By Dan Mangan, Kevin Breuninger, Christina Wilkie, Michael Wayland, April Roach, and Erin Doherty.
What you need to know
- President Donald Trump is threatening new 50% tariffs on China unless Beijing lifts its retaliatory duties on U.S. exports by tomorrow.
- The White House says any suggestion that Trump is considering a 90-day pause in tariffs is “fake news.”
- U.S. markets opened sharply lower Monday for a third trading session, as Trump’s tariffs paralyze global trade and investment.
- Asian markets plunged overnight, with stock indexes in Singapore, Australia, Japan, South Korea and India all suffering losses.
- European Union President Ursula von der Leyen said the EU is willing to negotiate with the U.S. on tariffs but also said the bloc will prepare to retaliate.
- Billionaire Trump backer Bill Ackman says America is on the brink of an “economic nuclear winter” due to tariffs.
- DOGE chief Elon Musk and top Trump trade advisor Peter Navarro continued a war of words and tweets over free trade.
- Trump will host Israeli Prime Minister Benjamin Netanyahu, one of his closest allies, at the White House Monday.
- Commerce Secretary Howard Lutnick insists that tariffs will not be postponed, and will “stay in place for days and weeks.”
CNBC’s reporters are covering the tariffs and their effects, live on air and online from our bureaus in Washington; London; Singapore; San Francisco; and Englewood Cliffs, New Jersey.
Billionaire Richard Branson is warning that the U.S. “will face ruin for years to come” if the Trump administration does not immediately “change course” on its tariff policies.
“The US government can still turn things around, but it must act in the next few hours,” the Virgin Group co-founder wrote on X.
(1/4) The ongoing market response to last week’s US tariff announcement was both predictable and preventable. Even if you agree with the premise of these tariffs, every reasonable effort should be made to give US companies sufficient time to adapt.
— Richard Branson (@richardbranson) April 7, 2025
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