Trump tariffs spark biggest stock losses since 2020

Summary

The Last Word with Lawrence O’Donnell: "Trump Tariffs Spark Biggest Stock Losses Since 2020" Summary

Release Date: April 4, 2025

In this episode of "The Last Word with Lawrence O’Donnell," host Lawrence O'Donnell delves into the dramatic economic and political repercussions of former President Donald Trump's recent tariff announcements. Drawing upon diverse perspectives from political figures and experts, the episode unpacks how Trump's tariff policies have triggered significant stock market turmoil and sparked intense legislative and judicial responses.

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1. The Catalyst: Trump's Tariff Announcements

[00:50] Eamon Javers:
Donald Trump’s decision to impose a 10% tariff on all foreign goods, along with reciprocal tariffs against allies, precipitated the largest single-day stock market loss since the COVID-19 pandemic’s onset. The Dow plunged nearly 1,700 points, the NASDAQ fell by 7%, and the S&P 500 dropped nearly 5%, culminating in a staggering $3.1 trillion loss in market value.

[02:29] Howard Letnick:
Experts quickly dismissed Trump's optimistic projections, stating, "The financial experts see a different reality." The global economy was already bracing for significant disruptions, and Trump's tariffs only exacerbated these fears.

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2. Immediate Economic Impacts

[03:05] Jonathan Capehart:
The stock market's freefall has been labeled as one of the top five biggest point losses in history. Critics argue that the market's decline is a direct consequence of Trump's tariff policies, which they describe as "a kindergarten level understanding of international trade."

[03:23] Eamon Javers:
No credible forecasters support Trump's claims of increased U.S. growth, employment, or reduced inflation due to the tariffs. Instead, the consensus among economists suggests the opposite effects.

[04:00] The Washington Post Report:
Automaker Stellantis is laying off 900 workers and pausing production in Michigan, Indiana, Canada, and Mexico as it grapples with the tariffs' long-term effects.

[04:29] Yale University Budget Lab Analysis:
An estimated $3,800 annual cost per household is projected as the average American grapples with the tariffs' financial strain.

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3. Political Repercussions and Public Response

A. Congressman Gabe Amo’s Insights

[11:09] Gabe Amo:
Constituents express fear and concern over Trump's unilateral tariff actions, which they believe will result in layoffs, higher prices, and damaged diplomatic relations. Amo emphasizes the tangible impact on everyday lives, including threats to Medicaid and SNAP programs.

[12:51] Gabe Amo:
He criticizes the lack of logical rationale behind the tariffs, labeling them as decisions made on the "whim of a king." Amo highlights the broader implications for Social Security Administration services and federal employee job security.

[14:55] Gabe Amo:
Amo underscores the increasing reliance on food banks due to Trump's budget cuts, urging constituents to support community organizations in the face of federal abandonment.

B. Senator Cory Booker’s Filibuster

[25:11] Cory Booker:
In a historic 25-hour and 4-minute filibuster, Senator Booker challenges Americans to evaluate their economic well-being under Trump's leadership, questioning if they are "better off economically" than 72 days prior. He emphasizes the abnormal nature of the current administration's policies, urging proactive resistance.

[27:13] Michelle Nunn:
Michelle Nunn echoes Booker’s sentiments, highlighting the rollback of progressive policies and labeling them as "political malpractice."

C. Vice President Kamala Harris’s Remarks

[09:41] Michelle Nunn:
Harris addresses the nation’s contagious fear and the importance of courage in standing against unconstitutional threats. She calls for collective action to preserve democracy.

[17:45] Michelle Nunn:
Harris reinforces the necessity of defending democratic values against Trump’s policies, advocating for continued resistance and unity.

[19:02] Jonathan Capehart:
Capehart praises Harris’s inspirational message, emphasizing the need for active resistance and highlighting the administration's lack of a coherent economic plan amidst the market crash.

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4. Legislative and Judicial Responses

A. Congressional Actions

[05:57] Eamon Javers:
A bipartisan response emerges as Senate Republicans, led by Senator Chuck Grassley, introduce a bill to limit the president's tariff powers without congressional approval. Senator Thom Tillis supports the bill, advocating for checks and balances.

[05:57] Senator Tim Kaine:
Kaine, the resolution’s author, notes growing Republican support as economic realities become undeniable, signaling potential bipartisan agreement.

B. Judicial Proceedings

[34:16] Eamon Javers:
Chief U.S. District Judge James Boasberg hints at holding Trump administration officials in contempt of court for defying his restraining order on March 15 regarding deportation flights to El Salvador.

[37:51] Adam Klassfeld:
Klassfeld describes the hearing's tense atmosphere, noting Judge Boasberg’s skepticism towards the DOJ’s explanations and the potential for contempt findings.

[39:00] Eamon Javers:
The judge’s remarks suggest bad faith actions by the Trump administration, heightening concerns over possible contempt charges.

