Thursday, April 10th, 2025 - Markets whiplash; China and EU fight back; IRS chief quits; Trump targets critics; Jesus enters the budget chat

Today’s Headlines: Markets are spiraling as global fallout from Trump’s tariffs intensifies. The bond market plunged yesterday, signaling foreign doubts about U.S. economic stability—especially from Japan. China hiked tariffs on American goods to 84%, and the EU approved its first wave of retaliatory tariffs, effective April 15. By afternoon, Trump partially reversed course, pausing tariffs for 90 days on most countries (except China and the EU), leading to a 10% stock market surge—its biggest since 2008. Meanwhile, IRS Commissioner Melanie Krause resigned after backlash over sharing undocumented immigrants’ tax data with ICE, marking the agency’s third leadership exit this year. Trump also floated deporting U.S. prisoners to El Salvador (not legal), signed an executive order to investigate two former officials for treason, and froze nearly $1B in funding to Cornell and Northwestern over campus protests. And in Congress, House Speaker Mike Johnson failed to get enough support for the GOP’s new tax cut-heavy budget—despite one member literally rebuking him “in the name of Jesus.” Resources/Articles mentioned in this episode: NY Times: Bond Sell Off Raises Questions About U.S. Safe Haven Status CNN: China announces 84% tariffs on US goods in showdown with Trump CNBC: European Union approves first set of retaliatory tariffs on U.S. imports CNBC: Trump tariffs: 'Do not retaliate and you will be rewarded,' White House says ABC News: Acting IRS commissioner plans to resign after data-sharing deal with immigration authorities TNR: Press Secretary Says Trump Wasn’t Joking About Deporting U.S. Citizens NBC News: Trump orders probes of two former officials who defied him AP News: About $1.8 billion in federal money for Cornell and Northwestern is frozen, the White House says MSN: 'I rebuke you in the name of Jesus': GOP rep explodes at Johnson in closed-door meeting Morning Announcements is produced by Sami Sage alongside Bridget Schwartz and edited by Grace Hernandez-Johnson Learn more about your ad choices. Visit megaphone.fm/adchoices