Trump Pauses Tariffs, Businesses Welcome Relief, Trump Targets Former Officials

Summary

Up First from NPR Episode: Trump Pauses Tariffs, Businesses Welcome Relief, Trump Targets Former Officials Release Date: April 10, 2025

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Introduction

In today’s episode of Up First from NPR, hosts Leila Fadel and Michelle Martin delve into President Donald Trump’s recent decision to pause tariffs, the mixed reactions from businesses and investors, and his controversial executive orders targeting former administration officials. This comprehensive summary captures the key discussions, insights, and conclusions from the episode, providing listeners with a clear understanding of these significant developments.

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1. President Trump Pauses Tariffs: A Strategic Shift

Early in the episode, Michelle Martin introduces the major headline: President Trump has suspended nearly all new tariffs for 90 days. This decision marks a significant pivot in his trade policy, which had previously been characterized by steep and often unpredictable tariffs.

Key Discussion Points:

• Market Reaction: Initially, Trump’s implementation of steep tariffs caused market turmoil. Martin mentions, “As businesses welcome the suspension of some tariffs, planning for an uncertain future is still top of mind” ([00:27]).
• Trump’s Explanation: White House correspondent Franco Ordonez explains that Trump’s sudden pause was a response to economic pressures. He notes, “Everybody wants to make a deal, actually. And you know, we want to do what's right for our country. We also want to do what's right for the world” ([02:23]).
• Market Impact: The episode highlights the immediate positive reaction from markets following the tariff pause. The Dow Jones Industrial Average surged by over 2,700 points, and the S&P 500 increased by more than 8.5% ([06:10]).

Notable Quote: Franco Ordonez remarks on the administration’s strategy, “Trump and his aides began painting this as being part of their strategy all along” ([03:10]).

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2. Business and Investor Reactions: Relief Amid Uncertainty

The suspension of tariffs has elicited mixed responses from the business community and investors, reflecting both relief and lingering concerns.

Investor Sentiment: Scott Horsley, NPR’s chief economics correspondent, discusses the market’s relief at the tariff pause but cautions that uncertainty remains. He explains, “The Dow Jones Industrial Average jumped more than 2,700 points yesterday. The S&P 500 index was up more than 8.5%. But keep in mind, that's only about two thirds of what the market had lost since the president first announced these tariffs last Wednesday” ([06:33]).

Business Perspectives: Business owners like Bonnie Ross express ongoing anxiety despite the tariff suspension. Ross, who imports clothing from China, states, “He’s going to put a lot of people out of business, and people are going to lose their jobs, and I might be one of them” ([08:16]).

Notable Quotes:

• Philip Marfugi of the Ambiola Company advocates for zero tariffs, “Ideally, I would think it should be zero to zero and have free trade both ways between the US and Europe and let the consumers decide whether they want to buy a domestic product or a European product” ([07:16]).
• Bonnie Ross emphasizes the unpredictability faced by businesses, “It’s just insanity. And this is every industry. It’s not just mine. Toys, food, everything” ([08:16]).

Impact on Consumers: The episode also touches on how tariffs affect everyday consumers, with higher import taxes leading to increased prices for goods such as Italian cheese. Marfugi suggests, “Some companies may shift to smaller packages to try to mask the cost of these tariffs” ([07:27]).

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3. Executive Orders Targeting Former Officials: A Pattern of Retribution

In a parallel development, President Trump has signed two executive orders aimed at former top officials from his first administration, signaling a broader pattern of political retribution.

Details of the Executive Orders:

• Chris Krebs: The former head of the Cybersecurity and Infrastructure Security Agency (CISA) has had his security clearance stripped. Michelle Martin explains, “Trump didn’t like that [Krebs] refuted his big lie about the election being stolen” ([10:55]).
• Miles Taylor: A former Department of Homeland Security official, Taylor is now under investigation following Trump’s accusations of treasonous behavior ([11:19]).

