Stocks end modestly lower, even as Trump threatens more tariffs on China. See a recap.

Associated Press

The Trump administration is having early discussions about a grand military parade in Washington this summer, something that is a long-held dream of President Donald Trump.

D.C. Mayor Muriel Bowser said Monday that the administration had reached out to the city about holding a parade on June 14 that would stretch from Arlington, Virginia, where the Pentagon and Arlington National Cemetery are located, across the Potomac River and into Washington.

The Army is in early discussions about potentially adding a parade to the Army’s 250th birthday festival, which is being held June 14, according to a defense official who spoke on condition of anonymity because the discussions are ongoing and no decisions have been made.

June 14 is also Trump’s 79th birthday.

By Giulia McDonnell Nieto del Rio, Brooke Hauser and Spencer Buell, Globe Staff

The Trump administration had revoked the visas of more than two dozen students or former students at colleges and universities across Massachusetts as of Monday, as part of a continuing crackdown on international students that has intensified in recent weeks.

The cancellation of visas without warning has international students, higher education institutions, and political leaders here on high alert. Several colleges and universities said they only learned of the revocations by proactively checking immigration databases.

Fifteen of the students attend various campuses in the University of Massachusetts system, according to a university spokesperson.

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Bloomberg

House Freedom Caucus Chairman Andy Harris says he is open to the creation of a new 40% tax bracket for those earning $1 million or more, lending credence to an idea Republicans are considering as a way to offset some new tax cuts.

Harris said in an interview on Monday that he views the millionaires’ tax rate as a “reasonable way to pay for” President Donald Trump’s campaign pledge to eliminate levies on tipped wages.

“You are only raising it a couple of points,” the Maryland Republican added. The current top tax rate is 37% for individuals earning more than $626,350 a year.

The openness to a new 40% tax bracket for millionaires comes after decades of Republicans opposing any form of tax increase. But the GOP under Trump has grown more populist, allowing some lawmakers to back away from the party’s long-held stance that tax cuts for top earners and corporations are a prime way to energize the economy.

Washington Post

Retirees and disabled people are facing chronic website outages and other access problems as they attempt to log in to their online Social Security accounts, even as they are being directed to do more of their business with the agency online.

The website has crashed repeatedly in recent weeks, with outages lasting anywhere from 20 minutes to almost a day, according to six current and former officials with knowledge of the issues. Even when the site is back online, many customers have not been able to sign in to their accounts, or have logged in only to find information missing. For others, access to the system has been slow, requiring repeated tries to get in.

The problems come as the Trump administration’s cost-cutting team, led by Elon Musk, has imposed a downsizing that has led to 7,000 job cuts and is preparing to push out thousands more employees at an agency that serves 73 million Americans.

Associated Press

The Supreme Court on Monday lifted a court order blocking the Trump administration from deporting Venezuelan migrants under an 18th century wartime law.

In a bitterly divided 5-4 decision, the court said the migrants still must get a chance to challenge their deportation before they are taken out of the country and said the Trump administration must give them “reasonable time” to go to court.

But the conservative majority said the legal challenges must take place in Texas, instead of a Washington courtroom.

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Bloomberg

Senate Republican leader John Thune predicted a bipartisan bill that would give lawmakers greater oversight of President Donald Trump’s tariffs would languish in Congress.

The legislation, co-sponsored by GOP Senator Chuck Grassley of Iowa, has picked up at least six other Republican backers amid growing GOP unease about the trade war’s economic toll. Markets have plummeted in the days following Trump’s tariff announcement.

“I don’t think that has a future,” Thune said when asked about Grassley’s bill. “The president’s indicated he would veto it. And I don’t see how they’d get it on the floor in the House.”

By the Associated Press

Health Secretary Robert F. Kennedy Jr. said he plans to tell the Centers for Disease Control and Prevention soon to stop recommending fluoridation in communities nationwide. Kennedy also said he’s assembling a task force to focus on the issue.

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By the Associated Press

Liz Oyer testified at a congressional hearing one month after she said she was abruptly fired after refusing a request to recommend that the gun rights of actor Mel Gibson, a friend of Trump’s, be restored.

Oyer accused Trump’s Justice Department leadership of valuing “political loyalty above the fair and responsible administration of justice” and “treating public servants with a lack of basic decency and humanity.”

The Justice Department had attempted to use executive privilege to prevent Oyer from testifying about the circumstances of her departure. Deputy Attorney General Todd Blanche has denied Oyer’s account.

A Justice Department spokesperson didn’t immediately respond to a request for comment on her testimony Monday.

By the Associated Press

A sudden rise Monday morning followed a false rumor that Trump was considering a 90-day pause on his tariffs, one that a White House account on X quickly labeled as “fake news.”

That a rumor could move trillions of dollars’ worth of investments shows how much investors are hoping to see signs that Trump may let up on tariffs. Stocks quickly turned back down, and shortly afterward, Trump dug in further and said he may raise tariffs more against China after the world’s second-largest economy retaliated last week with its own set of tariffs on US products.

It’s a slap in the face to Wall Street, not just because of the sharp losses it’s taken, but because it suggests Trump may not be moved by its pain.

Many professional investors had long thought that a president who used to crow about records reached under his watch would pull back on policies if they sent the Dow reeling.

By the Associated Press

The American Foreign Service Association, which represents US diplomats, and the American Academy of Diplomacy said last week’s appointment of Lew Olowski to temporarily run the State Department’s personnel office is an affront to the long-held standard that the post be occupied by either a current senior or retired career diplomat.

Olowski joined the foreign service in 2021.

State Department officials said last week that Olowski’s appointment, while untraditional, was not a harbinger of mass layoffs. They said he would only be in the job for a short time until a permanent successor can be nominated and confirmed by the Senate.

