{"id":133235,"date":"2025-04-10T23:07:09","date_gmt":"2025-04-10T23:07:09","guid":{"rendered":"https:\/\/quixnet.net\/wpinstance\/trump-live-updates-us-stocks-plunge-day-after-historic-surge-in-response-to-presidents-90-day-tariffs-pause-the-independent\/"},"modified":"2025-04-10T23:07:09","modified_gmt":"2025-04-10T23:07:09","slug":"trump-live-updates-us-stocks-plunge-day-after-historic-surge-in-response-to-presidents-90-day-tariffs-pause-the-independent","status":"publish","type":"post","link":"https:\/\/quixnet.net\/wpinstance\/trump-live-updates-us-stocks-plunge-day-after-historic-surge-in-response-to-presidents-90-day-tariffs-pause-the-independent\/","title":{"rendered":"Trump live updates: US stocks plunge day after historic surge in response to president\u2019s 90-day tariffs pause – The Independent"},"content":{"rendered":"

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S&P 500 closed down 3.45%, cutting into 9.5% surge that came on Wednesday after president paused many of his global tariffs
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
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U.S. stocks plunged on Thursday, giving up more than half of their historic gains from the previous day as President Donald Trump<\/a>\u2019s trade war<\/a> continues to cause confusion.
The S&P 500<\/a> had lost 5% in midday trading, ending that day down 3.45%, cutting into the 9.5% surge that came on Wednesday after the president paused many of his global tariffs<\/a>.
The Dow Jones Industrial Average<\/a> ended the day down 2.54%. and the Nasdaq composite<\/a> fell 4.31%.
UBS<\/a> strategist Bhanu Baweja wrote in a report that Trump had blinked, \u201cbut the damage isn\u2019t all undone.\u201d<\/a>
This comes after the president urged the world to \u201cbe cool\u201d on Wednesday as his sweeping import taxes took effect, crashing global markets and sending shockwaves through the U.S. economy<\/a>.
Minutes after trading began on Wall Street<\/a>, he declared: \u201cTHIS IS A GREAT TIME TO BUY!!!\u201d
But hours later, the president performed an extraordinary U-turn<\/a>, pausing and reducing tariffs<\/a> on most nations for 90 days while increasing levies on imports from China<\/a>.
Markets surged,<\/a> and social <\/a>media exploded with accusations that the president had orchestrated a reverse \u201cpump and dump\u201d scheme with allegations of insider trading<\/a> and market manipulation floated.
A top Centers for Disease Control and Prevention official told staff this week to start planning for the agency’s splintering.
Several parts of CDC<\/a> \u2014 mostly those devoted to health threats that aren’t infectious \u2014 are being spun off into the soon-to-be-created Administration for a Healthy America, the agency official told senior leaders in calls and meetings.
The directive came from Dr. Debra Houry, the agency\u2019s chief medical officer, according to three CDC officials who were in attendance. They declined to be identified because they weren’t authorized to talk about the plans and fear being fired if they were identified.
Read more:
The Supreme Court says that the Trump administration must facilitate the return to the U.S. of Kilmar Abrego Garcia, the Maryland man wrongly deported to El Salvador and incarcerated.
Full story to come…<\/em>
Mike Bedigan <\/em><\/strong>reports.<\/em>
Trump\u2019s sudden announcement Wednesday that he was temporarily pausing his tariff plan<\/a> caught the world \u2013 as well as most of his allies and administration \u2013 by surprise.
The announcement has given foreign leaders some relief, with a new deadline of July 8 now fixed so that trade deals<\/a> with affected countries and the U.S. can be negotiated. It follows days of chaos in the global markets<\/a>, with stocks on such a roller coaster that even billionaire business owners were getting the jitters.
Here\u2019s what you need to know about what\u2019s going on:
Alex Woodward <\/em><\/strong>reports: <\/em>
Supreme Court Chief Justice John Roberts is denying Kilmar Abrego Garcia\u2019s request to reply to the government\u2019s latest filing in his case, after the Trump administration raised two new pieces of evidence.
