The Headline: Trump's Backtracking On Tariffs Is Doing Little To Calm Concerns
That didn’t take long, Donald Trump is already backtracking on tariffs, but the back and forth didn’t exactly ease concerns today. As the AP reports: Wall Street tumbles as tariff whiplash and falling AI stocks drag Nasdaq 10% below its record:
Stocks fell even though President Trump offered a one-month reprieve from his 25% tariffs on many goods imported from Mexico and Canada. That’s unlike the bounce stocks got the prior day from his giving a one-month exemption specifically for automakers.
The other headline today is in the category of WHO DIDN’T SEE THIS COMING? It appears Trump is already reducing Elon Musk’s power. Politico reports, Trump puts new limits on Elon Musk? It happened during a cabinet meeting today, which Musk attended.
The timing of the meeting was influenced by recent comments from Senate Majority Leader John Thune (R-S.D.), who said on CNN Tuesday that Cabinet secretaries should retain the full power to hire and fire, according to one official. The official said Trump has been flooded with similar concerns from other lawmakers and Cabinet secretaries.
ICYMI:
NPR: House votes to censure Texas Democrat Al Green for protest during Trump address
The House of Representatives voted 224-198 to censure Rep. Al Green, D-Texas, over his protest on the House floor on Tuesday during President Trump's address to a joint session of Congress.
Advocate: Gov. Gavin Newsom faces backlash over comments he made about transgender student athletes
California Gov. Gavin Newsom is facing fierce backlash from LGBTQ+ advocates after using the debut episode of his new podcast, This is Gavin Newsom, to echo right-wing rhetoric about transgender athletes. In a conversation released on Wednesday, Newsom told conservative firebrand Charlie Kirk that trans women and girls competing in sports is “deeply unfair” and “an issue of fairness”—statements that LGBTQ+ advocates say lend credibility to anti-trans attacks.