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Sunday, May 04th

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Asian markets plunge as world reels from Trump tariff announcement

Asian markets plunge

Gold has reached a record high while the yen has strengthened against the dollar and stock markets have slumped after Donald’s Trump’s unexpectedly aggressive tariff announcement. Here’s the latest on the markets courtesy of Reuters:

The high-flying tech sector was pummelled as manufacturing hubs in China and Taiwan faced new tariffs above 30%, bringing the total new levy to an eye-watering 54% on imports from China.

“The US effective tariff rate on all imports look to be the highest level in over a century,” said Citi’s global rates trading strategist, Ben Wiltshire.

Nasdaq futures tumbled 4% and in after-hours trade some $760 billion was wiped from the market value of Magnificent Seven technology leaders. Apple shares, hit hardest as the company makes iPhones in China, were down nearly 7%.

S&P 500 futures fell 3.3%, FTSE futures fell 1.8%, while European futures fell nearly 2%.

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Israeli Strikes Kill Dozens In Gaza As Military Vows To Seize 'Large Areas'

Israel seizes areas; kills many

Israel said Wednesday that it planned to seize large areas of the Gaza Strip and add them to its “security zones” as it launched a wave of strikes that killed more than 40 people, including several women and children, according to Palestinian health officials.

Israel has vowed to escalate the nearly 18-month war with Hamas until the militant group returns dozens of remaining hostages, disarms and leaves the territory. Israel ended a ceasefire in March and has imposed a monthlong halt to all imports of food, fuel and humanitarian aid.

Israeli Defense Minister Israel Katz said in a statement that the offensive is now aimed at “seizing large areas that will be added to the security zones,” without elaborating. Israel controls a buffer zone along Gaza’s entire border and recently ordered the full evacuation of the southern city of Rafah.

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HHS fires entire staff of program that helps low-income people afford heat and air conditioning

liheapThe Department of Health and Human Services (HHS) has fired all of the workers in its program that seeks to help low-income Americans pay their energy bills.

Everyone who had been working on the Low Income Home Energy Assistance Program (LIHEAP) was let go on Tuesday, according to now-former employee Andrew Germain.

“Every single federal staff member that worked on LIHEAP was let go, so there are no federal staff members left to work on the program,” Germain told The Hill.

He said that prior to both probationary cuts and the latest round of firings, there had been about 15 people working on LIHEAP.

The program doles out funds to states, which in turn use the money to help people pay to heat and cool their homes and prevent utilities from shutting off the air or heat.

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Naval Academy removes hundreds of library books in DEI purge

Tim Kaine

The U.S. Naval Academy has removed nearly 400 books that promote diversity, equity and inclusion (DEI) from its library.

A spokesperson for the Navy confirmed to The Hill that the Academy removed the nearly 400 books from the Nimitz Library collection “in order to ensure compliance with all directives outlined in Executive Orders issued by the President.

The library, according to the spokesperson, has roughly 590,000 print books, 322 databases and over 5,000 print journals and magazines.

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Senate rebukes Trump on Canada tariffs, with 4 Republicans joining Democrats

Senate rebukes Trump tariffFifty-one senators, including four Republicans, voted on Wednesday to end President Donald Trump's tariff on Canadian goods in a bipartisan rebuke of the administration's trade policy.

It comes just hours after Trump implemented 10% across-the-board tariffs on imports and additional reciprocal tariffs on goods from 60 countries, a significant escalation in the global trade war. The vote marks the first substantive bipartisan pushback to Trump's policies since he took office just over two months ago.

The resolution put forward by Sen. Tim Kaine, D-Va., would end an emergency order Trump declared in February over concerns about fentanyl crossing the northern border with Canada. That order has been used as the basis for 25% tariffs on Canadian goods.

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Lawsuit against Musk accuses him of not paying canvassers during 2024 presidential election

Elon MuskA Pennsylvania man is suing billionaire Elon Musk and his America PAC as part of a lawsuit that claims canvassers are still owed millions of dollars for getting people to sign petitions during last year's presidential election.

According to court records obtained by USA TODAY, the federal lawsuit seeking class-action status was filed on Tuesday in Pennsylvania by a man who was not identified for safety reasons. The suit alleges that Musk and the America PAC owe upwards of $5 million to about 100 people.

In the lawsuit, the man says he and other registered voters were promised $100 if they signed a petition supporting free speech and gun rights. The voters were then promised another $100 for every person they got to sign the petition, according to the court document.

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Supreme Court sides against makers of flavored vapes that are popular with teenagers

flavored vapesThe Supreme Court on Wednesday unanimously overturned a lower court’s decision that the Food and Drug Administration incorrectly blocked companies from selling fruit- and candy-flavored vaping products.

The court rejected the conclusion that the FDA changed the rules on the companies as it was evaluating the companies’ marketing requests.

Justice Samuel Alito wrote that the court "cannot say that the FDA improperly changed its position."

But the decision did not resolve the companies' complaint that the FDA also didn't consider its proposals to keep its products out of the hands of minors. The court directed the New Orleans-based 5th U.S. Circuit Court of Appeals to reconsider that aspect of the case under a different legal standard.

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At least 322 children killed since Israel's new Gaza offensive, Unicef says

300+ children killed since cease fire

The United Nations agency for children says that at least 322 children are reported to have been killed since Israel launched a renewed offensive in Gaza two weeks ago.

Unicef said at least 609 other children were reportedly wounded during the same period.

"The ceasefire in Gaza provided a desperately needed lifeline for Gaza's children and hope for a path to recovery," said Unicef Executive Director Catherine Russell. "But children have again been plunged into a cycle of deadly violence and deprivation."

Israel launched its renewed Gaza offensive on 18 March, blaming Hamas for rejecting a new US proposal to extend the ceasefire and free the 59 hostages still held captive in Gaza.

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Watch: Iceland volcano spews lava and smoke after erupting

Iceland volcanoTourists and residents of a town in south-west Iceland have been evacuated after a volcanic eruption.

The volcano is close to the fishing town of Grindavik and the famous Blue Lagoon spa, which is a popular attraction. A small number of people refused to evacuate the town, local media reported.

The volcano has been spewing lava and smoke in a fiery display of orange and red since Tuesday morning, creating a huge crack in the ground which has grown to 1.2km (0.75 miles) long.

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