Trump live updates: Just 37% of Americans approve of president’s handling of economy, poll shows
The majority of Americans now fear a recession, even as Donald Trump conceded ultra-high tariffs on China would fall but would not hit zero
The majority of Americans now fear a recession, new polling shows, while more than half agree that Donald Trump's policies would make a comfortable retirement more difficult.
Just 37 percent approved of Trump’s economic handling, a Reuters/Ipsos poll found, as the president conceded that ultra-high tariffs on China would fall but warned they would not hit zero.
In a softening of his stance towards Beijing, Trump said negotiations over a trade deal would “go pretty quickly” and that trade representatives from both countries would be “very nice” in upcoming talks.
However, China stated that the U.S. should cease making threats if it wants a trade deal, accusing America of exerting “extreme pressure” as it tried to reach an agreement.
The Wall Street Journal now reports that the White House is considering slashing China tariffs by as much as half in order to de-escalate tensions with Beijing.
The president also walked back a previous suggestion he could fire Federal Reserve chair Jerome Powell, telling reporters on Tuesday: "I have no intention of firing him. "
Those combined comments buoyed global financial markets on Wednesday, with stocks rising globally.
Bessent: Other countries too reliant on US markets
“Of course, trade is not the only factor in broader global economic imbalances, the persistent over-reliance on the United States for demand is resulting in an ever more unbalanced global economy. Some countries' policies encourage excess savings, which hold back private sector-led growth. Others keep wages artificially depressed, which also suppresses growth. These practices contribute to global dependence on us. Demand to spur growth. They also lead to a global economy that is weaker and more vulnerable than it should be.”
Bessent says China's economic model 'unsustainable' and it knows it need to change
“China in particularly, in particular, is in need of a rebalancing. Recent data shows the Chinese economy tilting even further away from consumption toward manufacturing. China's economic system, with growth driven by manufacturing exports, will continue to create even more serious imbalances with its trading partners if the status quo is allowed to continue.
“China's economic system, with growth driven by manufacturing exports, will continue to create even more serious imbalances with its trading partners if the status quo is allowed to continue. China's current economic model is built on exporting its way out of its economic troubles. It's an unsustainable model that is not only harming China but also the entire world. China needs to change. The country knows it needs to change. Everyone knows it needs to change, and we want to help it change, because we need rebalancing, too.
“China can start by moving its economy away from export of capacity, and towards supporting its own consumers and domestic demand. Such a shift would help with global rebalancing, that the world desperately needs.”
Bessent says more than 100 countries have approached US for trade deals
Treasury Secretary Scott Bessent is speaking at the Institute of International Finance as Washington, D.C., hosts the Spring Meetings of the International Monetary Fund and World Bank.
Says Bessent: “In response to President Trump's tariff announcements, more than 100 countries have approached us wanting to help rebalance global trade. These countries have responded openly and positively to the President's actions to create a more balanced international system. We are engaged in meaningful discussions and look forward to talking with others.”
White House mulls slashing China tariffs to de-escalate trade war tensions, report says
After yesterday’s suggestion by President Donald Trump and his administration that threats against Federal Reserve Chair Jerome Powell were overblown and that tariffs on China would fall, The Wall Street Journal reports that the Trump administration is indeed considering slashing its steep tariffs on Chinese imports.
According to reporting by the paper, tariffs could fall in some cases by more than half.
The move is another bid to de-escalate tensions with Beijing that have roiled global trade and investment, people familiar with the matter told the Journal.
A final determination is yet to be made by the president, the people said, adding that the discussions remain fluid and several options are on the table.
One senior White House official said the China tariffs were likely to come down to between roughly 50 percent and 65 percent.
The administration is also considering a tiered approach similar to the one proposed by the House committee on China late last year: 35 percent levies for items the U.S. deems not a threat to national security, and at least 100 percent for items deemed as strategic to America’s interest, some of the people said.
The bill proposed phasing in those levies over five years.
Here's why Elon Musk is stepping back from DOGE
Elon Musk says he will reduce time with the Department of Government Efficiency beginning next month.
A major reason is to focus on Tesla, which reported disappointing earnings on Tuesday.
The car company’s stock is down roughly 40 percent so far this year, but rose four percent in the after-hours market.
Tesla had been plagued by a series of bad headlines ahead of earnings, with reports of declining sales, customers looking to ditch their cars and the price of used vehicles plummeting.
Trump lashes out at judge in law suit against Perkins Coie
President Donald Trump began his day with a throwback to his four years out of office — by lashing out at a judge in a case in which he is a party.
In a post on Truth Social, Trump called Judge Beryl Howell “a highly biased and unfair disaster” and “an unmitigated train wreck.”
Howell presided over cases brought against January 6 rioters, the defamation trial of Rudy Giuliani, and cases brought against DOGE cuts at the U.S. Institute for Peace and over firings at the National Labor Relations Board.
Trump wrote on Truth Social:
I’m suing the law firm of Perkins Coie for their egregious and unlawful acts, in particular the conduct of a specific member of this firm, only to find out that the Judge assigned to this case is Beryl Howell, an Obama appointment, and a highly biased and unfair disaster. She ruled against me in the past, in a shocking display of sick judicial temperament, on a case that ended up working out very well for me, on appeal. Her ruling was so pathologically bad that it became the “talk of the town.” I could have a 100% perfect case and she would angrily rule against me. It’s called Trump Derangement Syndrome, and she’s got a bad case of it. To put it nicely, Beryl Howell is an unmitigated train wreck. NO JUSTICE!!!
Editorial: Donald Trump is bad for the world economy
The IMF’s downgrade of global growth forecasts, a direct result of U.S. tariffs, will only add to the pressure on U.K. chancellor Rachel Reeves to make the case during her visit to Washington for a fabled U.S.-U.K. free trade agreement.
Watch: Pete Hegseth says fired staff trying to sabotage Trump’s agenda
U.S. Defense Secretary Pete Hegseth lashed out at fired staff for leaks which revealed he had shared details of military strikes on the Houthi group in a second Signal group chat.
China says 'door is wide open' to U.S. for trade talks
China says it is willing to negotiate but it would not bow to pressure from the U.S. over a trade deal.
President Donald Trump and Treasury Secretary Scott Bessent both indicated on Tuesday that the dispute with China would de-escalate.
Trump said he wasn’t “going to play hardball”, but warned the U.S. would “set the deal” if China decided not to make one.
Foreign Ministry spokesman Guo Jiakun said exerting pressure like that was not the way to reach an agreement, according to remarks published by Chinese state media.
"To fight, we will fight to the end; to talk, the door is wide open," he said, according to the China Daily.
"Saying it wants to reach an agreement with the Chinese side while constantly exerting extreme pressure is not the right way to deal with the Chinese side, and it will not work.”
Trump lifted tariffs on Chinese goods to 145 percent earlier this month and Beijing retaliated, lifting duties to 125 percent in an escalating trade war.
Inside the ‘TikTok trade war’ where China is taking Trump’s tariffs to a new battleground
Chinese factories have flooded social media with claims that high-end accessories were, in fact, ‘Made in China’.
Zoë Beaty looks at the truth behind their allegations and examines how Donald Trump’s tariffs could cause the luxury fashion market to unravel at the seams:
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