United News of Bangladesh

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.

Asian markets declined on Tuesday after a sharp drop in U.S. stocks, driven by concerns over the economic impact of President Donald Trump’s latest round of tariffs, reports AP. A 25% tariff on imports from Canada and Mexico took effect early Tuesday, while an additional 10% tariff was imposed on Chinese goods. In response, Beijing signalled through state media that it was considering retaliatory measures, potentially targeting U.S. agricultural exports such as soybeans. Women Entrepreneurs organize 3-day trade fair at Gulshan Shooting Club Japan’s Nikkei 225 fell 1.9% to 37,084.83, while Hong Kong’s Hang Seng index dropped 1.6% to 22,666.68. China’s Shanghai Composite slipped 0.2% to 3,310.35. In South Korea, the Kospi saw a slight gain of less than 0.1% to 2,533.77, while Taiwan’s Taiex declined 0.9%. Most Southeast Asian markets also registered losses. On Monday, the S&P 500 fell 1.8% to 5,849.72 after Trump declared there was “no room left” for negotiations to lower the tariffs, which he had previously delayed for further discussions. The Dow Jones Industrial Average declined 1.5% to 43,191.24, while the Nasdaq composite dropped 2.6% to 18,350.19. Wall Street had hoped for a less severe trade stance, and Trump’s decision came amid growing concerns about the U.S. economy. Monday’s losses trimmed the S&P 500’s post-Election Day gains to just over 1%, down from a peak of more than 6%, as the initial optimism surrounding Trump’s economic policies faded. After the S&P 500 reached a record high last month, driven by stronger-than-expected corporate earnings, sentiment turned negative following weaker economic reports. Recent data showed declining consumer confidence in the face of inflation concerns linked to tariffs. Another economic report on Monday revealed that while U.S. manufacturing activity continued to expand, it did so at a slower pace than expected. More worryingly, new orders contracted while prices rose, sparking concerns over who would bear the costs of Trump’s tariffs. Kroger Chairman and CEO resigns following investigation into personal conduct Following the report, the yield on the 10-year Treasury note fell to 4.16% from 4.24%, continuing its decline from January’s high of nearly 4.80%, reflecting fears of an economic slowdown. Tech stocks, particularly Nvidia and other high-growth companies, bore the brunt of the market downturn. Nvidia plunged 8.8%, while Tesla lost 2.8%. Elsewhere, grocery giant Kroger fell 3% after CEO Rodney McMullen resigned following an internal investigation into his personal conduct. Cryptocurrency-linked stocks also retreated despite an initial rally spurred by Trump’s announcement over the weekend about a strategic crypto reserve. MicroStrategy, which has been investing heavily in bitcoin, ended 1.8% lower, while Coinbase dropped 4.6%. In Europe, markets surged on Monday following a report indicating a slowdown in inflation for February, boosting expectations of an interest rate cut from the European Central Bank later in the week. Germany’s DAX climbed 2.6%, and France’s CAC 40 rose 1.1%. Despite Trump’s “America First” stance, international markets have outperformed the S&P 500 this year. In early Tuesday trading, U.S. benchmark crude oil declined 30 cents to $68.07 per barrel, while Brent crude dropped 51 cents to $71.11 per barrel. The U.S. dollar weakened to 149.29 Japanese yen from 149.50 yen, while the euro edged down to $1.0484 from $1.0488. Bitcoin tumbled 10.3% to $83,750, according to CoinDesk.