Monday, April 7th, 2025 - Markets still crashing; China hits back; Tax cuts for the rich; IRS hackathon; NSA firings; Courts fight back

Morning Announcements

Betches

News Commentary, Daily News, News, Politics

4.8 • 1.4K Ratings

🗓️ 7 April 2025

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today’s Headlines: The world is still reeling from Trump’s sweeping new tariffs, with markets in free fall and no signs of a course correction. Commerce Secretary Howard Lutnick confirmed the White House is not backing down, and China quickly retaliated with steep tariffs of its own, sanctions on U.S. companies, and an investigation into DuPont. Dow futures were already down 1600 points before markets even opened, and JP Morgan now puts the risk of a global recession at 60%. Meanwhile, Treasury Secretary Scott Bessent brushed off fears, even as he spent the week on Capitol Hill negotiating more tax cuts for the wealthy. In the background, the IRS is quietly working on a project to centralize taxpayer data in a new “mega API” system—likely with Palantir, raising privacy concerns. Elsewhere in the administration, the heads of the NSA and Cyber Command were abruptly fired, reportedly under pressure from far-right activist Laura Loomer. But the courts are beginning to push back: a federal judge ruled the NIH must restore full research funding, another ordered the government to return a man it wrongfully deported to El Salvador, and 19 state attorneys general are suing to block Trump’s executive order requiring proof of citizenship to vote and tossing out mail ballots received after Election Day. Resources/Articles mentioned in this episode: Axios: Trump administration to markets: Don't expect a rescue CNBC: Stock market today: Live updates AP News: China slaps a 34% tax on all US imports in retaliation for Trump's tariffs NBC News: TikTok deal scuttled because of Trump's tariffs on China WSJ: JPMorgan Raises Recession Risk to 60% Axios: Bessent: "No reason" for markets to price in recession Axios: Bessent seeks tax cut as big summer win Wired: DOGE Is Planning a Hackathon at the IRS. It Wants Easier Access to Taxpayer Data NBC News: National Security Agency chief and deputy director dismissed NY Times: Judge Permanently Bars N.I.H. From Limiting Medical Research Funding Reuters: Judge orders return of wrongly deported Maryland man to US from El Salvador WA Post: Democratic attorneys general sue to block Trump’s voting restrictions Morning Announcements is produced by Sami Sage alongside Bridget Schwartz and edited by Grace Hernandez-Johnson Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hello, U-Up listeners.
0:02.0	It's been a while since we've met in person, and we were thinking maybe it's time we set up another date.
0:08.2	We're so excited that we're going to be hosting a very special U-Up live event in New York City on April 30th at the Palladium Times Square.
0:17.8	Expect the games you love, spicy dating reveals, and even a live dating app
0:22.5	Maygover. But this time with you in the audience. Rally your friends, bring your craziest dating
0:28.6	stories, and join Jared and I live for a night of laughs that you won't want to miss.
0:33.8	Tickets are on sale now, so visit betches.co slash you up live to get yours before they're gone.
0:41.6	Today is Monday, April 7th, and you're listening to the morning announcements presented by
0:46.2	Betches Media. I'm your host, Sammy Sage, and the morning announcements is your daily five-minute
0:50.9	breakdown of the headlines that isn't a megaphone for the loudest voices,
0:54.7	but a magnifying glass for the most important news.
1:00.4	The talk of the world is that we are still in collective economic freefall.
1:05.1	Commerce Secretary Howard Lutnik said on Face the Nation yesterday that markets should not
1:09.1	expect a negotiation or change around
1:11.3	the new tariff policy.
1:12.8	Quote, the tariffs are coming.
1:14.4	He announced it and he wasn't kidding.
1:16.7	In reaction to that, as of this recording at 8 p.m. last night, Dow futures were down at least
1:21.6	1,600 points, meaning the market is down before it even opened.
1:25.6	That comes after the Dow dropped 5.5% on Friday, and the S&P 500 was down almost 6%.
1:32.3	The largest drops since the COVID pandemic hit in March 2020.
1:35.3	In terms of foreign responses to quote-unquote Liberation Day, China has been the first to announce
	...

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