Trump savages Fed Chair Jerome Powell over dire warning tariffs will turbocharge inflation: Live updates

President Donald Trump urged the chairman of the Federal Reserve Jerome Powell to cut interest rates to help boost the economy, as stocks fell for a second day after he leveled significant tariffs on foreign imports.

Trump wrote the following on Truth Social:

This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates. He is always “late,” but he could now change his image, and quickly. Energy prices are down, Interest Rates are down, Inflation is down, even Eggs are down 69%, and Jobs are UP, all within two months – A BIG WIN for America. CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!

Trump’s spokesperson Karoline Leavitt issued a firery response to the backlash to the president’s tariffs:

To anyone on Wall Street this morning, I would say trust in President Trump. This is a president who is doubling down on his proven economic formula from his first term… this is indeed a national emergency… and it’s about time we have a president who actually does something about it.

By Emily Goodin, senior White House correspondent in West Palm Beach, Fla.

Federal Reserve Chairman Jerome Powell said President Donald Trump’s massive new tariffs will likely lead to higher inflation and slower economic growth.

He said the Federal Reserve will focus on keeping price increases temporary.

‘We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation,’ he said. ‘While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent.’

‘It is now becoming clear that the tariff increases will be significantly larger than expected,’ Powell continued. ‘The same is likely to be true of the economic effects, which will include higher inflation and slower growth.’

Powell’s comments came just after a social media post from Trump calling on the chairman to lower interest rates.

Powell´s focus on inflation suggests the Fed will likely keep its benchmark interest rate unchanged at about 4.3% in the coming months.

Jon Michael Raasch, Political Reporter for DailyMail.com

Progressive ‘Squad’ leader Rep. Alexandria Ocasio-Cortez has just received amazing news should she plan on running for the U.S. Senate.

A shocking new poll has just found that the young progressive icon has loads more support among likely Democratic voters in New York than longtime Senate Minority Leader Chuck Schumer.

Schumer, 74, has been sinking in popularity among Democrats since joining forces with Republicans to vote for a funding measure earlier this year.

Had Schumer and some Democrats not backed the bill the government almost certainly would’ve shut down, leading to a new batch of headaches for the lawmaker who has served New York in the Senate since 1999.

But many Democrats, mainly progressives like AOC, called on Schumer to play hardball with the GOP.

President Donald Trump is weighing a plan to save Tiktok as the popular social media app faces a Saturday deadline to be sold to an American company or face shutdown in the United States.

The president is considering a deal that would allow China’s ByteDance to keep control of its algorithm, which would be leased to a U.S. company where ByteDance has a minority stake, according to ABC News.

The algorithm is what makes TikTok so addictive but the app remains a source of national security concerns over Chinese ownership.

President Donald Trump said he is not looking at his 401K as the stock market drops for the second day in a row.

The president spoke about his 401K on Thursday on Air Force One after DailyMail.com’s Emily Goodin asked whether he was keeping an eye on it.

President Donald Trump’s tariffs have disrupted pre-orders for Nintendo’s much-anticipated Switch 2.

“Pre-orders for Nintendo Switch 2 in the U.S. will not start April 9, 2025 in order to assess the potential impact of tariffs and evolving market conditions,’ Nintendo said in a statement to GameSpot news.

‘Nintendo will update timing at a later date. The launch date of June 5, 2025 is unchanged,’ the statement concluded.

The Switch 2 was announced prior to Trump’s heightened tariffs with the announced price of $450.

Oil prices plunged by 8 percent on Friday, heading for the lowest close since the coronavirus pandemic in 2021.

Brent futures fell 7.6 percent to $64.84 a barrel, U.S. West Texas Intermediate crude futures lost $5.47, or 8.2 percent to $61.48, according to CNBC.com.

The dramatic drop in price of oil is partially the result of a decision by the OPEC+ nations to advance increased production with the goal of 411,000 barrels per day in production by May.

By Nikki Schwab, Chief Campaign Correspondent

First lady Melania Trump’s office announced Thursday afternoon that the White House was rescheduling the spring garden tours – by a day – due to planned protests on the National Mall.

‘This decision has been made out of an abundance of caution and to ensure the safety of all within proximity to public demonstrations planned near the White House,’ a release said.

Tours that were originally scheduled for Saturday will now be held Sunday, April 6. Ticket-holders for Sunday were told to stick to their original assigned time of entry.

