The Trump administration’s expansive new tariffs will likely lead to higher inflation and slower growth, Fed Chair Jerome Powell said Friday. Powell said that the tariffs, and their likely impacts on the economy and inflation, are “significantly larger than expected.” He also said that the import taxes are “highly likely” to lead to “at least a temporary rise in inflation,” but added that “it is also possible that the effects could be more persistent.” “Our obligation is to … make certain that a one-time increase in the price level does not become an ongoing inflation problem,” Powell said in remarks delivered in Arlington, Virginia. Powell’s focus on inflation suggests that the Fed will likely keep its benchmark interest rate unchanged at about 4.3% in the coming months.

Wall Street braced for another punishing session Friday as stocks took a nosedive following China’s announcement of steep counter-tariffs, intensifying fears of an all-out global trade war in response to President Trump’s recently announced “Liberation Day” levies.
The Dow Jones Industrial Average tumbled nearly 1,000 points within minutes of the market opening, coming on the heels of Thursday’s staggering 1,679-point plunge—the worst single-day performance since the early days of the COVID-19 crisis in 2020.
Technology stocks also faced a massive selloff, with the Nasdaq slumping roughly 500 points, or 2.3%, at the open. The S&P 500 wasn’t far behind, shedding about 130 points, a 2.4% decline.

China declared on Friday that it will be introducing a new set of tariffs and restrictions targeting American products, in direct retaliation to the broad tariffs recently levied by U.S. President Donald Trump.
According to the Chinese Finance Ministry, starting April 10, all imports from the United States will be subject to an additional 34% tariff.
In another move escalating trade tensions, China revealed it will restrict the export of several medium and heavy rare-earth elements to the U.S., with the new regulations going into effect on April 4. These include samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium.

ARLINGTON, Va.

President Donald Trump has unveiled his latest tariffs, and they could have significant implications for your wallet. Trump’s sweeping new tariffs, on top of previous levies and retaliation worldwide, are expected to increases prices for everyday items. The trade wars have already roiled financial markets and plunged businesses into uncertainty — all while economists warn of potentially weakened economic growth and heightened inequality. Which impacts will be felt by consumers and workers first? And what can households do in the face of so much uncertainty? Here’s what you need to know: What are tariffs and how will they affect me? Tariffs are taxes on goods imported from other countries.

In a 1996 speech on the House floor, Representative Nancy Pelosi (D-CA) strongly criticized a then-bipartisan initiative that would grant China Most Favored Nation (MFN) trade status. She pointed out the imbalance in trade relations, emphasizing that while the United States imposed low tariffs on Chinese imports, China maintained high tariffs on American exports.
Pelosi stood firmly against the proposal to open up free trade with China, warning that the ballooning trade deficit was wreaking havoc on American workers and the national economy.

Britain and France on Friday accused Russian President Vladimir Putin of dragging his feet in ceasefire talks aimed at halting his country’s invasion of Ukraine and demanded a swift response from Moscow after weeks of U.S. efforts to secure a truce. A Russian drone attack late Thursday on Kharkiv, Ukraine’s second-largest city, killed five civilians and dramatized the diplomatic insistence on a ceasefire. Emergency crews carried black body bags from a burning apartment building as onlookers wept and hugged in the dark. Some of the 32 injured, bloodied and in shock, limped out into the street or were carried on stretchers as flames shot from the windows of their homes.

U.S. employers added a surprising 228,000 jobs last month, showing that the American labor market was in solid shape as President Donald Trump embarked on a risky trade war with the rest of the world. The unemployment rate ticked up to 4.2%. The hiring numbers were up from 117,000 in February and were nearly double the 130,000 that economists had expected. Labor Department revisions shaved 48,000 jobs off January and February payrolls. Workers’ average hourly earnings rose 0.3% from February, about what economists had expected. Compared to a year earlier, hourly pay was up 3.8%, a bit lower than the 4% that had been forecast and nearing the 3.5% year-over-year gains that are seen as consistent with the Federal Reserve’s 2% annual inflation target.

In a landmark display of coordination and partnership, the Miami-Dade Sheriff’s Office—under the leadership of Sheriff Rosie Cordero-Stutz—hosted its first-ever Pre-Passover security briefing, bringing together more than 160 members of law enforcement, elected officials, and Jewish community leaders from across South Florida. Speaking to YWN, Rabbi Mark Rosenberg, Senior Advisor and Chief Chaplain to the Sheriff, emphasized the significance of the meeting. “We’ve held holiday briefings for many years, but this was the first time the Miami-Dade Sheriff’s Office itself hosted it,” Rabbi Rosenberg said.