Monday, April 21 | By Jonathan Easley |
Stocks slide as Trump attacks Fed's Powell
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A STOCK MARKET SELLOFF intensified Monday as President Trump lashed out at Federal Reserve chairman Jerome Powell, with fallout from the trade war spreading across industries. The S&P 500 fell more than 2 percent Monday and is down more than 12 percent so far this year. Trump cast blame on Powell for refusing to cut interest rates further, calling him a "a major loser" and accusing him of cutting rates last year in an effort to boost former President Biden and former Vice President Kamala Harris in the 2024 election. Powell says he's been hesitant to cut interest rates further out of fears of an inflation spike due to Trump's global tariffs. "There is virtually No Inflation," Trump posted on Truth Social at 9:41 a.m. ET Monday, minutes after markets opened. "With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW. Europe has already 'lowered' seven times. Powell has always been 'To Late,' except when it came to the Election period when he lowered in order to help Sleepy Joe Biden, later Kamala, get elected. How did that work out." Kevin Hassett, the director of the National Economic Council, said last week that the White House is exploring how to fire Powell, despite the legal guardrails on his position meant to shield him from political interference. |
COMPANIES FLASH WARNING SIGNS |
Several companies on Monday announced layoffs or halted shipments due to uncertainty in the markets around the trade wars. Hundreds of workers will be laid off at Mack and Volvo plants in Pennsylvania and Maryland. "Heavy-duty truck orders continue to be negatively affected by market uncertainty about freight rates and demand, possible regulatory changes, and the impact of tariffs," a spokesperson for Volvo told abc27 News. "We regret having to take this action, but we need to align production with reduced demand for our vehicles." Ford halted shipments of SUVs, trucks and sports cars to China. The courier firm DHL suspended global shipments with a declared value of $800 or more due to changes in U.S. customs regulations. |
China on Monday warned countries not to engage in new trade deals with the U.S. that would hurt Beijing. "China firmly opposes any party reaching a deal at the expense of China's interests," China's Commerce Ministry said in a statement. "If this happens, China will never accept it and will resolutely take countermeasures in a reciprocal manner. China is determined and capable of safeguarding its own rights and interests." Also on Monday, China announced it would sanction U.S. officials and lawmakers it says have "performed poorly" on issues pertaining to Hong Kong. In March, the U.S. sanctioned a half dozen Chinese and Hong Kong officials it alleged to be involved in repressing Hong Kong's autonomy. |
President Trump raked in more than $239 million for his inauguration, more than doubling his own record, The New York Times reports.
Homeland Security Secretary Kristi Noem's purse, containing $3,000 in cash and her DHS access badge, was stolen at a restaurant in downtown Washington. The Federal Trade Commission filed a lawsuit against Uber on Monday, accusing the ride-sharing and delivery company of charging users for its optional subscription service without permission and making it hard to cancel.
The Hill's Niall Stanage counts down the top 10 Democratic presidential contenders for 2028.
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© Associated Press/Salvador Melendez |
The battle over President Trump's efforts to deport illegal immigrants is raging in Washington and beyond. Four House Democrats arrived in El Salvador on Monday to push for the return of Kilmar Abrego Garcia, the Salvadoran national who had been living in Maryland with his wife and children at the time of his deportation to the notorious CECOT prison. The trip by Reps. Robert Garcia (Calif.), Maxwell Frost (Fla.), Yassamin Ansari (Ariz.) and Maxine Dexter (Ore.) follows Sen. Chris Van Hollen's (D-Md.) meeting with Abrego Garcia last week. Upon his return Friday, Van Hollen recounted his tearful exchange with Abrego Garcia while saying he'd been moved to another prison with better conditions. The legal circumstances surrounding Abrego Garcia are murky, with the Trump administration insisting he's in the gang MS-13, which Abrego Garcia's lawyers deny. However, the Trump administration has conceded that an "administrative error" led to Abrego Garcia's deportation to El Salvador after an immigration judge said he must not be sent back to his home country over safety concerns. The Trump administration has been accused of being sloppy in selecting its targets for arrest and deportation, with critics accusing them of relying on tattoo symbols and clothing to make their allegations of gang affiliation. Trump's border czar Tom Homan said over the weekend that there's a lower bar for due process when deporting illegal immigrants under the Alien Enemies Act. "There's a different process under Alien Enemies Act, less of a process than you see through Title 8," he said on ABC's "This Week," referencing immigration authorities. But Homan argued no one is being targeted solely based on their tattoos. "It's based on a lot of other things, but tattoo is one of many," he said. "But no one's removed just because of a tattoo." |
COURT BATTLES INTENSIFY... |