Political Implications: Ashley Lopez, NPR’s political correspondent, provides analysis on the motivations behind these actions. She asserts, “if nothing else, it seems like a lot of his priorities right now have a lot to do with his first term” ([12:08]). Lopez also highlights concerns about the Department of Justice being used as a tool against Trump’s critics, a manipulation feared by Democrats and previously accused Democrats of by Republicans ([12:31]).

Notable Quotes: Ashley Lopez elaborates on the broader implications, “This is an example of the Department of Justice being weaponized against people who criticized Trump in the past” ([12:08]).

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Conclusion

Today’s episode of Up First provides an in-depth look at President Trump’s recent policy moves, including the strategic pause on tariffs and the controversial targeting of former officials. While the suspension of tariffs has brought immediate relief to markets and some businesses, significant uncertainty remains, particularly for industries reliant on international trade. Simultaneously, Trump's executive orders against former administration officials underscore a concerning trend of political retribution, raising questions about the future dynamics of executive power and its impact on democratic institutions.

For listeners seeking to stay informed on these critical issues, Up First offers a balanced and thorough analysis, ensuring that the most pressing news is accessible each morning.

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Relevant Quotes with Timestamps:

• Franco Ordonez: “Everybody wants to make a deal, actually. And you know, we want to do what's right for our country. We also want to do what's right for the world.” ([02:23])
• Scott Horsley: “The Dow Jones Industrial Average jumped more than 2,700 points yesterday. The S&P 500 index was up more than 8.5%.” ([06:33])
• Bonnie Ross: “He’s going to put a lot of people out of business, and people are going to lose their jobs, and I might be one of them.” ([08:16])
• Ashley Lopez: “This is an example of the Department of Justice being weaponized against people who criticized Trump in the past.” ([12:08])

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Transcript

[Ashley Lopez]

Let's do a show.

[Leila Faldin]

What the heck, On a Thursday that I thought was a Friday.

[Michelle Martin]

I know, right? I feel like I haven't been here forever. It's only been two days.

[Leila Faldin]

Yeah. But I feel it when you're not here.

[Michelle Martin]

President Trump has hit pause on nearly all new tariffs for 90 days.

[Franco Ordonez]

Well, I thought that people were jumping a little bit out of line. They were getting yippee.

[Leila Faldin]

With markets rebounding, where does this trade war go?

[Michelle Martin]

I'm Michelle Martin with Layla Fondl. And this is up first from NPR News. As businesses welcome the suspension of some tariffs, planning for an uncertain future is still top of mind.

[Bonnie Ross]

He's going to put a lot of people out of business and people are going to lose their jobs and I might be one of them.

[Michelle Martin]

How are business owners thinking about survival?

[Leila Faldin]

And President Trump has issued executive orders targeting two individuals from his first administration. The latest examples of the president using the full power of his office to exact retribution on his perceived enemies. So stay with us. We'll give you the news you need to start your day.

[Scott Horsley]

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[NPR Sponsor]

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[Michelle Martin]

Emails to banking, so you can protect.

[NPR Sponsor]

What matters most with 1Password. For a free two week trial, go to 1Password.com NPR.

[Leila Faldin]

There was a big turning point Wednesday in the drama over President Trump's trade policy.

[Michelle Martin]

Early in the morning, his steep new tariffs went into effect. Then he told Americans to, quote, be cool as markets plunged. But by afternoon, he backed off and put a 90 day pause on most of the tariffs. Markets soared.

[Franco Ordonez]

Everybody wants to make a deal, actually. And you know, we want to do what's right for our country. We also want to do what's right for the world.

[Leila Faldin]

NPR White House correspondent Franco Ordonez was there. He joins us now. Good morning, Franco.

[Scott Besant]

Good morning, Lyla.

[Leila Faldin]

So you were at the White House yesterday in The Oval Office. Tell us about this really big day.

