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Trump dismisses stock market’s tariff plunge, says ‘China played it wrong’ by hitting back

Trump dismisses stock market’s tariff plunge, says ‘China played it wrong’  by hitting back
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Wall Street stocks sank in early trading on April 3, 2025, joining a global equity selloff after President Donald Trump's latest tariff announcement exacerbated worries about a trade war and global economic downturn. (AFP)
Trump dismisses stock market’s tariff plunge, says ‘China played it wrong’  by hitting back
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Shipping trucks pause at the commercial port of entry from the Mexico side of the US-Mexico border on April 4, 2025, in Nogales, Arizona. (AP)
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Updated 05 April 2025

Trump dismisses stock market’s tariff plunge, says ‘China played it wrong’ by hitting back

Trump dismisses stock market’s tariff plunge, says ‘China played it wrong’  by hitting back
  • Says critics got it all wrong, even as the Fed warned that the tariffs could lead to “higher inflation and lower growth”
  • “This is a great time to get rich,” he wrote on social media, adding, “ONLY THE WEAK WILL FAIL!”

WASHINGTON: President Donald Trump goaded China on Friday after the US’s chief economic rival retaliated against his tariffs, and he dismissed falling stock markets over the growing global trade war, touting it as a chance to “get rich.”
“China played it wrong, they panicked — the one thing they cannot afford to do!” Trump posted on Truth Social, writing the message in his trademark all-caps.
For a second day, markets plunged, wiping vast sums off investment and retirement portfolios alike. US Federal Reserve Chairman Jerome Powell warned the tariffs were likely to spur “higher inflation and lower growth.”

Wall Street went into free fall, following similar collapses in Asia and Europe. The Dow Jones dropped 5.5 percent and the S&P 5.97 percent.
Trump, who unveiled his barrage of import duties against dozens of countries Wednesday, was unrepentant, posting that “my policies will never change.”
“This is a great time to get rich,” he wrote.
The 78-year-old Republican, who was spending a long weekend golfing at his course in Palm Beach, Florida, is banking on the theory that the might of the world’s biggest economy will force foreign companies to manufacture on US soil, rather than continue to import goods.
“ONLY THE WEAK WILL FAIL!” Trump touted in yet another Truth Social post Friday.

China, however, responded by announcing its own new 34 percent tariffs on US imports starting April 10.
Beijing said it would sue the United States at the World Trade Organization and also restrict export of rare earth elements used in high-end medical and electronics technology.
Other big US trading partners held back as they digested the unfolding international standoff and fears of a recession.
EU trade chief Maros Sefcovic said the EU, which Trump hit with a 20 percent tariff, will act in “a calm, carefully phased, unified way” and allow time for talks.
However, he also warned the bloc “won’t stand idly by.”

EU leaders mull retaliation
France and Germany have said the 27-nation EU could respond by imposing a tax on US tech companies.
Economy Minister Eric Lombard urged French companies to show “patriotism” after President Emmanuel Macron argued it would send the wrong message if they pressed ahead with investments in the United States.
Lombard said the EU’s retaliation would not necessarily involve tit-for-tat tariffs and could use other tools, pointing to data exchange and taxes instead.

In Tokyo, Prime Minister Shigeru Ishiba called for a “calm-headed” approach after Trump slapped 24 percent tariffs on Japanese-made goods.
Trump said he’d had a “very productive” call with Vietnam’s top leader after the southeast Asian manufacturing hub was hit with extraordinary 46 percent US duties.
Separate US tariffs of 25 percent on all foreign-made cars went into effect this week, and Canada swiftly responded with a similar levy on US imports.
Stellantis — the owner of Jeep, Chrysler and Fiat — paused production at some Canadian and Mexican assembly plants.
But Japanese carmaker Nissan said on Friday it would revise plans to reduce production in the United States. And Sweden’s Volvo, owned by China’s Geely, said it would increase its US production.

“Messing around with people’s lives”
Democratic Senator Amy Klobuchar lashed out at the tariffs, saying they would hurt regular Americans.
Trump is “messing around with people’s lives... while he’s out golfing!” she said.

