Foreign Policy

U.S. and global markets of all stripes delivered their verdict on U.S. President Donald Trump’s sweeping new tariffs, and it is devastating: Investors hate the new barriers to trade almost as much as corporate supply chain managers do. By nearly every metric—U.S. and global stock and bond markets, the value of the dollar, or the price of oil—investors seem to expect the impact of Trump’s new tariffs to be a drag on growth, a boost to inflation, and especially bad news on both fronts for the United States. Trump’s decision has especially unsettled U.S. stock markets, formerly a bellwether for Trump. The blue-chip Dow Jones Industrial Average opened with a loss of 1,500 points, or 3.6 percent. The broader S&P 500 and the tech-focused Nasdaq indices also were darkly red, with early declines of about 4 percent and 5 percent, respectively.

On the HERO series finale, we're looking back at some of our most impactful stories from the past 8 seasons. Host Reena Ninan talks to Kenya-based reporters Sharon. W. kiburi and Eunice Maina as well as South-Africa based journalist Elna Schütz: https://lnkd.in/eJWV3YKR

Trump’s “Liberation Day” tariffs were even bigger than expected, with nearly 50% rates for manufacturers like Cambodia and Vietnam. The dollar has declined. Oil has weakened. The stock markets have had their worst day in years. And that's just the first 24 hours. Foreign Policy has some clever and unique angles on this: Edward Alden describes how the tariffs could shatter the world economy as we know it, and how they represent a real test for Congress (which has the real right to impose tariffs) and therefore U.S. democracy itself: https://lnkd.in/gQ3_8aEH Keith Johnson walks us through the blizzard of red numbers in the markets, including the surprising drop of the dollar, which indicates genuine fears about a U.S. slowdown: https://lnkd.in/gVSaM67F Lili Pike and James Palmer explore how China might respond: https://lnkd.in/gE-s6ZtY Amelia Lester shows us how Trump is on the ballot in Australia, and how his tariffs have upended 70 years of friendship: https://lnkd.in/gwFt8ZKD And much more popping up on our site all the time. Take a look! Plus, join me for an FP Live on April 7 on this. Despite all the adverse market signals, Trump's supporters continue to say that the tariffs will only impose a bit of short-term pain, and that they will generate revenue, revitalize American manufacturing, and boost jobs in the longer term. Sounds like it's worth having a debate. Sign up to watch me host Oren Cass and Kimberly Clausing as they explain the merits and demerits of tariffs: https://lnkd.in/gkatieTW https://lnkd.in/gQ3_8aEH

The sweeping tariffs announced by U.S. President Donald Trump on Wednesday have sent shockwaves through markets and capitals around the world—quite literally. The measures, which include a baseline of 10 percent tariffs on all imports into the United States, also extend to tiny, remote islands—from an overseas French territory near Canada to a group of uninhabited volcanic islands near Antarctica. The Heard Island and McDonald Islands, an external territory of Australia, are home to mostly penguins, but they still face 10 percent U.S. tariff. Norfolk Island, another Australian territory with a population of roughly 2,100 people, is subject to a 29 percent tariff. “Nowhere on earth is safe,” Australian President Anthony Albanese said on Thursday. Read more in Foreign Policy: https://lnkd.in/eCpiRgEv

Is the United States in a constitutional crisis? According to political scientist Andrew O’Donohue, yes—and it could get substantially worse. Watch the full interview here: https://lnkd.in/eqZd5Vit

Sen. Adam Schiff, one of the president’s fiercest critics on Capitol Hill, told FP that Trump is only “feigning indignation” with Putin, saying that “Putin has Trump’s number” and views him as “a child who can be easily controlled and manipulated.”

The U.S. president in one afternoon tore up nearly a century’s worth of efforts to build a mostly peaceful and prosperous global economic order, columnist Edward Alden writes.

With the U.S. no longer interested in acting as Ukraine's chief protector, the burden is shifting to Europe. But can it bear the load? Stephen Walt and Nathalie Tocci debate this and more on the season premiere of Counterpoint, a podcast from FP and Doha Forum: https://lnkd.in/ebtUsXeN

Students are protesting across Indonesia, demanding the repeal of a law passed on March 20 that they say threatens to bring Indonesia back to the days of the military dictatorship, Joseph Rachman writes.

World Brief: U.S. trading partners retaliate against President Donald Trump’s reciprocal tariffs, Israel expands its operations in Gaza, and Myanmar’s junta declares a temporary cease-fire.