[Scott Besant]

Yeah, it was a really big day. I mean, for weeks, his team had insisted that Trump was going to hold the line. And just days ago, Trump even wrote on social media in all capital letters, my policies will never change. And then they did in another social media post. And this is how Trump explained it at the White House.

[Franco Ordonez]

Well, I thought that people were jumping a little bit out of line. They were getting yippee, you know, they were getting a little bit yippee. A little bit afraid.

[Scott Besant]

You know, he also talked about concerns in the bond market, and then he downplayed all those concerns. And Trump and his aides began painting this as being part of their strategy all along.

[Leila Faldin]

So how much of this had to do with the markets? Is this an about phase?

[Scott Besant]

There's no mistaking the turmoil that the Marxists were under. And it was getting worse and worse. Top investors were pleading with Trump. Some were almost begging him to do this very thing. Issue a 90 day pause. Now, Trump did say you have to be flexible in your policies, but he insisted this was the right thing to do.

[Leila Faldin]

Okay, so what happens now? There's a 90 day pause and then what?

[Scott Besant]

Yeah, I mean, we should be clear that the administration is keeping a baseline 10% tariff on imports, which is a big deal, but it is nothing. Nothing like what he was threatening, such as a 46% tariff against Vietnam. Well, so now they've begun these discussions with these countries on what they've described as tailor made negotiations for each, though we don't really know what that involves. But, you know, his goals on this have always been kind of unclear. They've talked about the terrorist being about reducing the trade deficit. They've talked about the tariffs being about bringing back manufacturing. They've talked about the tariffs being about boosting government revenues. So it's always kind of been this mixed bag.

[Leila Faldin]

Right. And then to be clear, the President has spent a lot of time talking about China's trade practices. And again, those tariffs are still there on China. So how does this shift affect the country?

[Scott Besant]

Yeah, another really big deal. I mean, while he paused the tariffs on most everyone else, he doubled down on China, raising the tariffs to 125%. He said it was punishment when China announced their own retaliatory tariffs. Treasury Secretary Scott Besant said China made a mistake and was basically being isolated as a result.

[NPR Sponsor]

You might even say that he goaded China into a bad position. They responded. They have shown themselves to the world.

[Scott Besant]

To be the bad actors. Now, Trump said he did not think he would need to raise the China tariffs any further. And even though he had some very harsh words about China's trade abuses, he actually called Xi Jinping a friend and said he expects Xi to eventually call, and then he says they'll work out a deal. So all of that is something we'll be watching for.

[Leila Faldin]

That's White House correspondent Franco Ordonez. Thank you, Franco.

[Scott Besant]

Thank you, Leila.

[Leila Faldin]

With the markets way down and now way up, how are businesses responding to the latest twist in this trade war? To understand that, we're joined by NPR's chief economics correspondent, Scott Horsley. Good morning, Scott.

[NPR Sponsor]

Good morning, Lily.

[Leila Faldin]

Okay, it's pretty clear that the stock market was not happy with the president's tariffs. How are investors feeling now?

[NPR Sponsor]

The message from the market could not be any clearer. The market likes global trade and does not like anything that interferes with that. When President Trump was running interference with his steep tariffs, the market sank. When he suspended some of those tariffs, the market soared. The Dow Jones Industrial Average jumped more than 2,700 points yesterday. The S&P 500 index was up more than 8.5%. But keep in mind, that's only about two thirds of what the market had lost since the president first announced these tariffs last Wednesday. So even with this partial ceasefire, the trade war has left a mark, Right.

[Leila Faldin]

And as we heard from Franco earlier, not all tariffs are gone, right?