By the Associated Press

Trump and Netanyahu have wrapped up comments to the media ahead of their Oval Office meeting. The two leaders spoke and took questions from reporters on topics including Iran, tariffs and the war between Israel and Hamas for about 50 minutes Monday.

They earlier scrapped their plan for a joint news conference to be held after their meeting.

By the Associated Press

The Chinese Embassy in the US responded to Trump’s freshest tariff threat by repeating its long-stated stance, in a clear sign that Beijing is unlikely to back down.

“We have stressed more than once that pressuring or threatening China is not a right way to engage with us,” said Liu Pengyu, the embassy spokesperson. “China will firmly safeguard its legitimate rights and interests.”

The embassy called attention to Beijing’s latest position statement, in which the Chinese government not only condemns the tariffs imposed by the U.S. but also calls upon all countries to “practice true multilateralism, jointly oppose all forms of unilateralism and protectionism, and defend the U.N.-centered international system and the WTO-centered multilateral trading system.”

By the Associated Press

Netanyahu proclaimed at the White House that Israel would work to eliminate the trade deficit with the U.S. and do so quickly.

But that might not be enough for Trump to change his mind on the 17 percent tariffs the US imposed on Israel last week.

“Maybe not,” Trump said when asked whether he would reduce the tariffs on Israeli goods. Referring to the billions in aid that the U.S. offers every year, Trump added: “Don’t forget, we help Israel a lot.”

By the Associated Press

Trump made the threat in an Oval Office meeting with Israeli Prime Minister Benjamin Netanyahu at which he also announced that direct talks between Iran and the United States would begin this weekend.

“I think Iran is going to be in great danger” if the talks collapse, Trump said. “And I hate to say it.”

Trump did not disclose the venue for the meetings to begin on Saturday or say who from his administration would participate.

“We’re dealing with them directly and maybe a deal is going to be made,” Trump said. He added that “doing a deal would be preferable to doing the obvious.”

Trump said the talks would happen “at almost the highest level.”

By the Associated Press

The French and Mideast leaders spoke to Trump about ways to urgently secure a ceasefire in Gaza, stressing the need to resume access for aid supplies, according to the French president’s office.

The three leaders — France’s Emmanuel Macron, Egypt’s Abdel Fattah el-Sissi and King Abdullah II of Jordan — decided to keep in close contact with Trump, Macron’s office said.

The phone call took place ahead of Trump’s meeting with Israeli Prime Minister Benjamin Netanyahu at the White House on Monday.

Macron is in Egypt and will visit security forces and aid workers Tuesday. Earlier Monday he urged the lifting of Israel’s blockade on humanitarian aid to Gaza.

By the Associated Press

The S&P 500 sank 0.2 percent Monday. The Dow Jones Industrial Average fell 349 points, or 0.9 percent, and the Nasdaq composite rose 0.1 percent. The Dow was earlier down as many as 1,700 points following even worse losses worldwide on worries that Trump’s tariffs could torpedo the global economy.

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By the Associated Press

Chief Justice John Roberts agreed to pause a midnight deadline for the Trump administration to return a Maryland man mistakenly deported to a notorious prison in El Salvador.

The Justice Department argued in an emergency appeal to the justices that US District Judge Paula Xinis overstepped her authority when she ordered Kilmar Abrego Garcia returned to the United States.

The administration has conceded that Abrego Garcia should not have been sent to El Salvador because an immigration judge found he likely would face persecution by local gangs.

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By the Associated Press

The lawsuit filed Monday aims to stop the government from freezing federal money in the wake of a dispute over transgender athletes in sports.

Trump and Maine, which is controlled by Democrats, are in the midst of a weekslong dispute about the Title IX anti-discrimination law and the participation of transgender students in high school sports.

US Secretary of Agriculture Brooke Rollins said earlier this month that the US Department of Agriculture was pausing some funds for Maine educational programs because of what she described as Maine’s failure to comply with the law.

Maine Attorney General Aaron Frey filed a complaint in federal court on Monday that described the pause as “illegally withholding grant funds that go to keeping children fed.”

By the Associated Press

Despite hopes that he’ll back off his trade policies, the president said he’s not going to pause plans for tariffs.

“We’re not looking at that,” he said in the Oval Office. However, he also said foreign leaders were looking to cut new trade deals with the US.

“We have many, many countries that are coming to negotiate with us,” he said.

Trump said there was no contradiction between implementing tariffs and holding talks.“They can both be true,” he said.

By the Associated Press

Trump made the comments to reporters after meeting with Israeli Prime Minister Benjamin Netanyahu.

He said the talks with Tehran would start Saturday but insisted Tehran can’t get nuclear weapons.

By the Associated Press

Netanyahu vowed to eliminate the trade deficit with the United States after Israel was hit by 17 percent tariffs by Trump last week.

As he met with Trump in the Oval Office, the prime minister said Israel will work to eliminate the trade deficit “very quickly” and added that Israel will also work to eliminate trade barriers with the US.

“Israel can serve as a model for many countries who ought to do the same,” Netanyahu said. He added: “I’m a free trade champion, and free trade has to be fair trade.”

By the Associated Press

Netanyahu said he and Trump discussed ongoing efforts to get hostages released from Gaza and said they are working on another deal to release hostages “that we hope will succeed.”

The Israeli leader said that they’re committed to getting all of the hostages released and eliminating Hamas from Gaza.

He said he also spoke to Trump about the US president’s plan to move displaced Palestinians from Gaza while it’s redeveloped, which Netanyahu called a “bold” vision.

By Matt Stout, Globe Staff

US Representative Seth Moulton compared the Trump administration’s arrest of Tufts University graduate student Rümeysa Öztürk last month to the actions of Hitler’s secret police, warning that it’s “very, very dangerous time in America.”

