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Donald Trump has ruled out pausing the sweeping tariffs he has imposed on countries across the world after a rollercoaster day on Wall Street that ended with most of the US markets down.

Intense swings were seen on the three main stock market indexes on Monday as economists fear the US president’s “Liberation Day” levies could cause a global recession.

The S&P 500 closed the day 0.23% lower, while the Dow Jones Industrial Average finished down 0.91%, and the Nasdaq ended in positive territory, up 0.10%.

A screen shows trading of the S&P 500 Index after the closing bell. Pic: Reuters
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A screen shows trading of the S&P 500 Index after the closing bell. Pic: Reuters

Trump tariffs: Follow latest updates

All three indexes started the day sharply lower, and the Dow plunged as many as 1,700 points following even worse losses elsewhere in the world.

But it suddenly surged to a gain of nearly 900 points in the late morning. The S&P 500, meanwhile, went from a loss of 4.7% to a leap of 3.4%, which would have been its biggest jump in years.

The sudden rise appears to have been the result of a social media post that incorrectly claimed that Kevin Hassett, White House National Economic Council director, said Mr Trump was considering a 90-day pause in tariffs for all countries except China.

Reports first emerged through the US business news channel CNBC.

The White House later told CNBC any talk of a 90-day pause was “fake news”.

A traders on the floor at the New York Stock Exchange. Pic: AP
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A trader on the floor at the New York Stock Exchange. Pic: AP

Financial pain hammers investments around the world

The financial pain once again hammered investments around the world, with stocks in Hong Kong plunging 13.2% for their worst day since 1997.

Meanwhile, the UK’s benchmark stock index, the FTSE 100, closed 4.38% down.

It is one of the biggest drops in years, in line with the falls seen in the early days of COVID-19 lockdowns, but less steep than the 4.95% loss seen on Friday.

Only a handful of the 100 most valuable companies listed on the London Stock Exchange saw any boost to their share price all day.

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Trump ‘not looking’ at pausing tariffs

When asked in the Oval Office on Monday evening whether he would pause tariffs, Mr Trump said: “We’re not looking at that.”

The president added that affected countries have been negotiating with his administration, which he said will try and make “fair deals” with each of them.

“We’re going to get fair deals with every country and if we don’t they are not going to be able to participate with the US,” he added.

Mr Trump also claimed the US “has been ripped off by many countries over the years”, adding: “We can’t do it anymore. We can’t be the stupid people anymore.”

Analysis: Tariffs could herald one of the most painful episodes in modern times

Donald Trump is seen on the television as traders work on the floor at the New York Stock Exchange. Pic: AP
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Donald Trump is seen on the television as traders work on the floor at the New York Stock Exchange. Pic: AP

Trump threatens additional 50% tariff on China

It came after the US president threatened in a post on his Truth Social platform that he would impose an additional 50% tariff on China if the nation does not withdraw its 34% retaliatory tariff.

Beijing imposed the duty after Mr Trump announced his tariff on China last week.

The US president added in his Truth Social post that Beijing has until Tuesday to remove its retaliatory tariff.

Some investors are holding onto hope that Mr Trump may still lower his tariffs after negotiating with countries, and Mr Trump said on Sunday that he has heard from leaders “dying to make a deal”.

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Trump’s tariffs: What you need to know

‘Sometimes you have to take medicine to fix something’

A drop in tariffs relatively soon could help avoid a recession, but whether that can happen is still uncertain.

On Sunday, Mr Trump told reporters aboard Air Force One that he does not want markets to fall. But he also said he was not concerned about a sell-off, saying “sometimes you have to take medicine to fix something”.

Mr Trump has given several reasons for his stiff tariffs, including to bring manufacturing jobs back to the United States, which is a process that could take years.

The US president has said he wanted to bring down the numbers for how much more the United States imports from other countries versus how much it sends to them.

