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President Trump has hit pause on nearly all new tariffs for 90 days.
Well, I thought that people were jumping a little bit out of line, they were getting yippee.
With markets rebounding, where does this trade war go?
I'm Michel Martin with Leila Fons all, and this is Up First from NPR News.
As businesses welcome the suspension of some tariffs, planning for an uncertain future is still top of mind.
He's going to put a lot of people out of business, and people are going to lose their jobs, and I might be one of them.
How are business owners thinking about survival?
And President Trump has issued executive orders targeting two individuals from his first administration.
The latest examples of the president using the full power of his office to exact retribution on his perceived enemies.
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There was a big turning point Wednesday in the drama over President Trump's trade policy.
Early in the morning, his steep new tariffs went into effect.
Then he told Americans to, quote, be cool as markets plunged.
But by afternoon, he backed off and put a 90 -day pause on most of the tariffs.
Markets soared. Everybody wants to make a deal, actually.
And we want to do what's right for our country.
We also want to do what's right for the world.
NPR White House correspondent Franco Ordóñez was there.
He joins us now. Good morning, Franco.
Good morning, Lila.
So you were at the White House yesterday in the Oval Office.
Tell us about this really big day.
Yeah, it was a really big day.
I mean, for weeks his team had insisted that Trump was going to hold the line.
And just days ago Trump even wrote on social media, in all capital letters, My policies will never change.
And then they did, in another social media post. And this is how Trump explained it at the White House.
Well I thought that people were jumping a little bit out of line.
They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid.
You know, he also talked about concerns in the bond market and then he downplayed all those concerns and Trump and his aides began painting this as being part of their strategy all along.
So how much of this had to do with the markets?
Is this an about face?
There's no mistaking the turmoil that the markets were under and it was getting worse and worse.
Top investors were pleading with Trump.
Some were almost begging him to do this very thing, issue a 90 day pause.
Now, Trump did say you have to be flexible in your policies, but he insisted this was the right thing to do.
Okay, so what happens now?
There's a 90 -day pause and then what?
Yeah, I mean, we should be clear that the administration is keeping a baseline 10 % tariff on imports, which is a big deal.
But it is nothing, nothing like what he was threatening, such as a 46 % tariff against Vietnam.
Well, so now they've begun these discussions with these countries on what they've described as tailor made negotiations for each, though we don't really know what that involves.
But his goals on this have always been kind of unclear.
They've talked about the terrorists being about reducing the trade deficit.
They've talked about the terrorists being about bringing back manufacturing.
They've talked about the terrorists being about boosting government revenue.
So it's always kind of been this mixed bag.
Right. then to be clear the president has spent a lot of time talking about China's trade practices and again those tariffs are still there on China, so how does this shift affect the country?
Yeah, another really big deal.
I mean while he paused the tariffs on most everyone else, he doubled down on China, raising the tariffs to 125%, he said it was punishment when China announced their own retaliatory tariffs.
Treasury Secretary Scott Besant said China made a mistake and was basically being isolated as a result.
You might even say that he goaded China into a bad position.
They responded, they have shown themselves to the world to be the bad actors.
Now, Trump said he did not think he would need to raise the China tariffs any further.
And even though he had some very harsh words about China's trade abuses, he actually called Xi Jinping a friend, and said he expects Xi to eventually call.
And then he says they'll work out a deal.
So all of that is something we'll be watching for.
That's the White House correspondent, Franco Ordoñez.
Thank you, Franco. Thank you, Layla.
With the markets way down and now way up, how are businesses responding to the latest twist in this trade war?
To understand that, we're joined by NPR's chief economics correspondent, Scott Horsley.
Good morning, Scott.
Good morning, Layla.
Okay. It's pretty clear that the stock market was not happy with the President's tariffs.
How are investors feeling now?
The message from the market could not be any clear.
The market likes global trade and does not like anything that interferes with that.
When President Trump was running interference with his deep tariffs, the market sank.
When he suspended some of those tariffs, the market soared.
The Dow Jones Industrial average jumped more than 2 ,700 points yesterday.
The S &P 500 Index was up more than 8 .5%, but keep in mind, that's only about two -thirds of what the market had lost since the president first announced these tariffs last Wednesday.
So even with this partial ceasefire, the trade war has left a mark.
And as we heard from Franco earlier, not all tariffs are gone, right?
That's right. There's still a 10 % tariff on nearly everything the U .S. imports.
And that's significantly higher than we were paying a few months ago, but the tariffs Trump has suspended would have been higher still.
So let's say you go to the grocery store, and you're buying some Italian cheese to put on your pasta tonight.
This time yesterday, there was a 20 % import tax on that pecorino romano. Today, the tariff is half of that.
So, are you grateful you can grate for less, or disappointed that the tariff is still higher than it was before Trump took office?
