Canada announced new 25% tariffs on about C$30 billion (US$20.8 billion) of U.S.-made products, including steel, aluminum, computers, and sporting goods.
“I don't want to say ‘normal,’ but we’re operating,” Consumer Financial Protection Bureau operations chief Adam Martinez testified before U.S. District Senior Judge Amy Berman Jackson of the District of Columbia.
“We increasingly view a large-scale pullback in spending driven by uncertainty about tariffs, DOGE layoffs, and weakness in equities as a non-trivial tail risk.”
A recent executive order and related changes impact not only federal employers, but also private businesses, government contractors, and educational institutions.
Various policies from President Trump are creating economic shocks. “If you were to design something that is really quite negative for the economy, this is it.”
This is the first payrolls report that fully reflects Trump’s second term, but because it landed before most of the administration’s firings, March unemployment data will look “a lot uglier.”
Final orders for the U.S. high-grade bonds represented about 4.4 times the $26 billion in notes actually for sale, while the average ratio for 2025 thus far is closer to 3 times.
