Stocks sink for third session in tariff pushback: Live Updates

Valuetainment founder Patrick Bet-David weighs in on President Trump "resetting" global trade with his tariffs saying he's "just happy the fact that he's up coming through on the promises that he made."

Bet-David also pointed out that this is something the president has been speaking about for over 37 years.

"Since 1988, when he was on Oprah Winfrey, he talked about the fact that America wasn't negotiating properly on our behalf. On tax payers, on us citizens. They weren't doing a good job at it. He's been saying this for a long time," said Bet-David. "It's been 37 years and when he campaigned, he specifically set his favorite word as tariff."

He also pointed out that in 1996, Nancy Pelosi talked about the fact that it was unfair for China to charge us 35% on tariffs, "while we're only charging 2%."

Bet-David said Pelosi made sense, unfortunately they couldn't execute.

"I have a feeling they're [China] soon going to be knocking on the door saying, let's figure out a deal here. But I don't know how long that's going to take," said Bet-David.

CNBC's Carl Quintanilla fueled the viral falsehood about the Trump administration implementing a "90-day pause" on tariffs. (Screenshot/CNBC)

CNBC was forced to issue an on-air correction after it amplified a viral falsehood that President Donald Trump was considering a "pause" on his widespread tariffs.

Volatility continued to rock the stock market Monday following Trump announcing his tariff plans last Wednesday on what he called "Liberation Day." Adding further volatility were internet rumors about Trump pumping the brakes on implementing his tariffs, which began fueling a stock market surge on Wall Street.

"I think we can go with this headline: Apparently Hassett has been saying that Trump will consider a 90-day pause in tariffs for all countries except for China," CNBC anchor Carl Quintanilla said on-air.

Click here to read the full article about CNBC by Joseph Wulfsohn

Billionaire investor Bill Ackman walked back his attack on Commerce Secretary Howard Lutnick on Monday in a post on social media, after previously arguing the commerce secretary profits if the economy implodes amid ongoing backlash to President Donald Trump's tariffs.

"It was unfair of me to lash out at @howardlutnick. I don’t think he is pursuing his self interest. I am sure he is doing the best he can for the country while representing the President as Commerce Secretary. It is not an easy job and we don’t know how the sausage was made," Ackman wrote on X, responding to a previous post in which he accused Lutnick of profiting "when our economy implodes."

Stocks continued to be volatile on Monday as the investor pushback over Trump’s tariffs continued to roil the global markets. Trump threatened China with additional 50% tariffs on Monday morning if Beijing "does not withdraw" the 34% tariffs it announced against the U.S. last week.

Read the full article about Bill Ackman by Hanna Panreck

BlackRock CEO Larry Fink (Getty Images)

BlackRock CEO Larry Fink said that the stock market could see declines deepen by another 20% amid uncertainty over President Donald Trump's tariffs and that CEOs are telling him they think the U.S. economy is likely already in a recession.

"Most CEOs I talk to would say we are probably in a recession right now," Fink told the Economic Club of New York on Monday. Tariffs are expected to make a wide variety of products more expensive, exacerbating inflationary pressures that have been persistent in recent months.

Despite turmoil in the market, Fink said that weakness does create a buying opportunity over the long run despite the potential for further declines.

"I would say in the long run, this is more of a buying opportunity than it is a selling opportunity. That doesn't mean we can't fall another 20% from here, too," Fink said.

President Donald Trump displays a signed executive order imposing tariffs on imported goods during an event at the White House on April 2. (Getty Images)

The European Commission on Monday proposed counter-tariffs of 25% on a range of American goods in response to President Donald Trump's tariffs on steel and aluminum, according to media reports. 

The tariffs on some goods will go into effect on May 16, while others will begin later this year, according to a document viewed by Reuters.

Maros Sefcovic, the European Union trade chief, said the counter-tariffs would impact less than the previously announced 26 billion euros.

Goods such as bourbon, wine and dairy have been removed from the original list the Commission was weighing in March. The Commission had earmarked a 50% tariff on bourbon, which had prompted Trump to threaten a 200% counter-tariff on EU alcoholic drinks if the bloc goes ahead.

This is an excerpt from an article by FOX Business' Louis Casiano

The World Trade Organization headquarters in Geneva, Switzerland. (Getty Images)

Canada has initiated a complaint with the World Trade Organization over President Donald Trump imposing 25% duties on car imports from the neighboring country.

