Wall Street rebounds as Trump admin indicators ‘de-escalation’ of commerce struggle with China: Live updates

Mike Bedigan reports.

Companies from a wide range of industries are having trouble assessing the impact of tariffs because of the constant uncertainty over whether and where the taxes will be imposed next or postponed, sometimes on a daily or weekly basis. Some tariffs remain in place against key U.S. trading partners, but others have been postponed to give nations time to negotiate.

As a result, companies have been giving somewhat shaky financial forecasts during their latest round of earnings updates.

Here’s how several big companies are dealing with the tariff confusion:

Gustaf Kilander and Justin Baragona report.

The complaint filed in the U.S. District Court for the Northern District of California alleges the company charged consumers for Uber One without their consent, failed to deliver promised savings and made it difficult for users to cancel the service despite its “cancel anytime” policy.

Michelle Del Rey has the details.

Petro was speaking during a televised meeting of his cabinet called to address an outbreak of yellow fever, according to The City Paper Bogotá. The president spent several days in January engulfed in a conflict with the Trump administration about accepting Colombian nationals deported from the United States, before backing down.

John Bowden has the story.

In January, a delivery worker in Michigan had picked up an order from McDonald’s and was on his way to its destination when he made a wrong turn on a bridge into Canada.

When Ricardo Prada Vásquez tried to re-enter the country from the Ambassador Bridge, the 32-year-old Venezuelan immigrant was detained by immigration authorities.

Alex Woodward reports on what happened next.

Though covered by a thin veneer of nuanced “econospeak”, the message of the International Monetary Fund (IMF) could not be clearer: Donald Trump is bad for the world economy and will make America poorer, not wealthier – now, tomorrow and far into the future.

The assessment of the IMF’s economists – who are listened to intently by investors, even if not President Trump – is damning. The downgrade in the growth forecasts for the United States this year alone amounts to almost 1 per cent of GDP – a loss of some $200bn, of which about half is a direct result of the tariffs announced on and after the ironically named “Liberation Day” on 2 April. Mr Trump was at least wise to postpone his foolish initiative by one day.

The losses to output and the negative effects on the living standards of Americans will continue to accumulate well into the long term. Rather than “trillions” of dollars flowing into the US Treasury, the impact of tariffs will be negative virtually everywhere on the planet. Trade wars have no winners and countless losers. As Mr Trump said, no other president has ever done anything like this before – but it’s not in a good way.

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Elon Musk says starting in May, his time spent with the Department of Government Efficiency will “drop significantly,” and he’ll allocate more time to Tesla.

The company has faced backlash and angry protests over Musk’s leadership of DOGE.

The Austin, Texas, company said Tuesday that quarterly profits fell by 71%, far below analyst estimates. And Tesla’s revenue fell 9% in the January through March period, below Wall Street’s forecast.

Tesla’s stock has fallen more than 40% this year but rose slightly in after-hours trading.

Here’s Musk speaking on Tesla’s earnings call today:

This is the first time that’s happened.

Trump administration attorneys are ordered to come up with legal arguments to defend their “vague and unsubstantiated assertions of privilege” they’ve used as “a shield to obstruct discovery and evade compliance” with court orders.

“Defendants have known, at least since last week, that this Court requires specific legal and factual showings to support any claim of privilege. Yet they have continued to rely on boilerplate assertions. That ends now,” Xinis wrote.

Xinis also calls out the administration for its “continued mischaracterization of the Supreme Court’s Order” to “facilitate” Abrego Garcia’s release.

The judge also notes that the government must provide some evidence to defend allegations that Abrego Garcia is a member of MS-13. “Defendants cannot invoke the moniker of MS-13 as responsive to the Court’s previous order … then object to follow-up interrogatories seeking the factual bases for the same,” Xinis wrote.

The government must answer questions from Abrego Garcia’s attorneys by 6 p.m. tomorrow night.

A federal judge ordered the Trump administration on Tuesday to halt efforts to shut down Voice of America, Radio Free Asia and Middle East Broadcasting Networks, whose news broadcasts are funded by the government to export U.S. values to the world.

U.S. District Judge Royce Lamberth, who is overseeing six lawsuits from employees and contractors affected by the shutdown of U.S. Agency for Global Media, ordered the administration to “take all necessary steps” to restore employees and contractors to their positions and resume radio, television and online news broadcasts.

USAGM placed over 1,000 employees on leave and told 600 contractors they would be terminated after the agency abruptly shut down the broadcasts in March.

The ruling was a “significant victory for press freedom,” said Andrew Celli, an attorney representing VOA employees in the lawsuits.

VOA was founded to combat Nazi propaganda at the height of World War Two, and has become a major international media broadcaster.

Congress has funded and authorized the broadcasts to provide an “accurate, objective, and comprehensive” source of news in other nations and export the “cardinal American values of free speech, freedom of the press, and open debate,” Lamberth wrote. Congress made the broadcasts mandatory and did not allow the executive branch to unilaterally terminate or defund them, he ruled.

Trump advisor Kari Lake announced the shutdown on March 15, placing nearly all USAGM employees on leave, saying the agency was “irretrievably broken” and biased against President Donald Trump.