Axios

President Trump tweeted on Friday that the "great nation of Australia" may be exempted from steel and aluminum tariffs.

Why it matters: Trump has voiced the possibility of reprieve for Mexico and Canada as well. The reaction around the world to his tariffs have been mostly negative, with China and the E.U. saying they could retaliate with their own restrictions.

The Dow closed 440 points higher Friday afternoon, following this morning's news that the U.S. economy added 313,000 jobs in February. The Nasdaq also gained 1.8% and hit an all-time high, erasing last month's losses, per CNBC.

Why it matters: The U.S. economy continues to surge ahead at record-breaking levels, even as threats of a Trump trade war loom.

The Trump administration has begun imposing tariffs on imports of steel and aluminum today, but several countries are exempted temporarily until May 1, including the EU member countries, Argentina, Australia, Brazil, Canada, Mexico, and South Korea. The administration may still apply quotas on those exempted countries to prevent a flood of foreign steel and aluminum in the U.S. market, per the White House.

Why it matters: After railroading past a number of his advisors, Trump announced the tariffs on imports of steel (at 25%) and aluminum (at 10%) earlier this month, citing national security concerns, and in particular, China, but said there would be no exemptions. The imports from China are just a fraction compared to what these other countries trade with the U.S., and these exemptions could help the administration dodge a bullet for now.

A Turkish court has sentenced 25 journalists to prison terms of up to seven and a half years for links to Fethullah Gülen, an exiled preacher accused of organizing the country's 2016 failed coup, reports AFP. Almost all of those convicted worked for three media outlets — Zaman, Aksiyon and Rotahaber — that are considered close to Gülen, who denies having any role in the coup attempt.

Why it matters: President Erdoğan has extended a state of emergency six times since 2016, allowing authorities to arrest more than 50,000 people in an attempt to purge Gülen's influence from Turkish society. Turkey is considered the No. 1 worst jailer of press by the Committee to Protect Journalists, ahead of China and Egypt.

Global stocks rose Friday in response to stronger-than-expected U.S. job growth and news that President Trump has agreed to meet with North Korean dictator Kim Jong-un. On tariffs, "markets largely brushed aside confirmation that Trump was going ahead with his plan," and are now looking at which countries will be exempted, per the AP.

The U.S. added 313,000 jobs last month, the most since mid-2016 and far higher than the 200,000-235,000 consensus forecast, according to the Labor Department's latest figures. The unemployment rate stayed at 4.1%, the fifth straight month at that level.

Why it matters: The overall report signals the labor market remains strong, leading economists to expect four interest rate hikes by the Fed this year under its new chairman, Jerome H. Powell. "This labor market is on fire and wage gains are in train," said Joe Brusuelas, chief economist at RSM, a tax consulting firm.

In 2002, President George W. Bush slapped steep tariffs on steel imports, warning about the collapse of the U.S. steel industry, then lifted them 21 months later to avoid a trade war with the European Union and Japan. Sixteen years later, President Trump is imposing steel tariffs of his own — but this time, the most powerful potential trade war foe is China.

The bottom line: China's capability to retaliate against Trump's tariffs now rivals that of the entire EU, and with Beijing's economic clout continuing to grow these tariffs may be the last time the U.S. gets to set the terms of engagement with China.

Proposals seeking to thwart foreign influence on U.S. elections by requiring social media companies to disclose who is behind political ads on their platforms may not go into effect in time for this year’s midterm election, the Washington Post reports.

• The Federal Election Commission's Republican Chairwoman Caroline Hunter said, "the commission has been reluctant to change the rules of the game in the middle of the election season, so that would be something we would want to seriously consider." Vice Chairwoman Ellen Weintraub countered, “Are people really going to say, ‘Oh, it’s too late in the game to run a disclaimer now.' I don’t really buy that.”
• The details: The FEC delayed a vote on Thursday to advance the proposed rules, per the Post. Commissioners plan to meet next week to present a proposal and begin the public comment process, which Hunter said is "going to take a little bit of time."

Barack and Michelle Obama are in talks with Netflix to do a "series of high-profile shows" on the platform, the New York Times reports.

Why it matters: Per the Times, these shows aren't intended "to directly respond to President Trump or conservative critics," but signal that President Obama "intends to remain engaged in the nation's civic business."

Stephanie Clifford, the adult film actress known as Stormy Daniels who claims to have had an affair with President Trump and filed a suit against him this week, has recorded an interview with CBS' '60 Minutes,' CNN reports.

It's unclear when the interview will air, but CNN cited a source saying it will be included "on a future episode."

Donald Trump's move on Thursday to push forward his tariffs on steel and aluminum imports has already prompted threats of retaliation.

Why it matters: While the tariffs aren't quite as drastic as originally believed, they're still facing backlash — even at home. Trump's decision met with immediate rebuke from high-profile Republicans and some U.S. manufacturers amid growing concern that a trade war could hurt the economy and risk thousands of jobs.