The global trade body said that Canada requested consultations on Thursday as the first step in launching the formal WTO trade dispute.

"Canada has requested WTO dispute consultations with the United States concerning US measures imposing a 25 percent duty on automobiles and automobile parts from Canada," the WTO said on Monday.

The complaint claims Trump’s measures breached previous legal agreements under the General Agreement on Tariffs and Trade, which established rules governing how countries can use tariffs on trading partners. The system was also created to prevent trade wars, especially during times when countries entered a cycle of imposing retaliatory tariffs.

The WTO said consultations would allow Canada and the U.S. to resolve disputes without proceeding with litigation. However, if a solution is not reached within 60 days, the complainant may request adjudication by a panel.

This is an excerpt from an article by FOX Business' Bonny Chu and Danielle Wallace

(Reuters)

Goldman Sachs updated its recession forecast on Sunday to increase the probability of a recession amid President Donald Trump's tariff war, adding that its analysis may be downgraded further if more tariffs take effect.

Economists led by Jan Hatzius wrote in a note titled "Countdown to Recession" that they're increasing their 12-month recession probability from 35% to 45%. They also cut their gross domestic product (GDP) growth forecast for 2025 to 0.5% from Q4 to Q4, citing a "sharp tightening in financial conditions, foreign consumer boycotts, and a continued spike in policy uncertainty that is likely to depress capital spending by more than we had previously assumed."

The Goldman economists said that their baseline forecast still assumes the effective U.S. tariff rate will rise by 15 percentage points, which they noted "would now require a large reduction in the tariffs scheduled to take effect on April 9."

"If most of the April 9 tariffs do take effect, then the effective tariff rate will rise by an estimated 20pp once those increases and likely sectoral tariffs take effect, even allowing for some country-specific agreements at a later date. If so, we expect to change our forecast to a recession," they wrote.

Gold reverses losses after selling off last week in tandem with global stocks.

The precious metal, which briefly turned higher, dipped just below $3,000 an ounce after hitting a record high of $3,139.90 an ounce last week. Gold, a traditional hedge to inflation, is also a safe haven asset in times of uncertainty, such as President Trump's tariff push.

Gold experts, including George Milling Stanley of State Street, explains why gold can continue to rise this year, despite an occasional pullback.

MARKETS

Gold still shines: Buy, sell or hold?

Gold is one of the best performing assets so far this year, and despite a pullback here and there, investors say the fundamentals are in place for more gains in the coming months.

State Street's SPDR Gold Trust ETF is the largest ETF backed by physical gold.

(Getty Images)

President Donald Trump said China would approve a deal to sell TikTok to an American buyer "in 15 minutes" if he "gave a little cut in tariffs."

Trump made the remark on Air Force One following a report from Reuters that the U.S. was close to making a deal with the Chinese-owned TikTok to spin off its U.S. operations into a new company owned by American investors, but the Chinese government wouldn’t agree to it, citing the Trump administration’s new tariffs.

"I would say it is largely true. The report is that we had a deal pretty much for TikTok. Not a deal, but pretty close. And then China changed the deal because of tariffs," Trump said Sunday. "If I gave a little cut in tariffs they would approve that deal in 15 minutes, which shows you the power of tariffs, right?"

Reuters reported that the deal had been approved by investors, the U.S. government and Chinese-owned ByteDance, TikTok’s owner. ByteDance would keep a minority stake in TikTok under the deal.

Trump on Friday had extended a deadline for ByteDance to sell the app to an American buyer or have the platform shut down in the U.S.

This is an excerpt from an article by FOX Business' Greg Norman

European Commission President Ursula von der Leyen, left, and President Donald Trump. (Getty Images)

European Commission President Ursula von der Leyen said the European Union is "ready to negotiate" with President Donald Trump over tariffs, noting that "we have offered zero-for-zero tariffs for industrial goods."

Speaking in Brussels Monday, the head of the EU’s executive arm called Trump’s economic policy a "major turning point for the United States."

"These tariffs come first and foremost at immense costs for U.S. consumers and businesses, but at the same time they have a massive impact on the global economy. Especially hard-hit are the developing countries," she said.

"Nonetheless, we stand ready to negotiate with the United States. Indeed, we have offered zero-for-zero tariffs for industrial goods, as we have successfully done with many other trading partners, because Europe is always ready for a good deal. So we keep it on the table," she added.

