Trump calls tariff fallout a ‘war with the world’ and gloats over fellow leaders ‘kissing his a**’: Live

Here’s James Liddell with more on Minnesota Representative Tom Emmer’s almighty gaffe from last night.

An article co-authored by Pau S Pujolas, an associate professor at McMaster University in Canada, was one of the five bibliographical references used by the White House to support the sweeping levies Trump has imposed on the rest of the world.

The 2024 study, entitled “Trade Deficits in Trade Wars”, explores who would win in a trade war between the U.S. and China, concluding that the side with a trade deficit is likely to come out on top.

But Pujolas now says that there is a “huge gap between my study and what the White House is doing. It’s an outrage”.

Bryony Gooch has more.

The president is in ful salesman mode in his first Truth Social posts of the day, advising multinational corporations to follow Apple’s example and pressing the House to push through his “big, beautiful bill” for good measure.

The European Union is ready to hit back at Donald Trump’s bombshell tariffs – but instead of simply striking back hard, Brussels may be looking to deploy a more creative response.

As part of his sweeping round of levies, the U.S. president landed the E.U. with a 20 per cent blanket tariff on all imports, just weeks after announcing damaging 25 per cent tariffs on automotive imports.

Brussels is now considering hitting the U.S. with tariffs targeting products that will particularly impact Republican heartlands, affecting billions of dollars of exports from America’s so-called ‘red states’, according to an internal document.

Alex Croft reports.

Beijing’s finance ministry has announced it will impose 84 percent tariffs on all U.S. goods, up from the 34 percent previously announced, in response to Trump’s 104 percent tariffs on China.

We await his angry response.

Senior administration officials promised they would push through a roughly $1 trillion military budget for the coming year, even as the Elon Musk-led Department of Government Efficiency (DOGE) project aims to drastically shrink federal spending.

“We’re going to be approving a budget, and I’m proud to say, actually, the biggest one we’ve ever done for the military,” Trump said Monday during a White House event with Israeli Prime Minister Benjamin Netanyahu.

“$1 trillion,” Trump said elsewhere during the meeting. “Nobody has seen anything like it.”

The president added that some of the funding to pay for the increase would come from savings under DOGE.

Defense Secretary Pete Hegseth praised the president after the announcement and said Trump “is rebuilding our military – and FAST.”

Josh Marcus reports.

The administration has been ordered to restore the Associated Press (AP)’s access to Trump in areas where other journalists are permitted, a federal judge ruled on Tuesday.

Judge Trevor McFadden of the D.C. Circuit ruled in favor of AP, finding in a 41-page order that the government could not choose which reporters it permits access to based on “viewpoint” because it violates the First Amendment.

The White House now must “put the AP on an equal playing field” with the other journalists, McFadden said.

Here’s more from Ariana Baio.

U.S. government bonds, traditionally regarded a safe haven for investors in times of economic turmoil, are facing a sell-off this morning in response to the widespread market uncertainty sparked by Trump’s tariffs coming into effect, The Daily Telegraph reports.

The development is being seen as clear evidence of a growing lack of confidence in American assets and is likely to pile further pressure on the president to rethink his policy.

Trump made it a priority to lower yields on bond markets, a benchmark for government borrowing costs, and Treasury Secretary Scott Bessent said in February that he and the president “are focused on the 10-year Treasury and what is the yield of that”.

Calvin Yeoh, a portfolio manager at hedge fund Blue Edge Advisors, told the Telegraph that this morning’s development represents “a fire sale of Treasuries”, adding: “I haven’t seen moves or volatility of this size since the chaos of the pandemic in 2020.”

The yield on 30-year Treasuries reportedly surged as much as 0.25 percentage points overnight, a level last seen in November 2023.

Beijing has rebuked the U.S. vice president after he referred to the nation’s population as “Chinese peasants.”

Vance appeared on Fox News last week, where he defended the Trump administration’s widespread new tariffs by asking what the “globalist economy” has done for the U.S.

He said the U.S. was “incurring a huge amount of debt to buy things that other countries make” and added: “We borrow money from Chinese peasants to buy the things those Chinese peasants manufacture.”

A spokesperson for the Chinese foreign ministry, Lin Jian, fired back at a Tuesday press conference, saying that it was “surprising and sad to hear the vice president say such ignorant and impolite words.”

He also noted that “China’s position on Sino-U.S. economic and trade relations has been made very clear.”

Gustaf Kilander has more.

Signing an executive order encouraging fossil fuel extraction (climate be damned) at an “Unleashing American Energy” event at the White House yesterday, Trump championed hard-working miners by insisting that they undertake such dark, dangerous work simply because they love it, not out of financial necessity.

The poor men were then shoved in front of an aide’s phone camera to record their expressions of thanks to the president, reading their lines like hostages.