Stock Market Wipeout Continues As China Retaliates On Tariffs
Plus: IVF for military moms & the fascinating history of laundry detergent
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TGIF 🎉
Before we get to the news, here’s a taste of what’s ahead for all of us this weekend from our weekly ‘Cheers to the Freakin’ Weekend’ section:
What We’re Watching:
Mosh: The White Lotus season finale ~ HBO (Plus Final Four 🏀)
Jill: Running Point ~ Netflix
Lauren: The Studio ~ Apple TV+
What We’re Reading:
Mosh: I Wish Someone Had Told Me ~ Dana Perino
Jill: How We Should Really Honor International Women's Day & Women's History Month ~ by Jill on her Substack
Sari: Abundance ~ Ezra Klein & Derek Thompson
What We’re Eating:
Mosh: Harmless Harvest coconut water
Sari: Crispy Heaven Bakery veggie soup
Lauren: Le Diplomate in Washington, D.C.
The Mo News Team
🚨 ONE IMPORTANT THING
Market Rout Continues As Global Trade War Escalates
Stocks plunged again Friday after China announced its own reciprocal tariffs on the U.S., escalating the trade war further. The markets also dropped in anticipation of tomorrow’s baseline 10% tariffs on nearly all nations.
It was the stock market’s worst week in five years (since early in the COVID pandemic). The S&P 500, Nasdaq, and Dow Jones Industrial Average dropped nearly 6% across the board today. Several of the stock indices are down about 20% from recent record highs.
Countries facing steep reciprocal tariffs will start to see those go into effect April 9 at 12:01 a.m. Though, some are trying to negotiate based on the elusive math the Trump administration used to calculate those tariffs, which depended more on the U.S. trade deficit with that country than the actual tariff percentage each country charges the U.S.
Source: Peterson Institute for International Economics
THE CHINA EXAMPLE
China’s Finance Ministry on Friday announced a 34% tariff on all goods imported from the U.S. beginning April 10.
Background: A U.S.-China trade war began in 2018, and China’s average tariffs on U.S. exports has been around 21% the past five years, according to the Peterson Institute for International Economics.
Meanwhile, U.S. tariffs on China were around 20%. The White House moved to add a 34% tariff on Chinese goods this week on top of that, based on its trade deficit with the country.
What’s that math exactly? China has a $295.4 billion trade surplus with the U.S. and exported $439.9 billion to the U.S., which gives you the 67% rate the White House claimed China is charging us. The White House reciprocal tariffs were then calculated by dividing that number in half, leading Trump to charge 34% tariffs on China. Add that to the existing 20% tariffs, meaning the new U.S. tariffs on China are at 54% 🤯
See below for a chart of the White House calculations of trade deficit percentages (which were used to calculate tariffs) vs. the actual tariffs that countries, on average, impose worldwide (calculated by the World Trade Organization). The discrepancy in numbers indicates that Trump’s tariffs aren’t exactly “reciprocal,” as the White House is calling them.
Discrepancies In Trump “Reciprocal” Tariffs vs. Reality. Via: CNBC
What’s next: While the stock market will be closed over the weekend, world leaders are expected to pursue deals with President Trump to ease the pain. On Friday, Trump and Vietnam’s leader agreed to discuss removing tariffs — helping Nike and Lululemon stocks rebound.
🚨 ONE THING YOU MIGHT BE DOING THIS WEEKEND
How Laundry Detergent Transformed American Life
Laundry takes just a few buttons, some detergent, and a spin cycle to complete in an hour or so — but behind that convenience lies a remarkable story of innovation and perseverance. Mo News recently sat down with Procter & Gamble’s historian and corporate storyteller, Shane Meeker.
He explains that the convenience we enjoy today was hard-fought, evolving from the gritty days of 19th-century soap-making to the revolutionary invention of Tide — a detergent that took 14 years to develop. The takeaway: Persistence can fuel innovation.
THE WASHDAY MIRACLE
Back in the 1930s, scientist David Byerly set out to create an alternative to soap that would do more than just wash, but also remove stains. After 7 years of failed experiments, P&G company leadership canceled the project entirely. But Byerly kept working on it in secret — with his manager’s approval.
At year 11, he finally made a breakthrough and accidentally got in trouble for writing about it in an internal report. Despite being told (again) to stop, he kept the work alive and at year 14 invented what would become Tide — the world’s first heavy-duty synthetic detergent and one of the most successful consumer products of all time.
