Community Experience
MichaelTip
How Trump changed his mind on tariffs
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Peter Nicholas, Garrett Haake and Carol E. Lee
Reporting from Washington
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“Liberation Day” gave way to Capitulation Day last night.
President Donald Trump pulled back yesterday on a series of harsh tariffs targeting friends and foes alike in an audacious bid to remake the global economic order.
Image: President Donald Trump
Saul Loeb / AFP – Getty Images
Trump’s early afternoon announcement followed a harrowing week in which Republican lawmakers and confidants privately warned him that the tariffs could wreck the economy. His own aides had quietly raised alarms about the financial markets before he suspended a tariff regime that he had unveiled with a flourish just one week earlier in a Rose Garden ceremony.
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The stock market rose immediately after the about-face, ending days of losses that have forced older Americans who’ve been sinking their savings into 401(k)s to rethink their retirement plans.
Read the full story here.
32m ago / 12:55 PM GMT+3
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China’s foreign ministry calls the U.S. a ’21st century barbarian’
Peter Guo
Reporting from Hong Kong
China’s public language on its trade war with the U.S. has become increasingly bellicose and took a new turn today when Beijing’s foreign ministry said the Trump administration’s tariffs have made the U.S. a “barbarian of the 21st century.”
Trump’s tariffs will “never America great again” ministry of foreign affairs spokesperson Huang Jingrui, wrote in an open letter today in Hong Kong’s newspaper South China Morning Post.
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“A tariff-wielding barbarian who attempts to force countries to call and beg for mercy can never expect that call from China,” Huang said, adding that the U.S. is “obsessed with the art of bullying and blackmailing the entire world.”
47m ago / 12:40 PM GMT+3
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EU welcomes 90-day tariff pause
Peter Guo
The EU President Ursula von der Leyen said today that the region welcomes Trump’s announcement to pause tariffs for 90 days.
Von der Leyen said the EU remains “committed to constructive negotiations” with the U.S., according to a statement from her office.
Meanwhile, Europe continues to focus on diversifying their trade partnerships, engaging with countries that account for 87% of global trade, she said.
Trump’s tariffs have shown that the European internal market is the region’s “anchor of stability and resilience” in times of uncertainty, von der Leyen added.
1h ago / 12:27 PM GMT+3
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Trade war with China ‘to spark a wave of smuggling’
Peter Guo
Reporting from Hong Kong
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Irregular trade including smuggling will most likely rise amid the U.S.’ and China’s tit-for-tat tariffs, an economist warns.
The cost of tariffs has become “prohibitive to almost every company,” Tianchen Xu, senior economist at Economist Intelligence Unit.
“As a result, trade flows in both directions will tumble, and irregular trade will proliferate, including smuggling, transshipment and systemic under-reporting of trade value during customs clearance,” Xu said in a note.
Xu said trade negotiations and a partial de-escalation in the ongoing trade war may ensue in the coming months, but those tensions are likely to worsen in the short term between the world’s two largest economies.
1h ago / 12:09 PM GMT+3
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California plant business owner says costs will double with tariffs
Gadi Schwartz and Phil Helsel
The owner of a California home decor and plant shop said that even in dealing locally, the sourcing of goods from China is impossible to avoid.
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The voice of ‘White Lotus’ star Walton Goggins is the lullaby we didn’t know we needed
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While his “White Lotus” character Rick has been the source of some stress this season, Walton Goggins is here to soothe us into a state of dreamy sleep to make up for it.
The actor has partnered with relaxation and meditation app Calm for one of their famed Sleep Stories, lending his smoky voice to a fable titled “The Yard Sale.”
Goggins announced the Sleep Story on his verified Instagram on Tuesday, writing, “A friend once said to me the first question you ask someone shouldn’t be, ‘How are you?’ but rather, ‘How did you sleep last night?’ I agree.”
The post included an excerpt from the story, in which Goggins is heard languidly instructing listeners to relax their bodies and get into bed. “You could even climb into a hammock,” he added. “I wouldn’t do that because I’ve never gracefully got in or out of one.”
In the caption, the actor also wrote that he “wanted to create a Sleep Story that feels dreamlike, helping people slow their minds down by wandering through a yard sale (which happens to be one of my favorite things to do), uncovering hidden treasures.”
“It’s the Walton Goggins version of counting sheep. I hope you enjoy,” he added.
Other celebrities who have read bedtime stories in the hopes of putting audiences to sleep include Dolly Parton and the late Jimmy Stewart, whose voice was featured in a Calm Christmas Sleep Story in 2023 thanks to generative AI technology.
Goggins currently stars on “The White Lotus,” where his character is often the most stressed out and tortured of the ensemble, at one point setting a slew of snakes free.
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A federal judge on Tuesday afternoon temporarily blocked part of the Trump administration’s plans to freeze all federal aid, a policy that unleashed confusion and worry from charities and educators even as the White House said it was not as sweeping an order as it appeared.
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The short-term pause issued by US District Judge Loren L. AliKhan prevents the administration from carrying through with its plans to freeze funding for “open awards” already granted by the federal government through at least 5 p.m. ET Monday, February 3.
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The judge’s administrative stay is “a way of preserving the status quo” while she considers the challenge brought by a group of non-profits to the White House plans, AliKhan said.
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“The government doesn’t know the full scope of the programs that are going to be subject to the pause,” AliKhan said after pressing an attorney for the Justice Department on what programs the freeze would apply to. AliKhan is expected to consider a longer-term pause on the policy early next week.
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The White House budget office had ordered the pause on federal grants and loans, according to an internal memorandum sent Monday.
Federal agencies “must temporarily pause all activities related to obligation or disbursement of all Federal financial assistance,” White House Office of Management and Budget acting director Matthew Vaeth said in the memorandum, a copy of which was obtained by CNN, citing administration priorities listed in past executive orders.
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