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5. Emerging Political Campaigns

A. Congressman Chris Pappas’s Senate Bid

[41:19] Kamala Harris:
Congressman Chris Pappas of New Hampshire announces his 2026 Senate campaign, positioning himself against Trump and business magnate Elon Musk. His platform focuses on economic stability, opposing cuts to Social Security and Medicaid, and addressing the disruptive impact of tariffs on small businesses.

[43:45] Kamala Harris:
Harris highlights the negative effects of tariffs on small businesses, emphasizing the price hikes and operational disruptions they cause, and urges constituents to support Pappas’s efforts to restore economic balance.

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6. Concluding Remarks and Future Outlook

Lawrence O'Donnell wraps up the episode by emphasizing the unprecedented nature of Trump’s tariff policies and their extensive impact on both the economy and American governance. The episode underscores a rising political movement against the administration’s disruptive measures, highlighting the resilience and proactive stance of Democratic leaders in safeguarding economic stability and democratic integrity.

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Notable Quotes

• Jonathan Capehart [03:05]:
  "Try to slap some lipstick on this pig of a market. It's not a pretty market."

• Gabe Amo [11:09]:
  "These are real people's lives that are being affected."

• Cory Booker [25:11]:
  "Are you better off than you were 72 days ago under this president's leadership?"

• Senior Judge James Boasberg [34:16]:
  "If you really believed everything you did that day was legal and could survive a court challenge, I can't believe you ever would have operated in the way you did."

• Kamala Harris [42:20]:
  "This is taking us in the wrong direction. And that's why we urge people to go to ChrisPappas.org, join our fight because we need to take back the US Senate and have some checks and balances in Washington."

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Key Takeaways

• Economic Turmoil: Trump's tariffs have led to the most significant stock market losses since 2020, affecting millions of Americans' retirement funds and daily economic stability.

• Political Backlash: Bipartisan efforts in Congress aim to limit executive power over tariffs, reflecting widespread concern over unilateral trade policies.

• Judicial Scrutiny: The judiciary is actively investigating potential misconduct by Trump administration officials, signaling possible contempt charges.

• Public Voice: Democratic leaders and politicians emphasize the necessity of standing up against harmful policies, advocating for collective action to restore economic and democratic norms.

• Emerging Campaigns: New political figures like Congressman Chris Pappas are launching campaigns to counteract the administration's policies, focusing on economic resilience and social support systems.

This episode paints a comprehensive picture of the cascading effects of Trump's tariff policies, highlighting the intersection of economic disruption, political resistance, and the ongoing struggle to uphold democratic principles in the face of unprecedented challenges.

Transcript

[Jen Psaki]

Stay connected with the MSNBC app bringing you breaking news and analysis anytime, anywhere. Watch your favorite shows live, read live blogs and in depth essays and listen to coverage as it unfolds. Go beyond the what to understand the why. Download the app [e-mail] app MSNBC presents a new original podcast hosted by Jen Psaki. Each week she and her guests explore how the Democratic Party is facing this political moment and where it's headed next.

[Jonathan Capehart]

There's probably both messaging and policy issues, but as you look to kind of where the Democratic Party is, do you think it's more a messaging issue, more a policy issue?

[Jen Psaki]

The Blueprint with Jen Psaki subscribe to MSNBC Premium on Apple Podcasts for ad, free listening and bonus content.

[Eamon Javers]

Now it is time for the Last Word with Jonathan Capehart in for Lawrence tonight. Good evening, Jonathan. Good evening, Eamon. Looking at us on the screen. This is literally going to be night and day in a month or so when our new shows start. I can get used to this. Yeah, absolutely. Although I have to say I enjoy the evening shift a little better. I'm not a morning person. Well, see then we both got the better stick. Exactly. Eamonn, thanks very much. Likewise, my friend. Donald Trump deliberately waited until the market closed yesterday before announcing his plan to impose a 10% tariff on all foreign goods in addition to more reciprocal tariffs levied against other countries, including allies. And now we know why. Today the stock market suffered its biggest one day loss since the start of the COVID 19 pandemic in the first Trump term. The Dow lost nearly 1700 points, the NASDAQ plunged 7% and the S&P 500 dropped nearly 5%, wiping out $3.1 trillion in market value. Now that may be hard to grasp unless you were planning on retiring soon and you just saw your nest egg evaporate. The very real money you took from your paycheck and put away in your retirement fund tanked by Trump tariff chaos. Donald Trump didn't seem too worried as he headed to Florida to golf today. The markets are going to boom, the stock is going to boom, the country is going to boom and the rest of the world wants to see.

[Howard Letnick]

Is there any way they can?

[Eamon Javers]

Yeah. No, that's not what the financial experts see. The world was yesterday sort of bracing for a bazooka.

[Kamala Harris]

But Trump decided.

[Eamon Javers]

He decided he was going to go to Chicago way and he dropped an economic moab.