This is an excerpt from an article by FOX Business' Greg Norman

A car is filled at a gas station in Illinois. (Getty Images)

Crude oil prices have dropped to their lowest level in four years after President Donald Trump announced tariffs on U.S. trading partners, which will benefit consumers nationwide at the gas pump, according to energy industry experts.

U.S. crude futures were trading around $61 a barrel as of 11 a.m. ET on Monday after falling below $60 per barrel earlier. 

"The silver lining from the recent market turmoil is that the significant decline in oil prices will lead to a decline in gasoline prices for the consumer," Andy Lipow, president of Lipow Oil Associates, told FOX Business. 

The price of crude oil is the largest factor in the retail price of gasoline, making up more than half of the total cost consumers pay at the pump.

Futures Group senior analyst and FOX Business Network contributor Phil Flynn said that while crude and gasoline prices don't always drop linearly, this decrease should offset the usual 10- to 15-cent per gallon increase consumers would typically see when the industry switches to summer gasoline blends.

This is an excerpt from an article by FOX Business' Daniella Genovese

President Donald Trump (L) and Chinese President Xi Jinping (Getty Images)

President Donald Trump threated China with additional 50% tariffs if Beijing doesn't back down.

"If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th," Trump wrote in a post on Truth Social.

The president also said "all talks with China concerning their requested meetings will be terminated."

China announced on Friday it will impose 34% levies on the U.S., just days after Trump unveiled the same amount against Beijing under his reciprocal tariff plan.

The new China tariffs against the U.S. will go into effect on April 10, according to The Wall Street Journal.

President Donald Trump holds sign about his tariff plan (Getty Images)

A White House spokesperson tells FOX Business' Edward Lawrence that there is no plan to pause tariffs on U.S. trading partners.

The tariffs plan is in place and there are no plans to change the plan, according to the spokesperson.

The S&P 500 hit a record of 6,144.15 in February and is now flirting with a bear market, which is a 20% drop from its prior all-time high.

On Monday, a 158.78 point drop at the close of trading, would make a bear market for the S&P official.

The Nasdaq Composite slipped into a bear market Friday, while the Dow Jones Industrial Average is just shy of one after hitting a record 45,014.04 in December.

(Getty Images)

The price of bitcoin fell on Monday as cryptocurrencies were hit by President Donald Trump's tariff policy.

Bitcoin dropped below the $77,000 level, falling 3.3%, while ether was down 7.5%, solana fell 5.7% and dogecoin and XRP plunged 8.5% and 11.2%, respectively.

The price drop mirrored the rout in the U.S. stock market, which is down more than 800 points in premarket trading on Monday.

Stocks are continuing their sell-off from last week, when the Dow plunged 2,231.07 points, or 5.5%, while the S&P 500 and Nasdaq Composite fell 5.97% and 5.82%, respectively, at the closing bell on Friday. The Nasdaq entered into bear market territory on Friday.

Bill Ackman speaks at The 2024 Pershing Square Foundation Prize Dinner on June 17, 2024 in New York City. (Getty Images)

Billionaire investor Bill Ackman called for a 90-day "time-out" on President Donald Trump's reciprocal tariffs, warning of the United States bringing forth a "self-induced, economic nuclear winter."

In a lengthy X post on Sunday, the billionaire founder of Pershing Square hedge fund management argued that the U.S. "is 100% behind the president on fixing a global system of tariffs that has disadvantaged the country," but stressed that business "is a confidence game and confidence depends on trust."

Ackman, who backed the Republican presidential candidate in July 2024 after previously supporting the Democratic Party, acknowledged that Trump "has elevated the tariff issue to the most important geopolitical issue in the world, and he has gotten everyone’s attention."

"So far, so good. And yes, other nations have taken advantage of the U.S. by protecting their home industries at the expense of millions of our jobs and economic growth in our country," Ackman wrote. "But, by placing massive and disproportionate tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once, we are in the process of destroying confidence in our country as a trading partner, as a place to do business, and as a market to invest capital."

This is an excerpt from an article by FOX Business' Danielle Wallace

President Donald Trump said on Monday morning that the U.S. is bringing in “billions of dollars a week” from tariffs already in place on "abusing countries."

"Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place,” Trump wrote in a post on Truth Social. “This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate. They’ve made enough, for decades, taking advantage of the Good OL’ USA! Our past “leaders” are to blame for allowing this, and so much else, to happen to our Country. MAKE AMERICA GREAT AGAIN!”

