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It’s Monday. I am still not over last night’s finale of “The White Lotus.” Don’t worry, I won’t include any spoilers! But email me your thoughts if you’ve seen it.
In today’s issue:
- Markets crater at opening
- Trump tells Americans not to be “weak” or “stupid”
- Netanyahu’s White House visit
- Johnson, Luna reach deal for new parents
THE FIRST 100 DAYS
The stock market plunged again this morning, sending the S&P 500 into bear market territory as President Trump’s massive tariffs are alarming investors around the globe.
The numbers: The Dow Jones Industrial Average fell roughly 1,400 points (or 3.5 percent) as the market opened. The S&P 500 index and the Nasdaq composite both dropped 3.7 percent.
Goldman Sachs raises its recession probability to 45 percent.
What’s a bear market?: This happens when there is a sustained period of stocks dropping by at least 20 percent from a recent high.
The market has been SO jumpy: At one point this morning, the market had a big surge. There was a social media post claiming National Economic Council director Kevin Hassett said Trump was considering a 90-day pause on all countries except China. The post was later deleted. The White House dismissed this rumor as “fake news.”
📊 Check out this wild market graph
^ Some context on the brief market surge: “The scale of the brief rally shows how much desire there is among investors to return to the well-trod territory of administrations that want to assist markets and stock declines that are quickly followed by sharp bouncebacks.” (The Wall Street Journal)
Is Trump showing any regret?: No, the president spent his weekend defending the economic turmoil by comparing the pain as “medicine to fix something” and calling the tariffs “a very beautiful thing.”
Trump’s message to Americans this morning: “Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN,” Trump posted on Truth Social. By the way, Trump defines a “PANICAN” as “a new party based on Weak and Stupid people!”🔎 Read Trump’s full post— That is not a message from someone showing regret.
🚨 In fact, Trump just threatened an even higher China tariff: At the end of last week, China announced it would match the U.S.’s 34 percent tariff. Well, Trump then said this morning that if China does not remove its tariff, the U.S. will hike its China tariff to 50 percent, effective tomorrow.
Have we seen Trump today?: Yes, he hosted the Los Angeles Dodgers at the White House this morning to celebrate their World Series win. He cracked a joke about not liking the senators who attended the ceremony. 📹 Watch the clip
Who else is feeling a bit like Victoria Ratliff right now? Well, and maybe a bit like Tim Ratliff…😅
➤ REACTIONS TO THE MARKET PLUNGE:
Today is ‘Orange Monday,’ according to Dave Portnoy: “This is a decision that one guy made that crashed the whole stock market. That’s why we’re calling it Orange Monday,” said Portnoy, Barstool Sports founder, who has spoken positively of Trump.
Billionaire Bill Ackerman says Trump is ‘losing confidence’ among business leaders: The hedge fund investor, who endorsed Trump last year (!), warned that Trump’s tariffs could collapse the economy and hurt Trump supporters the most. “This is not what we voted for,” Ackman said. 🔎 Read Ackman’s prediction and warning
^ FWIW: Trump’s top economic advisor thinks Ackman’s response is “exaggerated.” “It’s the idea that it’s going to be a ‘nuclear winter’ or something like that is completely irresponsible rhetoric,” National Economic Hassett told Fox & Friends this morning.
From JPMorgan Chase CEO Jamie Dimon: “The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession,” Dimon wrote in a letter to shareholders this morning. “Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth.” 🔎 Read Dimon’s letter to shareholders
➤ TRUMP IS GETTING A LOT OF CRITICISM FOR HIS WEEKEND PLANS:
The president spent his weekend golfing in Jupiter, Fla. The White House provided an update on Saturday morning that he won his second-round matchup. He then told reporters on Sunday that he won the Senior Club Championship at his golf club.
📹 Trump posted a video of him golfing
➤ OK, WE ALL NEED TO KNOW — WHY TARIFF THE PENGUINS?:
Commerce Secretary Howard Lutnick argued to CBS’s “Face the Nation” moderator Margaret Brennan that it was to prevent any loopholes. I’ve always known those penguins were up to no good.
➤ MORE READS:
The Atlantic: Here Are the Places Where the Recession Has Already Begun
The Wall Street Journal: Wall Street Starts to Speak Out Against Trump’s Tariffs
The New York Times: Trump’s Trade War Raises Bar for Fed Rate Cuts
The Washington Post: This Republican senator is leading the charge against Trump’s tariffs
💉️OTHER NEWS
“A federal appeals court flipped on President Trump’s firings of two independent agency leaders, temporarily reinstating them Monday and likely setting up a battle at the Supreme Court,” reports The Hill’s Zach Schonfeld and Ella Lee.
What happens now?: The two members can return to their jobs for now. But the Trump administration is likely to file an emergency appeal with the Supreme Court.
An 8-year-old girl has died amid the measles outbreak in Texas. The girl was not vaccinated for the virus, the hospital noted.
Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. says he met with the family. “The most effective way to prevent the spread of measles is the MMR vaccine,” he posted, touting the measles, mumps and rubella (MMR) vaccine. 🔎 Read Kennedy’s full post
What happened?: The New York Times reports that she died of “measles pulmonary failure” and “had no underlying health conditions.”
🔓️ ON CAPITOL HILL
Speaker Mike Johnson (R-La.) has reached a deal with Rep. Anna Paulina Luna (R-Fla.) over her push to allow new parents to vote remotely.
The compromise is called ‘vote pairing’: “The procedure allows a member — in this case, a new mother — who must be absent for a vote to coordinate with a lawmaker voting opposite their stance who is willing to abstain from the vote, that way the new mother’s absence is canceled out.”
Is this good enough for Luna?: Yes, it appears so.
Read The Hill’s Mychael Schnell and Emily Brooks’s reporting: ‘Johnson strikes deal with Luna on parental proxy voting’
COMING UP
The House and Senate are in. President Trump is in Washington. (All times EST)
1 p.m. Trump meets with Israeli Prime Minister Benjamin Netanyahu at the White House. 💻 Livestream
2:30 p.m. Trump and Netanyahu hold a joint press conference. 💻 Livestream
5:30 p.m. The Senate votes. 📆 Today’s agenda
6:30 p.m. First and last House votes. 📆 Today’s agenda
9 p.m. Thursday. CNN’s Jake Tapper and Kaitlan Collins host a town hall with Reps. Mike Lawler (R-N.Y.), Ryan Mackenzie (R-Pa.) Jahana Hayes (D-Conn.) and Derek Tran (D-Calif.)
🐝 INTERNET BUZZ
🍺 Celebrate: Today is National Beer Day (on a Monday, though?) and National Coffee Cake Day!
👋 Can you *not* right now, AMC? We’re kinda dealing with some stuff: AMC Networks announced this morning that it is creating a TV franchise about the Great Depression, per The Hollywood Reporter.
🚧 Goodbye, 200-year-old tree: The White House removed the nearly 200-year-old tree this morning. The tree is said to have been brought from former President Jackson’s home in Tennessee. 📸 Photos
🐇 Alex, I am obsessed with you: A trained therapy rabbit stole the show at the San Francisco Giants game over the weekend. Apparently he’s a bit of a local celebrity in San Fran, and he even has his own Instagram!
To leave you on a happy note, watch this dog earn a gold star — and a perfect 10 in my book.
📺 Catch up on the latest headlines with The Hill on YouTube. Send feedback, tips and cookie recipes 🍪 to [email protected]. Check out more newsletters. See you next time!