[Jonathan Capehart]

The Dows dropped today. We'll put it solidly in the top five biggest point losses in history. Try and slap some Lipstick on this pig of a market. It's not a pretty market. Those numbers that were on that, the, that grid. Yeah, yeah.

[Eamon Javers]

They don't mean anything.

[Jonathan Capehart]

They came up with it because they were in a hurry to cobble something together.

[Eamon Javers]

So this tariff policy looks like it's basically resting on made up numbers.

[Jonathan Capehart]

And I will say the traders who are passing this on to me are also saying what? Very well known one. It's absurd and shows a kindergarten level understanding of international trade.

[Eamon Javers]

I don't have a single body, a single forecaster saying because of these tariffs, we are forecasting more US Growth, more employment and lower inflation. Every, every forecaster is the opposite. Try to slap some lipstick on this pig of a market. And that's from Fox Business. But it's not just the markets that were in turmoil. The Washington Post reports, quote, Jeep maker Stellantis said it was temporarily laying off 900 workers at five plants in Michigan and Indiana and pausing production at factories in Canada and Mexic while it tries to figure out the medium and long term effects of these tariffs. An analysis by the Budget Lab at Yale University estimates the total impact from Trump's tariffs could cost the average household $3,800 per year. The economists put it this if you fail to spot America being looted, pillaged, raped and plundered by nations near and far, or it being cruelly denied a turn to prosper, then congratulations, you have a firmer grip on reality than the President of the United States. It's hard to know which is more unsettling, that the leader of the free world could spout complete drivel about its most successful and admired economy or the fact that on April 2, spurred on by his delusions, Donald Trump announced the biggest break in America's trade policy in over a century and committed the most profound, harmful and unnecessary economic error in the modern era. The Wall Street Journal editorial board laid out the many ways that these Trump tariffs will be detrimental to the U.S. economy, ending with, quote, Mr. Trump's tariffs are the biggest policy shock to the world trading system since Richard Nixon blew up Bretton woods in 1970. As with that decision, Mr. Trump is acting with little understanding about the damage his tariffs will cause. The disturbance might not be as little as he imagines. Commerce Secretary Howard Letnick seemed unbothered by the disturbance that Americans will face.

[Kamala Harris]

Is there a red line for you pulling back and saying, okay, hold on, we're going to rethink things?

[Eamon Javers]

No, I mean, come on. What you've got to realize is sure.

[Jen Psaki]

There'S going to be some short term.

[Eamon Javers]

Movement, but this is a reordering of global trade. Just one day after four Senate Republicans voted with Democrats to pass a resolution to undo Trump's tariffs on Canada, Senate Republicans are looking at ways to limit Donald Trump's ability to impose wide ranging tariffs without Congress. NBC News reports that Republican Senator Chuck Grassley introduced a bill that would reassert Congress's authority and slap restrictions on the president's power to levy tariffs. Senator Thom Tillis, a Republican of North Carolina, praised Grassley for the bill because he does believe that we're a co equal branch. He said he'd vote for it, though it's unclear if the bill will be brought to the Senate floor. Senator Tim Kaine of Virginia, the author of the resolution, said many more than four Republicans were interested in his resolution, then ultimately voted for it, predicting that more will come aboard as the economic reality sets in. The Wall Street Journal editorial board even went as far as to challenge Donald Trump's authority to levy these tariffs by declaring some non existent national emergency, writing quote, none of these trade provisions empowers Mr. Trump to impose tariffs on all imports from all countries based on an arbitrary formula. Someone should sue to block his abuse of power. It would be one thing if the abuse of power and chaos were limited to just his trade policy, but obviously it is not. Today, NBC News reports that the inspector general at the Pentagon announced that it would investigate allegations that Defense Secretary Pete Hegseth used the commercially available messaging app Signal to discuss classified information about a US military strike in Yemen. The announcement comes about 10 days after the Atlantic revealed that its editor in chief was inadvertently added to a Signal Group chat that included HEGSETH, Vice President J.D. vance, National Security Adviser Mike Waltz and other senior administration officials discussing upcoming military actions. Also today, three people familiar with the matter tell NBC News that Donald Trump fired at least three National Security Council officials after an Oval Office meeting with far right conspiracy theorist Laura Loomer, who expressed dissatisfaction with some officials on his national security team. The New York Times reports, quote, the decision came after Ms. Loomer vilified the staff members by name during a meeting on Wednesday when she walked into the White House with a sheaf of papers attacking the character and loyalty of numerous NSC officials. Michael Waltz, the national security advisor, joined later in the meeting and briefly defended some of his staff, though it was clear he had little, if any power to protect their jobs. No one who voted for Trump can claim they did not vote for this because Trump stashed classified government documents in the bathroom and Trump brought 911 conspiracy theorist Laura Loomer as his guest to ground zero on September 11th. Trump won 49% of the vote in November. But the fight isn't over. Tonight, Kamala Harris spoke publicly for the first time about Trump's second term chaos at the Leading Women Defined summit in California.

