Thursday, April 10th, 2025 - Markets whiplash; China and EU fight back; IRS chief quits; Trump targets critics; Jesus enters the budget chat

Morning Announcements

Betches

News Commentary, Daily News, News, Politics

4.8 • 1.4K Ratings

🗓️ 10 April 2025

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today’s Headlines: Markets are spiraling as global fallout from Trump’s tariffs intensifies. The bond market plunged yesterday, signaling foreign doubts about U.S. economic stability—especially from Japan. China hiked tariffs on American goods to 84%, and the EU approved its first wave of retaliatory tariffs, effective April 15. By afternoon, Trump partially reversed course, pausing tariffs for 90 days on most countries (except China and the EU), leading to a 10% stock market surge—its biggest since 2008. Meanwhile, IRS Commissioner Melanie Krause resigned after backlash over sharing undocumented immigrants’ tax data with ICE, marking the agency’s third leadership exit this year. Trump also floated deporting U.S. prisoners to El Salvador (not legal), signed an executive order to investigate two former officials for treason, and froze nearly $1B in funding to Cornell and Northwestern over campus protests. And in Congress, House Speaker Mike Johnson failed to get enough support for the GOP’s new tax cut-heavy budget—despite one member literally rebuking him “in the name of Jesus.” Resources/Articles mentioned in this episode: NY Times: Bond Sell Off Raises Questions About U.S. Safe Haven Status CNN: China announces 84% tariffs on US goods in showdown with Trump CNBC: European Union approves first set of retaliatory tariffs on U.S. imports CNBC: Trump tariffs: 'Do not retaliate and you will be rewarded,' White House says ABC News: Acting IRS commissioner plans to resign after data-sharing deal with immigration authorities TNR: Press Secretary Says Trump Wasn’t Joking About Deporting U.S. Citizens NBC News: Trump orders probes of two former officials who defied him AP News: About $1.8 billion in federal money for Cornell and Northwestern is frozen, the White House says MSN: 'I rebuke you in the name of Jesus': GOP rep explodes at Johnson in closed-door meeting 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.
0:41.4	Today is Thursday, April 10th, and you're listening to the morning announcements presented by
0:46.1	Betches Media. I'm your host, Sammy Sage, and the morning announcements is your daily five-minute
0:51.0	breakdown of the headlines that isn't a megaphone for the loudest voices,
0:55.0	but a magnifying glass for the most important news.
1:00.5	We continue on our economic roller coaster. Let me take you through what happened yesterday.
1:06.2	America woke up to a disastrous situation in the bond markets, with yields on 10-year and 30-year
1:11.9	treasuries going up, indicative of a sell-off of U.S. government bonds. The market translation
1:17.4	of that being that foreign investors, specifically Japan, have a negative outlook on the stability
1:22.7	of the U.S. economy over 10 and 30-year horizons and were selling government bonds. Things got worse when China
1:29.1	announced that it was raising its tariffs on American imports to 84%, and the European Union voted to
1:34.9	approve its first set of retaliatory tariffs on a wide range of goods, including poultry, grains,
1:40.1	clothing, and metals, which will go into effect on April 15th, tax day, with more to come on
1:45.7	May 15th. Then just before 2 p.m., President Donald Trump posted on True Social that he was
1:51.7	putting a 90-day pause on tariffs for all countries at a flat 10%, except for China and the EU.
1:58.4	China's tariff rate, on the other hand, was raised from 104% to
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