Trump dismisses stock market’s tariff plunge, says ‘China played it wrong’ by hitting back

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Wall Street stocks sank in early trading on April 3, 2025, joining a global equity selloff after President Donald Trump's latest tariff announcement exacerbated worries about a trade war and global economic downturn. (AFP)
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Updated 05 April 2025
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Trump dismisses stock market’s tariff plunge, says ‘China played it wrong’ by hitting back

  • Says critics got it all wrong, even as the Fed warned that the tariffs could lead to “higher inflation and lower growth”
  • “This is a great time to get rich,” he wrote on social media, adding, “ONLY THE WEAK WILL FAIL!”

WASHINGTON: President Donald Trump goaded China on Friday after the US’s chief economic rival retaliated against his tariffs, and he dismissed falling stock markets over the growing global trade war, touting it as a chance to “get rich.”
“China played it wrong, they panicked — the one thing they cannot afford to do!” Trump posted on Truth Social, writing the message in his trademark all-caps.
For a second day, markets plunged, wiping vast sums off investment and retirement portfolios alike. US Federal Reserve Chairman Jerome Powell warned the tariffs were likely to spur “higher inflation and lower growth.”

 

Wall Street went into free fall, following similar collapses in Asia and Europe. The Dow Jones dropped 5.5 percent and the S&P 5.97 percent.
Trump, who unveiled his barrage of import duties against dozens of countries Wednesday, was unrepentant, posting that “my policies will never change.”
“This is a great time to get rich,” he wrote.
The 78-year-old Republican, who was spending a long weekend golfing at his course in Palm Beach, Florida, is banking on the theory that the might of the world’s biggest economy will force foreign companies to manufacture on US soil, rather than continue to import goods.
“ONLY THE WEAK WILL FAIL!” Trump touted in yet another Truth Social post Friday.

China, however, responded by announcing its own new 34 percent tariffs on US imports starting April 10.
Beijing said it would sue the United States at the World Trade Organization and also restrict export of rare earth elements used in high-end medical and electronics technology.
Other big US trading partners held back as they digested the unfolding international standoff and fears of a recession.
EU trade chief Maros Sefcovic said the EU, which Trump hit with a 20 percent tariff, will act in “a calm, carefully phased, unified way” and allow time for talks.
However, he also warned the bloc “won’t stand idly by.”

EU leaders mull retaliation
France and Germany have said the 27-nation EU could respond by imposing a tax on US tech companies.
Economy Minister Eric Lombard urged French companies to show “patriotism” after President Emmanuel Macron argued it would send the wrong message if they pressed ahead with investments in the United States.
Lombard said the EU’s retaliation would not necessarily involve tit-for-tat tariffs and could use other tools, pointing to data exchange and taxes instead.

In Tokyo, Prime Minister Shigeru Ishiba called for a “calm-headed” approach after Trump slapped 24 percent tariffs on Japanese-made goods.
Trump said he’d had a “very productive” call with Vietnam’s top leader after the southeast Asian manufacturing hub was hit with extraordinary 46 percent US duties.
Separate US tariffs of 25 percent on all foreign-made cars went into effect this week, and Canada swiftly responded with a similar levy on US imports.
Stellantis — the owner of Jeep, Chrysler and Fiat — paused production at some Canadian and Mexican assembly plants.
But Japanese carmaker Nissan said on Friday it would revise plans to reduce production in the United States. And Sweden’s Volvo, owned by China’s Geely, said it would increase its US production.

“Messing around with people’s lives”
Democratic Senator Amy Klobuchar lashed out at the tariffs, saying they would hurt regular Americans.
Trump is “messing around with people’s lives... while he’s out golfing!” she said.

 

And there was rare criticism from the right too, with Trump loyalist Republican Senator Ted Cruz worrying that the tariffs could “hurt jobs and hurt America.”
The Fed chairman’s speech also highlighted concerns that the tariff shockwaves will reach deep into the US economy.
But minutes before Powell suggested the Fed will continue to hold off from cutting its benchmark lending rate, Trump pressured him to do so.
“CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!” he posted — once again defying the longstanding custom in which the White House respects the central bank’s independence.
In a more concrete sign of how tariffs are impacting trade, Nintendo announced it was delaying preorders of its hotly anticipated Switch 2 gaming console while it assesses “evolving” conditions.
 


Meeting between Trump and Zelensky has taken place: Ukrainian official

Updated 4 sec ago
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Meeting between Trump and Zelensky has taken place: Ukrainian official

KYIV: A meeting in Rome between US President Donald Trump and Ukrainian President Volodymyr Zelensky has taken place, a spokesman for the Ukrainian leader said.