Moulton, speaking at an event on the Tufts campus, cautioned that he and others Democrats can do little to push back against the detainment of Öztürk’s and others beyond calling out such “abhorrent” actions and finding ways to “start winning” come next year’s midterm elections.

But he denounced the arrest, saying the video of masked Immigration and Customs Enforcement agents arresting the 30-year-old Turkish national “looks like it comes from China or Russia or Iran.”

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By the Associated Press

Apple tumbled again after Trump threatened more tariffs against China.

China is the iPhone maker’s second-biggest market and home to the vast majority of its production and assembly.

In afternoon trading, Apple fell 3.2 percent, to $182.34 per share. That follows a combined decline of more than 16 percent, on Thursday and Friday. Its shares are down more than 25percent, this year.

Other notable decliners Monday included Starbucks (-2.8 percent,); Tesla (-1.6 percent,); Levi Strauss (-1.7 percent,); and Caterpillar (-2.4 percent,).

Much like the major stock indexes, many companies whipsawed back-and-forth between gains and losses.

Nvidia was down as much as 7 percent, early before rebounding to a 5 percent, gain in the afternoon, for instance.

By the Associated Press

Wall Street could soon be in the claws of another bear market as the Trump administration’s tariff blitz fuels fears that the added taxes on imported goods from around the world will sink the global economy.

A bear market is a term used by Wall Street when an index such as the S&P 500 or the Dow Jones Industrial Average has fallen 20% or more from a recent high for a sustained period of time.

The last bear market happened from Jan. 3 to Oct. 12 in 2022. But this decline feels more like the sudden, turbulent bear market of 2020, when the benchmark S&P 500 index tumbled 34% in a one-month period, the shortest bear market ever.

The S&P 500, Wall Street’s main barometer of health, was down 1.2% in Monday afternoon trading. It’s now 18.4% below the all-time high it set on Feb. 19.

The Dow industrials fell 1.8%, and the tech-heavy Nasdaq composite, which already was in a bear market, dropped 0.9%.

By the Associated Press

Johnson said House Republicans are intent on giving President Trump more time to change the country’s trade imbalances with other nations.

Johnson was asked about giving Congress a chance to weigh in on the recent tariffs increases Trump has announced. The Senate, for example, passed a resolution last week that would thwart Trump’s ability to impose tariffs on Canada.

But Johnson said the country had a $1.2 trillion trade deficit in goods last year, and Americans understand Trump is trying to address that.

“We are going to give him the space necessary to do it,” Johnson said.

By the Associated Press

The White House released a statement to congressional offices saying the bill, which is being spearheaded by Sens. Chuck Grassley, R-Iowa, and Maria Cantwell, D-Wash., would “severely constrain” the president’s ability to use tariffs “to respond to national emergencies and foreign threats.”

The statement was a setback for a bipartisan bill that was already unlikely to advance quickly, but Republican support for the legislation also showed that GOP lawmakers are uneasy with Trump’s sweeping tariffs. Seven Republican senators are cosponsoring the bill.

By the Associated Press

U.K. Prime Minister Keir Starmer discussed US tariffs with his Singapore counterpart and they agreed there can be no winners in a trade war, his office said.

Starmer updated Singapore Prime Minister Lawrence Wong on his calls with other leaders over the weekend and both agreed to work to maintain global economic stability, according to a readout of the call.

The two agreed to strengthen collaboration through bilateral agreements and trading blocs such as the Comprehensive and Progressive Trans-Pacific Partnership.

“On the wider bilateral relationship, the leaders committed to further collaboration on areas including technology, security and defense in the 60th year of bilateral relations,” Starmer’s office said.

By the Associated Press

Apple tumbled again on Monday after President Donald Trump threatened more tariffs against China.

China is the iPhone maker’s second-biggest market and home to the vast majority of its production and assembly.

In afternoon trading, Apple fell 3.2 percent, to $182.34 per share. That follows a combined decline of more than 16 percent on Thursday and Friday. Its shares are down more than 25 percent this year.

Other notable decliners Monday included Starbucks (-2.8 percent); Tesla (-1.6 percent); Levi Strauss (-1.7 percent); and Caterpillar (-2.4 percent).

Much like the major stock indexes, many companies whipsawed back-and-forth between gains and losses.

Nvidia was down as much as 7 percent early before rebounding to a 5 percent gain in the afternoon, for instance.

By the Associated Press

The confusion — which was amplified on social media and by some traditional media outlets — lasted less than a half hour but reflected a jittery mood on Wall Street as stocks plunged over worries that Trump’s tariffs could torpedo the global economy.

The origin of the false report was unclear but it appeared to be a misinterpretation of comments made by Kevin Hassett, director of the White House National Economic Council, during a Fox News interview Monday morning. Asked whether Trump would consider a 90-day tariff pause suggested by a prominent hedge fund manager, Hassett said “I think the president is going to decide what the president is going to decide.”

Nearly two hours later, multiple user accounts on social media platform X posted identical messages claiming Hassett said Trump is considering a pause for all countries except China.

The White House initially appeared as confused as everyone else. But after 20 minutes, a government account rejected the report as “fake news.”

By the Associated Press

US Secretary of State Marco Rubio has spoken to Pakistan’s deputy Prime Minister Ishaq Dar, days after President Trump imposed 29 percent tariffs on exports to his country from Pakistan.

In a statement, the Ministry of Foreign Affairs said on Monday that the two sides “discussed bilateral relations, regional security, and economic cooperation.”

The statement quoted Rubio as saying that the cooperation in economy and trade would be the hallmark of future relations between the two countries.

