Friday, April 11th, 2025 - Tariff & Market updates; Apple airlifts iPhones; Insider trading probe; SAVE Act; NYC Helicopter crash & more

Morning Announcements

Today’s Headlines: The stock market fell sharply Thursday, erasing gains from Wednesday’s rally, after the White House clarified Trump’s China tariffs are effectively 145%, not 125%, and will now include small consumer shipments under the “de minimis” rule—impacting retailers like Shein and Temu. Apple reportedly airlifted 600 tons of iPhones from India to beat the tariffs. Amid the chaos, Democratic senators called for an insider trading investigation following unusually well-timed trades before Trump’s tariff pause announcement. Meanwhile, the House passed the SAVE Act, requiring proof of citizenship to vote in federal elections, and Trump’s budget bill, which includes deep spending cuts and $4.5 trillion in tax breaks for the wealthy. The Supreme Court ordered the Trump administration to help return a Maryland man mistakenly deported to El Salvador, despite unsupported claims he was an MS-13 member. The administration is also moving to place Columbia University under a federal consent decree over antisemitism. Elsewhere, a helicopter crash in the Hudson killed six people, two planes clipped wings at Reagan National Airport, and the Senate confirmed Trump donor George Glass as ambassador to Japan.

Resources/Articles mentioned in this episode:

• CNBC: Dow tumbles 1,000 points, wiping out a chunk of Wednesday’s historic rally: Live updates
• Axios: Temu and Shein packages face another Trump tariff hike
• Reuters: Apple airlifts 600 tons of iPhones from India 'to beat' Trump tariffs, sources say
• ABC News: Democratic senators call for probe into possible insider trading over Trump tariff reversal
• NBC News: House passes bill requiring proof of citizenship to vote in federal elections
• NY Times: House Passes G.O.P. Budget, Paving Way for Trump’s Tax and Spending Cuts
• AP News: Supreme Court says Trump administration must facilitate return of Maryland man mistakenly deported to El Salvador
• WSJ: Trump Administration Wants to Install Federal Oversight of Columbia University
• WSJ: Six Dead in Helicopter Crash in Hudson River Near New York City
• NBC News: Plane with at least 6 House members clipped by aircraft on taxiway at Reagan National Airport near D.C.
• NHK: George Glass confirmed as US ambassador to Japan

Morning Announcements is produced by Sami Sage alongside Bridget Schwartz and edited by Grace Hernandez-Johnson

Learn more about your ad choices. Visit megaphone.fm/adchoices