Early Saturday morning, around 1 a.m., the Supreme Court put a temporary halt on the administration's ability to use the Alien Enemies Act to swiftly deport migrants to El Salvador. The emergency order was put in place to give the high court time to consider the American Civil Liberties Union's (ACLU) emergency appeal. Conservative Justices Clarence Thomas and Samuel Alito dissented. "We had no good reason to think that, under the circumstances, issuing an order at midnight was necessary or appropriate," Alito wrote. NBC reports that a bus full of Venezuelan migrants being detained in Texas was headed for an airport but abruptly turned around to comply with the Supreme Court's order. The Hill's Zach Schonfeld reports: "Trump's supporters responded to the ruling with fury, with some calling for the administration to ignore the emergency decision." Meanwhile, a federal appeals court panel temporarily halted U.S. District Judge James Boasberg's contempt proceeding against the Trump administration over its deportation flights to El Salvador last month. Boasberg said he found probable cause for contempt, calling the government's refusal to turn around the March 15 deportation flights "a willful disregard" of his order. The appeals court did not rule on the merits of the motion for contempt but it paused the investigation to give "sufficient opportunity" for the government to respond. Democrats are furious, believing the Trump administration is ignoring court orders. Van Hollen was asked over the weekend by NBC's Kristen Welker if he thinks "the country is currently in a constitutional crisis." "Oh, yes, we are," Van Hollen responded. "[They are] very much flouting the courts as we speak." Republicans are largely standing behind Trump, accusing the media of distorting the facts and Democrats of prioritizing the well-being of noncitizens. Still, some Republicans are questioning Trump's recent musings about deporting U.S. citizens convicted of violent crimes to foreign prisons. "We shouldn't send prisoners to foreign countries in my judgment," Sen. John Kennedy (R-La.) told Welker on Sunday. |
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💡Perspectives: • The Hill: 'Maryland man' costs the media its credibility. • The Washington Post: Trump claims unfettered presidential power. • The Free Press: Is Trump breaking the law? • The Hill: Trump's overreach risks a constitutional crisis. • The Hill: These Republicans betrayed the rule of law. |
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The federal student loan system is a magnet for fraud, waste and abuse. Protecting borrower defense protects students and taxpayers. Stand up for borrower defense. |
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Roundup: Trump defends Hegseth; Pope Francis mourned
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President Trump "stands strongly" behind Defense Secretary Pete Hegseth amid the latest controversies to engulf the Pentagon chief, according to White House press secretary Karoline Leavitt. The New York Times reports that Hegseth shared attack plans in a Signal chat that included his wife, brother and personal lawyer. Hegseth allegedly informed the group about upcoming strikes against the Iranian-backed Houthis in Yemen, including scheduled flights of military aircraft. "He is doing a great job… Ask the Houthis how he's doing," Trump told reporters on the south lawn of the White House on Monday during the annual Easter Egg Roll. |
The former top spokesperson at the Pentagon wrote in an opinion piece published Sunday that the Department of Defense is in "disarray" under Hegseth's leadership. "It's been a month of total chaos at the Pentagon," John Ullyot, who served as the acting assistant to Hegseth for public affairs before resigning last week, wrote in Politico Magazine. "From leaks of sensitive operational plans to mass firings, the dysfunction is now a major distraction for the president — who deserves better from his senior leadership." Hegseth on Monday blasted the media and "disgruntled former employees" for the latest controversy. "What a big surprise that a few leakers get fired and suddenly a bunch of hit pieces come out from the same media that peddled the Russia hoax," he said. The White House responded to a report from NPR that said the search is underway for Hegseth's replacement, with Leavitt calling it "total fake news." Rep. Don Bacon (Neb.), a swing-district Republican and key figure on the House Armed Services Committee, told Politico: "If it's true that he had another [Signal] chat with his family, about the missions against the Houthis, it's totally unacceptable…I find it unacceptable, and I wouldn't tolerate it if I was in charge." Democrats are demanding Hegseth resign, accusing him of leaking classified attack plans. "Every day he stays in his job is another day our troops' lives are endangered by his singular stupidity," Sen. Tammy Duckworth (D-Ill.) posted on X. • Trump ordered flags flown at half-staff Monday as Washington mourned the passing of Pope Francis, who died at 88 after a series of health complications. "My heart goes out to the millions of Christians all over the world who loved him," said Vice President Vance, who met with the pope only a day earlier. "Pope Francis was the rare leader who made us want to be better people," former President Obama posted on X. The Hill's Alex Gangitano and Mike Lillis write: "Francis's political postures put him on a collision course with the traditionalist cardinals at the Vatican and conservative bishops around the globe. And those qualms were echoed by right-leaning Catholics across the United States, many of whom thought Francis strayed too far from the church's long-held orthodoxies, particularly on social issues." More coverage here: • Pope Francis's death begins papal succession process: 5 things to know. • How the Catholic leader spent his final days. • Which cardinals are seen as contenders to be the next pope? |
💡Perspectives: • MSNBC: There will never be another pope like Francis. • The Guardian: The Vatican's secret process for choosing a new pope. • The Guardian: The latest front in the conservative war on academia. • The Wall Street Journal: Harvard's timing reveals its priorities. |
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