The latest development came hours after the Pakistan Stock Exchange fell rapidly, with Islamabad facing 29 percent tariffs from the US.

By the Associated Press

Japanese Prime Minister Shigeru Ishiba in a 25 minute call with Trump on Monday raised concerns that the tariffs by the US could weaken investment capacity among Japanese companies.

“The recent tariff measures by the United States are extremely regrettable,” Ishiba told reporters following the call. “I told the president that Japan has been the world’s largest investor in the US for five consecutive years, and I also strongly expressed concern that the US tariffs will reduce the investment capacity of Japanese companies.”

Analysis

By Aaron Pressman, Globe Staff

Since the moment President Trump pulled out his tariff charts in the White House Rose Garden last Wednesday, stock markets around the world have been plummeting. The 11 percent loss in the broad S&P 500 market index on Thursday and Friday was the one of the largest two-day losses in the index in the past 100 years.

Crashes do happen every few years. Stock markets are often volatile and most downturns are forgotten by the next upturn.

In just a few days in 1987, for example, the Black Monday crash and associated turmoil sent stocks down more than 30 percent. But the markets turned around within a few months, erased the losses in less than two years, and kicked off one of the longest bull markets in history, according to research published by analyst firm Morningstar.

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By the Associated Press

The US Conference of Catholic Bishops says it’s ending a half-century of partnerships with the federal government to serve refugees and children, saying the “heartbreaking” decision follows the Trump administration’s abrupt halt to funding for refugee resettlement.

The break will inevitably result in fewer services than what Catholic agencies were able to offer in the past to the needy, the bishops said.

“As a national effort, we simply cannot sustain the work on our own at current levels or in current form,” said Archbishop Timothy Broglio, president of the USCCB. “We will work to identify alternative means of support for the people the federal government has already admitted to these programs. We ask your prayers for the many staff and refugees impacted.”

The decision means the bishops won’t be renewing existing agreements with the federal government, the bishops said. The announcement didn’t say how long current agreements were scheduled to last.

By the Associated Press

European markets continued their recent descent Monday, logging a third straight day of major losses.

Germany’s DAX index, which briefly fell more than 10 percent at the open on the Frankfurt exchange, recovered some ground and closed down 4.1 percent. In Paris, the CAC 40 shed 4.8 percent, while Britain’s FTSE 100 tumbled 4.4 percent.

Prior to last week, most indexes in Europe had enjoyed a resurgence after underperforming US markets last year.

The EUs executive commission — which handles trade issues for the 27-country bloc — is set to impose tariffs on jeans, whiskey and motorcycles Wednesday in response to Trump’s increase in steel and aluminum tariffs.

EU commissioners haven’t cemented a response to Trump’s “reciprocal” tariff of 20 percent on European goods and a 25 percent tariff imposed on autos.

By the Associated Press

Beijing has issued several strongly worded rebukes to Trump’s tariffs, including one entirely in the words of late-President Ronald Reagan.

“High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars,” the Republican president said in a video clip dated 1987, as posted on the X social media site Monday by the Chinese Embassy in the US The embassy wrote that the decades-old speech “finds new relevance in 2025.”

“The result is more and more tariffs, higher and higher trader barriers, and less and less competition,” Reagan said in the speech, in which he warned of the worst from tariff wars: markets should collapse, businesses shut down, and millions of people lose jobs.

By the Associated Press

The huge swings rocking Wall Street and the global economy may feel far from normal. But, for investing at least, drops of this size have happened throughout history.

Any kind of uncertainty around the economy will give Wall Street pause, but the trade war is making it more difficult for companies, households and others to feel confident enough to invest, spend and make long-term plans.

Anytime an investor sees they’re losing money, it feels bad. This recent run feels particularly unnerving because of how incredibly calm the market had previously been. The S&P 500 is coming off a second straight year where it shot up by more than 20 percent.

Selling may offer some feeling of relief. But it also locks in losses and prevents the chance of making the money back over time. Historically, the S&P 500 has come back from every one of its downturns to eventually make investors whole again. That includes after the Great Depression, the dot-com bust and the 2020 COVID crash.

By the Associated Press

Trump greeted the Israeli prime minister with the firm handshake as he arrived for talks.

Trump ignored shouted questions from reporters about the tumbling global markets and whether he would lift tariffs on Israel.

By the Associated Press

Wall Street is increasingly betting that the Federal Reserve will cut its main interest rate at least four times this year.

That expectation has increased since the White House unleashed its sweeping tariffs on imported goods.

As of Monday, traders are betting on a 61.6 percent chance that the Fed will leave its rate unchanged at its next meeting of policymakers in May, according to data from CME Group. That’d down from 63.1 percent a month ago.

However, traders’ odds of rate cut announcements at Fed meetings in June, July, September and December are all up versus a month ago.

The Fed has been holding interest rates steady this year, after cutting them sharply through the end of last year.

By the Associated Press

The White House did not offer any immediate explanation for why the news conference was canceled, but Trump and Netanyahu were expected to make comments to reporters at the start of their scheduled Oval Office meeting.

By the Associated Press

President Trump threatened to raise the tariffs if Beijing doesn’t withdraw its retaliatory tariffs.

“At this point, it is extremely unlikely for China to back down,” said Yun Sun, director of the China program at the Washington-based think tank Stimson Center, adding any leadership summit between Trump and Chinese President Xi Jinping “doesn’t appear likely in the near future.”

“China is increasingly convinced that the tariff is not negotiable because Trump’s eventual goal is to bring manufacturing jobs back to the US,” Sun said.

Craig Singleton, senior China fellow at another Washington-based think tank Foundation for Defense of Democracies, called Trump’s threat Monday “a blunt ultimatum to Beijing that sharply raises the takes in the US-China tariff war.” He said Beijing’s rigid system and fear of looking weak prevent Xi from opening back channels with the Trump administration that could offer relief.