[Michelle Nunn]

Fear has a way of being contagious. When one person has fear, it has a way of spreading to those around them and spreading. And we are witnessing that, no doubt. But I say this also, my dear friends, courage is also contagious. Courage is also contagious when one person, when a few stand with the courage that is the courage exhibited by the leaders in this room every day. To stand, to have the courage to say, I feel fear. The courage to say what is happening is wrong. The courage to say that there is a way that we must chart to get through this, understanding our power in the democracy we still have, if we hold onto it. Courage is contagious.

[Eamon Javers]

Joining us now, Democratic Congressman Gabe Amo of Rhode island, who just came from a town hall. Congressman, great to see you. How are people reacting to the news of the stock market and Trump's tariffs?

[Gabe Amo]

Well, what I heard from my constituents tonight, I'm sure, is being felt by people across this country, which is great fear and concern about the actions of our president. I mean, we see these tariffs come down, which are only going to yield layoffs, higher prices, ruined diplomatic relations and no concern the Commerce Secretary, the President himself. This is just a blip to them. These are real people's lives that are being affected. And I heard that tonight from my constituents. That combined with the pursuit of tax cuts for billionaires as they cut Medicaid and snap, people are afraid, I'm sure.

[Eamon Javers]

One thing people want is an explanation. Congressman, what do you say about policy that seems to have no rationale other than the whim of a king?

[Gabe Amo]

It's really hard to explain, I'll be honest, because we exercise logic and thoughtfulness. People elect their leaders because they think they're going to have a plan, not arbitrarily decide how they are going to cut really essential lifelines to the global economy and really hurting everybody across the country. And so it's hard to reason out with people. And I just say these folks are at best poorly informed, at worst, coming after the core of our values. And I'm afraid it's the worst.

[Eamon Javers]

What other specific issues came up as top of mind for your voters, Congressman?

[Gabe Amo]

A lot of the lawlessness, you know, we have heard and seen the arbitrary cutting of services at the Social Security Administration, we have seen wide layoffs and attempts to illegally terminate federal employees, some of whom were in that room tonight. And so the fear that these decisions being made on a whim, driven by Elon Musk's doge, the real complacency and compliance that we see out of Republicans in the House who are just letting this happen and really not seeing any courage, contrary to what the vice President said, any courage from leaders on the other side of the aisle.

[Eamon Javers]

You know, the Boston Globe reports food banks across New England are scrambling after the Trump administration this month cut some $1 billion from programs that help them obtain food for distribution with the support of federal assistance amounts to 10 to 30% of their total distributions. Congressman Ama, what can you say to voters who are worried about the future impact of Trump's cuts?

[Gabe Amo]

Look, I will say what I've said here at home. I visited the Rhode Island Community Food Bank a couple weeks ago to communicate my real concern with regard to the plans that are part of the budget resolution that came out of the House a few weeks ago. And I've said that we have to be vocal. We have to be sure to communicate out the needs that are in our communities. And we have to dig in and support each other at this time of need where we are being abandoned by the Trump administration and Republicans in Congress. We have to focus on the people at home and support great organizations that help people who need it the most. And in fact, because of these actions, we're seeing wider use of food banks here in my state.

[Eamon Javers]

Congressman Ama, I gotta get you on one more thing, because we saw some big Democratic wins this week. Susan Crawford won in that Supreme Court race in Wisconsin. Senator Cory Booker broke a filibuster of records speaking against Donald Trump. Did any of that penetrate to local voters you talked to?

[Gabe Amo]

Big time. When I said Wisconsin, there was a round of applause in the room. Now, these are people who don't have the practice of electing judges, but we at home know that that is a blow for the progress that we are going to make as we work towards elections around this country. I would additionally say when Senator Booker was invoked, I shared my story of going to the Senate chamber to witness this moment in history where I wrote a note to my friend saying, keep going, brother, because we will win for the people we serve. And people in that room tonight felt inspiration. I'm certainly inspired. But we have to keep going, just like the senator did. We'll keep pushing for the American people.

[Eamon Javers]

I'm curious, Congressman, a round of applause for Wisconsin People know what Senator Booker did. Do you sense that there's a shift in the mood of your constituents between pre Wisconsin and Senator Booker and where we are, what you saw tonight?

[Gabe Amo]

Well, I think people are focused on where can we find beams and lights of hope out there. And so when you have real examples of what happens when we come together, when we work hard, when we seek to amplify our message and our values, people can rally around that. So that's sort of the message here of this week, is we have to give people something to work towards. We have to give people a sense that their hope will be met with action and really oriented on doing what we need to do to get back not only the hearts and minds, but sort of the emphasis and focus on delivering results for people.

[Eamon Javers]

Congressman Gabe Amo of Rhode island, thank you very much for coming to the Last Word.

