POLITICO Nightly: 25 numbers that explain Liberation Day

 

By Catherine Kim , Juan Benn Jr. , Calder McHugh and Charlie Mahtesian HOWARD LUTNICK DIDN'T NOTICE THAT TARIFFS WERE ASSIGNED TO PENQUINS & SEALS?  JUST BEVCAUSE HE'S RICH, DON'T THINK LUTNICK IS SMART....UNLESS HE KNOWS HOW TO GET THE PENQUINS & SEALS  TO PAY! 0 — The amount of trade in goods last year between the U.S. and the Australian territory, Heard Island and McDonald Islands , an Antarctic island group uninhabited by humans but nevertheless hit with tariffs. President Donald Trump is handed a chart by Commerce Secretary Howard Lutnick displaying reciprocal tariffs between the U.S. and foreign countries during a "Make America Wealthy Again" event in the Rose Garden at the White House on April 2, 2025. | Francis Chung/POLITICO CRASH COURSE — It started with one big, beautiful chart in the Rose Garden, featuring tariff increases next to the names of countries around the world. China — 34 percent. European Union — 20 percent. Cambodia — 49 percent. Then the world turned upside down. Futures markets crashed; in less than 20 minutes, the S&P 500 lost $2 trillion in market capitalization. The probability of a U.S. recession before the end of the year shot up . Erstwhile American allies sounded off — European Commission Chief Ursula von der Leyen said the policy would produce “dire” consequences for people around the world and that there was “no clear path through the complexity and chaos” created by the tariffs. The bleeding only intensified today. U.S. stocks saw their worst one-day sell-off since 2020 , CNBC anchors solemnly predicted doom and everyone tried to piece through exactly how the Trump administration calculated its trade math. The formula behind the tariffs turned out to be pretty simple . Across each country or region, the administration appears to have divided the U.S. trade deficit by imports and then divided that number by two. They’ve also implemented a blanket 10 percent tariff across the board and a 25 percent tariff on auto imports. The markets’ rout today suggests, among other things, that Wall Street doesn’t trust that back-of-the-napkin formula. That tumble also coincided with a drop in the dollar’s purchasing power, making for a situation that — if it continues to spiral — could well mark the end of a world economic order that relies on the bulwark and infrastructure of the United States. As the chaotic and eventful day comes to a close and the economic ground continues to shift rapidly, here are 25 numbers that illuminate the shockwaves rattling markets across globe over the last 24 hours. 5.97% — Today’s decline in the NASDAQ Composite, a stock market index that includes almost all stocks listed on the Nasdaq stock exchange. 4.84% — The decline in the S&P 500, a stock market index of 500 leading publicly-traded companies. 3.98% — The decline in the Dow Jones Industrial Average, a stock market index that tracks 30 U.S. blue chip stocks. 3.31% — The decline in the CAC 40, a stock market index that tracks the 40 largest stocks on the Paris Stock Exchange. 3.01% — The decline in the DAX, a stock market index that tracks the 40 largest companies in Germany. 2.77% — The decline in the Nikkei, a stock market index that tracks Japan's top 225 blue-chip companies traded on the Tokyo Stock Exchange. 1.55% — The decline in the FTSE 100, a stock market index that tracks the top 100 companies by market cap in the United Kingdom. 1.52% — The decline in the Hang Seng, a stock market index that tracks the largest companies that trade on the Hong Kong Exchange. 14.44% — The decline in Nike share price today. 9.25% — The decline in Apple share price. 5.47% — The decline in Tesla share price. 1.81% — The percentage drop of the U.S. dollar’s value vs. the Euro since Wednesday. 411,000 barrels per day — The size of the increase in crude oil output announced today by eight key OPEC+ producers. 47% — The odds that there will be a recession in 2025 according to betting odds from Polymarket , up from 33% on March 28. $2,100 — The average tax increase per U.S. household in 2025 as a result of new tariffs. $183 billion — The market value lost today by U.S. chipmaker Nvidia alone. 417 pages —The length of the UK’s list of items potentially subject to retaliatory tariffs. $3 billion — The amount of money Trump donor and CEO Stephen Schwarzman lost in Blackstone shares today. 0 — The amount of trade in goods last year between the U.S. and the Australian territory, Heard Island and McDonald Islands , an Antarctic island group uninhabited by humans but nevertheless hit with tariffs. 14 — The number of countries whose tariff percentage is different on the White House website and an official White House post on X . Less than $800 — The value of goods from China and Taiwan previously spared from tariffs under a loophole known as de minimis exemption , that was eliminated Wednesday in an executive order from President Trump. 