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View of White House on 'Liberation Day' x.com/i/broadcasts/1…

Trump Tariffs Aim to Bring Down Curtain on Era of Globalization—The president wants companies to return production to the U.S., but it won’t be easy Jason Douglas Tom Fairless wsj.com/economy/trade/… wsj.com/economy/trade/…

On the home stretch of my new book on Weimar, I'm sealing myself off for much of the day, alone with books, tons of scanned archive material, and some very dark history. Nice to re-emerge into sunny Norfolk at lunchtime! Turns out, being a reclusive author is a dream come true 😁

Tariffs Are Bad for Europe. Drawing Closer to China Isn’t a Magic Bullet. For Europe , a tightening of ties with China could come at a steep price—including the loss of its storied auto industry Tom Fairless wsj.com/economy/trade/… wsj.com/economy/trade/…

The stock market has its worst day in years. The currency also falls. America 2025? No, Britain 2016. wsj.com/economy/what-l… via The Wall Street Journal

Basically a year of gains wiped out for the Nasdaq Composite, which just closed at its lowest level since **January 31, 2024**

China Censors Hashtags Mentioning ‘104%,’ the Size of Trump’s Tariffs—State media drove social media discussions around phrases like: “America is fighting a trade war while begging for eggs.” Vivian Wang nytimes.com/2025/04/09/wor…

*** News: Die SPD wird in der Koalition mit der Union die großen Ressorts Finanzen und Verteidigung besetzen. Damit gilt als sicher, dass Boris Pistorius sein Amt behält. *** POLITICOEurope POLITICO

Brent crude dips below $60 per barrel for first time in 4 years on.ft.com/4i9oTEm

Trump: 125% tariffs on China, 10% tariffs on everybody else for 90 days.

Folks, a 10% broad tariff on everything plus 125% on China, is a **25pp increase in the effective tariff rate**, even accounting for USMCA exemptions. That's almost exactly where 2025 tariff policy was this morning. It was just less concentrated on China & more weighted overseas

Trump said he watched the interview between Jamie Dimon and Maria Bartiromo, in which Dimon said he thought a recession was likely, before deciding to pause certain increases in tariffs. foxbusiness.com/media/jamie-di… DIMON: "If you want to calm down the markets, show progress ... and

India, US finalise terms of reference for first phase of trade deal, Indian official says reut.rs/4ibLTmc

Shein has no customers in China, though it subcontracts with thousands of factories there to power its enormous selection and respond to fleeting consumer tastes. The company has been diversifying its supply chain to include Brazil and Turkey. wsj.com/business/retai…

Investors keep pouring money into U.S. stocks during this volatility There were $50 billion of inflows into U.S. stocks last week, the largest inflows of the year--DB

Bessent Prioritizes Japan, U.K., Australia, South Korea Among Top Targets for Trade Deals wsj.com/livecoverage/s… via @wsj

(A humorous aside: Bueller's economics teacher in the movie describes how the Smoot Hawley Act made the Depression worse. You can see "monetary policy" on the chalkboard behind Ben Stein.)

Breaking: Trump promised there will "100 percent" be an eventual trade deal with Europe. “Of course there will be a trade deal," he said. "They want to make one very much." politico.com/news/2025/04/1…

The Frick Collection, the beloved art museum, reopens in Manhattan this month after a $220 million renovation. Here, an illustrated guide for visitors. on.wsj.com/42wA83Z

⚡️ Raiffeisen halts plans to sell Russian subsidiary, FT reports. Raiffeisen Bank International has suspended efforts to sell its unit in Russia amid warming ties between Moscow and Washington, the Financial Times reported. kyivindependent.com/raiffeisen-hal…