In making their argument to stop the court from ordering Trump to return the wrongly deported Maryland father who is sitting in El Salvador\u2019s mega prison, government attorneys claimed they have \u201cbeen informed\u201d that El Salvador has its \u201cown legal rationales for detaining members of criminal associations and foreign terrorist groups like MS-13.\u201d
The government contends that Abrego Garcia is a member of the transnational gang, based on spurious evidence, and which his attorneys and family have flatly rejected.
The government also stated that a Justice Department\u2019s lawyer\u2019s recent arguments in court \u201cdo not reflect the position of the United States.\u201d That official was placed on leave after insufficiently defending the administration.
But, in a single-line entry on the docket, Roberts won\u2019t allow Abrego Garcia\u2019s team to respond to those claims in a new filing. It\u2019s not typical for the court to grant permission for what\u2019s called a \u201csur reply,\u201d but Roberts\u2019s brief entry is the first time the public has heard from the court since it allowed Trump to keep Abrego Garcia imprisoned while they consider next steps.
The court could rule at any time on whether Trump must bring him back to the United States.
Simon Walters writes:<\/em>
When, in 1974, President Richard Nixon<\/a> was forced to resign after lying about a break-in involving planting listening devices at his Democrat rivals\u2019 Watergate Hotel HQ during his re-election campaign, it became the biggest scandal<\/a> in political history. Now, Donald Trump<\/a> has found himself in the middle of a political storm that could prove as damaging: Tariffgate.
As markets opened on Wednesday, Trump posted on his TruthSocial platform: \u201cTHIS IS A GREAT TIME TO BUY!!!\u201d Hours later, he issued an abrupt U-turn on the reciprocal tariffs<\/a> he announced on his \u201cLiberation Day<\/a>\u201d at the start of the month, declaring a \u201c90-day pause\u201d on tariffs<\/a> for all countries except China.
Read more:
A federal judge on Thursday said she will halt the Trump administration from ending a program that allowed hundreds of thousands of Cubans, Haitians, Nicaraguans and Venezuelans to temporarily live in the United States<\/a>.
Read on…<\/em>
He blinked. Not since the Cuban Missile Crisis in 1962 has an American president engaged in such a high-risk, high-stakes game of chicken with the future of his nation and the world.
In that lost age of American leadership, John F Kennedy<\/a> faced down the Russians \u2013 and won. This week, Donald J Trump<\/a> tried to face down China, the European Union and, most foolhardy of all, the capital markets<\/a>. He lost.
Trump may or may not have thought himself playing some grandiose global poker match \u2013 but, in any case, he folded<\/a>. He is left with what remains of his credibility in shreds<\/a>, an unwelcome reputation as being even more unpredictable than previously assumed (a perversely awesome achievement), and the two largest economies in the world<\/a> remain locked in something even worse than a trade war<\/a>.
Read more:
A group of 77 Democrats has called on the White House to commit to a May 30 deadline for Elon Musk to finish in his unprecedented role inside the government, arguing the DOGE billionaire must step down by then under federal law.
In a letter to the president, led by Rep. Greg Casar of Texas, the lawmakers alleged that Musk had used his position as a so-called \u201cspecial government employee\u201d to enrich himself while slashing billions from the federal government and impacting key services.
Josh Marcus <\/strong>reports.
It\u2019s a good question and CNN\u2019s Kasie Hunt put it to Trump White House trade adviser Peter Navarro, who appears to have taken over from Howard Lutnick as the administration official never not on TV.
Watch below:
And over on Fox News, Jesse Watters reiterates the point that Trump has to do this fast if he\u2019s going to do it at all \u2014\u00a0the president is up against the clock.
Alex Woodward<\/strong> reports on how lawmakers are calling for an investigation into whether members of the government engaged in insider trading.
Join thought-provoking conversations, follow other Independent readers and see their replies
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