Good morning.
Global markets tumbled early on Monday in reaction to Donald Trump’s steep trade tariffs imposed on Canada, Mexico and China, which a Wall Street Journal editorial blasted as “the dumbest trade war in history”.
The president hit Canada and Mexico with a 25% tariff, and China with 10%, launching trade wars with the US’s three largest trading partners. The tariffs against Canada tax oil and energy products is 10%.
Trump has threatened to widen the scope of his trade tariffs to the European Union, even as he conceded that Americans could suffer.
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What did Trump say about the impact on Americans? He acknowledged the tariffs may cause “short-term” pain. Economists point out that a tariff is a regressive tax.
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How are markets reacting? In the US, S&P 500 futures fell 1.6% and Nasdaq futures slumped 2.2%. European futures fell as much as 3.4%. In Asia, Japan’s Nikkei share average tumbled as much as 2.3% in early trading, and Korea’s Kospi fell as much as 2.4%. Taiwan’s Taiex fell 4.4% at the open. Bitcoin was down by more than 6%.
Israeli forces destroy buildings in West Bank as deadly raid continues
The Palestinian news agency Wafa is reporting that the Israeli military is continuing its raid on the West Bank city of Jenin for the 14th consecutive day, which the outlet says has killed at least 25 Palestinian people, injured dozens of others and has involved the demolition of dozens of homes.
A spokesperson for the Israeli army said 23 buildings were destroyed yesterday in Jenin “to prevent terrorist infrastructure from being established”.
Meanwhile, the Israeli prime minister, Benjamin Netanyahu, visits Washington today, for talks on prolonging the ceasefire with Hamas.
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How many have been displaced? Jenin’s mayor, Mohammad Jarar, was quoted as saying that about 15,000 people were displaced from the Jenin camp and the al-Hadaf neighbourhood
Trump revokes deportation protections for another 300,000 Venezuelans in US
The Trump administration has stepped up its attack on Venezuelans living in the US under temporary deportation protections, revoking the right to stay of more than 300,000 people.
The move, first reported by the New York Times, comes as a one-two punch for Venezuelans who were already reeling from last week’s decision to rescind an 18-month extension of temporary protected status (TPS) that had been introduced in the final days of the outgoing Biden administration. Reversing the extension was a blow that affected more than 600,000 Venezuelans living in the US.
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What are the details of the new decision? Trump has targeted a subset of that Venezuelan immigrant community who entered the TPS program in 2023, obtaining the right to remain in the US until at least April. More than 300,000 Venezuelans have been given only 60 days before they become vulnerable to deportation.
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How is Trump justifying his actions against Venezuelans? On the campaign trail, the president frequently said the Venezuelan government had opened its prisons and sent criminals to the US. But the Department of Homeland Security has identified only 600 migrants in the US who may have connections to the Tren de Aragua gang – a tiny fraction of the 600,000 with TPS status.
Beyoncé and Kendrick Lamar lead Grammy awards in aftermath of LA fires
Beyoncé and Kendrick Lamar ruled the Grammys during a night that also paid tribute to those affected by the California wildfires.
The night’s biggest prize, for album of the year, went to Beyoncé for Cowboy Carter, the first time she has won the award. It was presented by members of the Los Angeles country fire department in one of many of the night’s tributes to those affected by the wildfires.
The singer is only the fourth Black woman to win the award. “It’s been many many years,” she said to loud applause.
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Who else picked up awards? Chappell Roan won best new artist, Charli xcx’s Brat won best dance/electronic music album, and The Beatles’ Now and Then won best rock performance. See all the winners here.
In other news …
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The man accused of stabbing Salman Rushdie goes on trial for attempted murder this week, with the writer set to testify in court.
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Syria’s transitional president, Ahmed al-Sharaa, met the Saudi crown prince, Mohammed bin Salman, in his first foreign trip as Syrian leader on Sunday.
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Spain’s former football chief, Luis Rubiales, faces trial today over the unsolicited kiss of World Cup winner Jenni Hermoso.
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Elon Musk said he’s working to shut down the foreign aid agency USAid, in efforts to shrink the federal government.
Stat of the day: At least 770 killed in Goma, east DRC, in fighting with Rwanda-backed M23
Officials said at least 773 people were killed in eastern Democratic Republic of the Congo’s largest city, Goma, and its vicinity last week, amid fighting with Rwanda-backed rebels who captured the city. There were also 2,880 injured, said a Congolese government spokesperson.
Don’t miss this: Sharon Van Etten interview – ‘Weirdest thing I have done for love? I started watching sports’
The singer-songwriter, whose new album comes out Friday, tells the Guardian about the advice from Nick Cave that changed her life, acting in The OA and her guilty pleasure (mashed potatoes on rye toast, white gravy, bottomless coffee).
Climate check: Tribe hails Lula’s fight against illegal mining in Amazon
Two years after Brazil’s president, Luiz Inácio Lula da Silva, vowed to bring the Yanomami tribe back from the brink, hunger and infant mortality rates are falling and many illegal miners have been expelled. “Hope has returned,” said Maurício Ye’kwana, an Indigenous leader.
Last Thing: Punxsutawney Phil sees shadow, predicting longer winter
Punxsutawney Phil saw his shadow yesterday and predicted six more weeks of wintry weather, his handlers announced to a raucous, record crowd in Pennsylvania. The woodchuck’s forecast goes back over a century.
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