Donald Trump has sweeping plans for a second administration. Here’s what he’s proposed

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Trump buckles

President Trump's boosters hailed his decision to pause tariff increases for countries around the world as a strategic masterstroke, Axios' Marc Caputo reports.

• But few are buying the spin. Trump buckled under tremendous, mounting-by-the-minute pressure from CEOs ... friends ... GOP senators ... the markets ... and bond prices. Trump himself admits he blinked when "people were getting a little queasy" about the bond market.

Why it matters: Inside the White House, the episode highlighted the competing views and roles of Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick as they animated Trump's risky game with trade.

? Inside the room: Both men were advising Trump in the Oval Office when he decided to post a message on Truth Social announcing the tariff pause for 90 days while the administration negotiated with as many as 75 countries.

• The stunning move, which rallied cratering markets globally, was based on three factors, according to three sources familiar with the meeting:

1. Panic: The real credit, "Trump's advisers admit privately, should go to the bond markets," the N.Y. Times reports. "Trump's decision was driven by fear that his tariffs gamble could quickly turn into a financial crisis. And unlike the two previous crashes of the past 20 years — the global financial crisis of 2008 and the pandemic of 2020 — this crisis would have been directly attributable to only one man."
2. Pressure: Trump was getting calls saying a real economic collapse was in the offing. CEOs were becoming increasingly vocal about their fears that tariff chaos could provoke a recession. And Republican senators expressed their fears directly to Trump — both during a group interview with Fox News' Sean Hannity on Tuesday night, and in a roughly hourlong phone conversation with Trump after the show, The Washington Post reports (gift link). Trump was already eyeing the bond market.
3. A Plan B: The president and his advisers also agreed that China's decision to raise tariffs on the U.S. created an opportunity for Trump to pause the tariff hikes on other countries as a token of friendship. It would be an effort to "put a ring around China, and isolate them," an administration official said

? Recession not a depression: Trump "privately acknowledged that his trade policy could trigger a recession but said he wanted to be sure it didn't cause a depression," The Wall Street Journal reports in a front-page story with the print headline, "President Watched TV, Heard Dire Warnings, Then Gave In."

• Trump told advisers he was willing to take "pain," a person who spoke to him on Monday told The Journal.

Trump early this morning. Via Truth Social

? Between the lines: In the back of advisers' minds was the way the tanking stock market shot up briefly on Monday after a false report that Trump was considering a 90-day pause.

• "I can assure you that was on people's minds in the administration, and certainly on the president's," a third administration official said.
• The sense of relief at Trump's announcement wasn't just visible in the stock market's jolt. It was palpable in the postures of Bessent and Lutnick, who quickly got in front of TV cameras and lavished praise on the president.

? What's next: Led by Bessent and Lutnick, Trump's economic advisers will plunge into a country-by-country negotiation process that'll take months. They say all decisions will be teed up for Trump, who'll make the final call on each deal.

• "Instinctively, more than anything else," Trump told reporters when asked how he'll determine tariff exemptions. "You almost can't take a pencil to paper. It's really more of an instinct, I think, than anything else."

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? Trump's magical manufacturing thinking

Illustration: Lindsey Bailey/Axios

To make a manufacturing renaissance happen in America, President Trump needs three things to happen simultaneously, Axios' Ben Berkowitz writes: The private sector needs to commit capital, in size and with confidence, to support a national campaign to build factories, ships and the like. There needs to be a willing labor force for that construction — either American workers agreeing to take lower-wage construction jobs, or a reversal of the immigration crackdown that's straining the labor market. All of the above needs to happen, nationally and in real time, without runaway inflation, as everyone seeks the same steel, lumber, workers, etc. The big picture: No one can yet square that magical thinking with reality. Until they do, trillions of dollars in investments may be on hold. ? How it works: The administration sees things progressing in a simple line. Trump (possibly) imposes tariffs, companies opt to re-shore their manufacturing, American workers get good jobs, the economy thrives, everyone's happy. Reality check: The problem comes when you try to dig in on how long it'll take, and what'll happen in the meantime. Now, add the fundamental problem of the world not really knowing with any confidence whether Trump's tariffs will stick at all.

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Tariffs

It took all of a week for President Donald Trump to reverse course on his sweeping tariff plan. During those seven days, however, the tariffs upset trade partners, sent world financial markets into a tailspin and prompted one automaker to lay off 900 American workers. Even some of Trump’s billionaire supporters turned on him over the policy, including Bill Ackman, CEO of Pershing Square Capital Management, who said unless Trump changed tack, “we are heading for a self-induced, economic nuclear winter, and we should start hunkering down.” Although Trump insisted on his social media site that "MY POLICIES WILL NEVER CHANGE,” he ended up pausing the "reciprocal" tariffs on all nations — except China — for three months on Wednesday. The original 10% universal tariff on all imports coming into the US remains in effect. In response, the Dow climbed 7.87%, the S&P 500 rose 9.5% and the Nasdaq surged 12.2%. 

 

Deportations

Federal judges in New York and Texas have issued orders to temporarily halt the deportation of several Venezuelan men the government wants to immediately deport. Earlier this week, the Supreme Court ruled that President Trump may invoke the 1798 Alien Enemies Act and give immigration officials the wartime authority to rapidly deport alleged gang members, but added the people targeted for removal under the act must have “reasonable time” to bring habeas complaints. In response, the ACLU filed emergency lawsuits to ask for a review of the legality of these detainees’ detentions and possibly grant their release. Both judges ordered the Trump administration not to transfer, relocate or move the plaintiffs until the court rules otherwise.