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., April 7, 2025. REUTERS/Brendan McDermid
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A trader works on the floor at the New York Stock Exchange. Pic: Reuters

“The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession,” JP Morgan chief executive Jamie Dimon wrote in his annual letter to shareholders on Monday.

“Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth”, added Mr Dimon, who is one of the most influential executives on Wall Street.

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US judge warns Trump administration could be in criminal contempt over El Salvador deportations

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US judge warns Trump administration could be in criminal contempt over El Salvador deportations

A US federal judge has warned that he could hold the Trump administration in contempt for violating his orders to turn around planes carrying deportees to El Salvador.

US District Judge James E. Boasberg said he had found “probable cause” to hold the administration in criminal contempt and warned he could refer the matter for prosecution if it does not “purge” its contempt.

If the government doesn’t purge the contempt, charges could be brought forward by the Justice Department, NBC News reported.

And if the executive-led Justice Department refused to prosecute the matter, Judge Boasberg said he would appoint another attorney to prosecute the contempt.

Mr Boasberg said the administration could “purge contempt by returning those who were sent to El Salvador prison, in violation of his order, to the US.

This, he said, “might avail themselves of their right to challenge their removability”.

“The Constitution does not tolerate wilful disobedience of judicial orders – especially by officials of a coordinate branch who have sworn an oath to uphold it,” the judge wrote.

Executive vs judicial

This marks a notable escalation in the ongoing tensions between the judicial and executive branches of the US government during Donald Trump’s second term.

Parts of the US president’s legislative programme have been halted by judges, as the administration strains against the restraints of the separation of powers.

Mr Trump previously called for Judge Boasberg to be impeached while the Justice Department claimed he overstepped his authority – both reflecting the administration’s attempts to overcome perceived obstacles to the implementation of its agenda.

Mr Trump’s administration has also argued it did not violate any orders.

It claimed the judge didn’t include a turnaround directive in his written order and said the planes had already left the US by the time the order came down.

‘Administrative error’

At the heart of the legal wrangling is Kilmar Abrego Garcia, a man who was sent to El Salvador by the Trump administration in March despite an immigration court order preventing his deportation.

Washington acknowledged that Mr Garcia was deported due to an “administrative error”.

The US Supreme Court has called on the administration to facilitate his return, upholding a court order by Judge Paula Xinis, but Trump officials have claimed that Mr Garcia has ties to the MS-13 gang.

Kilmar Abrego Garcia. Pic: CASA / AP
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Kilmar Abrego Garcia. Pic: CASA/AP

Mr Garcia’s lawyers have argued there is no evidence of this.

This all comes after El Salvador’s President Nayib Bukele visited the White House earlier this week.

During his time with Mr Trump, Mr Bukele said that he would not return Mr Garcia, likening it to smuggling “a terrorist into the United States.”

The US and El Salvador presidents in the Oval Office.
Pic: Reuters/Kevin Lamarque
Image:
The US and El Salvador presidents in the Oval Office.
Pic: Reuters/Kevin Lamarque

Along with Mr Garcia, the Trump administration has deported hundreds of people, mostly Venezuelans, whom it claims are gang members without presenting evidence and without a trial.

Democrat senator travels to El Salvador

Meanwhile, Democratic senator Chris Van Hollen arrived in El Salvador on Wednesday, saying he would seek a meeting with the country’s officials to secure Mr Garcia’s release.

“I just arrived in San Salvador a little while ago and look forward to meeting with the US embassy team to discuss Mr. Abrego Garcia’s release,” Mr Van Hollen said on social media.

Deportations have been an important part of Mr Trump’s second term, with him being vocal on the issue throughout the campaign trail and into office.

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Gene Hackman: Bodycam footage of actor’s home released by investigators into his death

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Gene Hackman: Bodycam footage of actor's home released by investigators into his death

Body camera footage of Gene Hackman’s home has been released by authorities investigating the deaths of the actor and his wife.

The video captured by Santa Fe County Sheriff’s Office shows officers inside and outside the property in northern New Mexico, with a German shepherd barking at some points as they carry out their search.

