Trump live updates: Tariffs rollout sees Dow drop 2,200 points by stock market close

During Friday’s broadcast of Fox News’ midday roundtable show Outnumbered, co-host Emily Compagno tried out a new talking point: the president was merely doing an “audit” that the United States needed.

Justin Baragona has the story.

A judge won’t stop Columbia University from sending over disciplinary records for detained student Mahmoud Khalil and other activists to House Republicans for their campus antisemitism investigation.

Here’s more of what you need to know:

The US government is targeting Brown and Harvard Universities over alleged antisemitism on their campuses, withholding millions in grants and imposing strict conditions on future funding.

The Washington Post has published an inside account of President Donald Trump’s “whirlwind decision to blow up global trade,” claiming that the president resolved to follow his own instincts and was enabled by the senior officials who surrounded him.

Focused on fulfilling his campaign promise of imposing “reciprocal” tariffs on U.S. trading partners, the Post reports that he was presented with a menu of options with which the administration could proceed.

Instead, Trump personally selected a formula that was based on two simple variables — the trade deficit with each country and the total value of its U.S. exports, said two of the people, who spoke on the condition of anonymity to recount internal talks. While precisely who proposed that option remains unclear, it bears some striking similarities to a methodology published by Peter Navarro, Trump’s hard-charging economic adviser, during his first administration. After its debut in the Rose Garden on Wednesday, the crude math drew mockery from economists as Trump’s new global trade war prompted a sharp drop in markets.

Further, the outlet reports that the decision that has since roiled markets around the world wasn’t settled on until about three hours before it was announced to the world in the Rose Garden of the White House on Wednesday afternoon following the close of U.S. markets.

Advisers told the Post that Trump is unbothered by negative headlines and overseas criticism and “is determined to listen to a single voice — his own — to secure what he views as his political legacy.”

“He’s at the peak of just not giving a f— anymore,” said a White House official with knowledge of Trump’s thinking. “Bad news stories? Doesn’t give a f—. He’s going to do what he’s going to do. He’s going to do what he promised to do on the campaign trail.”

The Post reports that, in addition to Navarro, those “in the room” with Trump as he decided on the tariff plan were:

Scott Bessent, the treasury secretary; Howard Lutnick, commerce secretary; Jamieson Greer, U.S. trade representative; Stephen Miller, deputy chief of staff for policy; Kevin Hassett, director of the National Economic Council; and Vice President JD Vance. Chief of Staff Susie Wiles was also in meetings. Hassett was not present for the final meeting Wednesday.

Members of Elon Musk’s cost-cutting team arrived at Peace Corps headquarters in Washington, the agency told Reuters, a signal it could become the latest U.S. government unit to face job cuts.

“Staff from the Department of Government Efficiency are currently working at Peace Corps headquarters and the agency is supporting their requests,” the agency said in a statement on Friday.

The Peace Corps, which sends volunteers across the globe to help countries with education, health and economic projects, had so far remained under the radar amid the cost-slashing drive of the Musk-led DOGE.

With the help of a large chart, the president unveiled his latest wave of tariffs Wednesday on what he called “Liberation Day.” Trump announced blanket levies of at least 10 percent on every nation – with many facing higher but “discounted reciprocal tariffs.”

Tariffs are taxes charged on goods imported to the U.S., but frequently passed on to consumers by companies.

Trump has long promoted the idea of reciprocal tariffs and said the U.S. was going to charge countries what they charge America. He claimed the new policy is necessary to balance out American competitiveness.

However, financial journalist James Surowiecki noted the tariff rate for other nations Trump showed off is not related to a tariff American manufacturers pay, but a calculation using the trade deficit.

Mike Bedigan explains the bizarre way it was calculated.

Ariana Baio explains why that happened.

The stock market closed with a bloodbath on Friday after the Dow Jones market lost 2,200 points and the S&P 500 dropped 6 percent as investors are spooked about the impact of President Donald Trump’s tariff plan.

If the trend continues, it will only be the fourth time in history the stock market has lost 2,000 points in a single day. The market is also on track to see its biggest two-day loss in history as it nears a total of $5 trillion in losses over Thursday and Friday.

Friday started badly for the Dow when it lost 1,000 points at the opening and continued from there. The NASDAQ wasn’t doing any better, losing 865 points by mid-Friday. That comes after it lost 1,000 points on Thursday during a historically bad day.

The dollar fell sharply Thursday, too, and is now near its weakest level of the year.

Katie Hawkinson has been tracking the market today.

At the market close in New York, the S&P 500 had dropped 6%, and the Dow Jones Industrial Average had plunged more than 2,200 points.

The tech-focused Nasdaq ended the day down 5.97%.

This is the worst week on the stock market since the onset of the Covid-19 pandemic in 2020.