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Trump reverses tariffs that caused market meltdown, but companies remain bewildered President Donald Trump delivered another jarring reversal in American trade policy Wednesday, suspending for 90 days import taxes he’d imposed barely 13 hours earlier on dozens of countries while escalating his trade war with China. The moves triggered a stock market rally on Wall Street but left businesses, investors, and America’s trading partners bewildered about what the president was attempting to achieve. Read more.

Why this matters: White House press secretary Karoline Leavitt characterized the sudden change in policy as part of a grand negotiating strategy. But to those outside the Trump administration, it looked like a cave-in to market pressure and to growing fears that the president’s impetuous use of import taxes — tariffs — would cause massive collateral economic damage.   Trump’s ever-changing trade war tactics have already done damage, forcing dazed companies to delay or cancel plans as they tried to figure out what Trump was doing and how they should respond. Some companies temporarily laid off workers after Trump’s widespread tariffs were announced, while there were signs that many firms held off on hiring.   Businesses have sought greater clarity around Trump’s ultimate tariff policies for weeks. It’s not clear that the 90-day pause has reduced their uncertainty. Jeff Jaisli, CEO of the New Jersey-based importer/exporter Jagro, said Trump’s Truth Social post on Wednesday had made things “even worse’’ and more confusing.

RELATED COVERAGE ➤ Global shares jump following historic gains on Wall St after Trump paused most of his tariffs   The EU will put tariff retaliation on hold for 90 days to match Trump’s pause   The United States and China are locked in a faceoff over tariffs. No one wants to blink first   Trump’s ‘buy’ tip on social media before his tariffs pause made money for investors who listened   Trump administration appeals court decision ordering AP journalists back into White House events   US-Russian dual national Ksenia Karelina is released in prisoner swap between Moscow and Washington   Kash Patel has been replaced by Army Secretary Driscoll as acting head of the ATF, AP sources say   Senate confirms former Arkansas Gov. Mike Huckabee as Trump’s ambassador to Israel   Billionaire spacewalker highlights Mars trip for astronauts in his bid to become NASA’s next chief   Trump lets the water flow — again — as he reverses Biden rule restricting showerheads   FACT FOCUS: Trump misrepresents facts about coal as he signs executive orders to boost its use   Johnson vows to try again after GOP holdouts block action on Trump’s ‘big, beautiful’ budget bill   House votes to overturn Biden-era rule limiting bank overdraft fees to $5, sends to Trump to sign   Republican-led House passes bill to limit nationwide orders from federal district judges   Justice Department sharply criticizes judge who blocked enforcement of an order targeting a law firm   Trump targets ‘Anonymous’ author and former top cybersecurity official in escalation of retribution   Trump administration will screen for antisemitic activity in granting immigration benefits   NYC lets immigration officials open an office at Rikers jail, a priority for Trump   New task force to review US intelligence agencies and consider declassifying COVID-19 material   Former Facebook executive tells Senate committee company undermined US national security with China

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Trump: Israel would be ‘leader’ of Iran strike if Tehran doesn’t give up nuclear weapons program Trump said Wednesday that Israel would be the “leader” of a potential military strike against Iran if Tehran doesn’t give up its nuclear weapons program. Read more.

Why this matters: Trump made the comments ahead of this weekend’s scheduled talks involving U.S. and Iranian officials in the Middle East sultanate of Oman. Trump earlier this week said the talks would be “direct” while Iran has described the engagement as “indirect” talks with the U.S.   “If it requires military, we’re going to have military,” Trump said. “Israel will obviously be very much involved in that. They’ll be the leader of that. But nobody leads us, but we do what we want to do.”

RELATED COVERAGE ➤ Treasury Department hits Iran with new sanctions targeting its nuclear program ahead of Oman talks   Iran’s president insists Tehran does not seek a nuclear bomb and dangles US business opportunities   Long, fraught timeline of tensions between Iran and the US as nuclear negotiations approach

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Trump Appears to Be Targeting Muslim and “Non-White” Students for Deportation

Students from Muslim-majority countries as well as Asia and Africa are having their visas revoked with little or no explanation.

https://theintercept.com/2025/04/08/trump-immigration-international-student-visas-deport/?

The Clear and Present Danger to the American Rule of Law

Trump’s attacks on the courts and Big Law are an existential threat to the legal system. Expect a reckoning.

https://theintercept.com/2025/04/08/trump-big-law-firms-paul-weiss-courts/?

What Could Progressive Tariffs Actually Look Like?

The U.S. moved toward tariffs that protected U.S. workers, industry, and the environment, says one expert. Trump is undoing it all.

https://theintercept.com/2025/04/09/trump-tariffs-trade/?

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Investigating rumor Trump will declare martial law on April 20 after invoking Insurrection Act of 1807

Online users in April 2025 shared a blogger's ominous predictions about U.S. President Donald Trump's purported future plans. Here's what we know.

https://www.snopes.com/news/2025/04/09/trump-martial-law-insurrection-act/?

ps:Lets not forget who started a rumor like this when Obama was POTUS! Steve Bannon has been hinting about this with a few others!!

Trump adviser Peter Navarro and 'economics expert Ron Vara' are same person, NYT reported in 2019

"Ron Vara" happens to be an anagram of "Navarro."

https://www.snopes.com/news/2025/04/09/peter-navarro-pseudonym-ron-vara/?

Cheap Laptops on the Chopping Block: With Tariffs Looming, Should You Buy Now?

