Original Publish Date » April 7 , 2025
Last Updated » 2 weeks

Singapore’s Prime Minister Lawrence Wong, said, “It marks a seismic change in the global order. The era of rules-based globalization and free trade is over. We are entering a new phase, one that is more arbitrary, protectionist and dangerous.”

BBC is following global market crash live.

It was a third day in the red for the global stock market. There was a brief spike when investors thought Trump might pause tariffs — but hopes were slashed when Trump doubled down. The Dow Jones Industrial Average dropped more than 350 points or 0.91% to nearly 38,000. The S&P 500 shed 14.22 points or 0.28%, ending at 5,060, while the Nasdaq saw a slight bump of 15 points, less than 1%. The TSX ended the day with a loss of 334 points or 1.44%

Stocks around the world nose-dived on Monday, and the S&P 500 is poised to drop again at the opening bell at 09:30 Eastern, as Trump’s trade war makes investors increasingly pessimistic about the economy. Trump continues to defend his import taxes, saying they were bringing the US billions of dollars in revenue.

  • European share prices plunge and Asian stocks see their worst drop in decades.
  • Global markets in freefall as Trump digs in on import tax ‘medicine’ (Al Jazeera)
    • Trump compares his indiscriminate global import taxes and the market reaction to taking medicine (Politico)
  • Trump supporter, billionaire, and hedge fund manager Bill Ackman has said his buddy’s tariffs could lead the world into a “economic nuclear winter” as he called for a 90-day pause on the taxes (BBC / Axios / WSJ / Mediaite / Twitter / X).
  • Stocks savaged (AP / Video » AFP)
  • Malaysia will lead efforts to coordinate a regional response in Southeast Asia towards Trump’s draconian import taxes (Bangkok Post)
  • Trump threatened to impose an additional 50% tariff on Chinese goods if China doesn’t reverse its retaliatory 34% tariffs on all U.S. imports – a response to Trump’s own “Liberation Day” 34% tariff on all Chinese imports
    • “We have $36 trillion debt for a reason“, he adds, and they will be talking to China among other countries to make a “fair deal and a good deal” for America. “It’s now America first,” Trump says. (BBC)
  • Trump says he is not considering a pause on tariffs to allow for negotiations with other countries (BBC)

The U.S. Conference of Catholic Bishops announced Monday that it is ending a half-century of partnerships with the US government to serve refugees and children, saying the “heartbreaking” decision follows the Trump administration’s abrupt halt to funding for refugee resettlement. (AP)

Horrific » US sent 238 migrants to Salvadoran mega-prison; documents indicate most have no criminal records

  • More evidence to avoid all travel to the US » CBS News could not find criminal records for 75% of the Venezuelans — 179 men — now in prison in El Salvador. (CBS)

Trump asks US Supreme Court to block order to return wrongfully deported man in El Salvador prison (BBC)

Goldman Sachs states if Trump’s next set of tariffs take effect on Wednesday as planned, “we expect to change our forecast to a recession.” (Twitter / X)

So Long, American Free Trade

  • In his quest to make America great, Trump is withdrawing the US from global trade. American families, companies, and investors will pay a price for this, as many commentators have noted. But the repercussions don’t end there. The tariff regime is also destroying a pillar of American global power, and it will further isolate the country at a moment when others stand ready to fill the vacuum. (The Atlantic)

Trump’s retribution campaign has turned out to be far more expansive, efficient and creative than anticipated

  • It has also been less reliant on the justice system. Not only has he found new ways to use his power to target those he has demonized, but his actions — or just the prospect of them — have led some of those he has gone after to change their behavior and fall into line. (NYT)

Audi and other automakers holding shipments of vehicles to the US ports due to Trump’s 25% auto import taxes (Reuters / Video » CNBC)

Emails confirm Social Security Administration cancelled Maine contracts as political payback (HuffPost)

Ukrainian President Volodymyr Zelenskyy criticized the US Embassy in Ukraine over its “surprisingly disappointing” response to Russia’s strike on the city of Kryvyi Rih (The Hill)

Federal judge in scathing decision calls Trump’s deportation of Salvadoran man ‘wholly lawless’ (France 24)