Here’s your morning news rundown—but first, a quick thank you. If you believe in this kind of journalism, please consider subscribing or becoming a supporter. Today is going to be a very busy news day, so you will likely get several updates in real time. Our next paid subscriber Q&A will be tonight around 9 PM EST!

Subscribe

Now, let’s get into the news.

  • BEIJING (AP) — Starting April 10, China will increase its retaliatory tariff on U.S. goods from 34% to 84%.
  • Yields on 10-year and 30-year U.S. Treasury bonds surged overnight, a move that likely points to rising mortgage rates ahead.
  • Tensions ran high in a closed-door meeting as Rep. Greg Steube confronted Speaker Johnson over the Senate budget, reportedly shouting, “I rebuke you in the name of Jesus,” according to NOTUS.
  • “We’ll be announcing a major tariff on pharmaceuticals very soon,” Trump said, adding that the move is aimed at bringing drug manufacturing back to the U.S.
  • Former Treasury Secretary Larry Summers warns that the U.S. is likely on track for a recession, with a potential loss of 2 million jobs, according to Bloomberg.
  • Beijing has slammed Vance as "ignorant" following his comment referring to "Chinese peasants."
  • The EU has imposed tariffs on €21 billion worth of U.S. goods in response to a dispute over metals.
  • Futures are deep in the red:S&P 500 is down 1.64%Nasdaq 100 is down 1.36%Dow is down 2%
  • S&P 500 is down 1.64%
  • Nasdaq 100 is down 1.36%
  • Dow is down 2%
  • U.S. Treasury Secretary Bessent says Wall Street has enjoyed four decades of growing wealth — now, it’s Main Street’s turn for the next four years.
  • Donald Trump says now is the perfect time to relocate your company to the United States.
    • Image
  • According to the BBC, the U.S. has imposed reciprocal tariffs on nearly every country in the world—except North Korea and Russia.Here are a few examples from the full list:China – 104% tariffsLesotho – 50%Cambodia – 49%Laos – 48%Madagascar – 47%Vietnam – 46%
  • China – 104% tariffs
  • Lesotho – 50%
  • Cambodia – 49%
  • Laos – 48%
  • Madagascar – 47%
  • Vietnam – 46%
  • Judge McFadden has approved the AP's request to block the White House's ban, restoring their access to the Oval Office and East Room.

    • The Parnas Perspective is a reader-supported publication. To receive new posts and support my work, consider becoming a paid subscriber.

    Subscribe

  • Trump’s Department of Homeland Security has now told migrants who entered the U.S. under the Biden-era CBP One app program that they must leave the country “immediately.” Since January 2023, over 900,000 people were allowed entry through the CBP One app.

    • See you this evening.

    — Aaron