[Gabe Amo]

Thanks for having me, Jonathan.

[Eamon Javers]

At the top of the show, we played you Vice President Kamala Harris first public comments on the Trump chaos of these first 75 days. MSNBC's Michelle Nars was in the room in California for Harris remarks, and she joins us now. Michelle, let me play one more clip. Let me play one more clip of Harris and get your reaction on the other side.

[Michelle Nunn]

There is a sense of fear that has been taking hold in our country, and I understand it. But we're saying people stay quiet. We are seeing organizations stay quiet. We are seeing those who are capitulating to clearly unconstitutional threats. And these are the things that we are witnessing each day in these last few months in our country. And it understandably creates a great sense of fear because, you know, there were many things that we knew would happen, many things. I'm not here, sir. I told you so. Gonna say that.

[Eamon Javers]

Michelle, your reaction to that?

[Jonathan Capehart]

Well, you know, hello, Jonathan, thanks for having me here from California. It's hard not to say I told you so on a day where the stock market took a dive, where we're seeing more executive action that is questionable and as she said, most likely unconstitutionally unconstitutional and most likely illegal also. And so you saw her use her voice in a way that we haven't heard heard for a while. People have been asking, where has she been? Well, she showed up today with a very strong message, a message that was inspirational, a message that reminded people that they can use their voice and they can use their power. It was a room full of women, as you heard there in their response, very supportive of her and a room. And really, anyone who's watching this clip probably can't help but imagine what a different conversation we might be having if we saw a different election outcome. And I imagine that people who did not vote for Kamala Harris are also asking themselves that question. On a day where we saw the economy tank like this and where we have seen so many entanglements in the court, where we have seen actions that are taken, big, sweeping actions that have raised serious questions about the foundation of our economy, without a clear plan on what the impact of those tariffs would be, without a clear plan on how that will affect states, on how it will affect Main street, how it affect Wall street, and how it will affect people who are sitting at their kitchen tables going into the weekend and wondering about their 401k plans, wondering about their savings, wondering about their ability to feed their families, and wondering about their ability to move forward in America with confidence that the economy will continue to roll forward and that America will have allies that have always stood. Stood by us. I mean, I think that that's one of the more amazing things about what we've seen this week, is the fact that the White House doesn't seem to have a clear plan and did not have a clear understanding of the immediate impact of the tariffs. And so what you heard in that room today was someone who was trying to encourage people not to give up, to use their voice, and to understand that even though some of these measures that have been taking are sweeping, they are not final, and that there is still an opportunity to push back. And it was significant that this also happened on the heels of Cory Booker using his voice. And in some ways, that felt like a needle drop that invited people to, you know, hit the floor and to try to use their voice to fight for democracy. And I think that was one of the most important things she said. The democracy that we have right now that we have to hold onto and that we have to fight for.

[Eamon Javers]

Michelle, earlier you may have heard me say this. You know, no one who voted for Trump can say they didn't know what they were voting for. But that being said, do you think Vice President Harris will stay in the public arena to be the living, breathing proof of it? Didn't have to be this way.

[Jonathan Capehart]

Well, whether she stays in the public arena or not, I mean, just her very presence, you know, is the fact that she's a living, breathing proof that it didn't have to be this way. But I. What she said in the room today, it's clear that she wants to use her voice, that she's looking for the right ways to use her voice. And the right venues to use her voice because she knows that there are people who do want to hear from her and trying to figure out what her next role will be. But I don't think that she will be completely silent. She cares about democracy. She said that today. She cares about voters. And one of the interesting things that she noted is she cares about all voters, not just the people who cast votes for her, not just the 92%. She cares about all voters. And that's what we deserve in this country, in our leadership, someone who will represent all of America, not just the people that voted for them, not just the people who are blindly loyal to them. All people who are the citizens of this country deserve and should expect that kind of leadership.

[Eamon Javers]

That is the definition of a leader. Michel Norris, thank you very much for jumping in front of a camera there in California.

[Jonathan Capehart]

Thank you, Jonathan. Glad to be with you.

[Eamon Javers]

And coming up, Senator Cory Booker spent 25 hours and four minutes on the Senate floor warning Americans that these are not normal times. Donald Trump's destruction of American governance isn't normal. And in the process, Senator Booker put a racist South Carolina senator's record for longest filibuster in the dustbin of history. Senator James Clyburn of South Carolina joins us next.

[Jen Psaki]

Stay connected with the MSNBC app bringing you breaking news and analysis anytime, anywhere. Watch your favorite shows live, read live blogs and in depth essays and listen to coverage as it unfolds. Go beyond the what to understand the why. Download the app now and msnbc.com app the first 100 days, bills are passed, executive orders are signed and presidencies are defined. And for Donald Trump's first 100 days, Rachel Maddow is on MSNBC five nights a week.

[Jonathan Capehart]

Now is the time, so we're gonna do it.