Trump will pay his respects to a pope who publicly and pointedly disagreed with him on some issues

Trump and First Lady Melania Trump step off Air Force One upon arrival at Leonardo da Vinci International Airport in Rome. (File
Updated 26 April 2025
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Trump will pay his respects to a pope who publicly and pointedly disagreed with him on some issues

  • The president and first lady Melania Trump arrived in Rome late Friday for the service at St. Peter’s Basilica
  • The leaders of France, the United Kingdom, Spain, Hungary and Argentina are among those expected to attend

ROME: President Donald Trump will be among more than 50 heads of state and other dignitaries attending Saturday’s funeral for Pope Francis, where he’ll personally pay his respects to the Roman Catholic leader who pointedly disagreed with him on a variety of issues.
Trump told reporters he was going to the funeral “out of respect” for the pontiff, who died Monday after suffering a stroke at the age of 88.
The president and first lady Melania Trump arrived in Rome late Friday for the service at St. Peter’s Basilica in Vatican City on Saturday morning. Francis will be laid to rest during a private burial at St. Mary Major Basilica outside the Vatican’s walls.
Francis sharply disagreed with Trump’s approach on issues including immigration, the treatment of migrants and climate change. The Argentine pontiff and the American president sparred early in their relationship over immigration. In 2016, Francis, alluding to then-candidate Trump and his campaign slogan of “Build the wall,” called anyone who builds a wall to keep out migrants ” not Christian.” Trump said the comment was “disgraceful.”
But after Francis’ death, the Republican president praised him as a “good man” who “worked hard” and “loved the world.” Trump also directed that US flags be flown at half-staff in Francis’ honor.
Trump had said on a couple of occasions before leaving Washington that he would have “a lot” of meetings with counterparts on the sidelines of the funeral. But he seemed to back away from that as he flew to Rome.
“Frankly, it’s a little disrespectful to have meetings when you’re at the funeral of a pope,” the president told reporters accompanying him aboard Air Force One. Nonetheless, Trump said: “I’ll be talking to people. I’ll be seeing a lot of people.”
The leaders of France, the United Kingdom, Spain, Hungary and Argentina are among those expected to attend.
One person Trump didn’t expect to interact with is former President Joe Biden, who planned to attend the funeral with his wife, Jill. Trump said he wasn’t aware his Democratic predecessor would be at the funeral. Asked if they’d meet, Trump said: “It’s not high on my list. It’s really not.”
The pope’s funeral will not be one of those occasions that bring together the current and former US presidents. Former Presidents Barack Obama and George W. Bush are not attending, their offices said. A spokesperson for former President Bill Clinton did not respond to an inquiry about his plans.
Trump didn’t elaborate when asked if he’d just be meeting leaders in passing or holding more in-depth talks. He suggested he might have meetings at Villa Taverna, the US ambassador’s residence, where he spent the night.
“It’s a little tough because we don’t have much time,” Trump said, noting his late arrival in Rome. He was scheduled to head back to the United States immediately after the funeral.
“I think that we’re going to try and see a couple of people that are important in what we’re doing,” said Trump, who is trying to broker a ceasefire between Russia and Ukraine and negotiate trade agreements with multiple countries.
He posted on Truth Social shortly after arriving in Rome that Ukraine and Russia should meet for “very high level talks” on ending the bloody three-year war sparked by Russia’s invasion. His envoy, Steve Witkoff, met with Russian President Vladimir Putin earlier Friday, and Trump said both sides were “very close to a deal.”
Ukrainian President Volodymyr Zelensky arrived in Rome on Saturday to attend the funeral, his press office confirmed, joining first lady Olena Zelenska. Putin is not attending.


Ukrainian president arrives in Rome for papal funeral

(File/AFP)
Updated 26 April 2025
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Ukrainian president arrives in Rome for papal funeral

PARIS: Ukrainian President Volodymyr Zelensky has arrived in Rome where he will attend the funeral of Pope Francis, a Ukrainian presidential spokesman said on Saturday.


