Defense Secretary Pete Hegseth said the Panama Canal faces "ongoing threats" as he singled out China during a visit to the key trade route on Tuesday.
The big picture: Hegseth's comments following a meeting with Panama President José Raúl Mulino that the U.S. and Panamanian officials would "take back" the key trade route "from China's influence" built on previous warnings from Trump administration officials, and they drew a strong rebuke from Beijing.
U.S. exports to China account for hundreds of billions of dollars and hundreds of thousands of jobs — but that's all now caught up in a fast-escalating trade war.
Why it matters: If sky-high tariff rates announced Wednesday remain in place, many U.S. companies will no longer be able to compete in China's market.
President Trump blew up global trade and rattled the economy with huge, hotly disputed tariffs on major trading partners. Exactly one week later, he said never mind.
Why it matters: The new question for top CEOs and Wall Street traders is which of Trump's "burn-it-all-down" economic policies actually stick.
The Trump administration's massive tariffs on China have Apple flying planes full of iPhones to the U.S. and consumers rushing to buy them before the prices potentially skyrocket.
Why it matters: The iPhone maker is one of many large companies caught up in an escalating trade war between the world's two biggest economies. Most iPhones are assembled in China, and more than half of iPhone sales are in the U.S.
President Trump paused the sweeping reciprocal tariffs the U.S. imposed this week, saying dozens of countries had reached out to negotiate new trade deals.
Why it matters: It's the relief global markets, U.S. allies and many Trump advisers wanted, as fears of a global crisis mounted. But Trumpdidn't back off fully, keeping 10% baseline tariffs in place while increasing tariffs on China to 125%.
Why it matters: Ukrainian President Volodymyr Zelensky claimed Wednesday that at least 155 Chinese nationals are fighting with the Russian military in Ukraine.
China retaliated against President Trump's tariffs on Wednesday with a new 84% levy on exports from the U.S., threatening American jobs and industry that rely on the crucial trade partner.
Why it matters: There's very little modern precedent for one of the largest importers of U.S. goods throwing up such a giant barrier. The full scope of the consequences for the economy are not yet clear.
China and the European Union retaliated on Wednesday against President Trump's tariffs with new levies on more than $150 billion of U.S. exports.
Why it matters: The levies are the latest escalation stemming from Trump's trade war, which is deepening even as the U.S. says it's open to negotiations.
Treasury Secretary Scott Bessent on Wednesday declined to rule out the possibility of delisting Chinese stocks from U.S. exchanges, during an interview on Fox Business Network.
Why it matters: The trade war could bleed beyond tariffs.
Donald Trump Jr. will travel to Romania later this month shortly before the country's presidential election is held after a months-long delay.
Why it matters: MAGA heavyweights, including Trump Jr., Vice President Vance and Elon Musk erupted after Romania's top court annulled the first round of the country's presidential election over worries of Russian meddling — lambasting it as evidence that European countries are silencing the right.
Backstabbing was rampant in President Trump's first White House. In Trump 2.0, it's front-stabbing:
Trump's trade adviser, Peter Navarro, slights Elon Musk's car company on TV. Musk, a senior adviser to Trump, then calls Navarro a "moron" on social media.
At the White House, staffers shrug and chuckle. "Boys will be boys," Press Secretary Karoline Leavitt says.
President Trump's sweeping attempt to reorder the global economy went into effect early Wednesday, with historic tariffs on dozens of countries.
Why it matters: Trump says it'll revitalize the U.S. economy and bringing about a fairer global order. Economists and executives say it'll fracture global alliances and lead to a painful recession.
Meta whistleblower Sarah Wynn-Williams is set to testify before the Senate Judiciary Subcommittee on Crime and Counterterrorism on Wednesday.
The big picture: The former global public policy director at Facebook, now Meta, will allege that Facebook cooperated with China's ruling Communist Party, per her opening testimony, as seen by Axios.
The Trump administration, which already closed a trade loophole that allowed cheap goods from China to avoid tariffs, is now tripling the planned levy.
Why it matters: Packages valued at less than $800 have enjoyed the "de minimis" exemption from added duties, which has enabled foreign online retailers like Temu and Shein to sell super-cheap items to American consumers.
