Markets Rip on Tariff News, Judge Grants AP WH Access, DNI Launches Intel Task Force: AM Update 4/10
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What are the significant market reactions to tariff news?
Good morning, everyone. I'm Megyn Kelly. It's Thursday, April 10th, 2025, and this is your AM Update.
China wants to make a deal. They just don't know how quite to go about it.
President Trump turns up the heat on China and sends markets soaring with a pause on tariffs for cooperating nations.
My Republican colleagues are here using today to continue pushing this false narrative of sanctuary cities harboring criminals.
House Democrats attempt to deflect and distract from harm caused by illegal immigrants in sanctuary cities as the Trump administration celebrates a historic drop in illegal border crossings. A federal judge orders the Trump administration to restore exclusive White House access to the Associated Press. And Director of National Intelligence Tulsi Gabbard creates a task force to expose the skeletons from within the intel community's closet. All that and more coming up in just a moment on your AM Update. The IRS is the largest collection agency in the world. And with April 15th fast approaching, it's more aggressive than ever. If you owe back taxes or have unfiled returns, waiting is not an option.
April 15th could mark another tax year that has passed you by. So the smart move is to get ahead of it now. But listen, never contact the IRS alone. Instead, you could let the experts at Tax Network USA handle it for you. Why? Well, not all tax resolution companies are the same. Tax Network USA has a preferred direct line to the IRS so they know exactly which agents to deal with and which ones to avoid. With proven strategies to settle tax problems in your favor, whether you owe 10 grand or 10 million, Tax Network USA's attorneys and negotiators have already resolved over $1 billion in tax debt. Speak with one of their strategists today for free and don't let the IRS control your future. Call 1-800-958-1000 or visit tnusa.com slash Megan. That's tnusa.com slash Megan. April 15th is just around the corner. Act now before the IRS acts first. The stock market posting its third largest gain in post-World War II history.
The Dow surging by 2,900 points, a 7.8% increase, its largest percentage gain since March 2020. The S&P 500 soaring to 5,956, a 10% increase. The Nasdaq closing just above 17,000. That's the largest one-day jump since January 2001.
How is the Trump administration handling China tariffs?
The incredible rise coming on the announcement of a 90-day pause on tariffs for all countries who did not retaliate against the president's Liberation Day announcement hiking tariffs. For weeks, the president saying the tariffs would be permanent, sending markets into the red. Mr. Trump discussing the stunning reversal from the Oval.
We don't want to hurt countries that don't need to be hurt. And they all want to negotiate. The only problem is, you know, you can only do so many at one time. It's like... We want to do it right. We want to get it right. We want to take care of them, but we have to take care of our countries. And we're happy about it. I didn't know it would have that kind of an impact, but it's, you know, they have the biggest increase in the history of the stock market. That's pretty good.
One country not getting any relief on tariffs is China. President Trump announcing an increase on our Chinese tariffs to 125 percent. The CCP previously announcing a retaliatory increase on U.S. tariffs to 84 percent. Treasury Secretary Scott Besant telling reporters this was the strategy all along.
And all this was, again, this was driven by the president's strategy. He and I had a long talk on Sunday, and this was his strategy all along. And you might even say that he goaded China into a bad position. They responded. They have shown themselves to the world to be the bad actors. And we are willing to cooperate with our allies and with our trading partners who did not retaliate. It wasn't a hard message. Don't retaliate. Things will turn out well.
Mr. Trump outside the White House saying he believes China will come to the table.
China was by far the biggest abuser in history and others also. But somebody had to do it. They had to stop because it was not sustainable. Last year, China made $1 trillion off trade with the United States. You know, look, nothing's over yet, but we have a tremendous amount of spirit from other countries, including China. China wants to make a deal. They just don't know how quite to go about it.
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