By the Associated Press

The price of copper fell nearly 4 percent Monday following sharp drops late last week. Copper prices were up as much as 30 percent for the year as of late March and nearly all of those gains have been erased.

Copper prices had hit record levels because of growing demand amid developments for artificial intelligence technology and a global shift to cleaner energy. A prolonged trade war threatens economies around the world. That makes investments in technology and energy infrastructure more difficult.

Much of the world’s technology wouldn’t work without copper. It goes into cords for electrical devices, transmission lines, batteries, LED lights and other electronics.

By the Associated Press

A member of Elon Musk’s Department of Government Efficiency team has terminated some of the last remaining life-saving programs for refugees and others in the Middle East, two US and U.N. officials tell The Associated Press.

The AP viewed some of the new contract termination notices, sent late last week by Jeremy Lewin, a DOGE associate now overseeing the dismantling of USAID. A USAID official and an official with the U.N. spoke to the AP on condition of anonymity because they weren’t authorized to speak.

The move severs US funding for some key projects by the World Food Program, the world’s largest provider of food aid. Another notice viewed by the AP terminated funding for sending Afghan women overseas for education. An administrator for the program, which is a project of Texas A & M University, said the women would now face return to Afghanistan, where their lives may be in danger from the Taliban. That administrator also spoke on condition of anonymity because that person wasn’t authorized to speak.

By the Associated Press

The Monday visit was to congratulate the baseball team for winning the World Series last season.

Trump singled out several Los Angeles Dodgers for their achievements last season, praising Ohtani for becoming baseball’s first 50/50 player, Japanese pitcher Yoshi Yamamoto and NL Championship Series MVP Tommy Edman.

Trump praised Betts for his play — and took a dig at the Boston Red Sox for trading him to the Dodgers — and they shook hands at the ceremony.

Trump also boasted that egg prices have dropped “73%” on his watch and he refused to introduce some senators at the ceremony, because “I just don’t particularly like them, so I won’t introduce (them).”

By the Associated Press

The average price for a gallon of gas is up for the third straight week in the US, but that’s likely to reverse course soon with oil prices in rapid retreat.The average price for a gallon of gas hit $3.21 this week, up more than 10 cents, according to GasBuddy. That’s still more than 35 cents lower that last year at this time.

Oil prices on Monday briefly dipped below $60 for the first time since 2021 as a global trade war escalates.

Patrick De Haan, head of petroleum analysis at GasBuddy, said that if tariffs aren’t scaled back soon, the national average could fall below $3 per gallon in the coming weeks.

By the Associated Press

Wall Street’s big swings are being led by the technology sector, which has an outsized impact on the broader market.

The sector is full of companies with pricey stock valuations, such as Nvidia, which tend to push and pull the market with greater force than less valuable stocks. Their heft means a big shift either way for a just handful of companies can sink or lift the S&P 500.

Technology companies, including chipmakers, have seen their values skyrocket over hopes for artificial intelligence advancements. Higher costs for chips and other technologies pose a risk to that development and the earnings growth prospects for companies like Nvidia, Apple and Microsoft.

By the Associated Press

Trump campaigned last year in opposition of the deal, saying a Japanese company’s acquisition of the company would hurt American manufacturing. But shortly after becoming president, Trump said he’d reached an agreement for Nippon Steel to instead invest in US Steel without providing details.

The directive signed Monday by Trump would give the Committee on Foreign Investment in the United States, CFIUS, 45 days to review the proposed purchase.

By the Associated Press

British Prime Minister Keir Starmer on Monday said President Trump’s tariffs were a “huge challenge” for the U.K. and could have “profound” consequences for the global economy.

“But this moment has also made something very clear — that this is not a passing phase,” he said. “And just as we’ve seen with our national security, particularly over recent months in relation to the war in Ukraine, now with our commerce and trade, this is … a completely new world, an era where old assumptions, which we’ve long taken for granted, simply don’t apply any longer.”

Speaking to workers at a plant in the West Midlands that makes Jaguar and Land Rover vehicles for the export market, Starmer said his government would continue to try to negotiate a trade deal with the United States while championing free trade around the world.

Jaguar Land Rover on Saturday announced that it was pausing shipments to the US for the month of April as it works out how to respond to the 25 percent tax on imported cars that took effect last week.

Starmer announced some help for the British car industry, providing additional flexibility in meeting the government’s 2030 deadline for phasing out gasoline- and diesel-power cars, extending the deadline for hybrids to 2035 and offering tax breaks for buyers of electric vehicles.

By the Associated Press

“If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th,” the president wrote on Truth Social. “Additionally, all talks with China concerning their requested meetings with us will be terminated!

Trump’s threat comes after China said it would retaliate against US tariffs announced last week.

By the Associated Press

The Trump administration has notified the World Food Program and other partners that it’s terminated some of the last remaining lifesaving humanitarian programs across the Middle East, a US and U.N. official told The Associated Press.

An official with USAID says about 60 letters canceling contracts were sent over the past week, including to the World Food Program.

An official with the United Nations says WFP received termination letters for Lebanon, Jordan and Syria.

The USAID official says U funding for key programs in Yemen, Somalia, Afghanistan and Zimbabwe also were affected, including those providing food, water, medical care and shelter for people displaced by war.

By the Associated Press

Oil prices are falling Monday, extending their slide from last week, as investors anticipate that a trade war will chill global economic growth.

The price of benchmark US crude oil is down 1.1 percent to $61.32 a barrel. Earlier in the day, it briefly dipped below $60 a barrel for the first time since 2021.

