Trump's reciprocal tariffs and Dominican Republic roof collapse: Morning Rundown
Donald Trump’s sweeping tariffs take effect.
Donald Trump’s sweeping tariffs take effect. The IRS’ acting commissioner is resigning over an agreement to share immigrants’ tax information with ICE. And the death toll following a roof collapse at a Dominican Republic nightclub has risen to at least 113.
Here’s what to know today.
President Donald Trump’s unprecedented tariffs on global imports into the U.S. took effect overnight, reshuffling an economic order that has largely stood for generations. The average tariff faced by dozens of nations is 29%, with many as high as 40%. Chinese imports will carry a cumulative rate of 104%.
U.S. markets yesterday reversed an early morning rally and closed down for a fourth straight day. Overall, the major indexes are sharply lower since Trump’s inauguration, with the S&P 500 having lost 17% of its value, while the Nasdaq was down 22%.
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