And there was rare criticism from the right too, with Trump loyalist Republican Senator Ted Cruz worrying that the tariffs could “hurt jobs and hurt America.”
The Fed chairman’s speech also highlighted concerns that the tariff shockwaves will reach deep into the US economy.
But minutes before Powell suggested the Fed will continue to hold off from cutting its benchmark lending rate, Trump pressured him to do so.
“CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!” he posted — once again defying the longstanding custom in which the White House respects the central bank’s independence.
In a more concrete sign of how tariffs are impacting trade, Nintendo announced it was delaying preorders of its hotly anticipated Switch 2 gaming console while it assesses “evolving” conditions.


US government enters shutdown as Congress fails to reach funding deal

US government enters shutdown as Congress fails to reach funding deal
Updated 5 sec ago

US government enters shutdown as Congress fails to reach funding deal

US government enters shutdown as Congress fails to reach funding deal
  • It is the first shutdown since the longest in history – lasting 35 days – almost seven years ago
  • Work stops at multiple federal departments and agencies, affecting hundreds of thousands of government workers
WASHINGTON: The US government began shutting down after midnight Wednesday as lawmakers and President Donald Trump failed to break a budget impasse during acrimonious talks that hinged on Democratic demands for health care funding.
It is the first shutdown since the longest in history – lasting 35 days – almost seven years ago, and will stop work at multiple federal departments and agencies, affecting hundreds of thousands of government workers.
Trump blamed Democrats over the stalled talks and threatened to punish the party and its voters during the stoppage by targeting progressive priorities and forcing mass public sector job cuts.
“So we’d be laying off a lot of people that are going to be very affected. And they’re Democrats, they’re going to be Democrats,” Trump told reporters in the Oval Office.
He said a “lot of good can come down from shutdowns,” and suggested he would use the pause to “get rid of a lot of things we didn’t want, and they’d be Democrat things.”
Government operations began grinding to a halt at 12:01 a.m. (0401 GMT), after a frenetic but ultimately failed bid in the Senate to rubber-stamp a short-term funding resolution already approved by the House of Representatives.
Hopes of a compromise had been hanging by a thread since Monday, when a last-gasp meeting at the White House yielded no progress.
The gridlocked Congress regularly runs into deadlines to agree on spending plans, and the negotiations are invariably fraught. But Congress usually avoids them ending in shutdowns.
Democrats, in the minority in both chambers of Congress, have been seeking to flex their rare leverage over the federal government eight months into Trump’s barnstorming second presidency that has seen entire government agencies dismantled.
Trump’s threat of new job cuts added to anxieties in the federal workforce sparked by large-scale firings orchestrated by tycoon Elon Musk’s Department of Government Efficiency earlier this year.
Health care under threat
The 100-member Senate requires government funding bills to receive 60 votes – seven more than the Republicans control.
Republicans had proposed to extend current funding until late November, pending negotiations on a longer-term spending plan.
But Democrats wanted to see hundreds of billions of dollars in health care spending restored, particularly in the Obamacare health insurance program for low-income households, which the Trump administration is likely to eliminate.
Almost all Senate Democrats voted against a House-passed, seven-week stop-gap funding measure hours ahead of the midnight deadline.
It remains unclear how long the shutdown will last.
The federal government has shuttered 21 times since 1976, when Congress enacted the modern-day budget process.
Some stoppages have lasted only a few hours – not long enough to affect government operations.
The longest began on December 22, 2018 when Democrats and Trump found themselves at an impasse over $5.7 billion the president was demanding for a border wall during his first term.
Around 380,000 federal employees were furloughed and another 420,000 worked without pay.
Senators can move quickly when inclined by waiving the normal procedures that tend to hold up legislation.
The upper chamber was due back in session on Wednesday, but a House recess lasting all week means it will not be able to rubber stamp any quick deal agreed by the Senate.
The Senate will be out on Thursday for the Jewish holiday Yom Kippur, but will be back on Friday and possibly in session through the weekend.
The shutdown will not affect vital functions like the Postal Service, the military and welfare programs like Social Security and food stamps.
But up to 750,000 workers could be sent home each day and would not be paid until the shutdown was over, according to the Congressional Budget Office.