US crude is down 14.2 percent so far this month.

Brent crude, the international standard, is down 1 percent to $64.88 a barrel.

By the Associated Press

The Justice Department argued in an emergency appeal to the justices that US District Judge Paula Xinis overstepped her authority when she ordered Kilmar Abrego Garcia returned to the United States.

Abrego Garcia is no longer in US custody and the government has no way to get him back, the administration argued.

Xinis gave the administration until just before midnight Tuesday to “facilitate and effectuate” Abrego Garcia’s return.

The federal appeals court in Richmond, Virginia, denied the administration’s request for a stay.

By the Associated Press

Wilmer Escaray left Venezuela in 2007 and enrolled at Miami Dade College, opening his first restaurant six years later.

Today, he has a dozen businesses that hire Venezuelan migrants like he once was, workers who are now terrified by what could be the end of their legal shield from deportation.

Since the start of February, the Trump administration has ended two federal programs that together allowed more 700,000 Venezuelans to live and work legally in the US along with hundreds of thousands of Cubans, Haitians and Nicaraguans.

In the largest Venezuelan community in the United States, people dread what could face them if lawsuits that aim to stop the government fail. It’s all anyone discusses in “Little Venezuela” or “Doralzuela,” a city of 80,000 people surrounded by Miami sprawl, freeways and the Florida Everglades.

By the Associated Press

A bear market is a term used by Wall Street when an index like the S&P 500, the Dow Jones Industrial Average, or even an individual stock, has fallen 20 percent or more from a recent high for a sustained period of time.

Why use a bear to represent a market slump? Bears hibernate, so bears represent a market that’s retreating, said Sam Stovall, chief investment strategist at CFRA. In contrast, Wall Street’s nickname for a surging stock market is a bull market, because bulls charge, Stovall said.

By the Associated Press

After holding relatively stable during last week’s global market turmoil, cryptocurrencies have joined the sell-off.

Bitcoin, the world’s most popular cryptocurrency dipped below $75,000 Monday morning before seeing a slight rebound.

Bitcoin’s prices haven’t been this low since just after President Donald Trump’s Election Day victory last year launched a bull run in crypto prices.

Bitcoin’s backers say it is a type of digital gold that can act as a hedge against volatility. But Garrick Hileman, an independent cryptocurrency analyst, said bitcoin’s price slide shows that thesis still hasn’t proven to be true.

“It’s just not there today,” he said. “[Bitcoin] trades like a risky tech stock.”Other major digital assets, like ether, XRP and solana, saw even bigger one-day percentage drops on Monday morning.

By the Associated Press

Treasury yields are mixed in Monday morning trading on the bond market after briefly rallying in the early going.

The yield on the 10-year Treasury rose to 4.09 percent from 4.01. percent late Friday. It had fallen as low as 3.88 percent overnight.

The yield, which influences interest rates on mortgages and other consumer loans, was nearing 4.8 percent in mid-January.

The two-year yield, which closely tracks expectations for action by the Federal Reserve, was steady at 3.68 percent.

By the Associated Press

The Monday meeting will make Netanyahu the first foreign leader to visit Trump since he unleashed tariffs on countries around the world.

Whether Netanyahu’s visit succeeds in bringing down or eliminating Israel’s tariffs remains to be seen, but how it plays out could set the stage for how other world leaders try to address the new tariffs.

Netanyahu’s office has put the focus of his hastily organized Washington visit on the tariffs, while stressing that the two leaders will discuss major geopolitical issues including the war in Gaza, tensions with Iran, Israel-Turkey ties and the International Criminal Court, which issued an arrest warrant against the Israeli leader last year. Trump in February signed an executive order imposing sanctions on the ICC over its investigations of Israel.

By the Associated Press

The account, @RapidResponse47, weighed in shortly after the market spiked, then dropped again.

By Christina Prignano and Kirkland An, Globe Staff

As markets continue to react to President Trump’s tariffs announcement, a look back at the major stock market indexes since his inauguration shows Wall Street in freefall.

The S&P has lost 15 percent of its value since the Friday before Trump’s inauguration on Jan. 20, while the Dow has lost 12 percent and the Nasdaq has lost 21 percent. Much of the damage has occurred since Thursday, the day after Trump’s announcement that he would impose hefty global tariffs in an effort to correct what he called a trade imbalance with the rest of the world.

See how the markets have changed each day since Trump was sworn into office:

By the Associated Press

The stock market briefly spiked on a report that Kevin Hassett, a top White House economic adviser, said the president was considering a 90-day pause on tariffs.

The supposed remark from Hassett circulated on social media, but no one could pinpoint where it came from even as the market flashed from red to green.

Hassett had spoken to Fox News earlier in the morning, when he was asked about a potential pause. However, he was noncommittal.

“I think the president is going to decide what the president is going to decide,” he said.

The episode showed that traders were operating on a hair trigger and eager for any sign of encouraging news for the market.

By the Associated Press

The Dow Jones Industrial Average briefly erased a morning loss of 1,700 points, shot up more than 800 points, then went back to a loss of 629 points.

The S&P 500 likewise made sudden up-and-down lurching movements and was down 0.7 percent in the first hour of trading. The Nasdaq composite was up 0.2 percent That followed sharp drops around the world as worries rise about whether Trump’s trade war will torpedo the global economy.

By the Associated Press

Wedbush analyst Dan Ives says Elon Musk’s association with President Trump and his tariffs will turn off potential Tesla buyers in China, the company’s second largest market. Ives writes that Musk’s embrace of right-wing politics is destroying demand for his electric vehicles in the US and Europe, too.

