Stocks Rally After Trump Pauses Tariffs For 90 Days, Says People Were Getting "Yippy"
Plus: Time to get your REAL ID & Facebook whistleblower testifies
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Good afternoon,
I’ve been seeing the headlines that Americans have less than a month to update their licenses to be REAL ID compliant. If you don’t get a REAL ID before the federal deadline, you won’t be able to fly domestically or access certain federal facilities.
While researching what I need to do to become compliant, I quickly learned that (surprise!) I already am. My license has a little star in the upper-right corner, which means it’s a REAL ID. Here’s what those stars can look like:
But if you’re not like me, happily stumbling into REAL ID compliance, then you’ll need to visit your local DMV before the May 7 deadline. Since the rules are determined state-by-state, make sure to check what documents you’ll need to bring (think: proof of identity, residency, and legal status, as well as your Social Security number). In most states, the REAL ID costs the same as a regular license, but in Pennsylvania and Virginia there are additional fees.
The Department of Homeland Security has an easy-to-use website that will direct you to your state’s information — it also has a daunting countdown 😬
Don’t worry too much if you don’t have time (or can’t get an appointment) by May 7; you can use a valid passport to board domestic flights in the meantime.
Lauren
Producer
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🚨 ONE IMPORTANT THING
Trump Says He Had To “Be Flexible” As He Pauses Retaliatory Tariffs For 90 Days
Facing a global market meltdown, President Trump on Wednesday afternoon abruptly backed down on his sweeping tariffs for most nations, announcing a 90-day pause on retaliatory tariffs — except for China. Instead, he raised tariffs on Chinese imports to 125%.
When asked about the move, Trump said “you have to be flexible” in negotiations, despite just days earlier posting on Truth Social: “MY POLICIES WILL NEVER CHANGE.”
Trump also attributed the pause to people getting “queasy” and “yippy” from the tariffs and subsequent market plunge.
Treasury Secretary Scott Bessent told reporters that Trump had always intended to pause reciprocal tariffs for countries that did not retaliate, describing it as a way to “reward” nations open to negotiations.
“This was Trump’s strategy all along, you might even say he goaded China into a bad position. He told me the strategy on Sunday,” Bessent said.
For now, the U.S. is maintaining 10% tariffs on most of the world — excluding China (which again, is at 125%). Markets surged on the news: The Dow went up nearly 8%, the S&P 500 almost 10%, and the Nasdaq 12% — nearly making up for a week of losses — and marking one of the best days in trading history.
TRUMP SAYS BE COOL
The day started with Trump posting on social media: “Fixing Trade and Tariffs is a good thing!” He added: “THIS IS A GREAT TIME TO BUY!!! DJT” and “BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!” He told reporters Wednesday afternoon that he had made the decision to pause them this morning.
The night before, he told House Republicans, “I know what the hell I’m doing,” and called out members who have been criticizing him.
With the markets rallying, Congressional Republicans rallied around Trump’s latest move.
NEGOTIATIONS COMMENCE
At a dinner with Congressional Republicans in Washington Tuesday, President Trump said other countries are “kissing my ass” trying to make a deal with the U.S. to end tariffs. Officials said more than 75 countries reached out to negotiate.
Politico reported that Trump officials were unable to speak with many of the countries due to such high demand. The 90-day pause is intended to allow for those negotiations.
It’s not clear what specific concessions the Trump administration is looking for; but they’ve said it’s not just addressing tariffs or trade deficits.
THEN, THERE IS CHINA
On Wednesday, China raised its additional tariff on U.S. goods to 84% — to which Trump responded with 125% tariffs, making it the only country not included in the 90-day pause. Just a few months ago, both countries had around 20% tariffs on one another. Here’s how we got here.
The U.S. exports about $145 billion in goods to China a year, mostly on oilseeds and grains.
This still spells trouble for many American companies and consumers who rely on Chinese manufacturing. That said, the White House believes the tariffs will hurt China more than the U.S., because it depends on the American market.
The European Union on Wednesday also approved retaliatory measures, including up to 25% tariffs on certain U.S. products. Trump included the EU in the 90-day pause.