Pentagon says Iraq mission being scaled back

Pentagon says Iraq mission being scaled back
Updated 01 October 2025

Pentagon says Iraq mission being scaled back

Pentagon says Iraq mission being scaled back
  • Under the plan, the US and its coalition allies would instead focus on combating Daesh remnants in Syria and shift most of their personnel to Iraq’s Kurdistan region to carry out that mission, the official says

WASHINGTON: The Pentagon recommitted itself in a statement on Tuesday to scaling back its military mission in Iraq, a process that a US official said will see Baghdad command efforts to combat remnants of Daesh inside its own country.
Under the plan, the US and its coalition allies would instead focus on combating Daesh remnants in Syria and shift most of their personnel to Iraq’s Kurdistan region to carry out that mission, the official said, speaking on condition of anonymity.
The US had approximately 2,500 troops in Iraq at the start of 2025 and more than 900 in neighboring Syria as part of the coalition formed in 2014 to combat Daesh as it rampaged through the two countries.
Once the transitions are completed, the total number of US forces in Iraq will number fewer than 2,000, and the majority of them will be in Irbil, the official said. A final number has yet to be determined, the official added, without offering a timeline.
US troops remaining in Baghdad will focus on normal bilateral security cooperation issues, not the counter-Daesh fight.
“Daesh is no longer posing a sustained threat to the government of Iraq or to the US homeland from Iraqi territory. This is a major achievement that enables us to transition more responsibly to Iraq leading efforts for security in their own country,” a senior defense official said.
The agreement is a boost for the government in Baghdad, which has long worried that US troops can be a magnet for instability, frequently targeted by Iran-aligned groups.
The US agreed last year with Iraq to depart the Ain Al-Asad air base in western Anbar province and hand it over to Iraq. The US official said that transition was still “in progress,” and declined to offer further information.
Although the Trump administration has outlined plans for a drawdown in Syria as well, the official said that was conditions-based and “we remain in kind of a status quo situation” at the moment.
The US is concerned about the persistent presence of Daesh fighters in Syria, and the risk that thousands being held in prisons could be freed.
Syria’s President Ahmed Al-Sharaa, a former Al-Qaeda leader, led rebel forces that overthrew Bashar Assad’s government last year. US President Donald Trump met him in Riyadh in May.
Middle East leaders and their Western allies have been warning that Daesh could exploit the political instability in Syria to stage a comeback there.


Trump calls for using US cities as ‘training ground’ for military in unusual speech to generals

Trump calls for using US cities as ‘training ground’ for military in unusual speech to generals
Updated 01 October 2025

Trump calls for using US cities as ‘training ground’ for military in unusual speech to generals

Trump calls for using US cities as ‘training ground’ for military in unusual speech to generals
  • “We should use some of these dangerous cities as training grounds for our military,” Trump says

