Global Markets Plummet, Wrongful Deportation Deadline, Second Measles Death
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How is President Trump's trade war affecting global markets?
President Trump's trade war prompted even more market declines, which he dismissed.
I don't want anything to go down, but sometimes you have to take medicine to fix something.
What's making investors panic, and why have the odds of a recession gone up?
I'm Steve Inskeep with A. Martinez, and this is Up First from NPR News. The Trump administration has a midnight deadline to return a man deported to El Salvador in what a federal judge called a grievous error. So why has the Department of Justice put its attorney on administrative leave?
On day one, I issued a memo that you are to vigorously advocate on behalf of the United States.
And a second child in Texas has died of measles.
It's not surprising that in an outbreak of this size that we're starting to see deaths.
Stay with us. We've got all the news you need to start your day.
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They offer premium wireless plans for less and all plans include high speed data, unlimited talk and text and nationwide coverage. See for yourself at mintmobile.com slash switch.
We find out soon just how much lower the world financial system may go.
Markets have fallen since last Wednesday when President Trump launched a trade war against most of the world. Asian and European markets fell overnight, and not by a little. Japan's Nikkei Index dropped almost 8% of its value. Here in the United States, economists are increasing their odds of a recession. The investment bank Goldman Sachs says we're close to 50-50 odds. And in making that estimate, Goldman assumes that Trump will not go through with a plan for the biggest tariffs to hit on Wednesday. If that should happen, Goldman simply forecasts recession.
NPR financial correspondent Maria Aspen joins us now with more. U.S. markets erased $6 trillion in value late last week. Maria, what are we looking at this week?
Well, last week was pretty terrible, but it's looking like this week may be even worse. By the end of last week, the Dow had fallen almost 8%, with the other major indices tumbling even further. The tech-heavy Nasdaq is now in a bear market, meaning it's fallen more than 20% from a recent high. And it's looking like the pain will continue today.
Why was a man deported to El Salvador in error?
We'll get a clearer idea later this morning when U.S. markets open. But when the futures markets opened last night, meaning that traders could start putting in their orders to buy and sell, prices immediately turned red. By early this morning, Dow futures were down around 1,300 points or more than 3%. And it's not just stocks. Oil futures are down and Bitcoin, which trades around the clock, is down below $77,000. Remember, it hit $100,000 not that long ago, weeks after President Trump was elected, on the industry's hopes for a more crypto-friendly president.
I remember a lot of Wall Street figures backed Trump last year. What are they saying now?
Well, Wall Street has been slow to speak out. But today or last night, billionaire fund manager and Trump supporter Bill Ackman, who endorsed the president during last year's election, has warned on X that the U.S. is destroying confidence in the U.S. as a place to do business. And he's called for a 90-day pause on tariffs to avoid what he calls economic nuclear war. And he is just one of many people sounding the alarm. NPR last night talked to Mark Zandi, chief economist at Moody's Analytics. He says Wall Street is panicked.
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