328 — The number of ports of entry , including border crossings, ports and airports, where tariffs on goods entering the U.S. will be first paid. 1% — The percentage the World Trade Organization predicts global trade will contract in 2025. Last fall, the organization anticipated a 3% growth in global trade this year. 50 seconds — The amount of time Trump spent today publicly defending his tariffs to journalists outside the White House. 4 — The number of times the president said “boom” during those 50 seconds. MEIDASTOUCH NETWORK RON FILIPKOWSKI OFFER THIS TRUMP TARIFF LUNACY:  … Sky News highlighted some of the most bizarre tariffs: The Heard and McDonald Islands, an external territory of Australia in the Antarctic is inhabited only by penguins and seals. Despite having no human residents - or imports and exports - the island now faces a 10% tariff for any goods bound for the US. Australian territory Norfolk Island, a volcanic island 600 miles east of Queensland, was also hit with a hefty 29% tariff on exports to the US. That's much higher than mainland Australia, which had a 10% tariff imposed. The news was met with confusion by some of Norfolk Island's 2,188 residents. Business owner Richard Cottle: "Norfolk Island is a little dot in the world. We don't export anything. It was just a mistake.” Tokelau, a dependent territory of New Zealand, with a population of around 1,600 people, and the Cocos Islands, another territory of Australia, home to around 600 people, were hit with 10% tariffs. Australian Prime Minister Anthony Albanese: “It’s a bit strange". Lesotho in southern Africa, listed as the 22nd poorest country in the world, has been slapped with the highest duty of 50%. It primarily exports diamonds and clothing. The 2nd-highest tariff went to Cambodia at 49%, even though the US is Cambodia's largest single-country export destination. Madagascar in east Africa, the world's 9th poorest country, will face 47% reciprocal tariffs. It primarily exports vanilla, cloves, and clothing. Welcome to POLITICO Nightly. Reach out with news, tips and ideas at nightly@politico.com . Or contact tonight’s authors at ckim@politico.com , jbenn@politico.com , cmchugh@politico.com and cmahtesian@politico.com or on X (formerly known as Twitter) at @ck_525 , @juanbennjr , @calder_mchugh and @PoliticoCharlie . What'd I Miss? ****DISCUSSING CLASSIFIED INFORMATION ON A PUBLIC CHAT GROUP INCLUDING THE NAME OF AN INTELLIGENCE OPERATIVE????  OTHER NATIONS WILL NOT SHARE INTELLIGENCE WITH THE US AS A CONSEQUENCE OF THIS FAILURE! THIS CAN'T BE ALLOWED TO BE A WHITE-WASH!**** —  DOD watchdog launches investigation into Hegseth’s Signal use: The Pentagon’s inspector general has launched an investigation into Defense Secretary Pete Hegseth’s use of the Signal messaging app to discuss U.S. military operations in Yemen with other national security officials. The inquiry follows calls from Senate Armed Services Committee Chairman Roger Wicker (R-Miss.) and Ranking Member Jack Reed (D-R.I.) for the agency’s watchdog to look into Hegseth’s messages and participation in the chat. National security adviser Mike Waltz set up the now infamous chat in March to coordinate the Trump administration’s plans for strikes against the Houthis and accidentally invited a journalist to it. ***LAURA LOOMER AS SECURITY ADVISER? *** — New chaos in White House as top NSC officials sacked: The White House has fired several top National Security Council officials as internal fights among factions of the Trump team escalate, according to three people familiar with the matter. The firings came a day after Laura Loomer, a far-right activist who has spread conspiracy theories including about the origins of the Sept. 11 terrorist attacks, reportedly met with President Donald Trump to question the loyalty of some NSC officials. ****RUBBER STAMPING BUDGET CUTS FOR TAX CUTS FOR THE WEALTHY?**** — Trump will ask Congress to rubber-stamp his funding cuts, a top OMB official says: President Donald Trump will be sending Congress a package of funding to nix and expects enough Republicans to vote for it , according to the acting chief of staff for the White House budget office. During his first of two confirmation hearings today to serve as deputy director for management at the White House Office of Management and Budget, Eric Ueland told senators that President Donald Trump and White House budget director Russ Vought have been “very clear to us at OMB” that the Trump administration “will be sending a rescission package — at least one — to Congress.” — Adams to skip New York City’s Democratic primary, run for reelection on nonpartisan line: Mayor Eric Adams is opting out of New York City’s Democratic primary and running for reelection as an independent — embarking on a narrow path as he further isolates himself from the city’s dominant political party. The mayor confirmed his plans exclusively to POLITICO. In an interview Monday, Adams said he would “mount a real independent campaign” that relies on “a solid base of people” outside Manhattan, with an emphasis on ethnic minorities who boosted him to victory four years ago. He lamented how the bribery charges federal prosecutors hit him with in September — which a judge dismissed Wednesday — “handcuffed” him, and he promised to be “uninhibited” on the campaign trail. ****DR. OZ: ANOTHER WHACK-A-DING CONFIRMED BY MAGA!