Financial markets experienced their steepest decline since the COVID-19 crash after China retaliated against President Donald Trump’s latest tariff hikes, intensifying the ongoing trade war.
On Friday, the S&P 500 sank 6%, the Dow Jones dropped 5.5%, and the Nasdaq tumbled 5.8%. A surprisingly strong U.S. jobs report couldn’t halt the market downturn.
Meanwhile, President Trump announced he would sign an executive order granting TikTok an additional 75 days to operate in the U.S., allowing time for a potential sale to American investors.
Senate Braces for ‘Vote-a-Rama’ Marathon on GOP Budget Plan
The Senate is gearing up for an all-night session of back-to-back amendment votes—known as "vote-a-rama"—as lawmakers debate the GOP’s sweeping budget plan featuring tax cuts and spending reductions. Democrats are expected to introduce amendments to counter key Republican policies, including proposals to end tariffs, eliminate billionaire tax breaks, and protect Medicaid. These measures are unlikely to pass, as Republicans control Congress and are moving the bill forward to the House.
Naval Academy Purges DEI Books from Library
The U.S. Naval Academy has removed 391 books—including works on the Holocaust, civil rights, feminism, and Maya Angelou’s autobiography—from its library, following an order from Defense Secretary Pete Hegseth to eliminate materials promoting diversity, equity, and inclusion (DEI). The move is part of the Trump administration’s broader push to scrub DEI-related content from federal institutions.
Late-Night Senate Session Begins Amid Tariff Fallout
With pizzas for Republicans and tacos for Democrats, senators are settling in for an overnight session to finalize the GOP’s budget package. Despite growing economic concerns over Trump’s tariffs, Republicans are eager to advance what they view as a cornerstone of their domestic agenda. Democrats plan to prolong debate and draw attention to controversial details.
Columbia Must Notify Students Before Releasing Records in Antisemitism Probe
A federal judge ruled that Columbia University must give students, including activist Mahmoud Khalil, a 30-day notice before turning over documents to a congressional investigation into antisemitism on campuses. The court declined to block the release entirely but allowed students to continue legal challenges. Rep. Tim Walberg, who chairs the investigating committee, called the decision a win for oversight.
Medicare Will Not Cover Popular Anti-Obesity Drugs
The Trump administration has opted not to expand Medicare coverage to include costly anti-obesity medications like Zepbound and Wegovy. While President Biden had proposed a rule to include such treatments, it wasn’t finalized before Trump’s return to office. Medicare will still cover the drugs for patients with heart disease needing risk reduction.
Interior Secretary Orders National Parks to Stay Open Despite Staff Cuts
Interior Secretary Doug Burgum directed national parks to remain open and accessible amid ongoing staffing reductions. A review of operating hours and services has been ordered to ensure visitor access. However, critics question how parks will maintain safety and cleanliness, with roughly 1,500 permanent staff already lost this year and more layoffs looming.
U.S. Announces Additional Aid for Myanmar Earthquake Victims
After criticism over a slow response, the Trump administration has pledged another $7 million in aid for victims of Myanmar’s recent 7.7 magnitude earthquake, bringing total U.S. support to $9 million. While other countries sent large relief teams, the U.S. has deployed only a three-person assessment group. The administration’s dismantling of key aid programs has limited its ability to respond.
Stock Market Suffers Massive Losses Amid Trade Tensions
The S&P 500 fell 6%, marking its worst week since 2020. The Dow dropped 5.5%, and the Nasdaq slid 5.8%. The sell-off came after China imposed tariffs in response to Trump’s latest escalation in the trade war.
TikTok Deal Collapses Following Trump’s Tariff Move
A planned deal to spin off TikTok into a U.S.-based company with majority American ownership fell apart after Trump announced new tariffs. ByteDance reportedly told the White House that China would no longer approve the transaction unless trade negotiations resumed.