Need to buy a low-cost laptop soon? In the US, some laptop makers are hiking prices and ditching budget models. Here's how to stay a step ahead.

https://www.pcmag.com/opinions/cheap-laptops-tariffs-should-you-buy-right-now

Still Mad About Losing the 2020 Election, Trump Targets Cybersecurity Pro

Trump fired Chris Krebs as CISA director for saying the 2020 election was 'the most secure in American history.' But that wasn't enough. He's now going after Krebs' security clearance and his current employer.

https://www.pcmag.com/news/still-mad-about-losing-the-2020-election-trump-targets-former-cisa-director?

Trump’s EPA Plans to Stop Collecting Greenhouse Gas Emissions Data From Most Polluters

Climate experts expressed shock and dismay at the move. “It would be a bit like unplugging the equipment that monitors the vital signs of a patient that is critically ill,” one said.

https://www.propublica.org/article/trump-epa-greenhouse-gas-reporting-climate-crisis?

Trump's new energy order puts states' climate laws in the crosshairs of the Department of Justice

A new executive order from President Donald Trump that’s part of his effort to invigorate energy production raises the possibility that his Department of Justice will go to court against state climate change laws aimed at slashing planet-warming greenhouse gas pollution from fossil fuels. Read More.

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• ?? President Trump said during a Cabinet meeting today that "we are getting closer" to a deal to free the remaining hostages in Gaza and re-establish a ceasefire. Go deeper.

 

The Retreat (Patrick T. Fallon / Bloomberg / Getty)

View in browser A tension has always existed between President Donald Trump’s push for American retrenchment and his desire to “Make America great again,” but the gulf has grown yawningly wide in the past three months. The United States is retreating from hard power, surrendering soft power, and yielding economic power. If this is what greatness looks like, what’s the alternative? The economy is the most prominent of these at the moment, of course. Trump’s vacillations yesterday on the size of the trade war relieved financial markets of some of their immediate terror, but they don’t provide much in the way of predictability, which is what corporations crave. Trump has paused most tariffs for 90 days, but no one knows what will happen in that span, what comes next, or whether the president will change his mind again. After popping yesterday afternoon, stocks slid again today as investors apparently realized that the trade war with China was still on. (We warned them.) The latest flip reinforces Trump’s erratic approach. One notable trend leading up to the reversal—and one that reportedly weighed heavily on Trump’s decision—was rising yields on 10-year Treasury bonds. Usually, jittery markets drive investors to buy U.S. government bonds, because they’re seen as a very stable asset; that makes yields go down. But yields rose sharply instead, which many analysts see as revealing wariness about treating the American financial system as a haven. “Technical factors can’t explain why bonds and the dollar began behaving strangely weeks ago,” The Wall Street Journal’s Greg Ip wrote this morning. “The more fundamental explanation is that global investors might be changing how they view the U.S.” Points on the Dow Jones Industrial Average can be recovered quickly, but trust cannot, as my colleague Rogé Karma writes. If the administration’s trade policy leads the rest of the world to shy away from the United States, or even to stop treating the dollar as the world’s global reserve currency, it would be a big blow to American power, and it would be entirely self-imposed—created not by some external shock but by freely made choices. That seems like a bizarre way to increase American stature, and yet it echoes other Trump moves that voluntarily abdicate influence. For example, the U.S. is also yielding hard power around the world. The pullback appears to be more than a simple turn away from interventionism. NBC News reported this week that the Defense Department may remove 10,000 American service members from Europe. Most notable, Trump has thrown the future of American support for Ukraine into question, even as Russia continues to show little interest in negotiating a settlement to end the war there. European countries are working to fill the vacuum by creating their own security arrangements. When Trump criticized NATO during his first term, he argued that European countries need to bolster their spending for the common defense alongside the U.S. Instead, he’s driving them to an arrangement where they don’t need America. (Meanwhile, the U.S. continues to antagonize allies by threatening to claim Greenland and annex Canada. Trump hasn’t given much explanation for how this neo-imperialism connects to his approach elsewhere, though if more places become America, then “America first” has a broader remit.) The U.S. is giving up soft power, too, and no one is around to fill the space. The effort to close USAID means Washington has fewer ways to sway other countries to act in U.S. interests and elevate American moral standing. Sometimes, these cuts are especially appalling. One United Nations organization estimates that more than 14,000 people have died of tuberculosis since the administration slashed funding for TB-fighting efforts. Each of these deaths is a human tragedy for someone and a moral outrage, but it’s also a self-inflicted blow to American influence. Trump has framed many of these moves, including the trade war and the pullback from Europe, as necessary to confront China. Trump has long focused his attention on China, and his advisers view it as an existential adversary in a coming era of great-power conflict. Yet these goals seem at odds. If China is truly the threat to American freedom and prosperity that Trump and his aides believe, does it really make sense to take China on alone? Or would it be easier to do so while leading a broad alliance fostered by American soft power, economic dominance, and military preparedness? In the January issue of the Atlantic magazine, my colleague David Frum cautioned against a go-it-alone approach. “Americans have tried these narrow and selfish methods before,” he wrote. “They ended in catastrophe. History does not repeat itself: The same mistakes don’t always carry the same consequences.” With a president as erratic as Trump, the particular consequences are especially unpredictable, but going it alone is not a recipe for any kind of greatness. Related: The art of the retreat David Frum: America’s lonely future

