Today in one sentence: Trump paused his "reciprocal" tariffs for 90 days for most countries, except China, hours after Trump posted online urging investors to “BE COOL” and that “THIS IS A GREAT TIME TO BUY!!!”; China raised tariffs on all U.S. imports to 84% in response to Trump’s cumulative 104% tariff on Chinese goods; Trump retaliated again, raising the tariff on Chinese imports to 125%; House Republicans moved to block a Democratic attempt to force a vote on repealing Trump’s tariffs; House Republicans are moving ahead with a final vote on the Senate-approved budget resolution – a key step to advancing Trump’s tax and spending agenda – despite being at least a dozen votes short; and 56% of Americans said that Trump's tariffs have "gone too far."

1/ Trump paused his “reciprocal” tariffs for 90 days for most countries, except China, hours after Trump posted online urging investors to “BE COOL” and that “THIS IS A GREAT TIME TO BUY!!!” The move lowers the tariff rate to a 10% baseline, which is still higher than previous levels, but below the tariffs that took effect days earlier. Following the announcement, markets soared: the S&P 500 jumped 9.5%, the Nasdaq rose 12%, and the Dow gained nearly 3,000 points – reversing the sharp declines triggered by Trump’s tariff rollout last week. The Trump administration claimed that this was a long-planned strategy, but Trump told reporters the decision came together “early this morning” and that he acted because people were “getting a little bit yippy” and “afraid” over market declines. He also said he’s “going to take a look at” tariff exemptions for U.S. companies and would decide “on instinct.” Tariffs on autos, steel, aluminum, and some pharmaceuticals remain in place. Treasury Secretary Scott Bessent insisted the tariffs had been a negotiation tactic from the start, saying Trump “created maximum negotiating leverage.” (Associated Press / Bloomberg / NBC News / Wall Street Journal / Politico / NPR / Washington Post / New York Times / Axios / ABC News / Politico / Bloomberg)

2/ China raised tariffs on all U.S. imports to 84% in response to Trump’s cumulative 104% tariff on Chinese goods. Hours later, Trump retaliated again, raising the tariff on Chinese imports to 125%, saying China had shown “a lack of respect.” Treasury Secretary Scott Bessent called China’s action “unfortunate,” while warning that all retaliatory options remain “on the table.” Meanwhile, the European Union approved $23 billion in tariffs on U.S. goods in retaliation for Trump’s 25% duties on EU steel and aluminum. The European Commission said the measures could be suspended if the U.S. agrees to “a fair and balanced negotiated outcome.” (Bloomberg / Associated Press / CNBC / Politico / Reuters / The Hill / Axios)

3/ House Republicans moved to block a Democratic attempt to force a vote on repealing Trump’s tariffs. Republican leaders buried language in a budget rule that suspends the ability to challenge Trump’s national emergency powers until at least October, bypassing usual procedures under the National Emergencies Act. Democrats accused Republicans of dodging accountability on a policy that could raise prices and trigger further economic fallout. (Bloomberg / ABC News / CNN / Axios / New York Times / Politico)

4/ House Republicans are moving ahead with a final vote on the Senate-approved budget resolution – a key step to advancing Trump’s tax and spending agenda – despite being at least a dozen votes short. The House passed the procedural rule 216-215, but more than a dozen conservatives signaled they would oppose the resolution itself unless the Senate agrees to deeper spending cuts. Speaker Mike Johnson said, “I believe we will” pass it, though he acknowledged “concerns are real.” Trump, meanwhile, told lawmakers to “close your eyes and get there,” and later posted, “THE ONE, BIG, BEAUTIFUL BILL […] The USA will Soar like never before!!!” The final House vote is expected by 7 p.m. ET. (Politico / New York Times / The Hill / ABC News / CNN)

poll/ 56% of Americans said that Trump’s tariffs have “gone too far,” while 27% say they’ve “been about right.” 51% disapprove of Trump’s handling of jobs and economy, while 41% approve. (CNBC)

The midterm elections are in 573 days.

✏️ Notables.

  1. The Trump administration asked the Supreme Court to let him fire two independent regulators without cause, challenging a 90-year-old precedent that limits presidential power. His lawyers argued that agency leaders like Cathy Harris and Gwynne Wilcox undermine executive authority, despite laws requiring a good reason for removal. (Washington Post / New York Times)

  2. A federal appeals court ruled that the Trump administration can proceed with firing thousands of probationary federal workers, reversing a lower court’s reinstatement order. The 2-1 decision from the 4th Circuit said the case should go through a separate employment process, not federal court. (Associated Press / NPR)

  3. About 90% of the migrants deported to El Salvador in March had no serious criminal record in the U.S. Of the 238 men accused of ties to the Tren de Aragua gang, five were charged with felonies and a few others faced misdemeanors or smuggling charges. The rest were linked to traffic or immigration violations. (Bloomberg)

  4. The Trump administration will screen immigrants’ social media for antisemitic content as part of immigration vetting. The policy will apply to green card applicants and foreigners connected to educational institutions, and takes effect immediately. DHS said the effort targets those supporting “antisemitic terrorism.” (NPR)

  5. Trump removed FBI Director Kash Patel as interim head of the Bureau of Alcohol, Tobacco, Firearms and Explosives and replaced him with Army Secretary Dan Driscoll. The move puts a Pentagon official in charge of a domestic law enforcement agency. Officials said Driscoll was chosen because he was a Senate-confirmed appointee available to fill the post. (New York Times / Washington Post)

  6. Acting IRS Commissioner Melanie Krause will resign following a deal allowing the IRS to share taxpayer data with immigration authorities. The agreement, signed by Treasury Secretary Scott Bessent and DHS Secretary Kristi Noem, bypassed Krause and drew internal pushback over privacy concerns. Krause is the third top IRS official to leave this year. (CNN / ABC News / Reuters / Washington Post)

Four years ago today: Day 80: "Out of whack."
Five years ago today: Day 1176: No deal.
Six years ago today: Day 810: A mess.
Seven years ago today: Day 445: Barbaric.
Eight years ago today: Day 80: Complicit.