Axios

President Trump announced sweeping tariffs on goods imported to the U.S., with potentially devastating impacts, while his administration fought aspects of his immigration agenda in court.

Here's our recap of major developments:

A House Republican is planning to introduce legislation that would give Congress the power to block tariffs imposed by the president.

Why it matters: It's a rare break with President Trump from a Republican lawmaker as markets continue to tumble in response to the White House's sweeping new tariffs.

Stocks cratered for a second day following a tariff retaliation from China and a signal from the Fed that it won't be coming to the rescue.

• The S&P 500 fell another 6%, and it's now fallen 10.5% in two days — the largest two-day drop in five years, which sent it back firmly into correction territory.
• The Nasdaq shed another 5.8%, bringing its two-day drop to 11.4%, and putting the tech-heavy index into a bear market — down over 22% from its high in February.

U.S. stocks finished their worst week in five years with a historic two-day rout, as the realities of President Trump's tariff plan left investors stunned and fearing what comes next.

Why it matters: As opposed to Trump's first term, when sharply negative market moves often influenced him to pull back policy, in the second Trump administration markets are on their own.

Mortgage rates plunged on Thursday following President Trump's tariff announcement.

Why it matters: It's a silver lining for homebuyers as the sweeping tariffs announcement otherwise portends a dire state for the global economy.

President Trump on Friday announced that he again would delay the ban on TikTok, scheduled for tomorrow, despite not having made a deal with the app's Chinese owner, ByteDance.

Why it matters: TikTok is used by millions of Americans, for both entertainment and livelihoods.

Nintendo is delaying preorders for its hotly anticipated Switch 2 gaming console amid tariff uncertainty, the company said Friday.

Why it matters: It's one of the first big examples of President Trump's new, sweeping tariff regime having a clear consumer impact.

California Gov. Gavin Newsom said Friday he is pursuing agreements with other countries to ensure California is exempted from retaliatory tariffs stemming from President Trump's escalating trade war.

Why it matters: Trump's "Liberation Day" tariffs spurred global blowback. Newsom — a reported 2028 presidential hopeful — is looking to insulate his state from the fallout.

Federal Reserve chair Jerome Powell said Friday that bigger-than-expected tariffs will translate into higher inflation and slower economic growth — and that the higher inflation could be persistent, not temporary.

Why it matters: Powell's remarks suggest that the Fed will offer no imminent relief from plunging markets and scrambled supply chains.

This has been a whipsaw week for understanding deal trends.

The big picture: On Tuesday we got first-quarter data, which showed a 15% increase in global M&A over Q1 2024 and a 14% decline for U.S. M&A.

Brookfield Infrastructure Partners on Friday agreed to acquire the Colonial Pipeline, which stretches 5,500 miles from Houston to New York, for around $9 billion (including debt).

Why it matters: Scarcity. There are tons of government hurdles to building new pipelines in the U.S., despite Trump's all-in energy policies, and tariffs could make new construction even more daunting.

The U.S. economy added 228,000 jobs in March, while the unemployment rate ticked up to 4.2%, the Labor Department said on Friday.

Why it matters: Hiring was strong — a sign that, as of last month, the labor market was in good shape as President Trump ramped up tariffs.

Oil prices slid to their lowest levels since 2021 Friday after China unveiled steep retaliatory tariffs, adding to Thursday's plunge on news of the White House trade war and more OPEC+ supply.

Why it matters: The swirling forces bringing the steep drop serve one White House goal (lower energy prices) while further impeding another (drill baby drill).

China will impose 34% tariffs on all U.S. goods and also restrict exports of critical minerals, the nation's finance minister said on Friday.

Why it matters: It's a steep escalation in the U.S-China trade war, following President Trump's reciprocal tariffs on one of America's largest trading partners.

President Trump is betting his presidency on the biggest instant, unilateral, by-choice-not-necessity economic mandate in U.S. history.

Why it matters: He's gambling that generations of politicians, economists, CEOs, small-business owners, academics and even some of his own staffers are wrong — and that he's right.

• And he's doing it with an issue that hits every American.

The crypto world's most promising application is bursting into the financial mainstream — powered not by hype, but by regulation, political backing, and trillions in real-world transactions.

Why it matters: Memecoins, fraudsters and crypto volatility have overshadowed the quiet success of stablecoins — digital tokens designed to hold a steady value, typically pegged to the U.S. dollar.