QUANTICO, Virginia: President Donald Trump on Tuesday proposed using American cities as training grounds for the armed forces and spoke of needing US military might to combat what he called the “invasion from within.”
Addressing an audience of military brass abruptly summoned to Virginia, Trump outlined a muscular and at times norm-shattering view of the military’s role in domestic affairs. He was joined by Defense Secretary Pete Hegseth, who declared an end to “woke” culture and announced new directives for troops that include “gender-neutral” or “male-level” standards for physical fitness.
The dual messages underscored the Trump administration’s efforts not only to reshape contemporary Pentagon culture but to enlist military resources for the president’s priorities and decidedly domestic purposes, including quelling unrest and violent crime.
“We should use some of these dangerous cities as training grounds for our military,” Trump said. He noted at another point: “We’re under invasion from within. No different than a foreign enemy but more difficult in many ways because they don’t wear uniforms.”
Hegseth called hundreds of military leaders and their top advisers from around the world to the Marine Corps base in Quantico without publicly revealing the reason. His address largely focused on long-used talking points that painted a picture of a military that has been hamstrung by “woke” policies, and he said military leaders should “do the honorable thing and resign” if they don’t like his new approach.
Though meetings between military brass and civilian leaders are nothing new, this gathering had fueled intense speculation about its purpose given the haste with which it was called and the mystery surrounding it. The fact that admirals and generals from conflict zones were summoned for a lecture on race and gender in the military showed the extent to which the country’s culture wars have become a front-and-center agenda item for Hegseth’s Pentagon, even at a time of broad national security concerns across the globe.
‘We will not be politically correct’
Trump is accustomed to boisterous crowds of supporters who laugh at his jokes and applaud his boasting. But he wasn’t getting that kind of soundtrack from the military leaders in attendance.
In keeping with the nonpartisan tradition of the armed services, the military leaders sat mostly stone-faced through Trump’s politicized remarks, a contrast from when rank-and-file soldiers cheered during Trump’s speech at Fort Bragg this summer.
Trump encouraged the audience at the outset of his speech to applaud as they wished. He then added, “If you don’t like what I’m saying, you can leave the room — of course, there goes your rank, there goes your future.” Some in the crowd laughed.
Before Trump took the stage, Hegseth said in his nearly hourlong speech that the military has promoted too many leaders for the wrong reasons, based on race, gender quotas and “historic firsts.”
“The era of politically correct, overly sensitive don’t-hurt-anyone’s-feelings leadership ends right now at every level,” Hegseth said.
That was echoed by Trump: “The purposes of America military is not to protect anyone’s feelings. It’s to protect our republic.″
″We will not be politically correct when it comes to defending American freedom,” Trump said.
Sen. Jack Reed, the top Democrat on the Senate Armed Services Committee, called the meeting “an expensive, dangerous dereliction of leadership” by the Trump administration.
“Even more troubling was Mr. Hegseth’s ultimatum to America’s senior officers: conform to his political worldview or step aside,” Reed said in a statement, calling it a “profoundly dangerous” demand.
Trump’s use of the military on American soil
Trump has already tested the limits of a nearly 150-year-old federal law, the Posse Comitatus Act, that restricts the military’s role in enforcing domestic laws.
He has sent National Guard and active duty Marines to Los Angeles, threatened to do the same to combat crime and illegal immigration in other Democratic-led cities, including Portland and Chicago, and surged troops to the US-Mexico border.
National Guard members are generally exempt from the law since they are under state authority and controlled by governors.
But the law does apply to them when they’re “federalized” and put under the president’s control, as happened in Los Angeles over the Democratic governor’s objections.
Trump said the armed forces also should focus on the Western Hemisphere, boasting about carrying out military strikes on boats in the Caribbean that he says targeted drug traffickers.
Loosening disciplinary rules
Hegseth said he is easing disciplinary rules and weakening hazing protections, focusing on removing many of the guardrails the military had put in place after numerous scandals and investigations.
He also said he was ordering a review of “the department’s definitions of so-called toxic leadership, bullying and hazing to empower leaders to enforce standards without fear of retribution or second guessing.”
He called for changes to “allow leaders with forgivable, earnest or minor infractions to not be encumbered by those infractions in perpetuity.”
“People make honest mistakes, and our mistakes should not define an entire career,” Hegseth said.
Bullying and toxic leadership have been the suspected and confirmed causes behind numerous military suicides over the past several years, including of Brandon Caserta, a young sailor who was bullied into killing himself in 2018.
A Navy investigation found that Caserta’s supervisor’s “noted belligerence, vulgarity and brash leadership was likely a significant contributing factor in (the sailor)’s decision to end his own life.”
Gender-neutral physical standards
Hegseth used the platform to slam environmental policies and transgender troops while talking up a focus on “the warrior ethos.”
The Pentagon has been told from previous administrations that “our diversity is our strength,” Hegseth said, calling that an “insane fallacy.”
Hegseth said the military will ensure “every designated combat arms position returns to the highest male standard.” He has issued directives for gender-neutral physical standards in previous memos, though specific combat, special operations, infantry, armor, pararescue and other jobs already require everyone to meet the same standards regardless of age or gender. The military services were trying to determine next steps and what, if anything, may need to change.
Hegseth said it is not about preventing women from serving.
“But when it comes to any job that requires physical power to perform in combat, those physical standards must be high and gender neutral,” he said. “If women can make it excellent, if not, it is what it is. If that means no women qualify for some combat jobs, so be it. That is not the intent, but it could be the result.”
Sen. Joni Ernst, an Iowa Republican who served in the Iraq War, said Hegseth was “appropriate” in suggesting that women should be expected to meet certain standards for the military.
“I’m not worried about that,” Ernst said. “There should be a same set of standards for combat arms. I think that’s what he probably was referring to.”
But Janessa Goldbeck, who served in the Marines and is now CEO of the Vet Voice Foundation, said Hegseth’s speech was more about “stoking grievance than strengthening the force.”
Hegseth “has a cartoonish, 1980s comic-book idea of toughness he’s never outgrown,” she said. “Instead of focusing on what actually improves force readiness, he continues to waste time and tax-payer dollars on He-Man culture-war theatrics.”
Hegseth’s speech came as the country faces a potential government shutdown this week and as he has taken several unusual and unexplained actions, including ordering cuts to the number of general officers and firings of other top military leaders.