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World sells America

Illustration: Natalie Peeples/Axios

President Trump's whiplash tariffs may have inadvertently achieved his goal of reordering the global economy — by inspiring investors to sell U.S. assets and move their money elsewhere, Axios' Ben Berkowitz writes. Why it matters: For decades, the world has invested in America. Now, a global moment of clarity threatens to redirect trillions of dollars of capital inflows and diminish the U.S. in the international economic order. ?️ The big picture: The U.S. receives nearly $2 trillion each year in foreign capital inflows. That includes investments in businesses and bank lending, as well as foreign investors buying U.S. stocks and bonds. America's share of global capital flows has nearly doubled from where it was just before the pandemic, to 41%. Then came the tariffs. The U.S. dollar — which should strengthen in a tariff environment, all other things being equal — weakened steadily. "This suggests foreigners have been and are continuing to sell U.S. stocks and sending their money elsewhere," write Howard Ward and John Belton, co-chief investment officers of value at Gabelli Funds. The intrigue: A strong U.S. dollar has been orthodoxy for decades. Investors have counted on knowing the government would act to preserve the greenback as the world's reserve currency. But Stephen Miran, chair of Trump's Council of Economic Advisers, on Monday gave a speech in which he portrayed the strong dollar as fraught with downsides, denting U.S. competitiveness and labor. If the government isn't going to stand as firmly by the dollar, investors may reason it's a good time to look elsewhere, too. Between the lines: The tariff blowback only accelerates a trend that started not long after Trump took office, with investors preferring foreign markets over the U.S. The S&P 500 is one of the world's worst-performing major indices so far this year. Asian and European shares rallied sharply yesterday — and U.S. stocks sank. ? Reality check: For all the anxiety, the U.S. economy is still the world's largest and remains attractive to plenty of investors. Billions of dollars are still pouring into the U.S. to build new auto factories and data centers.

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?? Xi counterpunch

Illustration: Sarah Grillo/Axios

Bulletin: China today announced countermeasures by raising tariffs on U.S. goods from 84% to 125% starting Saturday. Get the latest. Chinese President Xi Jinping has no shortage of pressure points to ensure Americans feel the pain from President Trump's superpower trade war, Axios' Dave Lawler writes. China has thus far imposed 84% tariffs in response to Trump's levies, which are now up to an eye-watering 145%. But ever since Trade War 1.0, Beijing has developed an array of tools that it's now putting to use. Seven ways China can punch back as Trump continues to dial up the pressure: Hit consumers in the wallet. China's factories produce the vast majority of the toys, cell phones and many other products Americans buy. From fast fashion to gaming consoles, things will get more expensive. Punish farmers (and more). Any American whose livelihood depends on selling into the Chinese market is likely panicking right now — whether the product in question is oil, airplanes or soybeans (three of the top U.S. exports). Target individual U.S. companies. China added twelve U.S. firms to an export control list this week — restricting what they can ship out of China — and added six defense tech and aviation firms to an "unreliable entity list" that bans them from doing business in China. Cut off supplies of rare earth minerals. China last week further restricted exports of rare earths — a sector it dominates — in response to Trump's tariffs. Selling U.S. debt. There's the "nuclear option" of dumping the $761 billion in U.S. bonds held by Beijing. This would likely ricochet back to hurt China. Devaluing the yuan. Another potential economic lever is a sharp devaluation of China's currency, which would help boost China's exports and further diminish the ability of U.S. firms to compete in the Chinese market. For now, though, Beijing has indicated it wants to keep the yuan stable. Freezing out Hollywood. China is a key market for U.S. films, sports leagues, and other entertainment products, and Beijing hasn't been shy about using that leverage. Keep reading.

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☢️ Scoop: Iran eyes interim nuclear deal

Iran is considering proposing, during talks with the U.S., that the two countries work on an interim nuclear agreement before pursuing negotiations over a comprehensive deal, Axios' Barak Ravid reports.

• Why it matters: President Trump has set a two-month deadline for negotiations with Iran on a new nuclear deal. In the meantime, he ordered a buildup of U.S. military forces in the Middle East as another option if diplomacy fails.

If a deal isn't reached, Trump could order a U.S. military strike against Iran's nuclear facilities or support an Israeli strike.

• The sources say the Iranians think reaching a complex and highly technical nuclear deal in two months is unrealistic, and they want to get more time on the clock to avoid an escalation.

Keep reading.

Yemen group chat

A federal judge has ordered the Trump administration to provide more details about how it is preserving the messages regarding US military strikes on Houthi targets in Yemen that were sent in a Signal chat group last month. The top intelligence officials' conversation inadvertently included Jeffrey Goldberg, the editor-in-chief of The Atlantic, who later published excerpts from the chat. The release of such sensitive information, which several members of the administration have claimed was not classified, underscored the extent of the breach in operational security. Last month, US District Judge James Boasberg ordered the administration to preserve the messages and provide him with updates explaining how it was complying with the request. His latest directive — seeking additional information — was issued after lawyers for an advocacy group claimed the administration’s explanations were not sufficient. Justice Department lawyers now have until Monday to provide those details.

 

Myanmar quake

The US response to Myanmar’s deadly earthquake has exposed a major void in international relief efforts, experts say. The 7.7-magnitude temblor that struck Myanmar on March 28 killed more than 3,500 people and damaged or destroyed at least 1,300 buildings. The quake occurred amid the Trump administration's campaign to dismantle USAID, America’s main humanitarian aid agency. Since Trump's inauguration, thousands of USAID employees have been laid off and 83% of its programs have been cut. The US sent just three staffers to Myanmar to assess the situation; they were still working there when DOGE laid them off last week. Although the Trump administration pledged to send $9 million in aid, with minimal staffing on the ground it’s unclear how that money will be channeled.

 

Joint Chiefs

The Senate confirmed retired Air Force Lt. Gen. Dan “Razin” Caine as chairman of the Joint Chiefs of Staff early this morning. He will replace Gen. Charles Q. Brown Jr., who was fired by President Trump in February. That same day, Defense Secretary Pete Hegseth fired Admiral Lisa Franchetti, then-chief of the US Navy, and Gen. James Slife, the then-vice chief of the Air Force. Caine was an unorthodox choice to be the next most senior-ranking military officer as he was already retired and not a four-star general. To address this, the Senate also promoted Caine to be a major general in the Air Force overnight.