Howard Lutnick, US commerce secretary, in the Oval Office of the White House in Washington, D.C. (Getty Images)

CBS’ Margaret Brennan asked Commerce Secretary Howard Lutnick whether artificial intelligence was involved in designing President Donald Trump’s broad tariff policies on Sunday.

The "Face the Nation" host confronted Lutnick on Trump’s "Liberation Day" announcement, which saw significant tariff increases across numerous countries. This included a baseline tariff of 10% on all U.S. imports that began on Saturday.

The announcement caused chaos for investors as the stock market suffered some of its worst losses since the COVID pandemic in 2020.

Brennan linked the uncertainty in the market to what she considered "random" countries that were targeted, going so far as to ask if the administration used AI to write its policy.

"[W]hen we saw the president stand in the Rose Garden holding up that chart that you helped make, that wasn't actually tariffs," Brennan said. "That was actually confusing to investors, because it was some kind of other formula, and the countries themselves seemed kind of random. Like, why are the Heard and McDonald Islands, which don't export to the United States and are quite literally inhabited by penguins, why do they face a 10% tariff? Did you use AI to generate this?"

Lutnick laughed off the question until Brennan pressed him further on adding the Heard and McDonald Islands to the tariff list.

"What happens is, if you leave anything off the list, the countries that try to basically arbitrage America go through those countries to us," Lutnick answered, using China as an example.

He added, "They just built through other countries, through America. And so, the President knows that, he's tired of it, and he's going to fix that." 

This is an excerpt from an article by Fox News' Lindsay Kornick

JPMorgan Chase CEO Jamie Dimon at the Institute of International Finance in Washington, D.C. (Getty Images)

JPMorgan Chase CEO Jamie Dimon said in his annual letter to shareholders that President Donald Trump’s tariffs will likely “increase inflation” and have effects on both foreign and domestic goods.

"Whatever you think of the legitimate reasons for the newly announced tariffs—and, of course, there are some—or the long-term effect, good or bad, there are likely to be important short-term effects," Dimon said. "As for the short-term, we are likely to see inflationary outcomes, not only on imported goods but on domestic prices, as input costs rise and demand increases on domestic products. How this plays out on different products will partially depend on their substitutability and price elasticity. Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth."

Dimon also commented on the uncertainties surrounding the new tariff plan.

"The potential retaliatory actions, including on services, by other countries, the effect on confidence, the impact on investments and capital flows, the effect on corporate profits and the possible effect on the U.S. dollar," he said. "The quicker this issue is resolved, the better because some of the negative effects increase cumulatively over time and would be hard to reverse. In the short run, I see this as one large additional straw on the camel’s back."

The JPMorgan CEO said that he hopes that the U.S. will benefit from the plan.

"I am hoping that after negotiations, the long-term effect will have some positive benefits for the United States," Dimon said. "My most serious concern is how this will affect America’s long-term economic alliances."

The nonpartisan Congressional Budget Office (CBO) recently released its long-term budget outlook and showed that budget deficits are on track to widen in the years ahead, pushing the national debt well above the size of the U.S. economy.

The CBO's budget forecasts that the debt held by the public as a percentage of gross domestic product (GDP), a metric favored by economists for comparing debt to economic output, is projected to rise from 100% this year to 156% of GDP in 2055. That would be a full 50 percentage points higher than the current record, which was set in 1946 as the U.S. began its post-World War II demobilization.

Growth in the national debt will be driven by budget deficits widening from about 6.2% of GDP in 2025 to 7.3% in 2055 – well above the 1995-2024 average of 3.9%.

Federal spending will continue to be driven by mandatory spending programs led by Social Security and Medicare amid the aging of America's population. Social Security spending is projected to rise from 5.2% of GDP this year to 6.1% in 2055, while the CBO sees Medicare spending rising from 3.1% to 5.8% of GDP in 2055.

Social Security's main trust funds are due to deplete their reserves in less than a decade, CBO found. The Old Age and Survivors Insurance Fund will be tapped out by 2033, though that would be a year later in 2034 if combined with the disability insurance trust fund. 

This is an excerpt from an article by Fox Business' Eric Revell

Israeli Prime Minister Benjamin Netanyahu is expected to meet President Donald Trump at the White House on Monday, with Washington’s recently imposed global tariffs set to be part of their talks.

"This meeting comes at a critical moment on many key issues: the efforts to return our hostages being held by Hamas, the instability in Syria and the threats posed by Iranian proxies," Israeli Ambassador to the U.S. Yechiel Leiter told Fox News Digital.