[Jen Psaki]

Providing her unique insight and analysis during this critical time.

[Jonathan Capehart]

How do we strategically align ourselves to this moment of information, this moment transition in our country?

[Jen Psaki]

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[Jonathan Capehart]

I do think it's worth being very clear eyed, very realistic about what's going on here.

[Jen Psaki]

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[Cory Booker]

I asked you, are you better off than you were 72 days ago. Economically. I asked that question. Ask it to your friends. Are they better off economically? Well, I don't see how they could be because prices are up, stock market's down, the risk of recession is climbing, consumer confidence is in the gutter, 401k plans are losing value. Are you better off than you were 72 days ago under this president's leadership? So I know there's a lot of people who are angry, who are worried, who are feeling overwhelmed, who are struggling to make ends meet. But I know of only one way to do this, and I'm trying to do it myself, is to do things differently, to stand up, to speak up, to not act like this is just normal in our country.

[Eamon Javers]

On Tuesday, in his marathon 25 hour speech demanding us to wake up to the crisis in America, Cory Booker asked, are you better off now than you were before? And tonight, this headline, stocks suffer biggest one day wipeout in value since March 2020. This is exactly what Senator Booker spent 25 hours and 4 minutes trying to point out during his marathon speech on the Senate floor, that none of this is normal. The firing of thousands of federal workers isn't normal. The 19th century tariffs aren't normal. The stock market tanking and then the president saying, quote, everything is going well is not normal. These are not normal times. Senator Booker was protesting against an administration that is bending, breaking and twisting the norms of American governance. Tonight, former Vice President Kamala Harris spoke out about how Trump is trying to erase the progress we've made as a nation.

[Michelle Nunn]

What has changed since 2016 is that we are in the midst of seeing progress being rolled back, policies that we birthed being rolled back. The terms that we use for what is progress in America being turned into a pejorative intended to deny the facts and to deny smart policy, by the way, effective policy, by the way, policy, by the way, that has been proven to yield a great return on that investment.

[Eamon Javers]

Senator Booker, the first black senator from my home state of New Jersey, is proof of that investment. And Senator Booker broke the filibuster record of South Carolina Senator Strom Thurmond, who spoke for more than 24 hours in 1957 against the Civil Rights Act. Strom Thurmond will only be remembered now as an infamous racist, while Senator Cory Booker will take his place in history as a reminder of how far we've come. And joining us now, former assistant Democratic leader in the House of Representatives, Congressman James Clyburn of South Carolina. Congressman Clyburn, always great to see you. How hard is it to make people believe that all of this, the stocks tanking, the tariffs, the firings, that this is not normal for American governance.

[Howard Letnick]

Well, thank you very much for having me, gentlemen. No, this is not normal. But the fact of the matter is it may be normal for Donald Trump. We just dropped to the lowest we've been in stock market since Donald Trump was president, 2020. He was president when we were down this low before. So this may be the way he likes it. He seemed to be interested only in breaking things, in doing abnormal things. And maybe this is reminiscent of who he is. But I want to thank our good friend Cory Booker, because he has become what I like to call the leader of a resurgence. John Thurmond was a resistor. He set that record back in 1957, resisting civil rights laws. We came out of the called redeemers through the resistance. Now we've got a resurgence. You know what's kind of interesting about this, the word resurgence, I remembered from my Bible studies. You know, I didn't go to the seminary, but I used to study the Bible quite a bit. That's a religious word that has a meaning about the resurrection. That's what research is. So maybe Cory Booker has resurrected our party that has been look like it's drunk a little bit down. But we are now up.

[Eamon Javers]

Congressman Clyburn, a bipartisan group of senators introduced a resolution to rein in any future tariffs, limiting the president's power to impose tariffs and requiring the president to give Congress notice in advance. Is there anything more that Democrats can do?

[Howard Letnick]

Yes, and I think we're doing it down in Florida. I think Jimmy Raskin is down there with the youngest member of our caucus. People are all over doing things. And I do believe that's why Senator Booker's, let's just call it filibuster. That's what it was. He really has sort of ignited something in our party. It's been there sort of latent all the time. And he decided to grab the bull by the horns, get on the floor. And he has been magnetic. People are joining with him, and we're going to be doing a whole lot of different things. Hakeem Jeffries is doing great work with our House Democratic Caucus. You know, people don't pay as much attention to us on the House side as they do on the Senate side. We understand that, but Hakeem is doing great work. We are coming together as a party. And I think between Booker's speech on the floor, between the results up there in Wisconsin on Tuesday, and of course, I would put in results in Florida as well. People now see that our party is not dead. We have been resurrected and we are going to celebrate this Easter season that we are about to have with a new revival.

[Eamon Javers]

Congressman James Clyburn, I always have 10 more questions to ask you and zero time to ask them. Thank you very much as always for coming to the Last Word.

[Howard Letnick]

Thank you very much for having me.