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Trade war escalates as China raises retaliatory tariffs on US goods to 125% China announced countermeasures in the growing trade war with the United States, raising tariffs on U.S. goods from 84% to 125% starting Saturday, even as U.S. President Donald Trump hit a pause on tariffs for other countries. Read more.

Why this matters: President Donald Trump’s universal tariffs on China total 145%. When Trump announced Wednesday that China faced 125% tariffs, he did not include a 20% tariff on China tied to its role in fentanyl production.   Trump’s actions led business executives to warn of a potential recession, and some of the top U.S. trading partners to retaliate with their own import taxes, before the pause. But Trump and China continued raising the tariffs in a tit for tat.

RELATED COVERAGE ➤ Here’s what some exporters in China say about Trump’s trade war   As Trump alienates allies with US tariffs, China is poised to exploit the gaps   Apple has few incentives to start making iPhones in U.S., despite Trump’s trade war with China

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Beyond Showerheads: Trump’s Attempts to Kill Appliance Regulations Cause Chaos

Donald Trump has long railed against everything from low-flow showerheads to LED lightbulbs. After failed attempts to undo appliance regulations in his first term, he may have found a new end-run to achieve his goal — but for now confusion reigns.

https://www.propublica.org/article/trump-showerheads-appliances-led-lights-regulation-energy-department-chaos?

From Lollapalooza to Detention Camps: Meet the Tent Company Making a Fortune Off Trump’s Deportation Plans

The privately held company Deployed Resources has made billions running tent detention facilities to hold immigrants entering the U.S. at the border. Now it is cashing in again on Trump’s plan to hold immigrants before deportation.

https://www.propublica.org/article/trump-deportations-deployed-resources-tent-company?

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Head of US Space Force base in Greenland is fired after Vance visit

The commander of a U.S. Space Force base in Greenland has been fired after she sent a base-wide email breaking with official messaging following Vice President JD Vance’s visit to the Danish territory that President Donald Trump is seeking to annex. Read More.

US says it needs more time to provide information on mistakenly deported Maryland man

Lawyers for the Trump administration on Friday said they’re unable to provide information on the location and status of a Maryland man who was mistakenly deported last month to a notorious prison in El Salvador. The attorneys said they haven’t had enough time to review the U.S. Supreme Court’s ruling on Thursday that directed the administration to return of Kilmar Abrego Garcia to the U.S. Read More.

Potential impact of trade war on jobs and inflation sends US consumer sentiment plunging

U.S. consumer sentiment plunged in April, the fourth consecutive month of declines, in a seemingly sharp rebuke of President Donald Trump’s trade wars that have fueled anxiety over possible job losses and rising inflation. The preliminary reading of the University of Michigan’s closely watched consumer sentiment index, released Friday, fell to the lowest since the depths of the COVID-19 pandemic. Read More.   Pharma under fire     Illustration: Sarah Grillo/Axios   The pharmaceutical industry faces a growing mountain of threats from the Trump administration, Axios' Caitlin Owens reports. "I think they're more screwed than they realize," said a consultant for drug companies who's close to the administration. ? Why it matters: The U.S. leads the world in pharmaceutical innovation. But experts say the whole ecosystem is under threat, which could ultimately result in fewer breakthrough treatments. Cuts to NIH funding will make it harder to get new research started, they say. Cuts and policy changes at the FDA threaten to make the finish line less predictable. ? The big picture: RFK Jr., the HHS secretary, has talked about scrapping the process the FDA uses to decide whether to approve new drugs, calling it a conflict of interest because it's funded heavily by the industry. That would be "catastrophic," one former FDA official told Axios. Drugmakers are nervous about the FDA's reliability, following mass firings and a handful of high-profile departures. President Trump said this week that he still plans to impose new tariffs on pharmaceuticals. His administration is sticking with Biden-era policies that allow Medicare to negotiate what it pays for certain drugs. ? What they're saying: "We are committed to working with the administration to make America healthier," PhRMA spokesperson Sarah Ryan said. "This will require a comprehensive strategy that includes focusing more on prevention and early intervention, promoting health and wellness and developing new treatments and cures." "To fulfill this commitment, we also need to retain America's leadership by protecting and strengthening our world-leading, innovative ecosystem and reducing costs for Americans by taking on middlemen and unnecessary bureaucracy." Go deeper.

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☢️ Iran nuke talks begin tomorrow

U.S. and Iranian officials are describing similar goals for high-stakes nuclear talks tomorrow — determining whether the other side is serious.

• "The main question we want answered from the Iranians is whether they have the political will to have a serious discussion so that we won't have to resort to the other alternative," a U.S. official told Axios' Barak Ravid.
• Iran's foreign ministry wrote on X: "We do not prejudge. We do not predict. We intend to assess the other side's intent and resolve this Saturday."

✈️ Trump's Middle East envoy, Steve Witkoff, who has been in St. Petersburg meeting with Russian President Valdimir Putin, is arriving in Oman for the Iranian nuclear talks.

• If Witkoff concludes that Iran is not serious about an acceptable deal, the alternative could be war.

Go deeper.

‘Extremely troubling’ that US can’t provide details on mistakenly deported man, judge says

GREENBELT, Md. (AP) — A federal judge on Friday lambasted a government lawyer who couldn’t explain what, if anything, the Trump administration has done to arrange for the return of a Maryland man who was mistakenly deported last month to a notorious prison in El Salvador.

https://apnews.com/article/deportation-trump-salvador-maryland-abrego-garcia-3dc3f81c866fb7decb1e65123fa51aa7?

