NPR News: 04-07-2025 9AM EDT

Summary

NPR News Now – April 7, 2025 – 9 AM EDT

Host: Korva Coleman
Producer: NPR
Duration: 5 Minutes

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Global Trade Tensions Shake Financial Markets

[00:24] Korva Coleman opens the episode by highlighting the escalating fears among investors on Wall Street and globally concerning the prospects of prolonged global trade tensions. These fears are primarily driven by President Trump's aggressive tariffs and China's subsequent retaliatory measures.

[00:41] John Bruich, reporting from Beijing, details the significant market turmoil in Greater China. He notes, "In Hong Kong, the Hang Seng index plunged more than 13%, its biggest one-day fall since 1997" (00:41). Mainland China's key indexes saw declines between 7% and 10%, and Taiwan experienced its largest single-day drop ever, with the composite index falling by 9.7%. The ripple effect extended across Asia, with markets in Japan and South Korea also witnessing steep declines of nearly 8% and 5.5% respectively. Bruich emphasizes the widespread impact, stating, "From Australia to Thailand, markets across the region were rocked by sell-offs."

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Judicial Order to Reintegrate Wrongfully Deported Immigrant

[01:23] Korva Coleman transitions to a legal controversy where a federal judge has mandated the Trump administration to return an immigrant to the United States by day's end. The individual, Kilmar Armando Abrego Garcia, was erroneously deported to an El Salvador prison.

[01:52] Joel Rose delves deeper into the legal complexities, explaining, "The Justice Department is appealing. They argue that courts do not have jurisdiction over this case because Abrego Garcia is in the custody of El Salvador" (01:52). Judge Paula Zinis declared Abrego Garcia's arrest "illegal" and the deportation "wholly unlawful." Rose underscores the uncertainty surrounding the judge's order, noting the Justice Department's request for an emergency stay from the Fourth Circuit Court of Appeals.

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Affordable Housing Renovations Jeopardized by Federal Freeze

[02:16] Korva Coleman brings attention to the looming threat against affordable housing renovations nationwide. The Trump administration has frozen a billion-dollar program aimed at upgrading older housing units to enhance livability and energy efficiency.

[02:33] Jennifer Ludden reports on the ground in Emporia, Virginia, highlighting the dire situation at Trinity Woods Senior Living. She quotes resident Dina Moore: "Last year, it was God awful" (02:45), referring to the unbearable summer heat caused by the malfunctioning central air conditioning system. The Department of Housing and Urban Development (HUD) had previously allocated funds for such upgrades, including potential solar panel installations. However, HUD now contends that energy efficiency projects "do not fit its mission" (02:47). Julia Gordon, who oversaw the HUD program under President Biden, defends the initiative, stating, "This is how government works at its best" (03:09). Legal challenges are mounting, with allegations that the freeze on congressionally approved funding is unlawful.

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Wall Street Futures Dip Amid Ongoing Flooding Concerns

[03:18] Korva Coleman provides a snapshot of the current economic climate, reporting that Dow futures are down by 700 points. Concurrently, the United States is grappling with unprecedented flooding. While major storms have subsided, persistent flood warnings remain in place across approximately a dozen states—from Ohio to Texas—primarily cautioning against river flooding.

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Historic Settlement in House vs. NCAA Case on the Horizon

[03:18] Becky Sullivan, reporting for NPR, outlines the impending final settlement approval hearing in the landmark case of House versus NCAA. If approved, the settlement would revolutionize college sports by permitting schools to directly compensate their athletes for the first time.

Sullivan explains, "Under the proposed House settlement, schools in major conferences like the SEC and Big Ten would be allowed to share revenue directly with their players, up to a salary cap of about $20 million a year" (04:00). This arrangement is expected to primarily benefit football and basketball players, potentially leading to roster limits instead of scholarship caps, which could result in the downsizing of athletic programs nationwide. Additionally, the settlement would enhance the NCAA's and power conferences' control over players' name, image, and likeness (NIL) deals. A significant component of the settlement includes distributing over $2 billion to athletes who played before NIL deals were permitted in 2021. Sullivan anticipates the judge's approval of the settlement, projecting its implementation by the upcoming fall season.

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UConn Women’s Triumph in NCAA Basketball

[04:40] Korva Coleman concludes the episode with a triumphant sports announcement: the University of Connecticut (UConn) has secured the women's NCAA basketball championship by defeating last year's champions, South Carolina. This victory marks the 12th national title for the UConn women's team. Additionally, she previews the men's championship game slated for the evening, featuring a clash between Florida and Houston.