Actor Gene Hackman arrives and his wife, Betsy Arakawa pictured in 2003.
File pic: AP/Mark J. Terrill
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Hackman and Arakawa pictured in 2003. Pic: AP/ Mark J Terrill

The bodies of Hackman, 95, and his wife, Betsy Arakawa, 65, were found in separate rooms of their home on 26 February.

“He’s guarding her,” a male officer can be heard saying, about the dog found alive at the home. “He seems pretty friendly.”

There is another “10-7 dog” – meaning the pet is dead – “round the corner in the kennel”, the officer says.

Authorities also released a report detailing some of Arakawa’s last emails and internet searches, revealing she was investigating information on flu-like symptoms, COVID-19, and breathing techniques before she died.

An image taken Santa Fe County Sheriff's Office during their investigation and search of the home of Gene Hackman and his wife Betsy Arakawa. Pic: Santa Fe County Sheriff via AP
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Pic: Santa Fe County Sheriff via AP

Rat nests and dead rodents were also discovered in several outbuildings around the property, an environmental assessment by the New Mexico Department of Health revealed.

The inside of the home was clean and showed no evidence of rodent activity.

In March, a medical investigator concluded Arakawa died from hantavirus pulmonary syndrome, a rare infectious disease that can be caused by exposure to rodents.

Hackman had advanced Alzheimer’s and died from heart disease about a week later, with data from his pacemaker last registering on 18 February.

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Law enforcement officials outside Gene Hackman and Betsy Arakawa's home the day after they were found dead. Pic: AP/Roberto Rosales
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Law enforcement officials pictured outside the property in Santa Fe the day after Hackman and Arakawa’s bodies were found. Pic: AP/Roberto Rosales

According to the records now released by the county sheriff’s office, Arakawa was researching medical conditions related to COVID-19 and flu between 8 February and the morning of 12 February.

In one email to a masseuse, she said Hackman had woken on 11 February with flu or cold-like symptoms and that she wanted to reschedule an appointment “out of an abundance of caution”.

Search history on the morning of 12 February showed she was looking into a medical concierge service in Santa Fe. Investigators said there was a call to the service which lasted under two minutes, and a follow-up call from them later that afternoon was missed.

The police footage shows officers checking the home and finding no signs of forced entry or other suspicious signs.

An image taken Santa Fe County Sheriff's Office during their investigation and search of the home of Gene Hackman and his wife Betsy Arakawa. Pic: Santa Fe County Sheriff via AP
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Pic: Santa Fe County Sheriff via AP

What is hantavirus?

HPS, commonly known as hantavirus disease, is a respiratory disease caused by hantaviruses – which are carried by several types of rodents.

It is a rare condition in the US, with most cases concentrated in the western states of New Mexico, Arizona, Colorado and Utah. This was the first confirmed case in New Mexico this year.

There has so far been no confirmation about any potential link by authorities between the rodents and the hantavirus disease that claimed Arakawa’s life.

Who was Gene Hackman?

FILE - Actor Gene Hackman, winner of Best Supporting Actor at academy awards in March 1993. Hackman will turn 80 years on Jan. 30, 2010. (AP Photo, File)
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Pic: AP 1993

Hackman was a former Marine whose work on screen began with an uncredited TV role in 1961.

Acting became his career for many years, and he went on to play villains, heroes and antiheroes in more than 80 films spanning a range of genres.

He was best known by many for playing evil genius Lex Luthor in the Superman films in the late 1970s and ’80s, and won Oscars for his performances in The French Connection and Unforgiven.

After roles in The Royal Tenenbaums, Behind Enemy Lines and Runaway Jury in the 2000s, he left acting behind after his final film, Welcome To Mooseport.

He and Arakawa, a pianist, had been together since the mid-1980s.

