Monday, April 7th, 2025 - Markets still crashing; China hits back; Tax cuts for the rich; IRS hackathon; NSA firings; Courts fight back

Today’s Headlines: The world is still reeling from Trump’s sweeping new tariffs, with markets in free fall and no signs of a course correction. Commerce Secretary Howard Lutnick confirmed the White House is not backing down, and China quickly retaliated with steep tariffs of its own, sanctions on U.S. companies, and an investigation into DuPont. Dow futures were already down 1600 points before markets even opened, and JP Morgan now puts the risk of a global recession at 60%. Meanwhile, Treasury Secretary Scott Bessent brushed off fears, even as he spent the week on Capitol Hill negotiating more tax cuts for the wealthy. In the background, the IRS is quietly working on a project to centralize taxpayer data in a new “mega API” system—likely with Palantir, raising privacy concerns. Elsewhere in the administration, the heads of the NSA and Cyber Command were abruptly fired, reportedly under pressure from far-right activist Laura Loomer. But the courts are beginning to push back: a federal judge ruled the NIH must restore full research funding, another ordered the government to return a man it wrongfully deported to El Salvador, and 19 state attorneys general are suing to block Trump’s executive order requiring proof of citizenship to vote and tossing out mail ballots received after Election Day. Resources/Articles mentioned in this episode: Axios: Trump administration to markets: Don't expect a rescue CNBC: Stock market today: Live updates AP News: China slaps a 34% tax on all US imports in retaliation for Trump's tariffs NBC News: TikTok deal scuttled because of Trump's tariffs on China WSJ: JPMorgan Raises Recession Risk to 60% Axios: Bessent: "No reason" for markets to price in recession Axios: Bessent seeks tax cut as big summer win Wired: DOGE Is Planning a Hackathon at the IRS. It Wants Easier Access to Taxpayer Data NBC News: National Security Agency chief and deputy director dismissed NY Times: Judge Permanently Bars N.I.H. From Limiting Medical Research Funding Reuters: Judge orders return of wrongly deported Maryland man to US from El Salvador WA Post: Democratic attorneys general sue to block Trump’s voting restrictions 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