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Trump’s Trade War Spirals as China Launches Major Retaliation

Beijing announced the move but said it won’t go any further, because the Trump administration’s actions have become a “joke.”

China has announced it will tax U.S. products at 125 percent but it won’t go any higher because President Donald Trump’s escalating duty rates have become an economically meaningless “joke.”

Trump had announced 145 percent tariffs on products from China as part of an escalating trade war between the world’s two largest countries. On Friday, Beijing retaliated by raising its tariffs of 84 percent on American goods 41 percent but said it would ignore any more increases on Trump’s part.

“Given that American goods are no longer marketable in China under the current tariff rates, if the U.S. further raises tariffs on Chinese exports, China will disregard such measures,” the Ministry of Finance said in a statement.

The Commerce Ministry said in a separate statement that the numbers no longer had any “economic significance” and were just a “tool of bullying and coercion” that had turned the U.S. into a “joke.”

The announcement caused S&P 500 futures to fall slightly and weighed on European markets. The FTSE 100 fell by 0.2 percent and the DA index was down 1.2 percent. The U.S. dollar also fell to its weakest level against the euro since 2022.

The president’s April 2 tariff “Liberation Day” announcement had hit Chinese products with a 10 percent universal tariff and 34 percent “reciprocal” tariffs. Those were on top of an existing 10 percent tariff on Chinese products plus any applicable sector-specific tariffs.

The duties are an import tax paid by American companies with the costs typically passed on to consumers.

Days later, China responded with its own 34 percent reciprocal tariffs on American goods, which Trump countered with another 50 percent increase on Chinese products, prompting Beijing to retaliate with 84 percent tariffs.

Although it has ruled out new tit-for-tat tariffs, China has taken other measure to strike at U.S. interests.

On Wednesday, it cautioned citizens not to travel to the U.S. and warned Chinese students not to study in “certain U.S. states,” according to Bloomberg. On Thursday, it limited the number of U.S. films that can play in Chinese theaters.

The country has repeatedly vowed that “If the U.S. insists on going its own way, China will fight to the end.”

In the meantime, Trump has returned to threatening Mexico in his trade war. Under a decades-long agreement between the two countries, Mexico is supposed to send Texas farmers a certain amount of water every five years, according to Reuters.

But after three years of drought, the country has been unable to meet the quota.

“Mexico OWES Texas 1.3 million acre-feet of water under the 1944 Water Treaty, but Mexico is unfortunately violating their Treaty obligation,” Trump wrote in a post on Truth Social.

“My Agriculture Secretary, Brooke Rollins, is standing up for Texas Farmers, and we will keep escalating consequences, including TARIFFS and, maybe even SANCTIONS, until Mexico honors the Treaty, and GIVES TEXAS THE WATER THEY ARE OWED!” he added.

https://www.thedailybeast.com/trumps-trade-war-spirals-as-china-launches-major-retaliation/?

Trump insists tariff war is ‘doing really well’ as recession fears mount

S&P 500 and Dow Jones rise sharply after extraordinarily volatile week as experts warn of continued turbulence

https://www.theguardian.com/us-news/2025/apr/11/trump-tariffs-china-recession?

US judge rules Mahmoud Khalil can be deported for his views

White House has claimed that Khalil’s ‘beliefs and associations’ are counter to US foreign policy interests

https://www.theguardian.com/us-news/2025/apr/11/mahmoud-khalil-deportation-ruling-immigration?

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NOAA Scientists Are Cleaning Bathrooms and Reconsidering Lab Experiments After Contracts for Basic Services Expire

Federal scientists responsible for monitoring the health of West Coast fisheries are cleaning office bathrooms and reconsidering critical experiments after the Department of Commerce failed to renew their lab’s contracts for hazardous waste disposal, janitorial services, IT and building maintenance.

https://www.propublica.org/article/noaa-contracts-seattle-lab?

Big Law's billion

Data: Axios research. Chart: Axios Visuals America's most prestigious law firms have agreed to provide almost $1 billion worth of legal work to President Trump — and that total will likely grow, Axios' Sam Baker reports. Trump announced deals with 5 firms yesterday. He's now gotten the giants of Big Law to pledge a combined $940 million in pro bono legal work for conservative causes. ? Catch up quick: Trump began this process by signing executive orders targeting firms that had employed or represented his critics. The first firm to cut a deal — Paul Weiss — argued that $40 million in pro bono work was a small price to pay compared to the money, clients and even top talent it could have lost if it chose to fight. As more firms have capitulated, Trump has been able to extract significantly bigger concessions using significantly less leverage, even from firms with which he had no personal grievance. ? Four of yesterday's agreements came from firms that were placed under investigation for their internal diversity policies — a less severe threat than Trump's early tactic of revoking lawyers' security clearances. They each agreed to provide $125 million worth of work on issues that both Trump and the firms support. The other side: Three of the prestigious law firms targeted by Trump have opted to fight his threats in court rather than make a deal.

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? Dollar slumps

Illustration: Sarah Grillo/Axios

The last ten days have thrown into doubt the role of the United States at the core of the global economic and financial system, Axios chief financial correspondent Neil Irwin writes. People will write books about April 2025 the way they have about July 1944, August 1971 or September 2008. ?️ The big picture: After generations in which the U.S. dollar and its government securities have been the world's bedrock safe haven assets, global investors woke up this week to the possibility that they are not particularly safe, and not at all a haven. It's the curious way bond and currency markets have interacted that gives the most alarm about the trajectory of global confidence in the U.S.-centric financial order — which has prevailed since the end of World War II. ? Zoom in: In a week that risky assets sold off, so did U.S. Treasury bonds and the U.S. dollar. This is not normal. In past episodes of extreme tumult, like September 2008 and the early days of the pandemic in 2020, the dollar rallied as global investors sought safety. The dollar index — the dollar's value versus six other major currencies — is down 9.3% since mid-January. Keep reading.

