Thursday morning news: April 10, 2025

Trump pauses tariffs » Stocks rallied in a big way Wednesday after President Trump announced that he is pausing most wide-ranging tariffs for 90 days, replaced by a 10% tariff on all imports.

The president said he and his top advisers had been considering the move for days.

TRUMP:  And we decided to, uh, pull the trigger how we did it today, and, and we're happy about it.

The Dow added nearly 3,000 points for its best day in five years.

The president acknowledged that the tariffs had spooked the markets, but he said America was, in his view, being taken advantage of by just about everyone.

TRUMP:  Somebody had to do that with, uh, we had to take the medicine, we had to go through the operation, and that's what we've been through. And a lot of presidents would not have done it. No president would've done it, I think, but it had to be done. 

Trump said the 90-day pause will allow time to negotiate fairer trade deals with the many countries around the world that have reached out to the White House in recent days.

China trade war » But there will be no immediate ceasefire in a mounting trade war with China.

After Beijing announced a new retaliatory tariff on US goods of 84%. President Trump said the US will raise the tariff on Chinese imports to 125%.

Treasury Secretary Scott Bessent says Beijing is the worst offender in the global trading system.

BESSENT:  They have the most imbalanced economy in the history of the modern world. And you know, I can tell you that this escalation is a loser for them.

Even some Democrats critical of Trump’s tariffs overall support tariffs against Beijing.

With regard to tit for tat escalations of the trade war, the Trump administration is effectively telling Beijing we can do this all day.

BESSENT:  They are the surplus country that their exports to the US are five times our exports to China. So, you know, they can raise their tariffs, but so what?

China, though, says it will fight a trade war to the very end.

Still, President Trump voiced optimism yesterday. He said Chinese leader Xi Jinping is a very smart guy, and he believes the two sides will eventually strike a deal.

GOP budget bill » House Speaker Mike Johnson was planning to hold a vote last night in hopes of approving the framework for a massive budget bill to come later. It would have been a big step toward advancing President Trump’s agenda.

But some Republican holdouts scuttled those plans, forcing Johson to postpone the vote. The speaker said he understands where they’re coming from.

JOHNSON:  Their concerns are real. They, they really want to have true budget cuts and, and to change the debt trajectory that the country's on. So do I.

The holdouts say to avoid piling onto the national debt steeper cuts are needed to go along with the tax cuts in what President Trump calls the “big, beautiful bill.”

Johnson said he’s hopeful that the House will try again today to move forward on a vote.

Trump on Iran military action » At the White House on Wednesday, President Trump also spoke to reporters about top concerns overseas beginning with Iran.

US and Iranian negotiators are slated to gather in Oman, Jordan on Saturday to restart nuclear talks.

But one reporter asked: if those talks fail, is the US prepared to take military action?

TRUMP: Oh, if necessary? Absolutely.

The president expounded, saying that IF it comes to that, the US would not be alone.

TRUMP:  Israel will, uh, obviously be very much involved in that. He'll be the leader of that, but nobody leads us. We do what we want to do

But the president stresses that he prefers a diplomatic solution.

Ukraine latest » Trump said a peace deal in Ukraine remains a top priority.

TRUMP: They gotta make a deal. When schools get blown up and bad things happen like I'm hearing about. So I hope we're gonna make a deal with Russia and Ukraine.

But to date, Russian leaderVladimir Putin has flatly rejected a U.S. and Ukrainian-backed proposal for a full and unconditional ceasefire. And he has placed conditions on other more limited ceasefires that have stalled those talks.

And Ukraine’s second-largest city, Kharkiv:

SOUND: [Fires in Kharkiv]

Firefighters picked through rubble and battled flames yesterday after Russia launched a massive drone attack.

Ukrainian President Volodymyr Zelenskyy also says large numbers of Chinese nationals have joined Russian soldiers on the battlefield. He accused Moscow of recruiting them on social media.

Weather, flood recovery » Some residents in Kentucky evacuated amid massive flooding are beginning to return home — or in some cases, to businesses they left behind.

David Meier is the owner of Glenns Creek Distillery. He says he has no idea what he’ll find or what the financial impact will be.

MEIER:  I can only imagine, which I don't really want to do. Uh, we've got a lot of equipment, forklifts and things like that, lawnmowers, things that are completely underwater.

While some are returning home, other residents are being urged to wait until the waters recede further.

The Ohio River is still causing headaches, with flood warnings in effect until Sunday afternoon

I'm Kent Covington. 

Straight ahead: Utah pulls the plug on fluoride in tap water. Plus freedom of expression in Australia. 

This is The World and Everything in It.

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