“This could be a brutal year ahead if Musk does not exit stage left or take a step back on DOGE in the coming month,” Ives writes, referring to the Tesla CEO’s leadership of the government cost-cutting group. “With major protests erupting globally at Tesla dealerships, Tesla cars being keyed, and a full brand crisis tornado turning into a life of its own, this has cast a dark black cloud over Tesla’s stock.”

Even before Trump’s tariffs, Tesla stock had plunged more than 40 percent from its mid-December high.

Ives’ new price target of $315 still assumes big gains. Tesla was trading Monday morning at $229, down more than 4 percent.

By the Associated Press

Japanese Prime Minister Shigeru Ishiba said he spoke on the telephone with Trump on Monday night and told him he is “strongly concerned” that US tariffs would discourage investment from Japan, which has been the world’s biggest investor in the United States in the past five years.

Ishiba said he urged Trump to seek a more mutually beneficial bilateral cooperation, and that Japan will keep negotiating to get the US government reconsider the measures.

The two leaders reaffirmed their efforts to resolve the issue, and agreed to appoint a team of representatives on each side for further negotiations.

Ishiba said his government will hold a first ministerial taskforce meeting to tackle what he called “a national crisis.”

The prime minister told a parliamentary session earlier Monday that he doesn’t think the problem can be resolved unless Japan makes a counter proposal and that Japan needs to propose how the two countries can make a new relationship as a package. Ishiba, however, said he is not considering a retaliatory measure because it only makes things worse.

Ishiba said the government will do everything it can to help the industries affected, especially small and medium sized business owners.

By the Associated Press

Vance’s mother, Beverly Aikins’ on Friday received a 10-year sobriety medallion in the Roosevelt Room at a ceremony with friends and family.

Vance described Aikins’ past drug addiction in his bestselling book “Hillbilly Elegy.”

By the Associated Press

European Commission President Ursula von der Leyen says the European Union is looking to do more business elsewhere in the world as President Trump’s tariffs hit international trade.

She said Monday that the EU is also is setting up a taskforce to monitor any dumping on its markets that might happen as trade patterns change.

“We will focus like a laser beam on the 83 percent of global trade that is beyond the United States. Vast opportunities,” von der Leyen said. After deals already done with Mexico and Switzerland, she said, “we’re working on India, Thailand, Malaysia, Indonesia and many others.”

Von der Leyen says the taskforce will help to monitor any unexpected surges in imports and “protect ourselves against indirect effects through trade diversion.”

The European Commission negotiates trade deals and disputes on behalf of the 27 EU member countries.

Von der Leyen insists the EU still wants a deal with the Trump administration, but that “we are preparing a potential list for retaliation, and other measures for retaliation, if this is necessary.”

By the Associated Press

JPMorgan Chase CEO Jamie Dimon says the Trump administration’s trade policies will likely result in higher prices for both imported and domestic goods and services, weighing on an already slowing US economy.

In his annual letter to shareholders, released Monday, Dimon said the US economy already faced a number of challenges: sticky inflation, geopolitical tensions, Federal Reserve policy including still-high interest rates and high fiscal deficits. Dimon also said that many stocks in the market have been priced too high.

The outspoken and influential CEO often comments on both domestic and international issues.

“Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth,” Dimon wrote, while also saying “I still have an abiding faith in America.”

By the Associated Press

Wall Street is sinking again, following other global markets lower, as worries deepen about whether President Trump’s trade war will torpedo the global economy.

The S&P 500 was down 3.8 percent in early trading Monday, coming off its worst week since COVID began crashing the global economy in March 2020.

The Dow Jones Industrial Average was down 1,200 points, and the Nasdaq composite was 4 percent lower. Stocks in Hong Kong plunged 13.2 percent for their worst day since 1997. A barrel of benchmark US crude oil briefly dropped below $60 for the first time since 2021.

By the Associated Press

The financial firm said a recession has become more likely even if Trump retreats from his trade policies.

Goldman Sachs also reduced its expectations for economic growth “following a sharp tightening in financial conditions, foreign consumer boycotts, and a continued spike in policy uncertainty that is likely to depress capital spending by more than we had previously assumed.”

But even meeting those expectations “would now require a large reduction in the tariffs scheduled to take effect on April 9.”

By the Associated Press

The cases are likely headed to a Supreme Court showdown on the president’s power over independent agencies.

A divided US Court of Appeals for the District of Columbia Circuit issued the ruling in the lawsuits separately brought by Merit Systems Protection Board member Cathy Harris and National Labor Relations Board member Gwynne Wilcox.

The ruling reverses, at least for now, a judgement from a three-judge panel from the same appellate court.

By Claire Thornton, Globe Staff

As stock markets around the world continued to plunge Monday amid President Trump’s sweeping new tariffs on goods made outside the US, he took to social media to tell Americans not to “be weak” in the face of economic uncertainty.

Trump’s Truth Social post came shortly before US markets opened Monday, and the Dow quickly slid into bear market territory.

READ MORE

By the Associated Press

The dispute over tariffs has caused some fracturing within Trump’s political coalition.

Hedge fund manager Bill Ackman said the president was “launching a global economic war against the whole world at once” and urged him to “call a time out.”

“We are heading for a self-induced, economic nuclear winter,” he wrote on X on Sunday.

Top White House economic adviser Kevin Hassett told Fox News on Monday morning that Ackman should “ease off the rhetoric a little bit.”

Hassett said critics were exaggerating the impact of trade disputes and talk of an “economic nuclear winter” was “completely irresponsible rhetoric.”

By the Associated Press

President Trump showed no interest in changing course despite turmoil in global markets.

He said other countries had been “taking advantage of the Good OL’ USA” on international trade.

“Our past ‘leaders’ are to blame for allowing this, and so much else, to happen to our Country,” he wrote on Truth Social. “MAKE AMERICA GREAT AGAIN!”

