs and more uncertainty," she said. Whitmer has been discussed as a possible contender for the 2028 presidential cycle. "By putting across-the-board tariffs with virtually every nation, on virtually every product, with no planning and no rhyme or reason to the numbers, is just creating economic chaos," she said on CNBC's "Squawk Box." Warren said the emergency law was designed for far greater scenarios, calling for more Republicans to join in the bipartisan legislation. "I think tariffs are a very important tool in our economic toolbox, but they have to be used in a way that is targeted," Warren said. Warren added that her most serious concern about tariffs is price increases and inflation, creating an environment for businesses to raise costs. "I think probably that's a likely outcome," he replied. Air France-KLM CEO Ben Smith said the company currently sees demand holding up, despite tariff uncertainty. "So far, we're not seeing anything at this point." The company will report earnings on April 30 and has thus far not lowered its forecasted guidance, Smith added. Walmart pulled its first-quarter operating income outlook to help it "maintain flexibility to invest in price as tariffs are implemented." "Clearly, our environment has changed, so that makes this really exciting for us," Walmart CEO Doug McMillon said ahead of an investor presentation in Dallas. "We've learned how to manage through turbulent periods," he said. "I'm not anti-tariff across the board," he just said on CNBC, noting that China and other nations with adversarial trade relationships with the U.S. should have tariffs. Bacon has introduced a bipartisan bill to curb the president's authority over tariffs. Bessent is calling for China to come to the negotiating table over tariffs, singling out the fentanyl issue as a potential basis for reciprocity. Bessent said Trump and Chinese President Xi Jinping have "a very good personal relationship, and I am confident that this will be resolved at the highest level." "A very good start would be for them to make a gesture on the precursor fentanyl, because distributing drugs in China is punishable by death. Delta Air Lines CEO Ed Bastian said Trump's shifting trade policy is the "wrong approach" and is hurting domestic leisure and corporate bookings alike. The carrier said it is too early to update its 2025 forecast, which Bastian in early January said was going to be the airline's "best financial year in our history." Bastian said in November the Trump administration's approach to regulation would likely be a "breath of fresh air." In addition to market turmoil, concerns about higher prices from tariffs and mass government layoffs, airline CEOs have noted they're seeing declining international travel demand into the U.S., particularly from Canada, which threatens to drive up the $50 billion deficit in international tourism spending. "This is a GREAT time to move your COMPANY into the United States of America, like Apple, and so many others, in record numbers, are doing," Trump posted on social media. Sign up for free newsletters and get more CNBC delivered to your inbox

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 A pumpjack at an oilfield in Kazakhstan. Photographer: Andrey Rudakov/Bloomberg Saudi Arabia's oil supply shock has set up a standoff with OPEC+ members who keep busting their quotas, but the biggest of the offenders has yet to flinch. Kazakhstan — whose persistent floutingBloomberg Terminal of production limits triggered Riyadh's ire — continues to pump as usual at the biggest oil fields run by its international oil partners, according to people familiar with the matter. The Tengizchevroil joint venture that includes Chevron Corp. and Exxon Mobil Corp. will stick with plans to boost production this year and has no intention of cutting back, the people said. Another operator said they hadn't received any formal request to reduce.

Companies including Amazon, Taiwan Semiconductor Manufacturing Company and Alphabet's Waymo are helping to usher in major changes across Phoenix, Arizona. "The quality of dumplings," Gallego said with a laugh. "Between Japanese, South Korean and Taiwanese food, it's been incredible," she said, in a reference to the new workers that have arrived in the city as a result of Taiwan Semiconductor Manufacturing Company's plans to invest more than $165 billion to build advanced chips in the U.S., a huge investment that has brought to Phoenix employees of the chip giant and its supplier network from Asia. She is helping Phoenix lean into innovation through robotaxis, via the Alphabet-owned Waymo service. The city is one of three where Waymo operates, and Gallego said that there is "one airport in the world where you can take an autonomous vehicle to the airport, and that is Phoenix Sky Harbor Airport." The city is also working with Amazon on drone delivery. Last year, Amazon soft launched Prime Air in the West Valley of the Phoenix Metro Area, a service that recently resumed after a two-month pause, and Gallego said that she expects the program to expand to serve more customers later this month. "Eighty percent of [Amazon] packages have a chance to be drone delivery," Gallego said. According to Amazon, there are more than 50,000 items that can be delivered by drone to customers living near the designated area in under an hour. Gallego, who has served as mayor of Phoenix since 2019 and was re-elected to her third and final term last fall, has led several other tech-driven upgrades in the city, one uniquely shaped by her background prior to public office when she worked for a corporate strategy and innovation group. "We're trying to take innovation and look at all our challenges." Gallego, who said the effort to bring TSMC to Phoenix started with her first international trip as mayor, noted that the deal required several adaptations for TMSC, including converting the water system plans into metric and adapting to a different type of voltage system that is unlike others used in the city. It's also reshaping the city, from the food to Mandarin now being taught in school systems and spoken at hospitals. It's also bringing new high-paying jobs to under-served communities, like Navajo women who previously worked in the coal industry now doing iron work at the semiconductor plant and making more than $100,000. Gallego said the city is working to get more students engaged with advanced tech jobs through advanced apprenticeship programs, and teaching even elementary school students about the potential opportunities that now exist in their community. "It's really changed the city for the better in many ways and that's been very exciting, and we want it to continue to be a success," she said. Gallego said while the city is still trying to understand exactly how President Donald Trump's new tariff policies will impact investments, especially for chips that travel back and forth around the world, "We're trying to be a little more flexible with our budget [and] leave some breathing room because we're thinking there's going to be huge, huge changes in our economy." Regardless Gallego said the city's focus on innovation will continue. Sign up for free newsletters and get more CNBC delivered to your inbox

