April 3, 2025

Good morning.

1. President Trump unveiled a broad tariff regime in a highly anticipated speech yesterday (watch: nwppr.co/044z). The plan establishes a 10% baseline tariff on imported goods, with higher rates for specific nations. Notably, imports from China will face an effective tariff of 54% and imports from the EU will face a 20% rate (BBC: nwppr.co/044y).

2. The EU, China, and Canada indicated that they are preparing countermeasures to newly announced US tariffs amid concerns of a global trade war (Axios: nwppr.co/044x).

3. The Senate voted (51-48) to rescind the emergency declaration that President Trump used to put tariffs on Canada. The bill is unlikely to pass the House (Reu: nwppr.co/044w).

4. Hungary said it will withdraw from the International Criminal Court as Israeli Prime Minister Netanyahu, who is wanted by the court, arrived for a visit (BBC: nwppr.co/044v).

5. Prime Minister Netanyahu announced that Israel will establish a new security corridor across Gaza, after his defense minister said Israeli forces plan to “seize large areas” of the territory to expand security zones (AP: nwppr.co/044u).

6. New York City Mayor Eric Adams announced he will run for reelection as an independent candidate, pulling out of the ongoing Democratic primary race (AP: nwppr.co/044t).

7. The Dow, S&P 500, and Nasdaq fell sharply in early trading today, with the three major US stock indices down between 3% and 6% as of writing (CNBC: nwppr.co/044s).

–Editors