"The recent implementation of tariff policy will also be discussed. Just as Prime Minister Netanyahu was the first world leader to visit President Trump in his second term in the White House, he is now once again the first leader to meet with the president with regard to deepening economic ties and putting trade relations in order," he added.

Netanyahu last met with Trump in Washington on Feb. 4.

In Wednesday's "Liberation Day" announcement, a 17% tariff on goods imported from Israel – a 10% baseline on all countries that took effect on April 5 and an additional 7% – was scheduled for April 9.

"The fear is that these tariffs will hurt exports of diamonds as well as high-tech or defense systems like drones. If our income were to be reduced as a result, this would be a problem," Alex Coman, a value-creation expert at the Holon Institute of Technology in Israel, told Fox News Digital. 

"These tariffs came as a surprise. Prior to this decision, there were very few imposed, many products did not have them and Israeli Finance Minister Bezalel Smotrich eliminated those that existed," adding, "As such, I am very optimistic that these tariffs will be reduced."

This is an excerpt from an article by Fox News' Amelie Botbol

US President Donald Trump holds a chart as he delivers remarks on reciprocal tariffs during an event in the Rose Garden entitled "Make America Wealthy Again" at the White House in Washington, DC, on April 2, 2025. Trump geared up to unveil sweeping new "Liberation Day" tariffs in a move that threatens to ignite a devastating global trade war. Key US trading partners including the European Union and Britain said they were preparing their responses to Trump's escalation, as nervous markets fell in Europe and America. (BRENDAN SMIALOWSKI/AFP via Getty Images)

President Trump says he is not backing down on tariffs unless other countries meet him with an equal trade and the White House claims more than 50 nations have reached out to negotiate.

His comments come as the market is on track to continue its sharp declines once trading resumes Monday.

"I spoke to a lot of leaders, European, Asian, from all over the world,” Trump said. “They’re dying to make a deal. And I said, we’re not going to have deficits with your country. We’re not going to do that, because to me a deficit is a loss. We’re going to have surpluses or at worst, going to be breaking even."

Trump took to social media to reassure Americans to remain hopeful.

“WE WILL WIN. HANG TOUGH, it won’t be easy,” his post read.

Members of the administration, as well as his economic advisers, were defending the tariffs too.

“There doesn’t have to be a recession. Who knows how the market is going to react in a day, in a week?” said Treasury Secretary Scott Bessent.

He went on to say that this would be a long term solution.

“What we are looking at is building the long-term economic fundamentals for prosperity,” he said.

Higher rates are set to be collected beginning Wednesday and Bessent says the years of unfair trading can not be negotiate away in days or weeks.

NASDAQ has dropped yet again Monday morning as the Trump administration continues his rollout of tariff rates on U.S. trading partners.

Although the Trump administration did have some successful negotiations to lower the rates in some countries the first wave of 10% tariffs went into effect Saturday.

President Donald Trump said he will not make a deal with China unless the trade deficit is solved. (AP Photo / Evan Vucci / iStock)

President Donald Trump  said Sunday that he is not willing to make a deal with China unless the trade deficit of over $1 trillion is resolved first.

While speaking to reporters on Air Force One, Trump said with some countries there is a trade deficit of over a billion dollars, but with China, it is over $1 trillion.

"We have a $1 trillion trade deficit with China. Hundreds of billions of dollars a year we lose to China, and unless we solve that problem, I’m not going to make a deal," he said. "I’m willing to make a deal with China, but they have to solve this surplus. We have a tremendous deficit problem with China… I want that solved."

Trump also said because of the tariffs, the U.S. has $7 trillion of committed investments when it comes to building automotive manufacturing plants, chip companies and other types of businesses, "at levels that we’ve never seen before."

This is an excerpt of a story by Fox News Digital's Greg Wehner. Click here to read more.

President Donald Trump spoke with reporters as markets continue to roil over his 'Liberation Day' tariff announcement.

Trump pointed out that the trade deficit the US has with other country's is way over a million dollars per country, but with China it has crossed into the trillion dollar trade deficit.

"When China is a trillion dollars and we have to solve our trade deficit, which we have a trillion dollar trade deficit with China, hundreds of millions of dollars a year," Trump stated.

"I want that solved," he continued.

Stocks have continued to tumble for a third-straight day following China imposing a 34% tariff on U.S. imports, raising concerns of a global trade war and possible recession.