Trump triggers financial ‘Armageddon’ warning as he blitzes world with tariffs: Live

Jon Michael Raasch, Political Reporter for DailyMail.com

The top Democratic senator on the Senate Financial Committee, Ron Wyden, hammered Trump’s tariff plan Wednesday.

The Oregon Democrat said the tariffs are a ‘tax on almost everything families buy.’

‘American families need relief from rising prices and stagnant growth, but instead, Donald Trump—with buy-in from Congressional Republicans—is administering economic poison to our economy,’ he said.

Jon Michael Raasch, Political Reporter for DailyMail.com

Democratic Sen. Amy Klobuchar ripped President Donald Trump’s tariff policies unveiled today at the White House.

During a speech on the Senate floor, Klobuchar noted how markets are already plummeting.

‘Well, the stock market’s closed, but the futures are tanking.’

Jon Michael Raasch, Political Reporter for DailyMail.com

Democrats are slamming President Donald Trump after he announced a sweeping batch of new tariffs that they believe could upend the U.S. economy.

‘My fellow Americans, this is liberation day,’ Trump said at the Rose Garden event Wednesday afternoon. It was the first outdoor event he has held in the patch of grass outside of the Oval Office this year.

‘April 2, 2025, will forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed, and the day that we began to make America wealthy again,’ he continued.

Trump then went on to say that all countries trying to bring goods into the U.S. will pay at least 10 percent on imports. Individual tariff rates will also be implemented on specific countries, he said.

Cambodia will be forced to pay a 49 percent tariff while Sri Lanka will be mandated to pay a 44 percent tariff, according to a sign printed out by the White House.

By Geoff Earle, Deputy U.S. Political Editor

Some of the countries topping the list of countries the White House calls ‘worst offenders’ by selling more to the U.S. than they buy are strategic allies that Republican and Democratic administrations have cultivated to counter China’s influence.

Among them is Vietnam, a country that Trump visited twice during his first term, as the administration sought to pressure North Korea and send a message to push back against China’s moves toward territorial expansion.

‘We want strong partners, not weak neighbors,’ Trump said in 2017. He said Vietnam ‘has truly become one of the great miracles of the world, and it’s very impressive.’

Vietnam will get a 46% ‘reciprocal tariff’ under the new policy Trump announced. Japan, a key economic ally who has backed U.S. politics in Asia, Europe and the Middle East, gets a 24 percent tariff. The numbers are meant to counter how the administrations foreign tariffs and ‘non-tariff barriers’ on U.S. products.

Taiwan, which must guard against a possible Chinese invasion, gets a 32 percent tariff, while South Korea, a key regional aly and chip and auto powerhouse gets 25%. Cambodia, which runs a large trade imbalance with U.S. and which earned a visit from President Joe Biden during his term, gets the largest hit, at 49%.

‘The reason why Cambodia sells us anything at all is because China has turned Cambodia into the most important trans-shipment hub that Communist China uses to evade our tariffs, and so that’s got to stop,’ a senior administration official told reporters before Trump’s remarks. Trump blasted the Trans Pacific Partnership, an agreement he ripped up during his first term, during his White House remarks Wednesday.

China itself gets a 34 percent tariff.

Jon Michael Raasch, Political Reporter for DailyMail.com

Republicans are unsure of DOGE leader Elon Musk’s fate as a White House staffer after a bombshell report indicated that the world’s richest man may soon step down from his post.

President Donald Trump informed his Cabinet and senior staff that the billionaire would be stepping back from his high-visibility role atop the government reform group.

Soon the Tesla CEO will return to the business world, Politico first reported.

Despite Press Secretary Karoline Leavitt calling the report ‘garbage’ and noting that the plan was always for Elon to ‘depart from public service’ after his ‘incredible work at DOGE is complete,’ GOP lawmakers were seemingly confused by the news.

‘Yeah, I don’t know that he’s going to leave totally,’ House Republican Conference Chairwoman Lisa McClain, R-Mich., told DailyMail.com.

