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Hey there from CNN. I'm Krista Bow with The Five Things You Need to Know for Wednesday, April 9th.

After enacting the highest tariffs in over a century today, President Donald Trump is instructing everyone to, quote, be cool, amid the threat of a global recession and significantly higher inflation.

And trading partners are pushing back, like the European Union and especially China.

Beijing is slapping an 84% tariff on imports of U.S. goods in response to Washington's minimum 104% duties, to which Treasury Secretary Scott Bessent said, quote, so what on Fox Business

this morning?

They have the most imbalanced economy in the history of the modern world.

And I can tell you that this escalation is a loser for them.

They are the surplus country.

Their exports to the U.S. are five times our exports to China.

Meanwhile, investors are selling off stocks and bonds at the same time. It's an unusual

move, but why does it matter? Well, it's pushing up the yields on those bonds, and that usually

means higher interest rates on mortgages, credit cards, and other kinds of loans. And Trump says

even more tariffs are on the horizon. So we're going to be announcing very shortly a major tariff on pharmaceuticals.

J.P. Morgan Chase CEO Jeremy Diamond said this morning, a recession is, quote, a likely

outcome of an escalating trade war.

Trump urged any House Republican holdouts to stop grandstanding and unite to pass what the Senate already

did, a budget resolution of tax breaks and spending reductions.

...