What’s next after Trump’s sweeping tariffs?

12:30 REPORT 12:30 REPORT Thursday, April 3 | By Cate Martel Today in DC: ☁️ 66°  Sign up It's Thursday. Sooooo, who thinks there will be a TikTok deal by this weekend? In today's issue: Stocks nosedive over Trump's hefty tariffs Countries react; 'penguin' tariff sparks jokes Multiple NSC staffers reportedly fired Johnson seeks compromise after proxy voting drama National Burrito Day specials today 🌯 *Awkwardly waves at the rest of the world*: The Hill, Greg Nash ^To quote the TikTok meme, "heyyy, how y'all doing?'" In one day, President Trump fundamentally redefined the U.S.'s trade policies, blowing up nearly a century of the U.S.'s free trade that encouraged easy international commerce. The gist of Trump's announcement: He will impose a universal 10 percent tariff as the baseline for all imports to the U.S., plus higher tariffs targeted at roughly 60 countries. Mexico and Canada were excluded because they've already been hit with their own tariffs. ^ Including: 20 percent on the European Union, 46 percent on Vietnam and 24 percent on Japan. China was slapped with another 34 percent tariff on top of the others, so it will effectively be around 54 percent (!) 📝 List of tariffs by country Who was *not* on the list: Russia, North Korea, Cuba and Belarus were not included. The White House defended their exclusion, arguing they are "already facing extremely high tariffs." How were the tariffs calculated?: BBC ran the numbers and figured out the formula for the tariffs. 🔷 The markets: The stock market took a nosedive this morning. The Dow dropped 1,200 points, the Nasdaq plummeted by 3.3 percent — and the S&P 500 is on track for its worst day since September 2022, per CNBC. By the way, Newsmax's team and former Trump adviser Rudy Giuliani 📸 rang the opening bell this morning. 🔷 How are other countries reacting?: Some countries have threatened the U.S. with more tariffs and others are calling for negotiations. The latter is what Trump wants. 📝 Reactions by country Treasury Secretary Scott Bessent is encouraging countries to "sit back, take it in" and not retaliate. 🔷 Republicans: Senate Republicans are feeling pretty uneasy about Trump's tariffs, reports The Hill's Al Weaver. In fact, four Republican senators, including Mitch McConnell (Ky.), joined Democrats on Wednesday to vote on a resolution to undo Trump's Canada tariffs. What products will have the biggest price jumps?: iPhones, TVs, cars, most clothes and shoes, wine, furniture, coffee and chocolate. (CBS News) Read more: '5 takeaways from Trump's major tariff announcement' ➤ NOTABLE REACTIONS: From CNBC's senior Washington correspondent Eamon Javers: "The irony is that the single issue that gave President Trump the most traction in the election was inflation under Biden. Trump campaigned on bringing prices down," Javers posted. "And now he has conducted what may be the single most inflationary action of any president. Trump argues it's a necessary corrective worth temporary pain. Will voters agree?" From former Treasury Secretary Larry Summers: "Never before has an hour of Presidential rhetoric cost so many people so much," Summers posted. "The best estimate of the loss from tariff policy is now closer to $30 trillion or $300,000 per family of four." Eric Trump advises countries to act quickly: The president's son encouraged countries to move quickly to negotiate with his father. "I wouldn't want to be the last country that tries to negotiate a trade deal with @realDonaldTrump," Eric Trump posted. ➤ A LIGHTER TIDBIT IN THIS WHOLE SAGA: Included in Trump's tariffs is a small uninhabited island of penguins. My social media feeds are chock-full of jokes about this. The Hill's Filip Timotija reported that the uninhabited islands hit with tariffs are only accessible via boat from Australia.  GIPHY/BBC America Several White House employees have been fired: Axios reports that several members of President Trump's National Security Council (NSC) have been fired. For context: "The firings come a day after conspiracy theorist Laura Loomer visited the Oval Office and pressed Trump to fire specific NSC staffers. Axios has not confirmed whether the firings were directly linked to that incident, but the source familiar said they were 'being labeled as an anti-neocon move.'" (Axios) Backstory: The New York Times first reported that Loomer, the far-right activist, met with Trump for 30 minutes Wednesday. "She proceeded to excoriate them in front of their boss, the national security adviser Michael Waltz, who was also in the meeting." Sources told The Hill that Loomer made the case to Trump that several staffers in the White House were not sufficiently committed to the president's agenda.  