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Missing demonstrators

Photo illustration: Allie Carl/Axios. Photo: Paul Morigi and Carol Lee Rose/Getty Images & Bloomberg via Getty Images

Nearly five years after fueling the largest protest movement in American history, Black activism stands at a generational, emotional and strategic crossroads, Axios' Russell Contreras reports. Why it matters: Many of the Black Americans who flooded the streets in 2020 have stepped back from the renewed anti-Trump protests — torn between the urgency of the moment and the spiritual toll of relentless, often fruitless, resistance. ⚡ The stakes are huge: President Trump's second-term agenda is openly hostile to DEI, police reform, and the civil rights protections that have underpinned racial progress for the last half-century. But prominent Black activists tell Axios that rest does not equal retreat, and that the movement is evolving — in leadership, tone and tactics — for the long fight ahead. Driving the news: Photos from last weekend's "Hands Off!" demonstrations — where millions protested DOGE cuts, immigration raids and mass federal layoffs — show a striking shift from 2020. Most participants were older and white, as seen at rallies across the country and confirmed to Axios — a stark contrast to the multiracial, Black-led protests launched in the wake of George Floyd's murder. Campus protests over Trump's immigration crackdown have drawn primarily white, Latino, and Asian American students, with Black participants largely absent from the frontlines. Keep reading.

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High-stakes Iran nuclear talks begin

Newspapers at a kiosk in Tehran today. Photo: Atta Kenare/AFP via Getty Images Indirect nuclear talks between the U.S. and Iran started on Saturday in Muscat, Oman, Iranian Foreign Ministry spokesman Esmaeil Baqaei said. Why it matters: President Trump has repeatedly said Iran needs to rapidly reach a deal that makes sure it can't obtain a nuclear weapon or face the prospect of military strikes, which could lead to war, Axios' Barak Ravid reports. U.S. and Iranian officials are using similar language to describe their primary objective for Saturday's talks: determining whether the other side is serious or just stringing them along. A U.S. official told Axios Trump is prepared to make compromises to get a deal. Keep reading.

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⚖️ Trump plan cuts legal help for migrant kids

Photo illustration: Maura Losch/Axios. Photos: Brandon Bell/Getty Images.

Tens of thousands of unaccompanied children who are in the U.S. illegally stand to lose legal help for their immigration hearings — and face being deported — because of a little-known Trump budget cut, Axios' Brittany Gibson reports. Why it matters: The $367 million cut takes aim at the legal defense fund designed to help children and teens who've fled violence, lost their parents, or are victims of trafficking. The stakes: Without lawyers it's extremely difficult for such youths — about 26,000 of them now get this legal aid — to show in court why they should be allowed to stay in the U.S. Those who can't prove their need for asylum are likely to be deported. Zoom in: Unaccompanied minors in asylum cases often have escaped violence such as forced labor, sexual assault or death threats, said Mickey Donovan, director of legal services at a group called Immigrant Defenders. The legal fund helps children such as a 7-year-old boy who crossed the border recently with a smuggler who tried to make it seem like they were family. Read on.

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? Trump's next interview

President Trump will be interviewed next week by Rachel Campos-Duffy for the Spanish-language "Fox Noticias" program, Axios' Stef Kight scoops.

• Why it matters: It will be the first interview Trump has given since he announced— and then paused — sweeping global tariffs.

Zoom in: Trump will discuss the latest tariff announcements, his border and immigration policies and news of the day, according to a Fox News representative.

• The interview comes as legal challenges mount over the administration's wrongful deportation of a Maryland man to El Salvador.
• Trump focused part of his 2024 campaign on wooing voters of color who typically lean Democratic. Election results and exit polls indicated he gained significant ground with Latino voters, in particular.

? The interview will air in two parts — first on Tuesday and then on Wednesday at 4 p.m. ET online and on FOX Deportes. Parts of the interview also will be shown on Fox News.

 

Trump Lets “Good” Banks Hide Their Bad Fees. Last year, credit unions were forced to disclose the billions they made charging their members unnecessary junk fees. Now Trump is once again hiding their grift.

The Trump Crash Is Here. “Liberation Day” tariffs have tanked the market and thrown MAGA-land into chaos.

DOGE Weaponizes AI To Surveil Federal Workers. Elon Musk is reportedly using artificial intelligence to monitor the communications of government employees.

Vampire Capitalists Cash In Amid Stock Market Crash. While the markets spin out of control, private equity firms are accelerating their looting of shareholders and businesses.

Thanks To Trump’s Tax Scam, Death Isn’t The End For GOP Lawmakers’ Riches. A new report finds Republican lawmakers stand to massively financially benefit from Trump’s renewed push to end the “death tax.”