WHAT’S NEXT
Trump announced plans for yet another tariff Tuesday night, this time on drugs and medical ingredients that the U.S. imports, which were originally shielded from the reciprocal tariffs.
“We’re going to tariff our pharmaceuticals and once we do that they’re going to come rushing back into our country because we’re the big market...So, we’re going to be announcing very shortly a major tariff on pharmaceuticals,” Trump told House Republicans.
Most countries, including the U.S., have imposed few or no tariffs on drugs due to a 1995 World Trade Organization (WTO) agreement that aims to keep medicines affordable. We will see if he moves forward with them.
🚨 ONE THING ON CAPITOL HILL
Meta Whistleblower Alleges Company Worked "Hand In Glove" With Chinese Government On Censorship Tools
Meta whistleblower Sarah Wynn-Williams testified on Capitol Hill Wednesday, claiming the tech giant worked "hand in glove" with the Chinese government to censor content. She also said Meta gave the communist party access to American data.
Meta has disputed her claims, saying, "While Mark Zuckerberg himself was public about our interest in offering our services in China and details were widely reported beginning over a decade ago, the fact is this: we do not operate our services in China today."
BEHIND THE HEADLINES
Wynn-Williams, a former New Zealand diplomat, joined the company then known as Facebook in 2011 as director of global public policy. She says she saw Meta and its CEO Mark Zuckerberg betray American values, like free speech, during her 7 years at the company.
“Mark Zuckerberg pledged himself a free speech champion. Yet I witnessed Meta work hand in glove with the Chinese Communist Party to construct and test custom-built censorship tools that silenced their critics,” she said.
Wynn-Williams also alleged that Meta obliged when Beijing demanded they delete the account of a prominent Chinese dissident living in the U.S.
Wynn-Williams said the company’s cooperation with China began as early as 2014 and continues today, despite Meta’s claims to the contrary. She also alleged that SEC filings show China is the company’s second-largest market.
Wynn-Williams’ bestselling book about her time at Meta, called "Careless People," was published last month. Meta obtained an emergency ruling blocking her from promoting it.
⏳ SPEED READ
🚨NATION
📌 Federal judges limit Trump's use of Alien Enemies Act for some deportations (NBC)
📌 IRS chief to resign on heels of immigrant data deal (AXIOS)
📌 Outrage builds as video shows Idaho police shooting a knife-wielding autistic teenager (CNN)
📌 Trump tax cuts survive key House hurdle as fiscal hawks threaten rebellion (FOX)
📌 New Mexico governor mobilizes National Guard to tackle crime emergency in Albuquerque (NBC)
🌎 AROUND THE WORLD
📌 China denies significant numbers of its citizens are fighting for Russia in Ukraine (AP) Ukrainian intelligence has identified 155 Chinese citizens fighting for Russia, Zelensky says (CNN)
📌 US restores urgent food aid, except in Afghanistan and Yemen, two of the world’s poorest countries (AP)
📱BUSINESS, SCIENCE & TECH
📌 Why the bond market matters for your finances and the economy (MO NEWS)
📌 Scientists map part of a mouse’s brain that’s so complex it looks like a galaxy (AP)
📌 Amazon cancels orders from China after steep tariffs, plans $15B U.S. expansion (YAHOO)
🎬 SPORTS & ENTERTAINMENT
📌 Octavio Dotel, 15-year MLB veteran, dies in Dominican Republic nightclub roof collapse (CNN)
📌 National Recording Registry adds Tracy Chapman, Hamilton and the Minecraft game soundtrack (NPR)
📌 Katy Perry to train in zero-gravity for historic Blue Origin space flight (FOX)
📌 Michelle Obama says her newfound independence since leaving White House fueled speculation she and Barack were divorcing (PEOPLE)
ICYMI FROM THE 📲
In case you missed it… Ms. Rachel, the popular YouTuber and child educator, welcomed a baby girl, Susannah, via surrogate.
“We are so in love!” she wrote in the caption, adding that she was blessed to have a surrogate because she could not carry the pregnancy due to medical reasons. “Sometimes timing isn’t what you plan and the road to get there is bumpier than you expect, but when you hold your little ones you know… I’m meant to be your mama.”
We wish them well ❤️