*** — Senate confirms Dr. Oz to lead Medicare and Medicaid: Dr. Mehmet Oz, the heart surgeon turned daytime television star, has a new job — overseeing the nation’s largest health insurance programs . The chamber voted 53 to 45 today along party lines to confirm Oz to lead the Centers for Medicare and Medicaid Services. Oz, who has touted controversial therapies and pushed unproven theories about Covid-19 cures including hydroxychloroquine, will make and implement major decisions impacting the insurance coverage of more than 160 million people. AROUND THE WORLD France's President Emmanuel Macron attends a meeting with representatives of the sectors affected by U.S. tariffs at the Elysee Palace in Paris on April 3, 2025. | Mohammed Badra/Pool/AFP via Getty Images ‘COLLECTIVE SOLIDARITY’ — French President Emmanuel Macron wants EU businesses to stop investing in America in response to US President Donald Trump’s massive tariffs. “It is important that future investments, the investments announced over the last few weeks, should be put on hold for some time until we have clarified things with the United States of America,” Macron said today as he hosted a meeting with representatives of the sectors impacted and the government at the Elysée palace. “What message would we send by having major European players investing billions of euros in the American economy at a time when [the US] are hitting us?” Macron continued, calling for “collective solidarity.” Macron’s comments are seen as an attempt to dissuade French tycoons from cozying up to Trump, potentially to try to cut private deals, outside regular EU trade policy. BREAKUP INDICATORS — The prime minister of Denmark questioned the future of her country’s relationship with the U.S. today, as President Donald Trump teases drastic measures to take over Greenland. Danish Prime Minister Mette Frederiksen expressed hope that the two NATO member countries’ decadeslong partnership would continue long into the future. But she said the stability of the alliance has been deeply shaken. “When you demand to take over a part of the Kingdom of Denmark’s territory, when we are met by pressure and by threats from our closest ally, what are we to believe in about the country that we have admired for so many years?” Frederiksen said at a press conference today in Greenland, alongside Jens-Frederik Nielsen, the semi-autonomous island’s prime minister. Since his first term, Trump has repeatedly mused about acquiring the territory, home to 56,000 residents but prized by the president for its mineral reserves and strategic position in the Arctic. But since his November reelection, Trump has become increasingly aggressive in his desire to control the island, declining to rule out the use of force to do so. Nightly Number Up to 24 The number of fighter jets that Colombia will buy from the Swedish company Saab to replace aging Israeli aircraft whose maintenance has become complicated after the South American nation broke diplomatic ties with Israel over its war with Hamas.   Cut through policy complexity and turn intelligence into action with POLITICO’s Policy Intelligence Assistant—a new suite of tools designed to save you time and demonstrate your impact more easily than ever—available only to Pro subscribers. Save hours, uncover critical insights instantly, and stay ahead of the next big shift. Power your strategy today— learn more .     RADAR SWEEP WEALTHY BABYSITTERS CLUB — Between 2013 and 2023, there were only two cities in the United States that saw a 93% or higher increase in their number of millionaire residents: Palm Beach, an island off the Florida coast, and West Palm Beach, its inland sister city. Both are attracting old and new money, financial firms, and now, experienced household staff that earn upwards of $160,000 a year . That includes nannies, who are sometimes expected to give their full availability to the “ultra-high-net-worth” families they work for. Emily Witt goes inside the often discreet world for The New Yorker. Parting Image On this date in 1993: President Bill Clinton and Russian President Boris Yeltsin walk through the woods near the Norman MacKenzie House at the University of British Columbia in Vancouver during the first day of a summit, the first between the two leaders. | J. Scott Applewhite/AP Did someone forward this email to you?  Sign up here .   Follow us on Twitter Charlie Mahtesian @PoliticoCharlie Calder McHugh @calder_mchugh   Follow us