[Eamon Javers]

And coming up today, federal Judge James Boasberg signaled he is strongly considering holding Trump administration officials in contempt of court for their rush to deport hundreds of people to El Salvador on Donald Trump's order. Andrew Weissman and Adam Klassfeld will join us to discuss what happened in that courtroom today. That's next.

[Jen Psaki]

It's President Trump's first 100 days and MSNBC's Alex Wagner will be covering it all from the front line.

[Eamon Javers]

What issue matters to you the most?

[Jen Psaki]

Join her as she travels the country to talk to the people at the center of the president's policies and promises.

[Jonathan Capehart]

Do you think now that he's pardoned everybody, he can count on this group of people again?

[Jen Psaki]

Search for Trumpland with Alex Wagner wherever you're listening and follow subscribe to MSNBC Premium on Apple Podcasts to listen ad free. MSNBC presents a new original podcast hosted by Jen Psaki. Each week, she and her guests explore how the Democratic Party is facing this political moment and where it's headed next.

[Jonathan Capehart]

There's probably both messaging and policy issues, but as you look to kind of where the Democratic Party is, do you think it's more a messaging issue, more a policy issue?

[Jen Psaki]

The Blueprint with Jen Psaki subscribe to MSNBC Premium on Apple Podcasts for ad free listening and bonus content.

[Eamon Javers]

Today, a federal judge appeared to lay the groundwork for finding Trump officials in contempt of court for defying his order to send deportation flights bound for El Salvador back to the United States. Chief U.S. district Judge James Boasberg told the government, quote, if you really believed everything you did that day was legal and could survive a court challenge, I can't believe you ever would have operated in the way you did. Throughout the roughly half hour long hearing, Judge Boasberg put a top Department of Justice official on defense. Judge Boasberg drilled into which Trump administration officials may have disobeyed his March 15 orders, asking at one point, quote, if I don't find your legal arguments convincing, and I believe there is probable cause to find contempt, what I am asking is, how should I determine who the contemner or contemners are? Judge Boasberg demanded to know the names of the Trump administration officials who knew about his restraining order on March 15 before the flights landed in El Salvador. Deputy Assistant Attorney General Drew Anson said that he told several officials about it right away, and some Justice Department officials were also aware of it. Judge Boasberg appears to be preparing for the next steps, asking at one point, if I find probable cause for contempt, does the government want an opportunity to purge the contempt? Since Judge Boesberg issued his temporary restraining orders on March 15, the Trump administration has claimed the order protected Venezuelan gang members. Attorney General Pam Bondi wrote that day, quote, Tonight, a D.C. trial judge supported trend Aragua terrorists over the safety of Americans. But at today's hearing, Judge Boasberg cornered the DOJ's lawyer into all but admitting that was a lie. DOJ's Drew Ensign agreed that the order does not prevent the deportation of any gang members, only the use of a wartime statute to expel immigrants without due process. After that admission, Boasberg pressed him, quote, so if any of your clients or anyone in the administration continues to make statements that are contrary to what I just said, those statements would not be truthful, isn't that right? Ensign replied, yes, you, Honor. To the extent that they are contrary to things that are true, they would be false. The judge replied they would. Indeed, Judge Boasberg ended today's hearing without a ruling indicating that he wouldn't issue an opinion before next week. Joining us now, legal reporter Adam Klassfeld, who covered today's hearing for us. Adam, I couldn't help but chuckle reading that back and forth between the judge and that DOJ lawyer. But you listened in on today's hearing, fill us in on what we can't hear in the transcript. How tense did things get in court?

[Adam Klassfeld]

And as you could see in that point in particular, the sarcasm is palpable. The whole line, indeed. To the extent that it's true, it's not true. It's going to be false. There are several moments like that. And you know that things are going sideways for one of the parties in a hearing when a federal judge tells the lawyer, reminds a lawyer that they are an officer of the court. And Judge Moseberg did just that, reminded Ensign that he was an officer of the court when asking him, did you are you really telling me that you didn't know during that hearing on March 15 that the planes were in the air, that you didn't talk to your clients? He was very incredulous about what the senior DOJ lawyer was telling him then. And that was there were that was only one time where he expressed intense skepticism, where he kept reminding that the possible next step here is contempt. And even though he didn't release a ruling at the end of that hearing, I doubt that there was anyone listening to it that is really wondering what that ruling is going to say next week.

[Eamon Javers]

And Adam, let me read what the judge said in response to the Trump team claim that they had complied with his order. This is the judge. Okay. So it seems to me that there is a fair likelihood that that is not correct and in fact, that the government acted in bad faith throughout that day. If you really believed everything you did that day was legal and could survive a court challenge, I can't believe you ever would have operated in the way you did. How serious are the judge's comments that it was bad faith?