Zelensky warns situation ‘critical’ as nuclear plant off grid for a week

Zelensky warns situation ‘critical’ as nuclear plant off grid for a week
Updated 01 October 2025

Zelensky warns situation ‘critical’ as nuclear plant off grid for a week

Zelensky warns situation ‘critical’ as nuclear plant off grid for a week
  • It is the longest outage at Zaporizhzhia since Russia invaded and seized the nuclear plant, Europe’s largest

KYIV, Ukraine: Ukrainian President Volodymyr Zelensky on Tuesday said the Russian-occupied Zaporizhzhia nuclear plant has been off the grid for seven straight days, warning of the potential threat of a “critical” situation.
He said one of the backup diesel generators used to maintain operations had “malfunctioned” and the blackout posed “a threat to everyone.”
It is the longest outage at Zaporizhzhia since Russia invaded and seized the nuclear plant, Europe’s largest.
“It has been seven days now. There has never been anything like this before,” Zelensky said in his daily address, adding: “The situation is critical.”
Moscow and Kyiv have repeatedly accused each other of risking a potentially devastating nuclear disaster by attacking the site and traded blame over the latest blackout.
“Due to Russian attacks, the plant has been cut off from its power supply and the electricity grid. It is being supplied with electricity from diesel generators,” Zelensky said.
Russia said last week the power plant — which it took control of in the first weeks of the war in 2022 — has been receiving backup power supply since an attack it attributed to Ukraine.
Zelensky accused Moscow of “obstructing the repair” of power lines through airstrikes, saying “this is a threat to absolutely everyone.”
The plant’s six reactors, which before the war produced around a fifth of Ukraine’s electricity, were shut down after Moscow took over.
But the plant needs power to maintain cooling and safety systems, which prevent reactors from melting — a danger that could set off a nuclear incident.
Since the start of the war, Zaporizhzhia has seen multiple safety threats, including frequent nearby shelling, repeated power cuts and staff shortages.
Located near the city of Energodar along the Dnieper river, the power plant is close to the front line.


Trump offers Milei White House visit in pre-election boost

Trump offers Milei White House visit in pre-election boost
Updated 30 September 2025

Trump offers Milei White House visit in pre-election boost

Trump offers Milei White House visit in pre-election boost
  • Meeting will take place two weeks before highly-anticipated mid-term elections in Argentina in October
  • The two leaders held talks last week on the sidelines of the UN General Assembly in New York this month

BUENOS AIRES: US President Donald Trump will host Argentina’s Javier Milei for talks at the White House on October 14, according to the Argentine government, further boosting his ally after the announcement of a multi-billion-dollar US rescue package.
The meeting will take place two weeks before highly-anticipated mid-term elections in Argentina, which could hobble the right-wing Milei’s reform agenda.
Argentina’s government said Tuesday that the meeting, which will be the second in a month between Trump and Milei, will strengthen the “strategic alliance” between Washington and Buenos Aires.
The two leaders held talks last week on the sidelines of the UN General Assembly in New York, after which US Treasury Secretary Scott Bessent announced a $20 program of support to end a run on the Argentine peso.
The announcement of a $20 billion swap line — usually a currency swap between two central banks — helped the peso regain ground against the dollar, the currency in which Argentines save.
The rescue package outlined by Bessent also included the possible purchase of Argentine public debt and a direct credit line from the US Treasury, the amount and details of which remain unknown.
In an interview with A24 television channel on Tuesday, Milei — who was weakened by a stinging defeat in Buenos Aires provincial elections in early September — hailed an “unprecedented” show of support from Trump.
“If Argentina needs the funds, the United States will give us the money to service the debt,” he said, explaining the swap mechanism.
Argentina faces $4 billion in debt repayments in January and $4.5 billion in July 2026.
The serial debt defaulter negotiated a $20 billion loan with the International Monetary Fund in April, on top of the $44 billion it received in 2018 but later renegotiated.