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Watch now   Trump Finally Facing Legal Wrath in Courts (Legal AF Ad-Free) Watch the latest Legal AF ad-free exclusively on Meidas+ MeidasTouch Network and Ben Meiselas Feb 23 The latest episode of Legal AF is now available ad-free exclusively for Meidas+ Substack subscribers. To support ad-free episodes like this, please consider joining as a paid subscriber today! Meidas+ is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Ben Meiselas and Michael Popok return to the top-rated Legal AF podcast to discuss the critical role of federal judges in halting Trump’s abuse of power. They analyze Judge Ho’s decision to open a court investigation into potential corruption within Trump’s DOJ, the Supreme Court’s setback for Trump in the first case addressing his authority to fire independent watchdogs, and a federal judge’s near-contempt ruling against the Trump administration. All this and more at the intersection of law and politics. Remember to add the Legal AF podcast on Apple and Spotify today! Invite your friends and earn rewards

Judge WON'T DISMISS Eric Adams Case as SCANDAL GROWS

 To anyone who endured the NY TRIAL based on the falsification of business records, it was interesting to watch EMIL BOVE & TODD BLANCHE.

It was obvious that it was never their intent to put on an appropriate defense - it was all theater for the CULT. They argued, as did Trump "I never met the woman" which was never the issue. It's interesting that DAVID PECKER committed similar, paid a fine, received limited immunity & moved on. That was never Trump's intent. He needed to be the POOR VICTIM!

Legal AF

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Former federal prosecutor and counsel to the Attorney General Shan Wu discusses the extraordinary hearing that took place in the corruption case of New York City Mayor Eric Adams before federal judge Dale Ho in the Southern District of New York. Subscribe:    / @legalafmtn   Follow Michael Popok on Bluesky: https://bsky.app/profile/mspopok.bsky... Subscribe to the Legal AF by MeidasTouch podcast here: https://podcasts.apple.com/us/podcast...

 

Elon has your data. Now what?? Ally Sammarco Feb 21 Good Thursday evening, readers, and thank you for making Today’s American News your source for news and analysis on the circus that is American politics and entertainment. This Politico headline is terrifying… “What’s Elon Musk doing with your data?” is not the kind of headline plastered across Politico’s homepage that makes you feel good about the direction in which America is headed. But that’s what readers found today, with the sub-headline, “The White House says Musk is not using DOGE data to inform his AI.” Yikes. “Elon Musk is racing to perfect an AI model,” the article notes, “just as teams of his young associates are gaining access to some of the nation’s most sensitive and closely guarded databases through the Department of Government Efficiency.” The idea that Musk is keeping DOGE-obtained data and his business enterprises separate requires a willing suspension of disbelief. (photo credit: AFP) Today's American News with Ally Sammarco is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Federal housecleanings hit IRS with thousands fired… CNN reports that “Internal Revenue Service workers described chaotic scenes, heightened security and charged emotions playing out at tax agency locations across the country Thursday.” The outlet quotes one worker as saying, “Emotions are high. People are arguing with management, throwing books, kicking chairs in frustration. The bottom line is this wasn’t handled with care, and these people have no idea where their next paycheck will come from.” Absolute chaos. But the impact goes beyond the employees whose livelihoods have been upended. Elon Musk’s DOGE is supposedly looking to tackle “waste, fraud, and abuse,” but isn’t tax fraud a major fraud committed against our country and its people? Without a fully staffed IRS, will people like Donald Trump get away with not paying their full taxes as legally obligated–in a system that already unfairly favors them to begin with? Mass layoffs can continue, federal judge rules… It had seemed for weeks that the judiciary was Americans’ only refuge from chaos and a takeover of the country by Trump and his oligarch friends, but that refuge has proven unavailable in recent major judicial rulings. NBC News reports, “A federal judge Thursday denied a bid by labor unions to block the Trump administration from carrying out mass layoffs at federal agencies. U.S. District Judge Christopher R. Cooper indicated in his ruling that he was sympathetic to the National Treasury Employees Union and the four other unions that were seeking a restraining order to temporarily halt the layoffs, but said that federal court was not the appropriate venue for their lawsuit.” Seems like yet another weak-kneed judge apparently fearful of backlash from Trump, Musk, and MAGA supporters. NY Gov. Hochul too afraid to remove NYC Mayor Eric Adams from office… Citing fear of potential “disruption and chaos” that such a move could bring New York City, the state’s governor, Kathy Hochul, a Democrat, says she will not remove Adams from office. During a press conference today, Hochul “said she believes voters should decide Adams' fate and she also cautioned that a removal process could spin out of control,” reports NPR. Her decision is not so much a win or loss for the voters of the Big Apple; it’s a major win, however, for Donald Trump and his Wild West system of justice that has upended the rule of law in America and led to mass resignations as well as mass firings among federal prosecutors. It’s sad but not surprising to see Democrats–from Congress to governors’ mansions–sit back and allow Trump to make a mockery of law and order across the country. (photo credit: Getty) Today’s Buzz Planned movie with The Rock, Leo, and Emily Blunt is definitely one we want to see… Can this be in theaters tomorrow, please?? The Hollywood Reporter writes, “Martin Scorsese is looking to make a splash with a star-studded crime movie set in Hawaii. A new package that hit the town would star Dwayne Johnson, Leonardo DiCaprio and Emily Blunt. Scorsese would direct the feature from a script by journalist and author Nick Bilton. The fact-based untitled movie is said to be in the mold of Scorsese’s Goodfellas and The Departed and center on a mob boss vying for control of the Hawaiian islands in the 1960s and 1970s. Scorsese, Johnson, Blunt, DiCaprio, Bilton, Dany Garcia, Lisa Frechette and Rick Yorn serve as producers.” (photo credit: Deadline) That’s all for now. Tune back in for more chaos tomorrow evening in the next edition of Today’s American News. Today's American News with Ally Sammarco is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.