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 The World Travel & Tourism Council's CEO says her industry is poised to grow in 2025, even in the face of a global recession. Tourists visiting the basilica in Bouches-du-Rhone, Marseille, France on March 8, 2025. The price of nearly every good you consume may be on the verge of skyrocketing, and global markets are teetering on the edge of a recession. Yet the travel industry is predicting record growth in the months ahead: The leading forecast for its contribution to the global economy in 2025 is $11.7 trillion, or 10.3% of the world's gross domestic product. Travelers are projected to spend more than ever on international trips this year, to the tune of $2.1 trillion, which surpasses the prior high of $1.9 trillion in 2019. As a whole, the tourism industry has experienced sustained growth since pandemic lockdowns lifted, putting the sector on a trend line that could reach $2.9 trillion in spending by 2035. Considering the indirect contributions of tourism to the global economy—such as hotels' purchases of supplies from nearby businesses and the local spending power of hospitality staff—that would make the travel industry a $16 trillion powerhouse, responsible for 11.5% of global GDP.

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Bank CEO Pay: Andrew Bednar, CEO of Perella Weinberg Partners Source: Bloomberg Television While investment-banking executives stare into a deals abyss, a $27 million pay package may ease the pain for one executive, whose award tripled after he led his firm to record revenue last year. Andrew Bednar, chief executive officer of New York boutique Perella Weinberg Partners, received a $22.9 million cash bonus and $3.6 million in stock awards on top of his base salary for 2024, according to a proxy filing.

In the days since President Donald Trump unveiled his "reciprocal" tariffs on dozens of trading partners, affected nations have announced a range of reactions. Here's how governments around the world are reacting to Trump's tariffs now that they've officially started. China's Ministry of Commerce also placed 11 US companies on an "unreliable entities" list, effectively blocking them from conducting business in the country. "China urges the United States to immediately lift its unilateral tariff measures and resolve its trade differences through consultations in an equal, respectful, and mutually beneficial manner," the ministry said in a statement. Trump has so far imposed 104% tariffs on China since he took office. In February, China implemented a 10% tariff on crude oil, agricultural machinery, pickup trucks, and some large cars. China also imposed a 15% levy on coal and liquefied natural gas. He's threatened Canada with an array of tariffs, stunning government officials and residents who have long enjoyed a mostly conciliatory relationship with the US. In March, Trump set 25% tariffs on Canadian goods that weren't compliant with the United States-Mexico-Canada Agreement, prompting an outcry from Canada, which retaliated by placing a 25% tariff on select US goods. On April 3, Canadian Prime Minister Mark Carney announced his country would impose a 25% tariff on vehicles imported from the US that aren't USMCA-compliant. Canada was spared further levies from the US last week. Trump announced last week that Australia would be subject to the administration's 10% baseline tariff rate. "The [US] administration's tariffs have no basis in logic — and they go against the basis of our two nations' partnership," he told reporters on April 3. Albanese said Australia didn't plan to retaliate with reciprocal tariffs on US goods. On Tuesday, Democratic Sen. Mark Warner of Virginia forcefully pushed back against Trump's tariff on Australia during a hearing with US trade representative Jamieson Greer. "We have a trade surplus with Australia," Warner said during the heated exchange. "These countermeasures can be suspended at any time, should the US agree to a fair and balanced negotiated outcome," the European Commission said in a statement. On April 5, Tesla CEO Elon Musk, the face of the White House DOGE Office and a political ally of Trump, said he wanted to see a "zero-tariff" system between the United States and Europe. Indonesia's chief economic minister said on Sunday that the country would focus on diplomacy and negotiations to find mutually beneficial solutions rather than retaliating against the tariffs. He also said that Indonesia would support sectors likely to be hit by the tariffs, such as the apparel and footwear industries. Japan has been hit with a 24% tariff on its exports to the US. "We had been requesting that the US government review its unilateral tariff measures at various levels and we are extremely disappointed and regret that such measures have been implemented nonetheless," Japanese Prime Minister Shigeru Ishiba told reporters shortly after Trump's April 2 announcement. Trade Minister Yoji Muto later said his ministry had created a task force to examine the impact of the tariffs. When asked about the potential for retaliation, Muto replied: "We need to decide what is best for Japan, and most effective, in a careful but bold and speedy manner." Malaysia will see its exports to the US get hit by a 24% tariff. In a Sunday night video address posted to social media, Prime Minister Anwar Ibrahim said Malaysia will "prepare a coordinated ASEAN response" toward Trump's tariffs. Malaysia currently chairs the Association of Southeast Asian Nations, a grouping of ten countries in the region, including Vietnam and Cambodia. Mexico dodged a baseline tariff from Trump last week. Trump had earlier threatened Mexico with tariffs over his concerns regarding fentanyl smuggling and illegal immigration. The White House said that for now, any USMCA-compliant imports can continue to enter the United States without added tariffs. Mexican President Claudia Sheinbaum lauded her "good relationship" with the Trump administration for avoiding any additional levies from the president last week. It's one of the highest tariff rates put into place by Trump against any country. And it's prompted the country to take quick action.