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Donald Trump blames Volodymyr Zelenskyy for starting Ukraine war – a day after dozens killed in Russian missile strikes

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Ukrainian forces 'strike Russian brigade' behind deadly missile attack on Sumy

Donald Trump has questioned Volodymyr Zelenskyy’s competence and suggested Ukraine started the war against Russia which is “20 times” its size.

The US president also said “millions of people are dead because of three people” – blaming Russian President Vladimir Putin, his White House predecessor Joe Biden, and Mr Zelenskyy, in that order.

It comes a day after 35 people, including two children, were killed by two Russian missiles that struck the northeastern city of Sumy as Ukrainians gathered to celebrate Palm Sunday in what was the deadliest strike on the country so far this year, according to officials.

Ukraine latest updates: Trump points finger over war

Damaged cars at the site of a Russian missile strike on Sumy. Pic: Reuters
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Damaged cars at the site of a Russian missile strike on Sumy. Pic: Reuters

Speaking in the White House’s Oval Office during a meeting with El Salvador’s President Nayib Bukele, Mr Trump told reporters: “If Biden were competent, and if Zelenskyy were competent, and I don’t know that he is…

“There was no way that war should never have been allowed to happen.”

He added: “Biden could have stopped it, and Zelenskyy could have stopped it, and Putin should have never started it.”

More on Russia

Asked about Mr Zelenskyy, Mr Trump said: “When you start a war you’ve got to know you can win the war.

“You don’t start a war against somebody that’s 20 times your size. And then hope that people give you some missiles.”

Mr Trump said he was the first to give Ukraine Javelin missiles.

Firefighters work at the site of a Russian missile strike in Sumy on Sunday. Pic: Reuters
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Firefighters work at the site of a Russian missile strike in Sumy on Sunday. Pic: Reuters

“Millions of people are dead because of three people,” Mr Trump added.

“Let’s say Putin number one, let’s say Biden, who had no idea what the hell he was doing, number two, and Zelenskyy.

“And all I can do is try and stop it – that’s all I want to do. I want to stop the killing.

“And I think we’re doing well in that regard. I think you’ll have some very good proposals very soon.”

Mr Zelenskyy has called for a global response to the Sumy attack, in which more than 100 people were injured, saying the first strike hit university buildings while the second exploded above street level.

On Monday, Ukraine’s air force said a new Russian missile and guided bombs had targeted Sumy, but gave no indication of casualties or damage. Public broadcaster Suspilne reported an explosion in the city, with no further details.

‘It’s a horrible thing’

Asked about Sunday’s Sumy attack which is near the Russian border, Mr Trump earlier said on board Air Force One: “I think it was terrible and I was told they made a mistake, but I think it’s a horrible thing. I think the whole war is a horrible thing.”

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Russia ‘made a mistake’

When questioned about the incident, Kremlin spokesman Dmitry Peskov said Russia’s forces only strike military targets.

The strike targeted a gathering of senior military officers, according to the defence ministry in Moscow which accused Kyiv of using civilians as shields by holding military meetings in the city centre.

The ministry also claimed to have killed more than 60 troops. Russia did not provide any evidence to support its claims.

Polish foreign minister Radek Sikorski, whose country currently holds the EU’s presidency, said that recent attacks are “Russia’s mocking answer” to Kyiv’s agreement to a ceasefire proposed by the US administration over a month ago.

Read more:
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Missile attack on Sumy

What’s the latest on proposed ceasefire?

The attack on Sumy followed a missile strike on 4 April on Mr Zelenskyy’s home city of Kryvyi Rih that killed some 20 people, including nine children.

Russia and Ukraine’s senior diplomats have accused each other of violating a tentative US-brokered deal to pause strikes on energy infrastructure.

Ukraine has endorsed a broader US ceasefire proposal, but Russia has effectively blocked it by imposing far-reaching conditions.

Mr Putin has said he wants Ukraine to drop its ambitions to join NATO, Russia to control the entirety of the four Ukrainian regions it has claimed as its own, and the size of the Ukrainian army to be limited. He has also made clear he wants Western sanctions eased.

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