Trump criticized China for increasing its own tariffs and “not acknowledging my warning for abusing countries not to retaliate.”

By the Associated Press

Israeli Prime Minister Benjamin Netanyahu will meet US President Donald Trump in Washington Monday. Whether his visit succeeds in bringing down or eliminating Israel’s 17 percent tariff remains to be seen, but how it plays out could set the stage for how other world leaders try to address the new tariffs.

Netanyahu’s office has put the focus of his hastily organized Washington visit on the tariffs, while stressing that the two leaders will discuss major geopolitical issues including the war in Gaza, tensions with Iran, Israel-Turkey ties and the International Criminal Court.

In a preemptive move last week, Israel announced that it was removing all tariffs on goods from the US, mostly on imported food and agricultural products.

By the Associated Press

• Tokyo’s Nikkei 225 index lost nearly 8% shortly after the market opened and futures trading for the benchmark was briefly suspended. It closed down 7.8% at 31,136.58.
• Germany’s DAX index briefly fell more than 10% at the open on the Frankfurt exchange, but recovered some ground to move down 5.8% in morning trading.
• France’s CAC 40 shed 5.8% in morning trading.
• Britain’s FTSE 100 lost 4.9% in morning trading.
• Hong Kong’s Hang Seng dropped 13.2% to 19,828.30.
• Shanghei’s Composite index lost 7.3% to 3,096.58.
• Taiwan’s Taiex plummeted 9.7%.
• South Korea’s Kospi lost 5.6% to 2,328.20.
• Australia’s S&P/ASX 200 lost 4.2% to 7,343.30, recovering from a loss of more than 6%.
• India’s benchmark BSE Sensex and the Nifty 50 index both dropped about 5% after trading opened but then recovered slightly.
• Dubai’s Financial Market exchange fell 5% as it opened for the week.
• Abu Dhabi’s Securities Exchange fell 4%.
• Saudi Arabia’s Tadawul stock exchange, which opened Sunday, fell over 6% in trading. The giant of the exchange, Saudi Arabia’s state-owned oil company Aramco, fell over 5% on its own, wiping away billions in market capitalization for the world’s sixth-most-valuable company.
• Pakistan’s stock exchange suspended trading for an hour after a 5% drop in its main KSE-30 index.

By the Associated Press

On a day when stock markets around the world dropped precipitously, Alabama Republican Party Chairman John Wahl led a celebration of the president whose global tariffs sparked the sell-off.

With no mention of the Wall Street roller coaster and global economic uncertainty, Wahl declared his state GOP’s “Trump Victory Dinner” — and the broader national moment — a triumph. And for anyone who rejects Trump, his agenda and the “America First” army that backs it all, Wahl had an offer: “The Alabama Republican Party will buy them a plane ticket to any country in the world they want to go to.”

Wahl’s audience — an assembly of lobbyists and donors, state lawmakers, local party officials and grassroots activists — laughed, applauded and sometimes roared throughout last week’s gala in downtown Birmingham.

Yet beyond the cheerleading, there were signs of a more cautious optimism and some worried whispers over Trump’s sweeping tariffs, the particulars of his deportation policy and the aggressive slashing by his Department of Government Efficiency.

By the Associated Press

This morning, at 11 a.m., World Series Champions, the Los Angeles Dodgers, will visit the White House and meet the president. Later, at 1 p.m., Israel Prime Minister Benjamin Netanyahu will visit the White House and meet with Trump. At 2 p.m., Netanyahu and Trump will participate in a Bilateral Meeting in the Oval Office. At 2:30 p.m., they will hold a joint news conference.

By the Associated Press

President Trump said Sunday that he won’t back down on his sweeping tariffs on imports from most of the world unless countries even out their trade with the US.

Speaking to reporters aboard Air Force One, Trump said he didn’t want global markets to fall, but also that he wasn’t concerned about the massive sell-off either, adding, “sometimes you have to take medicine to fix something.”

His comments came as global financial markets appeared on track to continue sharp declines once trading resumes Monday, and after Trump’s aides sought to soothe market concerns by saying more than 50 nations had reached out about launching negotiations to lift the tariffs.

The higher rates are set to be collected beginning Wednesday. Treasury Secretary Scott Bessent said unfair trade practices are not “the kind of thing you can negotiate away in days or weeks.” The United States, he said, must see “what the countries offer and whether it’s believable.”

By the Associated Press

Global stock markets extended a severe plunge Monday, fueled by fears that US tariffs would lead to a global economic slowdown. European and Asian shares saw dramatic losses, the leading US index flirted with bear market territory in pre-market trading, and oil prices sagged.

The massive sell-off in riskier assets at the start of the trading week follows President Trump’s announcement of sharply higher US import taxes and retaliation from China that saw markets fall sharply Thursday and Friday.

By the Associated Press

Middle East stock markets tumbled Monday as they struggled with the dual hit of the United States’ new tariff policy and a sharp decline in oil prices, squeezing energy-producing nations that rely on those sales to power their economies and government spending.

Benchmark Brent crude is down by nearly 15 percent over the last five days of trading, with a barrel of oil costing just over $63. That’s down nearly 30 percent from a year ago, when a barrel cost over $90.

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By the Associated Press

China on Monday accused the US of unilateralism, protectionism, and economic bullying with tariffs.

“Putting ‘America First’ over international rules is a typical act of unilateralism, protectionism, and economic bullying,” Foreign Affairs spokesperson Lin Jian told reporters.

Last week, Trump put an additional 34 percent tariff on Chinese goods as part of “Liberation Day,” coming on top of two rounds of 10 percent tariffs already declared in February and March, which Trump said was due to Beijing’s role in the fentanyl crisis.

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