Today in one sentence: Trump insisted that he would not reverse course on his tariffs despite wiping out over $6 trillion in global market value, raising the risk of recession and alienating allies; Trump threatened to impose an additional 50% tariff on Chinese goods if China doesn’t reverse its retaliatory 34% tariffs on all U.S. imports – a response to Trump’s own "Liberation Day" 34% tariff on all Chinese imports; Trump reposted a video claiming he is “purposely crashing the stock market”; Federal Reserve Chair Jerome Powell warned that Trump’s tariffs will likely lead to higher inflation and weaker growth; Trump threatened to veto a bipartisan Senate bill that would limit his ability to impose tariffs without congressional approval; and Trump spent the weekend golfing at his private Florida clubs as markets lost trillions, retirement accounts cratered, and businesses assessed the fallout from his tariffs.

1/ Trump insisted that he would not reverse course on his tariffs despite wiping out over $6 trillion in global market value, raising the risk of recession and alienating allies. “Sometimes you have to take medicine to fix something,” Trump said, claiming the economic fallout is necessary. Despite pressure from business leaders, economists, foreign governments, and even his fellow Republicans, Trump said “MY POLICIES WILL NEVER CHANGE” – though he later said he might scale back tariffs if offered a “phenomenal” deal. Meanwhile, markets briefly surged on an unsubstantiated report by an anonymous social media account claiming that Trump was considering a 90-day pause on tariffs. The S&P 500, for example, added over $2.5 trillion in value within seven minutes of the report. The White House, however, called the report “fake news” 15-minutes later, and markets resumed their fall. The S&P is roughly 18% below its February peak and nearing bear market territory – a decline of 20% from a recent peak. “THIS IS A GREAT TIME TO GET RICH,” Trump posted. “RICHER THAN EVER BEFORE!!!” (Politico / Axios / NPR / New York Times / CNN / Bloomberg / Wall Street Journal / Bloomberg / Politico / Axios / CNBC / Bloomberg / Politico / Bloomberg)

2/ Trump threatened to impose an additional 50% tariff on Chinese goods if China doesn’t reverse its retaliatory 34% tariffs on all U.S. imports – a response to Trump’s own “Liberation Day” 34% tariff on all Chinese imports. “CHINA PLAYED IT WRONG, THEY PANICKED – THE ONE THING THEY CANNOT AFFORD TO DO!” Trump posted. He warned the new tariffs would take effect April 9, adding: “All talks with China concerning their requested meetings with us will be terminated!” Trump also accused Beijing of “long term trading abuses.” If China doesn’t rescind its 34% retaliatory tariff by April 8th, the total effective tariff on Chinese goods would rise to 104% (the potential 50% tariff on all Chinese imports would be on top of the 34% duty Trump imposed last week and the 20% levy he put in place earlier tied to fentanyl trafficking). China is America’s second-largest source of imports and the third-largest export market, after Canada and Mexico. (Politico / Washington Post / New York Times / CNN / Axios / NBC News / Bloomberg / New York Times)

3/ Trump reposted a video claiming he is “purposely crashing the stock market.” The video promoted false economic claims and inaccurately quoted Warren Buffett as praising Trump’s moves. In reality, Buffett called Trump’s tariffs “an act of war” and said they “eventually become a tax on goods.” Inside the White House, officials described Trump as increasingly indifferent to the consequences of his decisions. “He’s at the peak of just not giving a fuck anymore,” a White House official said. “Bad news stories? Doesn’t give a fuck. He’s going to do what he’s going to do. He’s going to do what he promised to do on the campaign trail.” Trump made the final tariff decisions himself after aides structured the process to give him maximum control. One official said everything was made “interchangeable” so Trump could “pick and choose” as he pleased. (Washington Post / Forbes / Wall Street Journal / Mediate / Rolling Stone / New York Magazine)

4/ Federal Reserve Chair Jerome Powell warned that Trump’s tariffs will likely lead to higher inflation and weaker growth. “It is now becoming clear that the tariff increases will be significantly larger than expected,” Powell said, noting that the Fed wouldn’t rush to cut interest rates despite market turmoil and Trump’s public demand for action. “We are well positioned to wait for greater clarity,” Powell said. Trump shot back: “This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates. CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!” (Wall Street Journal / Axios / Associated Press / New York Times / Politico / CNBC)

5/ Trump threatened to veto a bipartisan Senate bill that would limit his ability to impose tariffs without congressional approval. The bill would require Trump to notify Congress within 48 hours of announcing tariffs and secure approval within 60 days. It would also allow Congress to end any tariff at any time. “If S.1272 were presented to the President, he would veto the bill,” the White House said. Seven Republicans, senators backed the measure. Meanwhile, a House Republican plans to introduce a similar measure even though Speaker Mike Johnson has no plans to bring it to a vote. (Axios / Politico / Politico / Washington Post / ABC News / Politico)

6/ Trump spent the weekend golfing at his private Florida clubs as markets lost trillions, retirement accounts cratered, and businesses assessed the fallout from his tariffs. Still, Trump celebrated winning a club tournament, saying, “It’s good to win.” The White House offered no explanation for his absence from addressing the economic crisis, opting instead to share videos of him golfing and claiming he was “working deals.” (Washington Post / Wall Street Journal / ABC News)

The midterm elections are in 575 days.

✏️ Notables.

  1. Trump said the U.S. would hold direct talks with Iran over its nuclear program – the first direct engagement in over a decade. “We’re dealing with them directly,” Trump said. “And maybe a deal is going to be made.” Trump, however, warned that failure could put Iran “in great danger.” (Washington Post / ABC News / Associated Press)

  2. Trump extended the deadline for a TikTok sale by 75 days, saying his team needs more time to finalize a deal. “We do not want TikTok to ‘go dark,’” Trump posted. Talks stalled after Trump raised tariffs on China, prompting Beijing to pause approval of any deal. (Politico / Bloomberg)

  3. A federal appeals court blocked Trump from firing two Democrats from key labor boards, citing 90-year-old Supreme Court precedent that protects board members from removal without cause. The Biden-era appointees can now resume their roles unless the Supreme Court steps in, which the Trump administration said it will request immediately. (Politico / Reuters / New York Times / Axios)

  4. Chief Justice John Roberts temporarily blocked a lower court order requiring the return of a Salvadoran man mistakenly deported by the Trump administration. Judge Paula Xinis had ordered Kilmar Abrego Garcia’s return by Monday night, calling the deportation a “grievous error” that violated due process. The government admitted the deportation was an administrative mistake, but argued that courts cannot force the U.S. to engage in diplomatic negotiations to retrieve someone held by a foreign government. (New York Times / Politico / Associated Press / Washington Post / ABC News)

Three years ago today: Day 443: "A more perfect union."
Four years ago today: Day 78: "Good faith negotiations."
Five years ago today: Day 1174: "Too naive or too stupid."
Eight years ago today: Day 78: Tomahawked.