The Evening: Markets plunge

Also, a storm soaked the central U.S.

View in browser|nytimes.com April 3, 2025 By Matthew Cullen Good evening. Here's the latest at the end of Thursday. A market nosedive after tariffs Tornadoes and floods Plus, Bruce Springsteen's "Lost Albums" The New York Times Markets tumbled after Trump's tariffs President Trump had the world's attention yesterday when he unveiled his plan to rewire the global economic order by imposing expansive tariffs on nearly all of America's trading partners. Today, the world responded. The S&P 500 suffered its worst day since 2020, falling 4.8 percent. Some tech stocks like Apple and Amazon fell further. Markets in Asia and Europe pulled back. Business groups, trade experts, Democratic lawmakers and even a few Republicans denounced the tariffs. Trump insisted this afternoon that the long-term payoff of the tariffs will be worth it. "The markets are going to boom," he said. "The country is going to boom." Economists warned that the tariffs would raise prices for American consumers and lead employers to pull back on hiring. Some questioned how the strongest economy in the world faced a national "emergency" over its trade deficits. If the levies remain in place long enough, the economists said, the country's resilient job market could begin to unravel. Leaders in the E.U. and China, whose exports to the U.S. are set to face new double-digit fees, vowed to retaliate. President Emmanuel Macron of France called for a halt of investments in the U.S. Canada placed a 25 percent tariff on American-made cars and trucks, in retaliation for a separate round of U.S. tariffs that went into effect today. Other leaders, including in Britain and Japan, were more restrained; Britain said that negotiations with the U.S. would continue. Many of the worst-hit countries are close American allies and partners. In Southeast Asia, countries like Vietnam, Thailand and Cambodia have turned themselves into manufacturing alternatives to China. Now, they will face some of the most punishing tariffs. Companies that rely on their factories, like Nike and Lululemon, saw steep drops in their stock prices. Russia, whose exports to the U.S. have fallen since its invasion of Ukraine, was spared. But some mostly uninhabited islands were not. For more: Here's how much the new tariffs will cost U.S. importers, and how they were calculated. Laura Loomer, a longtime Trump supporter.  Eduardo Munoz/Reuters Trump fired N.S.C. staff after a far-right activist urged him to During an extraordinary Oval Office meeting yesterday, the far-right activist Laura Loomer vilified several National Security Council officials that she believed were disloyal to the president. Trump then fired six of them, according to U.S. officials. Loomer, who has floated the baseless conspiracy theory that the Sept. 11 attacks were an "inside job," is viewed as extreme even by some of Trump's far-right allies. But she appeared to wield more influence over the staff of the N.S.C. than Michael Waltz, the national security adviser. He joined later in the meeting and defended some of his staff, though it was clear he would be unable to protect their jobs. In other politics news: The Trump administration threatened to withhold funding from public schools unless state officials verified the elimination of all programs that promote diversity, equity and inclusion. A Pentagon watchdog will review Defense Secretary Pete Hegseth's use of the app Signal to share Yemen attack plans. Justice Department officials plan to allow the actor Mel Gibson, a prominent Trump supporter, to own guns again. Trump's choice for solicitor general has long pushed for restrictions on abortion and access to contraception. Recent F.D.A. layoffs could result in higher drug prices. From Greenland to Canada, anti-MAGA parody hats have become popular. Check out Trump's latest approval polls. Flooding in Nashville, Tenn., today. William DeShazer for The New York Times The center of the U.S. is facing a major flood risk After more than 30 tornadoes pummeled the middle of the U.S. last night, the same storm system brought significant rainfall across parts of the Midwest and South. Floodwaters rose today in Nashville, and cities across the region were told to brace for potentially catastrophic conditions for the next few days. At least seven people have died; here's the latest. The storm system was parked over a stretch of the country from Texas through the northeast, with the most intense and potentially history-making rain around Arkansas and Tennessee. "We are pretty worried, about as worried as you can get," a meteorologist in Little Rock, Ark., said. If you're in the area: Here's how to prepare and what to do when government