The “washday miracle" hit store shelves in 1949 and has been the leading laundry detergent in the U.S. since.
🎧 Check out the full conversation on the “Mo News: The Interview” podcast — where we discuss P&G’s unexpected role in inventing the soap opera and how diapers helped invent the Swiffer — available on Apple & Spotify. 🎧
🚨 ONE THING WE’RE ON THE GROUND FOR
Congresswoman Pushes For IVF Coverage for Military Families, End ‘Service-Connected’ Requirement
Rep. Sara Jacobs (D-CA) is working to pass legislation, the IVF for Military Families Act, that would ensure all active-duty service members in need of in vitro fertilization (IVF) treatments are covered on costs.
Currently, service members seeking coverage must prove their infertility is service-connected — a difficult standard that leaves many military families facing significant out-of-pocket expenses if they pursue IVF.
The average IVF cycle with medication costs around $25,000 without insurance coverage.
IVF access is one of the few reproductive health issues with potential bipartisan support. President Donald Trump even called himself the “father of IVF" during the 2024 campaign. Rep. Jacobs told Mo News passing this bill would be one of the only reasons she’d consider going to the White House to talk to Trump.
BY THE NUMBERS
Jacobs says about 25% of military families face fertility challenges — nearly double the rate of the general U.S. population. A 2018 survey put that rate at 37% for active-duty women.
Rep. Jacobs said that the physical and psychological toll of war can seriously impact fertility in service members. “We’re asking them to go to really dangerous places, far away from their partners, in their prime reproductive years,” she noted.
LARGER CONVERSATION ABOUT PARTY & PARENTING
Jacobs is also one of the lawmakers leading the push to allow proxy voting for new parents — a policy that would let them vote from home during the first three months of their child’s life. This week, nine Republicans joined Democrats in supporting the measure, upsetting House Speaker Mike Johnson (R-LA), who has claimed proxy voting is unconstitutional and could lead to a slippery slope.
On Thursday, Trump said he would leave the decision to Johnson, but added that he did not “know why it's controversial. You're having a baby, I think you should be able to call in and vote. I'm in favor of that."
In an effort to delay the vote, Speaker Johnson canceled all votes on the House floor this week. Lawmakers are expected to vote on the proxy bill next week, but some are anticipating Johnson might stall again.
⏳ SPEED READ
🚨NATION
📌 Maryland man mistakenly deported to an El Salvador prison must be returned by the U.S., judge says (AP)
📌 Supreme Court allows Trump to terminate teacher training grants as part of anti-DEI policy (NBC)
📌 The U.S. economy added 228,000 jobs last month, but the unemployment rate ticked up (CNN)
🌎 AROUND THE WORLD
📌 Israel to reoccupy 25% of Gaza to press Hamas to release hostages, official says (AXIOS)
📌 U.S. tourist arrested after allegedly attempting to contact ‘world’s most isolated’ tribe (CNN)
📌 Ronin the rat sets new landmine-sniffing record (BBC)
📱BUSINESS, SCIENCE & TECH
📌 Trump extends TikTok deadline 75 days to save app in U.S. (CNBC)
📌 Measles outbreak in Texas hits 481 cases, with 59 new infections confirmed in last 3 days (ABC)
📌 Nintendo Switch 2 preorders in U.S. delayed because of Trump's tariffs (NBC)
🎬 SPORTS & ENTERTAINMENT
📌 Eminem is a grandfather, and his grandson's middle name is Marshall (WXYZ)
📌 British police charge comedian Russell Brand with rape and sexual assault (AP)
📌 Federal prosecutors announce more charges against Sean ‘Diddy’ Combs (CNN)
ICYMI FROM THE 📲
In case you missed it… White Lotus cast members’ impersonations of Victoria Ratliff (played by Parker Posy) are truly incredible. And I know we (read: Ren, our COO) originally said Posey’s North Carolina accent was totally off. But we’ve gotten to know Victoria for 7 episodes, so…we take it back? It’s kinda the best?
Also, while we’re at it, we also contributed to the chorus of criticism about the new season 3 opening song. But now that the Emmy Award-winning composer has announced he’s not returning for season 4, we regret it 😭. Cristóbal Tapia de Veer said he’s leaving because of creative differences with the White Lotus creator and director Mike White, and we hope that’s true, because we couldn’t live with ourselves if it had to do with any of the collective outrage.
White Lotus Season 3 finale is Sunday. Any predictions?!