[Adam Klassfeld]

Yeah, I think anytime a judge says that the government is acting in bad faith, the government should be nervous, especially when the government is facing a potential finding of contempt right now. This was, as you noted, roughly half hour hearing, maybe a little more than that, very quick. And he had very painted questions at the government the entire time, very few questions for the plaintiffs attorneys at the aclu. And when he did finally question the aclu, he said, well, if we go to contempt proceedings, how should they look like? What should they look like? The judge is now getting the names of officials that he thinks may have committed contempt. He's exploring options and trying to lay out the groundwork, as you said. And I think the government has a sure sign of where things are headed.

[Eamon Javers]

Adam Klassfeldt, thank you as always for coming to the Last Word.

[Adam Klassfeld]

Thank you, Jonathan.

[Eamon Javers]

And coming up, a big name Democrat in New Hampshire just announced he's running for Senate in 2026 and he's ready to take on Trump and Elon Musk. Congressman Chris Pappas joins us next. New Hampshire Democratic Congressman Chris Pappas appeared on this program after he wrapped up his ten county listening tour last week. And today, Congressman Pappas officially launched his campaign for US Senate at the Manchester establishment his family founded 108 years ago.

[Kamala Harris]

Let's get out and do the work required of us. Let's stand up. Let's stand together. Let's fight back and let's win.

[Eamon Javers]

In his campaign launch video, Congressman Pappas took aim at Elon Musk and Republicans potential cuts to Social Security and Medicaid.

[Kamala Harris]

Everywhere we go, we hear it.

[Eamon Javers]

Hey, everyone.

[Adam Klassfeld]

Hi.

[Kamala Harris]

Veterans, parents, small business owners, people who have done everything right, asking, why does it feel like the system's rigged? You Think about the Social Security office that's going to be closed in Littleton, drastic cuts to Medicaid, all in the name of giving big tax breaks to billionaires like Elon Musk.

[Eamon Javers]

Joining us now, Democratic Congressman Chris Pappas of New Hampshire. He is running for U.S. senate in 2026. Congressman Pappas, good to see you again. So what is the top issue voter for voters in your state?

[Kamala Harris]

Jonathan, it's great to be on with you. We just had a successful launch of our Senate campaign today. And this campaign is all about standing up for what counts. It's about standing up for our democracy, making sure that the people's voice is carried all the way to Washington, D.C. that we're confronting the damage that the Trump administration and Elon Musk are doing on a day to day basis to programs that serve people right here in my state. And certainly it's about the economy. It's about making sure that we have policies that lower prices. But obviously, we see today on full display the damage that Donald Trump is doing to our economy in real time. He is making things more expensive. He's hurting our small businesses. He's destroying our tourist industry here in New Hampshire, all in the name of giving a big tax break to Elon Musk. So we are working hard to bring people together to make sure they have a voice and to know that these are just no ordinary times here. These are extraordinary times. It's a moment where we need to stand up and be counted and be channeling the anxiety, the fear, the anger that is expressed by voters I meet every day into action in Washington, D.C. on their behalf.

[Eamon Javers]

Well, speaking of the impact on businesses, Adria Bagshaw, the owner of a company that manufactures metal parts in New Hampshire, introduced you at your event today. What are small business owners like her telling you about the impact that Trump tariffs could have on their businesses and their customers?

[Kamala Harris]

Well, her business has been open since the late 1800s, a multi generational family business much like mine, which has been open since the early 1900s. Four generations of my family that run that business in Manchester. The fact is, whether you're in hospitality, whether you're in manufacturing, regardless of what your small business is, there is going to be an impact for you. So whether that means the cost of raw goods is going up or just disruptions to the way that you reach your customers, things are getting more expensive for businesses and consumers as well. This is political malpractice by the administration. They are setting off a bomb inside our economy and it is jacking up prices at a time where we just can't afford for anything to be more expensive. You know, think of our businesses and everything they've been through over the last five years. They were beginning to get to a more normal footing and now to have these tariffs placed upon them, this is going to disrupt what they do. It's going to dry up certain customer bases. It's going to make their products more expensive, and that's only going to cause them to pull back and lower the forecast of what they are able to do to continue to function. New Hampshire's, you know, like many other states, Main street businesses drive our economy here in New Hampshire. And they need leadership in Washington that's going to be practical about how we address workforce challenges, housing challenges. But this is, is taking us in the wrong direction. And that's why we urge people to go to ChrisPappas.org, join our fight because we need to take back the US Senate and have some checks and balances in Washington.

[Eamon Javers]

Congressman Chris Pappas of New Hampshire, newly minted candidate for the United States Senate. Thank you very much for coming to the Last Word. And we'll be right back. That is tonight's Last Word. Lawrence will be back tomorrow.

[Jen Psaki]

Stay connected with the MSNBC app bringing you breaking news and analysis anytime, anywhere. Watch your favorite shows live, read live blogs and in depth essays and listen to coverage as it unfolds. Go beyond the what to understand the why. Download the app [e-mail] apparently.