Guests will tour the White House Rose Garden, former first lady Michelle Obama’s Kitchen Garden and other plantings on the South Lawn.

A series of Hands Off! rallies are being planned Saturday to push back on the policies of President Donald Trump and DOGE’s Elon Musk.

The dollar on Thursday fell 1.7 percent in its biggest daily drop since November 2022.

It came after President Donald Trump imposed tariffs on imports at levels not seen since the early 1900s.

The dollar is normally a haven for investors in times of market turmoil.

Thierry Wizman, global foreign exchange and rates strategist at Macquarie in New York, said:

What we’re seeing today is a further indication that the structure and nature of the U.S. dollar’s relationship to global markets has changed.

By Emily Goodin, senior White House correspondent in West Palm Beach, Fla.

The remains of the four American soldiers who were found dead after a scheduled training exercise Lithuania arrive at Dover Air Force Base later today for a dignified transfer.

Lithuanian President Gitanas Nausėda and other leaders paid tribute to the soldiers as the vehicles carrying their remains transit drove through Vilnius.

The soldiers were all based with the Army’s 3rd Infantry Division at Fort Stewart, Georgia.

Their bodies were found submerged in about 15 feet of water and mud in a training area after their military vehicle went into a swamp.

Wall Street appears on track for another day of crushing losses,

Major U.S. indexes plunged sharply before Friday’s opening bell, then doubled their losses after China matched Trump’s tariffs.

Futures for the S&P 500 fell 3.6 percent before the bell, while futures for the Dow Jones Industrial Average shed 3.4 percent. Nasdaq futures tumbled 4 percent. That follows Thursday’s wipeout, Wall Street’s worst day in five years.

However, Trump may be heartened that markets in Europe were having an even rougher time.

By midday Friday local time, Germany’s DAX had lost 5 percent, the CAC 40 in Paris slipped 4.2 percent and the U.K.’s FTSE 100 gave up 3.8 percent.

NATO chief Mark Rutte insisted Friday that President Donald Trump has not undermined the alliance’s Article Five collective defense pledge.

Trump has rattled allies by threatening to only defend those he thinks are spending enough on defense as he pushes them to ramp up their military budgets.

Article Five, he has not undercut. He has committed to NATO, he has committed to Article Five.

The agenda is not for the US to leave NATO or to leave Europe, the US is here. They will pivot more towards Asia, so that might, over time, mean that they have to rebalance. But there is now and there will remain in Europe a nuclear and also a conventional presence of the United States.

By Emily Goodin, senior White House correspondent in West Palm Beach, Fla.

President Donald Trump arrived at his golf course in West Palm Beach on Friday morning, pulling into his private club shortly after the stock market opened.

The Dow fell over 1,000 points while the S&P dropped 500 in the wake of new tariff policies that Trump announced on Wednesday.

The president, however, kept his focus on the job numbers, which were better than expected. He’s urged the country to hang tough, arguing the market will straighten out.

‘GREAT JOB NUMBERS, FAR BETTER THAN EXPECTED. IT’S ALREADY WORKING. HANG TOUGH, WE CAN’T LOSE!!,’ he wrote on Truth Social.

President Donald Trump fired back at China on Friday, claiming they reacted poorly to the sudden tariffs leveled by the United States.

Jon Michael Raasch, Political Reporter for DailyMail.com

As the U.S. stock market reels from Donald Trump’s tariff announcement, former House Speaker Nancy Pelosi has slipped down the ranks of Congress’s wealthiest members.

Pelosi, 85, has consistently ranked as one of the wealthiest lawmakers on Capitol Hill over recent years.

Her federally mandated financial disclosures often give insights into her personal holdings, though she claims the trades are handled by her spouse.

Over the last decade the California Democrat and her husband Paul Pelosi, an extraordinarily successful venture capitalist, have doubled their net worth, according to estimates from political money tracker Quiver Quantitative.

According to data compiled by Quiver’s Pelosi tracker, including congressional asset filings, Pelosi’s net worth has more than doubled in the past decade from $123 million in 2014 to hitting an estimated $270 million earlier this year.

Beijing announced the measure today, the most serious escalation in a trade war with Trump that has fed fears of a recession and triggered a global stock market rout.

President Trump brandished a sample of his new $5 million gold card that lets foreigners buy their way towards citizenship – with a familiar face slapped on it.

Fears of a global recession triggered by Donald Trump’s trade war are mounting today

China hit back by mirroring America’s 34 percent charges on its exports, in a grim sign of escalation.