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Conclusion

This episode of NPR News Now offers a comprehensive overview of significant global economic pressures, legal battles affecting immigration and housing, ongoing environmental challenges, transformative developments in collegiate athletics, and notable achievements in sports. Through detailed reporting and expert insights, listeners gain a nuanced understanding of the current national and international landscape.

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Notable Quotes:

• Dina Moore: "Last year, it was God awful." (02:45)
• Julia Gordon: "This is how government works at its best." (03:09)

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For more updates, listen to NPR News Now on your preferred podcast platform or visit plus.NPR.org.

Transcript

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[Korva Coleman]

Live from NPR News In Washington, I'm Korva Coleman. Investors on Wall street and around the world are frightened about the chances for a long global trade. It's been triggered by President Trump's sweeping tariffs and China's retaliation. NPR's John Bruich says last week's huge losses on Wall street moved to Asia.

[John Bruich]

Today, some of the biggest market moves were in Greater China. Traders were getting their first chance to react to retaliatory measures announced by the Chinese government after markets here were closed on Friday. In Hong Kong, the Hang Seng index plunged more than 13%, its biggest one day fall since 1997, according to Reuters. Key indexes in mainland China ended the trading day off between about 7% and 10. And stocks in Taiwan had their biggest one day drop ever, with the composite index slumping 9.7%. From Australia to Thailand, markets across the region were rocked by sell offs. Japan's benchmark Nikkei index fell nearly 8% and South Korea's Kospi, which tracks large companies, sank 5.5%. John Ruich, NPR News, Beijing.

[Korva Coleman]

A federal judge has ordered the Trump administration to bring an immigrant back to the United States by the end of the day today. U.S. officials admit they wrongly deported Kilmar Armando Abrego Garcia to an El Salvador prison last month. Justice Department officials say that was a mistake. US District Judge Paula Zinis says his arrest was illegal and his deportation was wholly unlawful. She wants him back immediately. NPR's Joel Rose reports. It's not clear that will happen.

[Joel Rose]

The Justice Department is appealing. They argue that courts do not have jurisdiction over this case because Abrego Garcia is in the custody of El Salvador. And essentially there is nothing that Judge Zinis can do. The Justice Department is asking the Fourth Circuit Court of Appeals for an emergency stay, but if they do not get one, that midnight deadline will still be in place, and then the big question is whether they will comply with it.

[Korva Coleman]

NPR's Joel Rose reporting. Around the country, hundreds of affordable housing renovations are at risk after the Trump administration froze a billion dollar program. NPR's Jennifer Ludden reports. The program's goal was to make older places more livable and energy efficient.

[Jennifer Ludden]

In Emporia, Virginia, Trinity Woods Senior Living desperately needs new central air conditioning. Their old system died three years ago. Resident Dina Moore says summers are too hot even for bingo nights.

[Dina Moore]

Last year, it was God awful.

[Jennifer Ludden]

The Department of Housing and Urban Development had awarded them and hundreds of other places money for an upgrade, potentially including solar panels. But now HUD says energy efficiency does not fit its mission. Julia Gordon oversaw the HUD program under President Biden and says it would help private industry that's providing badly needed affordable housing.

[Julia Gordon]

This is how government works at its best.

[Jennifer Ludden]

Legal challenges allege that freezing this congressionally approved funding is unlawful. Jennifer Lutton, NPR News.

[Korva Coleman]

On Wall Street, Dow futures are down 700 points. This is NPR. Many of the historic storms that plowed through the central U.S. the Midwest and the south in the past few days have eased, but not the colossal flooding. Some kind of flood warning is posted in about a dozen states this morning from Ohio to Texas. Many of these are cautions about river flooding. The future of college sports is in federal court today. A final settlement approval hearing is set for the case known as House versus the NCAA. NPR's Becky Sullivan reports that if it's approved, the settlement would allow schools to pay players directly for the first time.

[Becky Sullivan]

Under the proposed House settlement, schools in major conferences like the SEC and Big Ten would be allowed to share revenue directly with their players, up to a salary cap of about $20 million a year. Football and basketball players are likely to get most of that money. Teams would have roster limits instead of a limit on scholarships, which might actually shrink athletic programs nationwide. And it would allow the NCAA and power conferences to have greater over players name, image and likeness deals. The settlement would also distribute more than $2 billion to athletes who played before nil deals were first allowed in 2021. The judge is expected to approve the settlement, and the new system could take effect this fall. Becky Sullivan, NPR News.

[Korva Coleman]

The University of Connecticut has won the women's NCAA basketball championship. UConn defeated last year's champs, South Carolina, yesterday in the title game. This is the 12th time the UConn women have clinched the title. The men's championship game tonight, it will be between Florida and Houston. I'm Korva Coleman, NPR News, in Washington.

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