Senate Minority Whip Dick Durbin slammed President Trump’s announced tariffs, warning the move will raise prices for Americans and hurt the economy.

‘The President is risking a recession with this national sales tax he calls tariffs—while needlessly alienating our closest allies,’ the Illinois Democrat said in a statement.

‘When American families see what this does to the price of goods, such as cars, groceries, and gas, it is going to create a negative economic force across this country and cost a lot of American jobs,’ he continued.

The U.S. stock market took a massive plunge as President Trump announced his tariffs.

The Dow futures dropped more than 250 points. The S&P 500 was down nearly 100 points. The Nasdaq futures were down more than 400 points.

Nikki Schwab, Chief Campaign Correspondent at the White House

White House aides handed out paper copies of President Donald Trump’s reciprocal tariff rates to reporters stationed at the back of the president’s Rose Garden speech.

The eight-page handout listed the tariffs to be charged to every country in the world.

Trump dramatically labeled the tariff announcement ‘Liberation Day’ and held his first Rose Garden event in his second term to mark the occasion.

He invited a number of American workers – complete with hard hats – to be on hand for the event.

The United States Marine Band played for the crowd before the president came onstage.

The hardest-hit country is Lesotho, which was slapped with a whopping 50% tariff.

Meanwhile, the UK got off relatively easy at 10% and the European Union at 20%. China got hit with a 34% tariff.

• China – 34%
• European Union – 20%
• Vietnam – 46%
• Taiwan – 32%
• Japan – 24%
• India – 26%
• South Korea – 25%
• Thailand – 36%
• Switzerland – 31%
• United Kingdom – 10%
• Indonesia – 32%
• Cambodia – 49%
• Israel – 17%
• Lesthoso – 50%

Read the full list of all reciprocal tariffs below:

President Donald Trump made good on his campaign promise to implement sweeping new tariffs during a Wednesday afternoon event in the White House Rose Garden.

‘In a few moments, I will sign a historic executive order instituting reciprocal tariffs on countries throughout the world,’ Trump teased.

Trump was surrounded by Vice President J.D. Vance, House Speaker Mike Johnson, Cabinet members and workers in hard hits to usher in his so-called ‘Make America Wealthy Again’ policies.

‘My fellow American, this is liberation day, we’ve been waiting for a long time,’ Trump said.

The Senate Budget Committee today unveiled its blueprint to move forward with passing President Trump’s agenda in one big bill.

Committee Chair Lindsey Graham said an amendment added reconciliation instructions for Senate committees, made adjustments to allow Trump’s tax cuts to be made permanent and more.

It includes accounting gimmick known as current policy baseline that makes it appear that the extension of tax cuts cost nothing.

‘As Budget Chairman, under section 312 of the Congressional Budget Act, I have the authority to determine baseline numbers for spending and revenue. Under that authority, I have determined that current policy will be the budget baseline regarding taxation,’ Graham said.

At the same time, the Senate resolution includes a $5 trillion hike to the debt ceiling which would get Republicans through the midterms.

GOP members of the Senate Budget Committee met with Trump at the White House on Wednesday. Afterward, Graham said the president was fully behind the plan.

The text of the plan comes as Senate Majority Leader John Thune wants to adopt the budget resolution this week.

The Senate Budget Committee today unveiled its blueprint to move forward with passing President Trump’s agenda in one big bill.

Committee Chair Lindsey Graham said an amendment added reconciliation instructions for Senate committees, made adjustments to allow Trump’s tax cuts to be made permanent and more.

It includes accounting gimmick known as current policy baseline that makes it appear that the extension of tax cuts cost nothing.

‘As Budget Chairman, under section 312 of the Congressional Budget Act, I have the authority to determine baseline numbers for spending and revenue. Under that authority, I have determined that current policy will be the budget baseline regarding taxation,’ Graham said.

At the same time, the Senate resolution includes a $5 trillion hike to the debt ceiling which would get Republicans through the midterms.

GOP members of the Senate Budget Committee met with Trump at the White House on Wednesday. Afterward, Graham…