Alphabet's Waymo sells a miniature scale model of its white Jaguar I-PACE robotaxi, which has become a fixture on urban motorways in California. The miniature model is just one of the exclusive merchandise Waymo sells in its internal store for employees, according to Sophia Tung, an autonomous vehicle-focused content creator, who told Business Insider that she purchased several other items through a friend at the company. Still, it's only so often that the product tech workers are focused on lends itself to the kind of physical merch Waymo has, Tung, a former software engineer at Twitter, told BI. "Twitter had one, but it was sort of boring stuff. There wasn't anything cool," she said. "I feel like if you're shipping a physical product like Waymo, there's more opportunity for it to look good." According to Tung and screenshots of the employee website she shared with BI, the store also sells branded clothing, including baby onesies. Other clothing gets more creative, such as a shirt that recalls Andy Warhol's signature four-panel canvases. There are also enamel pins, mugs, hats, and beach towels, according to Tung. "I really only got the stuff that looked more design-y and interesting," she said, adding that she felt the clothing she purchased didn't immediately look like company merch. The company makes small-scale models of cars for OEMs, according to its website. With Waymo's partnership with other OEMs for future configurations of its robotaxis, including Hyundai and China's Zeekr, Tung said she hopes Waymo will continue making small-scale versions of its cars. "I want to collect them all," she said. Do you have a story to share about Waymo?

Microsoft is considering another round of job cuts that could come as soon as May, according to people familiar with the matter. Leaders on some Microsoft teams are specifically discussing cuts to middle managers and how to increase the ratio of coders versus non-coders on projects, the sources told Business Insider. Some Microsoft organizations want to increase their "span of control," or the number of employees who report to each manager, these people said. It's unclear how many jobs will be cut, but one of the people said it could be a significant portion of their team. In the tech industry, there's already a culling of middle managers underway. And in December, CEO Sundar Pichai told staff that Google cut vice president and manager roles by 10% as part of an efficiency drive. Charlie Bell, Microsoft's security boss, brought this concept from Amazon, where he was a cloud pioneer. There, it's called the "builder ratio," and tracks the ratio of software engineers to "non-builders," such as program managers and project managers. Microsoft is considering increasing these targets in some organizations. One of the people familiar with the matter said this ratio is basically a proxy for how many people code. The company is discussing cuts that would require managers to meet a certain budget and a specific team-based ratio, the person said. Earlier this year, Microsoft ousted about 2,000 employees it deemed to be low performers. The potential cuts could come in a month or so and also include lower performers. One person said that at least some Microsoft leaders are considering terminating those who received an "Impact 80" or lower score in performance reviews for two consecutive years. Microsoft evaluates employees on a scale of 0 to 200 called the "ManageRewards slider." Those ratings influence how much an employee receives in stock awards and cash bonuses.

President Donald Trump said on Tuesday that he threatened Taiwan Semiconductor Manufacturing Company with a "big tax" of up to 100% if the chipmaker didn't build its plants in America. Trump was speaking at a dinner event organized by the National Republican Congressional Committee when he criticized the bipartisan CHIPS Act, which President Joe Biden signed in 2022. They give these companies billions of dollars to build a plant in the United States. They don't build them in the US," Trump said Tuesday. TSMC's first factory in Phoenix faced construction delays initially but started producing chips last year. Last month, TSMC said it would invest $100 billion to build five new chip factories in the US. Trump said on Tuesday that he'd convinced TSMC to deepen its manufacturing footprint in the US without offering more funding. "All I did is say, 'If you don't build your plant here, you are going to pay a big tax. TSMC declined to comment when approached by Business Insider. Trump has threatened companies with tariffs in the past. While on the campaign trail in September, Trump said he'd impose a 200% tariff on John Deere if the agriculture equipment company moved its manufacturing to Mexico. Last week, Trump announced a slate of reciprocal tariffs on more than 180 countries. The tariffs, which start at a baseline rate of 10%, took effect on Wednesday. Commerce Secretary Howard Lutnick said on Thursday that while the tariffs didn't apply to semiconductors, Trump was still thinking about how he could restore the US's foothold in chip making.