Apr 04, 2025, 1:41 PM EDT
London's FTSE 100 index sees biggest daily drop since COVID
London’s FTSE 100 index has suffered its biggest daily drop since the start of the COVID-19 pandemic. The index closed down 419.76 points, or 4.95%, at 8,054.98
Trump addresses stock market losses, China trade deficit
The president spoke with reporters aboard Air Force One on Sunday.
Last Updated: April 7, 2025, 2:30 AM EDT
The fallout continues after President Donald Trump's unveiling of severe tariffs against virtually all U.S. trading partners.
On Sunday, ABC's "This Week" anchor George Stephanopoulos pressed White House National Economic Council Director Kevin Hassett about Trump reposting a video that said he was tanking the markets to force the Fed to lower interest rates. Hassett said Trump was entitled to his opinion, but denied that his tariff policy was intended to put pressure on the Fed to lower rates.
Trading on Thursday and Friday marked the worst days for U.S. stocks since 2020.
Key Headlines
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Here's how the news is developing.
Apr 04, 2025, 12:25 PM EDT
Nintendo delays preorder for Switch 2 because of tariffs
Days after announcing the Switch 2, Nintendo said Friday it's delaying preorders for the new console due to President Donald Trump's tariffs, the company announced.
“Pre-orders for Nintendo Switch 2 in the U.S. will not start April 9, 2025 in order to assess the potential impact of tariffs and evolving market conditions. Nintendo will update timing at a later date. The launch date of June 5, 2025 is unchanged.”
Dimitar Dilkoff/AFP via Getty Images
The Switch 2 announcement on April 2, long planned, fell in the crosshairs of Trump’s trade war.
Apr 04, 2025, 11:49 AM EDT
Powell warns tariffs will increase inflation, slow economic growth
Fed Chair Jerome Powell talked about the current economic outlook at the Society for Advancing Business Editing and Writing Annual Conference Friday and gave his insight on the tariff situation.
Powell said that tariffs will likely raise inflation and slow down growth in the coming quarters.
"The size and duration of these effects remain uncertain. While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent," he said.
Brendan Smialowski/AFP via Getty Images
Powell added the U.S. is "well positioned to wait for greater clarity before considering any adjustments to our policy stance. It is too soon to say what will be the appropriate path for monetary policy."
Apr 04, 2025, 11:51 AM EDT
Trump talks with Vietnamese president on tariffs
President Donald Trump said in a Truth Social post Friday that he had a "productive call" with Vietnamese President To Lam.
Trump claimed the Vietnamese leader "wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S."
The call comes after Trump announced a 46% tariff on Vietnamese imports during his reciprocal tariff events on Wednesday.
-ABC News' Michelle Stoddart