Pope Francis’ funeral begins at St. Peter's Square

Master of Pontifical Liturgical Celebrations, Italian Archbishop Diego Ravelli (L) kneels before the coffin of late Pope (AFP)
Updated 5 min 45 sec ago
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Pope Francis’ funeral begins at St. Peter's Square

  • As many as 200,000 people are expected to attend the funeral Saturday
  • Francis choreographed the ceremony himself when he revised and simplified the Vatican’s funeral rites and rituals last year

VATICAN CITY: Pope Francis' funeral begins. Presidents and princes will attend his funeral in St. Peter’s Square, but prisoners and migrants will usher him into the basilica where he will be buried.
As many as 200,000 people are expected to attend the funeral, which Francis choreographed himself when he revised and simplified the Vatican’s rites and rituals last year. His aim was to emphasize the pope’s role as a mere priest and not “a powerful man of this world,” the Vatican said.
It was a reflection of Francis’ 12-year project to radically reform the papacy, to emphasize its pastors as servants, and to construct “a poor church for the poor.” It was a mission he articulated just days after his 2013 election and explained the name he chose as pope, in honor of St. Francis of Assisi, “who had the heart of the poor of the world,” according to the official decree of the pope’s life that was placed in his coffin Friday night.
Nevertheless, the powerful will be in attendance Saturday. US President Donald Trump, French President Emmanuel Macron, the UN chief and European Union leaders are joining Prince William and the Spanish royal family in leading official delegations. Argentine President Javier Milei had the pride of place given Francis’ Argentine nationality, even if the two didn’t particularly get along and Francis alienated many Argentines by never returning home.


Francis is breaking with recent tradition and will buried in the St. Mary Major Basilica, near Rome’s main train station, where a simple underground tomb awaits him with just his name: Franciscus. As many as 300,000 people are expected to line the 4-kilometer (2.5 mile) motorcade route that will bring Francis’ casket from the Vatican through the center of Rome to the basilica after the funeral.

Their Majesties King Abdullah II and Queen Rania Al Abdullah are due today to attend the funeral of Pope Francis, at Saint Peter’s Square in Vatican City.


Francis, the first Latin American and first Jesuit pope, died Easter Monday at age 88 after suffering a stroke while recovering at home from pneumonia.
With his funeral, preparations can now begin in earnest to host the centuries-old process of electing a new pope, a conclave that will likely begin in the first week of May. In the interim, the Vatican is being run by a handful of cardinals, key among them Cardinal Giovanni Battista Re, the 91-year-old dean of the College of Cardinals who is presiding at the funeral and organizing the secret voting in the Sistine Chapel.
Crowds waited hours in line to pay their respects to Francis.
Over three days this week, more than 250,000 people stood for hours in line to pay their final respects while Francis’ body lay in state in St. Peter’s Basilica. The Vatican kept the doors open through the night to accommodate them.
“He was an excellent, humble person who changed many laws and always for the better,” said a pilgrim from his native Argentina, Augustin Angelicola, as he waited on line. “Now it is a sad thing for the whole world that all this has happened. We did not expect it, it had to happen but not so soon.”
But even with the expanded hours, it wasn’t enough. When the Vatican closed the doors to the general public at 7 p.m. on Friday, mourners were turned away in droves.
Even before he became pope, Francis had a particular affection for St. Mary Major. It is home to a Byzantine-style icon of the Madonna, the Salus Popoli Romani, to which Francis was particularly devoted, such that he would go pray before it before and after each of his foreign trips as pope.
He decided to have his tomb located in a niche next to the chapel housing the icon, with a reproduction of his simple silver pectoral cross over the marble tombstone.
The choice of the basilica is also symbolically significant given its ties to Francis’ Jesuit religious order. St. Ignatius Loyola, who founded the Jesuits, celebrated his first Mass in the basilica on Christmas Day in 1538.
The Vatican said 40 special guests would greet his casket on the piazza in front of the basilica, reflecting the marginalized groups Francis prioritized pope: homeless people and migrants, prisoners.
“The poor have a privileged place in the heart of God,” the Vatican quoted Francis as saying in explaining the choice. The actual burial will be private, presided over by cardinals and a few close aides.
Italy is deploying more than 2,500 police and 1,500 soldiers to provide security, which also includes stationing a torpedo ship off the coast, and putting squads of fighter jets on standby, Italian media reported.


Virginia Giuffre, who accused Britain’s Prince Andrew in Epstein sex trafficking scandal, dead at 41

Updated 26 April 2025
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Virginia Giuffre, who accused Britain’s Prince Andrew in Epstein sex trafficking scandal, dead at 41

  • Her publicist confirmed Giuffre died by suicide Friday at her farm in Western Australia
  • Giuffre became an advocate for sex trafficking survivors after emerging as a central figure in Epstein’s prolonged downfall