forecasters issue a warning for a tornado or flash flood near you. More top news Syria: Israel carried out what appeared to be one of its deepest and deadliest raids into the country. Gaza: The enclave's health ministry said that an Israeli strike killed 27 people at a school-turned-shelter. New York City: Mayor Eric Adams said that he would run for re-election as an independent. Europe: The E.U. is preparing major penalties against Elon Musk's platform X over a law that targets illicit content and disinformation. Russia: An envoy met in the White House yesterday with Trump's senior aide on Russia negotiations, the first time in years that a senior Kremlin official was known to have traveled to the U.S. for talks. Hungary: Hours after Prime Minister Benjamin Netanyahu of Israel arrived for a visit, the government said it would pull out of the International Criminal Court. Ukraine: The war has devastated the country's environment. Experts called it an ecocide. Tech: The A.I. Futures Project spent the past year trying to predict how the technology will transform society. The answer they came to is gloomy. Discovery: While on a hike with her family, a three-year-old stumbled across a 3,800-year-old Egyptian amulet. TIME TO UNWIND Ruth Fremson/The New York Times Springsteen will release seven 'lost albums' Fans have long known that Bruce Springsteen has withheld songs throughout his career. Now, he is opening his vault. Springsteen announced today that he would release "Tracks II: The Lost Albums" in June. Of the 83 songs featured on these seven albums, 74 have never been released in any form. Among them are working tapes from Springsteen's fruitful period before "Born in the U.S.A." and a hip-hop-influenced album from the early 1990s. In related news, Joe DePugh, the "speedball" pitcher who inspired Springsteen's song "Glory Days," died at 75. Torlonia Foundation An astounding marble exhibit in Chicago A portion of the 2,000-year-old Torlonia collection of Roman marble sculptures is now on display at the at the Art Institute of Chicago. It consists of 58 extraordinary works, and our critic Jason Farago said it offers "everything we ask of art." Jason took a close look at several of the marbles and explained why they are so impressive. Sarah Snook in "The Picture of Dorian Gray." Sara Krulwich/The New York Times Dinner table topics Broadway magic: Using live action, live video and recorded video, the actress Sarah Snook plays 26 different characters in "The Picture of Dorian Gray." Here's how. Respect the daiquiri: The ice-cold Cuban cocktail is revered by bartenders. Why don't they sell more of them? Supermarket tourism: The experience of foreign food shopping has become a key part of many travelers' trips. Italian restoration: A 600-year-old masterpiece received some much-needed love. WHAT TO DO TONIGHT Rachel Vanni for The New York Times. Food Stylist: Monica Pierini. Cook: This spicy shrimp puttanesca leans into its intense flavors. Watch: "Henry Fonda for President" examines the acting legend and his contradictions. Read: David Szalay's "Flesh" offers unvarnished scenes from a lonely, rags-to-riches life. Travel: We found a handful of train stations that are good places to dine, too. Wear: Jackets inspired by firemen are trending this spring. Try: Neurologists shared 10 tips to keep your brain sharp. Hunt: Which Brooklyn home would you buy with a $1 million budget? Play: Here are today's Spelling Bee, Wordle and Mini Crossword. Find all of our games here. ONE LAST THING Lori Van Buren/Albany Times Union, via Getty Images You've heard of Easter eggs. What about Easter potatoes? Egg prices are now dropping, but they are still in short supply in some parts of the country. Some people have found creative substitutes for the Easter tradition of dyeing and hunting for eggs. At one big annual egg hunt in Ohio, the organizers are using plastic eggs for the first time in 40 years. Online creators have also shared instructions for hand-dyeing marshmallows, potatoes and even onions for the holiday. Have a colorful evening. Thanks for reading. I'll be back tomorrow. — Matthew Philip Pacheco was our photo editor today. We welcome your feedback. Write to us at evening@nytimes.com. Writer: Matthew Cullen Editors: Carole Landry, Whet Moser, Justin Porter Need help? Review our newsletter help page or contact us for assistance. You received this email because you signed up for The Evening from The New York Times. To stop receiving The Evening, unsubscribe. To opt out of other promotional emails from The Times, including those regarding The Athletic, manage your email settings. To opt out of updates and offers sent from The Athletic, submit a request. 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