Stock markets open lower as reaction to Trump tariffs continues
Stock market futures pointed to a lower opening and continued losses throughout the day as the global economy faces uncertainty as a result of Donald Trump’s tariffs. The Dow Jones Industrial Stock Average was down by more than 1,100 points at the opening. When trading was underway on the European and Asian markets stocks sank again, with the Hong Kong market closing down by 13%, the worst loss since 1997. Taiwan’s market closed down 9.7%. On some global markets even the price of gold has dropped by up to 4%. In China, the Communist Party newspaper People’s Daily called Trump’s tariffs “reckless.”
Dimon issues warning about Trump tariffs
Jamie Dimon, CEO of JPMorgan Chase, issued his annual letter to shareholders and included a warning about Donald Trump’s tariffs. Dimon said that the tariffs are likely to increase inflation and are causing many to consider a greater probability of a recession. Dimon also said that Trump’s policy of “America First” could undermine the position the United States traditionally has held as a leader of the world. Dimon expressed concern that “America First” could wind up being “America alone.”
Attorney generals’ lawsuit against Trump Administration
A coalition of 21 state attorneys general has filed suit against the Trump Administration to try to stop it from dismantling three federal agencies that support public libraries and museums, promote the growth of minority-owned businesses and promotes the peaceful resolution of labor disputes. Donald Trump signed an executive order targeting: The Institute of Museum and Library Services, which supports museums and libraries nationwide through grants, research, and policy development; The Minority Business Development Agency, which promotes the growth and inclusion of minority-owned businesses through federal financial assistance programs; and The Federal Mediation and Conciliation Service, which promotes the peaceful resolution of labor disputes.
Federal judge holds firm on order given to Trump Administration
Federal Judge Paula Xinis yesterday issued an opinion reaffirming her order from Friday that the Trump Administration has until 11:59 p.m. tonight to return to the U.S. a man it improperly sent to a notorious prison in El Salvador. Trump’s Attorney General Pam Bondi admitted on Fox News that the man, Kilmar Abrego Garcia, was sent to the El Salvador prison by mistake. However, she said the U.S. would not bring him back to the U.S. The Trump Administration is paying El Salvador to hold Garcia and others in the prison.
Social Security operations threatened by more Musk cuts
The Guardian reported today that some workers at the Social Security Administration are warning that Elon Musk has put the agency into a death spiral with new firings of technicians who have been responsible for keeping the agency’s website operating. The Social Security website has crashed at least five times in the past month. The Guardian reported that Leland Dudek, Trump’s acting commissioner for Social Security, has admitted that decisions at the agency are being made by Musk’s people. The publication WIRED reported that Musk’s computer people are trying to rewrite millions of lines of computer code that make the Social Security computers function.
Actor Jay North dies at age 73
Actor Jay North, who played the role of “Dennis the Menace” on TV, has died at age 73 at his home in Florida. The show ran for four seasons on CBS from 1959 until 1963 and reruns have been aired since then. North also appeared in several movies and in other TV series such as “The Man from U.N.C.L.E,” “My Three Sons,” and “Lassie.” Jay North had been battling colon cancer.