🍼️ ON CAPITOL HILL Mike Johnson is looking for a compromise: The House floor is still frozen while Republicans squabble over whether to allow new parents to vote remotely. It's on Speaker Mike Johnson (R-La.) to find a solution to end the standoff. Johnson is looking for a compromise: Johnson said he's working to find "every potential accommodation" for new mothers. He later floated to The Hill the possibility of adding a nursing room right off the House floor and allowing new mothers to use official funds to travel back and forth. The big question: Would that be enough for Rep. Anna Paulina Luna (R-Fla.) to back down in her fight? If not, Johnson has to go back to the drawing board. Luna has a lot of power right now. Johnson may need to bring in the big guns: There's a growing sense among Republicans that President Trump may have to get involved. Arcane congressional procedure may be low on his list, but it's stalling Trump's legislative agenda even further. Quick backstory: Luna plus eight Republicans and House Democrats, are in a standoff with Johnson. They want parents of newborns to be able to vote by proxy. Johnson opposes this, arguing it's a slippery slope. Until this is sorted out, the House is jammed and can't complete any other business. That's why Johnson canceled session for the rest of the week. Read The Hill's Mychael Schnell's reporting: 'Speaker Johnson scrambles for solutions to parental proxy voting impasse' COMING UP The House is out. The Senate is in. President Trump is in Washington, leaving for Florida soon. (All times EST) 1 p.m. Trump receives his intelligence briefing. 2 p.m. Trump leaves for Miami. 2:30 p.m. Up to five Senate votes. 📆 Today's agenda   7:30 p.m. Trump attends the LIV Golf dinner at Trump National Doral Golf Club.   9 p.m. Trump heads to his Mar-a-Lago resort. 🗳️ ELECTION ANNOUNCEMENT  Rep. Chris Pappas (D-N.H.) announced he's running to succeed Sen. Jeanne Shaheen (D-N.H.), who is retiring. 📹 Watch his announcement New York City Mayor Eric Adams (D) announced that he is running for reelection as an independent. Keep in mind that a federal judge formally dismissed his corruption case on Wednesday following a Justice Department request.📹 Watch his announcement Speaker Mike Johnson (R-Fla.) backed Rep. Byron Donalds's (R-Fla.) bid for Florida governor Thursday. Donalds already has Trump's endorsement. THE HILL JOBS Interested in exploring a new career? Visit The Hill Jobs Board to discover millions of roles worldwide, including:   Senior Policy Specialist — Arnold & Porter, Washington, D.C.  Apply   Executive Assistant/Scheduler — The National Association of Letter Carriers, Washington, D.C.  Apply Manager, Change Risk Assessments - International — Capital One, Richmond, Va. Apply   Senior Campaigner (17-Month Fixed Term) — Amnesty International USA, Washington, D.C.  Apply   Click here to get your job mentioned 🐝 INTERNET BUZZ 🌯 Celebrate: Today is National Burrito Day! Chipotle, Qdoba, Moe's and other restaurants are offering burrito deals today. 🌯 Burrito specials   📺 This is incredible: "The Late Show With Stephen Colbert" did a segment on Sen. Cory Booker's (D-N.J.) record-breaking floor speech. He made a joke about CNN's Manu Raju asking Booker the question we were all wondering: How did he not need a bathroom for 25 hours? 📹 Watch the clip   🪪 The REAL ID deadline is coming up: Beginning on May 7, air travelers will need a REAL ID to get through airport security. The Wall Street Journal reports that local DMV offices have been flooded with appointment requests for an upgraded ID.   👒 'The Handmaid's Tale' is getting a spinoff: Production for the spinoff series, "The Testaments," will begin Monday. Meanwhile, the final season of "The Handmaid's Tale" comes out Tuesday. 👋 AND FINALLY… To leave you with a smile, have you ever seen a more responsible babysitter?  Stay Engaged  📺 Miss yesterday's edition? Catch up with a 1-minute video recap. Send feedback, tips and cookie recipes 🍪 to cmartel@thehill.com. Check out more newsletters. See you next time! 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