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Trump redefines fraud

Illustration: Sarah Grillo/Axios

Bruised by years of civil suits, criminal charges and a historic felony fraud conviction, President Trump is using his second term to delegitimize the very concept of white-collar crime, Axios' Zachary Basu writes. Why it matters: Trump's belief that he was a victim of "lawfare" has tainted his view of the justice system. Paired with his crusade to crush the "Deep State" regulatory complex, Trump could enable a golden age of financial fraud, ethics watchdogs fear. ? The big picture: At an institutional level, Trump's administration has moved swiftly in its first 80 days to narrow the government's mandate for enforcing fraud. In early February, Trump and Elon Musk's DOGE team effectively shut down the Consumer Financial Protection Bureau, the post-recession agency created to protect Americans from predatory financial practices. Trump then paused enforcement of the Foreign Corrupt Practices Act, claiming the 1977 anti-bribery statute had been "stretched beyond proper bounds" and was hurting U.S. companies' ability to compete overseas. In March, Trump fired two Democrats from the Federal Trade Commission, taking aim at one of the government's top watchdogs for corporate fraud, consumer deception and antitrust violations. ? By the numbers: The administration has paused, dropped or withdrawn enforcement actions against at least 100 corporations accused of misconduct, according to the progressive watchdog group Public Citizen. Zoom in: On an individual level, Trump has used his clemency powers and influence to rehabilitate disgraced businessmen and politicians — turning fraud convictions and indictments into badges of loyalty. Eric Adams: The Justice Department dropped its corruption charges against the New York City mayor, claiming the case would interfere with his ability to cooperate with Trump's deportation agenda. Trevor Milton: Trump issued a full pardon to the Nikola electric vehicle founder, who was convicted of defrauding investors and later donated $1.8 million to help Trump's campaign. Carlos Watson: Trump commuted the Ozy Media founder's nearly 10-year prison sentence, which he was set to begin after his conviction for deceiving investors about his company's financials. Bitmex: The three co-founders and a former employee of the crypto exchange were granted pardons after pleading guilty to violating the Bank Secrecy Act. Devon Archer and Jason Galanis: The two former Hunter Biden associates — who were convicted of defrauding a Native American tribe — received clemency after cooperating in GOP investigations into the former president's son. Rod Blagojevich: After commuting his sentence in 2020, Trump granted a full pardon to the former Illinois governor, who was convicted of trying to sell Barack Obama's former Senate seat. What they're saying: "President Trump will always stand for law and order, ending the weaponization of the legal system, and rooting out fraud in the federal government," White House principal deputy press secretary Harrison Fields said. "Every action he has taken in his second term reflects these priorities and is authorized by the Constitution," Fields added. "Ethics watchdogs that ignored the previous administration's egregious legal abuses against President Trump have no credibility today." ? The bottom line: For Trump, the concept of "fraud" has become less a legal violation than a political label — one he applies freely to his enemies and erases for his allies. This past week, Trump ordered an investigation into former U.S. cybersecurity chief Chris Krebs for stating the 2020 election was secure. "He's the fraud," Trump declared. "He's a disgrace." Keep reading.

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?️ Social Security, the enforcer

Illustration: Sarah Grillo/Axios

The agency responsible for managing the country's retirement system is now in the immigration enforcement business. Why it matters: President Trump's aggressive deportation push is fast becoming a whole-of-government campaign, Axios' Emily Peck reports. Driving the news: There are hundreds of thousands of immigrants in the U.S. with "temporary parole" status — granted through various Biden-era programs. They received Social Security numbers in order to work. A White House official tells Axios the Department of Homeland Security identified more than 6,300 of these people who, officials say, are on the FBI terrorist watch list, or with FBI criminal records. The Social Security agency moved their names into its "Death Master File," a database of dead people. They have since renamed the file the "Ineligible Master File." ? Zoom in: Inside the Social Security Administration, officials worry that people will be mistakenly added to the list, upending their lives. "Some agency staff have since checked the names and Social Security numbers of some of the youngest immigrants against data the agency typically uses to search for criminal history and found no evidence of crimes or law enforcement interactions," staffers told the WashPost. Between the lines: Getting on this list by mistake can wreak havoc on someone's life — employers, landlords, credit agencies, and insurers all check it. Americans who've been accidentally declared dead have lost health insurance coverage. The idea is to force people out of the country. "President Trump promised mass deportations," says spokeswoman Liz Huston. "And by removing the monetary incentive for illegal aliens to come and stay, we will encourage them to self-deport." ? Getting off the list isn't easy. "There's a whole 'I'm not dead' routine that goes to the agency's processing centers," Marcela Escobar-Alava, the agency's former chief information officer, told Axios earlier this month. The centers are backlogged, and recent staffing cuts will likely make that worse, she says.

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? Electronics dodge trade war

Illustration: Rae Cook/Axios

Smartphones, laptops, hard drives and other electronics will be exempt from the current 145% tariffs on Chinese imports and the 10% tariffs levied elsewhere, the Trump administration says. Why it matters: The carveout could help stabilize consumer prices for big-ticket items. It's also a huge win for tech giants like Apple and Nvidia, who've spent years developing overseas supply chains that they won't be able to replicate in the U.S. anytime soon, if at all. The intrigue: "The biggest category related to China is smartphones. The U.S. imported smartphones valued at more than $41 billion from China in 2024, or about 9% of total imports from China. Also covered are computers and similar devices, of which the US imported more than $36 billion in 2024," Bloomberg reports. Go deeper.   Trump goes with his gut and the world goes along for the ride After President Donald Trump reversed course on his tariffs, he had a simple explanation for how he would make decisions in the coming weeks. “Instinctively, more than anything else,” he told reporters. It was the latest example of how Trump keeps people around the country and the world on edge for his next move. Read more.   Trump's China tariff shocks US importers. One CEO calls it 'end of days' U.S. importers are bracing for the impact of President Donald Trump's staggering 145% levy on Chinese imports. One Chicago-area toymaker expects its tariff bill to climb from $2 million to $100 million. The tariffs could mark the end of an era of inexpensive consumer goods in the United States. Read more.