Virginia Giuffre, who accused Britain’s Prince Andrew and other influential men of sexually exploiting her as a teenager trafficked by financier Jeffrey Epstein, has died. She was 41.
Giuffre died by suicide Friday at her farm in Western Australia, her publicist confirmed.
“Virginia was a fierce warrior in the fight against sexual abuse and sex trafficking. She was the light that lifted so many survivors,” her family said in a statement. “Despite all the adversity she faced in her life, she shone so bright. She will be missed beyond measure.”
Her publicist Dini von Mueffling described Giuffre as “deeply loving, wise and funny.”
“She adored her children and many animals. She was always more concerned with me than with herself,” von Mueffling wrote in a statement. “I will miss her beyond words. It was the privilege of a lifetime to represent her.”
EDITOR’S NOTE: This story includes discussion of suicide. If you or someone you know needs help, the national suicide and crisis lifeline in Australia is available by calling 13 11 14. In the US, it is available by calling or texting 988. There is also an online chat at 988lifeline.org
The American-born Giuffre, who lived in Australia for years, became an advocate for sex trafficking survivors after emerging as a central figure in Epstein’s prolonged downfall.
The wealthy, well-connected New York money manager killed himself in August 2019 while awaiting trial on US federal sex trafficking charges involving dozens of teenage girls and young women, some as young as 14. The charges came 14 years after police in Palm Beach, Florida, first began investigating allegations that he sexually abused underage girls who were hired to give him massages.
Giuffre came forward publicly after the initial investigation ended in an 18-month Florida jail term for Epstein, who made a secret deal to avoid federal prosecution by pleading guilty instead to relatively minor state-level charges of soliciting prostitution. He was released in 2009.
In subsequent lawsuits, Giuffre said she was a teenage spa attendant at Mar-a-Lago — President Donald Trump’s Palm Beach club — when she was approached in 2000 by Epstein’s girlfriend and later employee, Ghislaine Maxwell.
Giuffre said Maxwell hired her as a masseuse for Epstein, but the couple effectively made her a sexual servant, pressuring her into gratifying not only Epstein but his friends and associates. Giuffre said she was flown around the world for assignations with men including Prince Andrew while she was 17 and 18.
The men denied it and assailed Giuffre’s credibility. She acknowledged changing some key details of her account, including the age at which she first met Epstein.
But many parts of her story were supported by documents, witness testimony and photos — including one of her and Andrew, with his his arm around her bare midriff, in Maxwell’s London townhouse.
Giuffre said in one of her lawsuits that she had sex with the royal three times: in London during her 2001 trip, at Epstein’s New York mansion when she was 17 and in the Virgin Islands when she was 18.
“Ghislaine said, ‘I want you to do for him what you do for Epstein,’” Giuffre told NBC News’ “Dateline” in September 2019.
Andrew categorically rejected Giuffre’s allegations and said he didn’t recall having met her.
His denials blew up in his face during a November 2019 BBC interview. Viewers saw a prince who proffered curious rebuttals — such as disputing Giuffre’s recollection of sweaty dancing by saying he was medically incapable of perspiring — and showed no empathy for the women who said Epstein abused them.
Within days of the interview, Andrew stepped down from his royal duties. He settled with Giuffre in 2022 for an undisclosed sum, agreeing to make a “substantial donation” to her survivors’ organization. A statement filed in court said that the prince acknowledged Epstein was a sex trafficker and Giuffre “an established victim of abuse.”
She also filed, and in at least some cases settled, lawsuits against Epstein and others connected to him. In one case, she dropped her claims against a prominent US attorney, saying she might have erred in identifying him as one of the men to whom Epstein supplied her.
Epstein’s suicide put an end to his accusers’ hopes of holding him criminally accountable.
Maxwell was convicted in 2021 on federal sex trafficking and conspiracy charges and was sentenced to 20 years in prison. She said she wasn’t to blame for Epstein’s abuse.
Prosecutors elected not to include Giuffre’s allegations in the Maxwell case, but Giuffre later told the court that the British socialite had “opened the door to hell.”
Giuffre, born Virginia Roberts, told interviewers that her childhood was shattered when she was sexually abused as a grade-schooler by a man her family knew. She later ran away from home and endured more abuse, she said.
She said she met her now-husband in 2002 while taking massage training in Thailand at Epstein’s behest. She married, moved to Australia and had a family.
Giuffre founded an advocacy charity, SOAR, in 2015.
Giuffre was hospitalized after a serious accident, her publicist said last month. She didn’t answer questions at the time about the date, location, nature or other specifics of the accident and about the accuracy of an Instagram post that appeared to come from Giuffre. The post said she had been in a car that was hit by a school bus and her prognosis was dire.
She is survived by her three children, whom the statement described as the “light of her life.”
Sigrid McCawley, an attorney for Giuffre, said in a statement, “Her courage pushed me to fight harder, and her strength was awe-inspiring. The world has lost an amazing human being today. Rest in peace, my sweet angel.”
The AP does not identify people who say they were victims of sexual assault unless they have come forward publicly.