Markets plunge with S&P 500 down 6% and Dow down 2,200 after China retaliates against Trump tariffs
NEW YORK (AP) — Wall Street’s worst crisis since COVID slammed into a higher gear. The S&P 500 plummeted 6% Friday, the Dow Jones Industrial Average plunged 5.5% and the Nasdaq composite dropped 5.8%. The losses came after China matched President Donald Trump’s big raise in tariffs announced earlier this week. Not even a better-than-expected report on the U.S. job market was enough to stop worries about the escalating trade war possibly causing a recession. The head of the Federal Reserve also warned about how tariffs can push up on inflation. The price of oil slid to its lowest level since 2021.
As stock market continues plummeting over tariffs, Trump spends the day at his golf course
WEST PALM BEACH, Fla. (AP) — President Donald Trump says his trade policies will never change despite sending the global economy into a tailspin by announcing tariffs on foreign imports. He's spending the weekend at his private clubs in Florida. He woke up on Friday morning at Mar-a-Lago and headed to his nearby golf course after writing on social media that this is a great time to get rich. He waved to supporters as he arrived. The Republican president is not expected to appear publicly, although he’s scheduled to attend a candlelit dinner for MAGA Inc., an allied political organization.
'Hands Off!' protests against Trump and Musk are planned across the US
WASHINGTON (AP) — Opponents of President Donald Trump and billionaire Elon Musk plan to rally across the U.S. to protest the administration’s actions on government downsizing, the economy, human rights and other issues. More than 1,200 “Hands Off!” demonstrations have been planned for Saturday by more than 150 groups. They include civil rights organizations, labor unions, LBGTQ+ advocates, veterans and fair-elections activists. The protests are planned for the National Mall in Washington, D.C., state capitols and other locations in all 50 states. The White House has not returned a message seeking comment. Trump has promoted his policies as being in the best interest of the U.S.
Senate up late voting on GOP tax breaks and spending cuts plan that's central to Trump agenda
WASHINGTON (AP) — The Senate is still plugging through a contentious overnight debate on a budget plan critical to Republican efforts to pass trillions of dollars in tax cuts and boost border security and defense spending. They're trying to do so in what President Donald Trump calls “one big beautiful bill.” Voting kept going early Saturday on dozens of potential amendments in a routine called a vote-a-rama. Passage of the plan would pave the way for Republicans in coming months to muscle a tax cut bill through both chambers of Congress. Republicans are framing their work as preventing a tax increase for most American families. Democrats accused Republicans of laying the groundwork for increasing deficits and cutting key safety net programs.
US consumers rush to buy big-ticket items before Trump's tariffs kick in
U.S. consumers are rushing to buy big-ticket items before President Donald Trump's tariffs kick in. Consumers who were considering big purchases told The Associated Press that they hurried in recent days to lease cars and buy products such as laptops in anticipation of the tariffs. Economists say the tariffs are expected to increase prices for everyday items, warning of potentially weakened U.S. economic growth. The White House hopes the tariffs prod countries to open their economies to more American exports, leading to negotiations that could reduce tariffs, or that companies increase their production in the U.S. to avoid higher import taxes.
Retirees keep their eyes on the economy as Trump's tariffs roil financial markets
KANSAS CITY, Mo. (AP) — With financial markets roiling as President Donald Trump unveiled his latest tariffs this week, the economy has been top of mind for many retirees. Seventy-seven-year-old Don Herneisen of Pennsylvania says retirees like him do not like uncertainty. Stock markets worldwide careened even lower Friday after China matched Trump’s big raise in tariffs in an escalating trade war. The sweeping new tariffs are also expected to increase prices for everyday items. Florida portfolio manager Chad NeSmith says he's been fielding many calls from clients in recent days. He says retirees generally have a little bit less risk in their portfolios and bonds have been performing well in the volatility.
Think twice before bailing out of the stock market, financial advisers say
NEW YORK (AP) — The huge swings rocking Wall Street and the global economy may feel far from normal. But, for investing at least, drops of this size have happened often throughout history. Stomaching them is the price investors have had to pay in order to get the bigger returns that stocks can offer over other investments in the long term. Here’s a glimpse at what’s been behind the market’s wild moves and what experts are advising investors young and old to consider.
Voices from coal country say closures of MSHA offices will endanger mine safety
CHARLESTON, W.Va. (AP) — Stanley “Goose” Stewart, who survived the Upper Big Branch coal mine disaster that killed 29 workers 15 years ago Saturday, calls a recommendation by the Trump administration to close three dozen offices of the Mine Safety and Health Administration across the country “idiotic.” Stewart says it would give coal companies “the green light to do as they please.” The proposed cuts are part of the administration's effort to make the government more efficient. MSHA is required to inspect each underground mine quarterly and each surface mine twice a year. Advocates for the mining industry say the cutbacks won't make workers less safe.
In the race to save lives after the Myanmar quake, US rescuers are notable by their absence
WASHINGTON (AP) — Day after day, Chinese rescue teams haul children and elderly people from collapsed buildings. Cameras beam the thanks of grateful survivors around the world. Russian medical teams show off field hospitals erected in a flash to tend the wounded. Notably absent from the aftermath of the 7.7-magnitude earthquake in the poor Southeast Asian nation Myanmar: the United States and its uniquely skilled, well-equipped and swift search-and-rescue teams and disaster-response crews. At least 15 Asian and Western government rescue teams have landed crews reaching hundreds of workers in size, alongside initial pledges of financial aid reaching tens of millions of dollars, as the death toll of the March 28 quake tops 3,000.
Costa Rica looks to El Salvador's gang crackdown for path to stopping violence
TECOLUCA, El Salvador (AP) — Costa Rica’s security minister has begun a visit to El Salvador to study the measures it has taken to reduce violence caused by its powerful street gangs. El Salvador has waged a three-year offensive under an ongoing state of emergency. Costa Rica Justice and Peace Minister Gerald Campos Valverde said Friday he was visiting on orders of President Rodrigo Chaves to “see the good practices of the Salvadoran people with the goal of combating crime and to returning rights to all citizens.” In November, Costa Rica bestowed its highest diplomatic honor on El Salvador President Nayib Bukele for his success in lowering levels of violence during his now three-year campaign against powerful street gangs.