I spoke to Phillip Marfuji who runs the Ambriola Company, that's a big cheese importer in New Jersey.
He would rather see no tariffs.
Ideally, I would think it should be zero to zero, and have free trade both ways, between the US and Europe and let the consumers decide whether they want to buy a domestic product or a European product.
Americans are already unhappy about the cost of groceries.
Even a 10 % import tax is not going to help with that.
Marfuji says some companies may shift to smaller packages to try to mask the cost of these tariffs.
And since imported cheese is going to cost more, he suspects domestic dairy producers will raise their cheese prices as well.
Okay. And Trump has not lowered the tax on goods from China.
In fact, he's raised it.
What impact is that going to have?
When it comes to China, the trade war is still very much in force, and that is a headache for people like Bonnie Ross.
She imports clothing from China to sell at discount stores like Burlington and Deedee's.
Ross notes that over the last week, Trump's tariffs on Chinese goods have gone from 20 % to 54 % to 104 % and now 125%.
And who knows where it's going to go from here?
It's just insanity.
And this is every industry.
It's not just mine.
Toys, food, everything.
There's nothing unaffected.
Aside from the cost, which is significant, there's also just the uncertainty.
Bonnie Ross typically places big clothing orders five months out, so there's time to make and move the clothes across the ocean.
How do you do business in an environment where you don't know what the tariff is going to be this afternoon, let alone during back -to -school shopping season next September?
I don't think that they really understood the chaos that was going to ensue once they did all this without giving people enough time to plan.
He's going to put a lot of people out of business, and people are going to lose their jobs, and I might be one of them.
For the moment, at least, investors are relieved by this 90 -day pause on at least some of the President's tariffs, but it has been a very rocky seven days, and the roadmap could change at any moment with another stroke of the president's big Sharpie pen.
NPR's Scott Horsley I'm sure will be talking again soon thank you Scott you're welcome President Trump signed two executive orders targeting individuals from his first administration.
The orders stripped the security clearances of former top cybersecurity official Chris Krebs and former national security official Miles Taylor they also order investigations into their conduct while they were federal employees.
These are just the latest in a pattern that's emerged of Trump bringing down the full weight of the presidency on individuals and private companies.
Here to help us understand what happened and why is NPR political correspondent Ashley Lopez.
Good morning, Ashley.
Good morning. Okay.
Let's start with Chris Krebs.
What exactly does this executive order say?
So this order broadly accuses Christopher Krebs, the former head of the Cybersecurity and Infrastructure Security Agency, also known as CISA, of weaponizing his government authority when running that agency some years ago.
Specifically, Trump's order claims that Krebs was misusing his office by censoring conservative viewpoints under the guise of combating misinformation.
So what are some examples of what he says Krebs was censoring?
Yeah, so well it's a slew of conservative grievances we've been hearing in the past several years.
so Hunter Biden's laptop and the origins of COVID -19.
But most notably, this is about the 2020 election.
For folks who don't remember this, right after the 2020 election, Krebs, who by the way has described himself as a lifelong Republican and he had been appointed by Trump, basically refuted Trump's big lie about the election being stolen.
Here he is on NPR in December of that year.
This was a secure election.
That is a success story.
That is something that everyone in the administration should be proud of.
As you can imagine, Trump didn't like that.
He fired Krebs at the time, and now he's ordering the Attorney General, the Director of National Intelligence, and other agency leaders to immediately suspend any active security cleanses held by him and entities associated with him.
And what about Miles Taylor?
Yeah. So Miles Taylor is a former Department of Homeland Security official, and in 2018, he wrote this pretty high profile anonymous op -ed criticizing Trump.
He later wrote a book and lifted his anonymity in yesterday's order.
Trump accused Taylor of treasonous behavior and now Taylor will be the subject of an investigation by the department he once worked for.
So this sounds sort of similar to the executive orders Trump has issued against private law firms. Yeah, I mean, this has been a theme throughout the first few months of his administration.
A lot of what Trump has been focused on is political retribution, whether it's law firms that are not aligned with his interests or university leaders who don't share his worldview.
Trump has been directly focused on dealing with all of these perceived enemies.
So what does this tell us about the priorities of the President and his administration?
Well, I mean, if nothing else, it seems like a lot of his priorities right now have a lot to do with his first term.
He remembers who had his back at the time and who didn't.
It's worth noting that this is an example of the Department of Justice being weaponized against people who criticize Trump in the past, which was a fear that many Democrats vocalized ahead of the election and something that Republicans accused Democrats of doing while in office, specifically around January 6.
NPR political correspondent Ashley Lopez, thank you, Ashley.
Yeah, thank you. And that's a first for Thursday April 10th.
I'm Laila Faulding.
And I'm Michelle Martin.
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