[NPR Sponsor]

That's right. There's still a 10% tariff on nearly everything the US imports, and that's significantly higher than we were paying a few months ago. But the tariffs Trump has suspended would have been higher still. So let's say you go to the grocery store and you're buying some Italian cheese to put on your pasta tonight. This time yesterday there was a 20% import tax on that Pecorino Romano. Today, the tariff is half of that. So are you grateful you can grate for less or disappointed that the tariff is still higher than it was before Trump took office? I spoke to Philip Marfugi, who runs the Ambiola Company, that's a big cheese importer in New Jersey. He would rather see no tariffs.

[Franco Ordonez]

Ideally, I would think it should be zero to zero and have free trade both ways between the US And Europe and let the consumers decide whether they want to buy a domestic product or a European product.

[NPR Sponsor]

Americans are already unhappy about the cost of groceries. Even a 10% import tax is not going to help with that. Marfuji says some companies may shift to smaller packages to try to mask the cost of these tariffs. And since imported cheese is going to cost more importance, he suspects domestic dairy producers will raise their cheese prices as well.

[Leila Faldin]

Okay, and Trump has not lowered the tax on goods from China. In fact, he's raised it. What impact is that going to have.

[NPR Sponsor]

When it comes to China? The trade war is still very much in force, and that is a headache for people like Bonnie Ross. She imports clothing from China to sell at discount stores like Burlington and DeeDee's. Ross notes that over the last week, Trump's tariffs on Chinese goods have gone from 20% to 54% to 104% and now 125%.

[Bonnie Ross]

And who knows where it's going to go from here. It's just insanity. And this is every industry. It's not just mine. Toys, food, everything.

[NPR Sponsor]

There's nothing unaffected aside from the cost, which is significant. There's also just the uncertainty. Bonnie Ross typically places big clothing orders five months out, so there's time to make and move the clothes across the ocean. How do you do business in an environment where you don't know what the tariff's going to be this afternoon, let alone during back to school shopping season next September?

[Bonnie Ross]

I don't think that they really understood the chaos that was going to ensue once they did all this without giving people enough time to plan. He's going to put a lot of people out of business, and people are going to lose their jobs, and I might be one of them.

[NPR Sponsor]

You know, for the moment at least, investors are relieved by this 90 day pause on at least some of the president's tariffs. But it has been a very rocky seven days, and the roadmap could change at any moment with another stroke of the president's big Sharpie pen.

[Leila Faldin]

NPR's Scott Horsley, I'm sure will be talking again soon. Thank you, Scott.

[NPR Sponsor]

You're welcome.

[Leila Faldin]

President Trump signed two executive orders targeting individuals from his first administration.

[Michelle Martin]

The orders strip the security clearances of former top cybersecurity official Chris Krebs and former national security official Miles Taylor. They also order investigations into their conduct while they were federal employees. These are just the latest in a pattern that's emerged of Trump bringing down the full weight of the presidency on individuals and private companies.

[Leila Faldin]

Here to help us understand what happened and why is NPR political correspondent Ashley Lopez. Good morning, Ashley.

[Ashley Lopez]

Good morning.

[Leila Faldin]

Okay, let's start with Chris Krebs. What exactly does this executive order say?

[Ashley Lopez]

So this order broadly accuses Christopher Krebs, the former head of the Cybersecurity and Infrastructure Security Agency, also known as cisa of weaponizing his government authority when running that agency some years ago. Specifically, Trump's order claims that Krebs was misusing his office by censoring conservative viewpoints under the guise of combating misinformation.

[Leila Faldin]

So what are some examples of what he says Krebs was censoring?

[Ashley Lopez]

Yeah. So? Well, it's a slew of conservative grievances we've been hearing in the past several years. So, Hunter Biden's laptop and the origins of COVID 19. But most notably, this is about the 2020 election. For folks who don't remember this, right after the 2020 election, Krebs, who, by the way, has described himself as Republican, and he had been appointed by Trump, basically refuted Trump's big lie about the election being stolen. Here he is on NPR in December of that year.

[NPR Sponsor]

This was a secure election. That is a success story. That is something that everyone in the administration should be proud of.

[Ashley Lopez]

As you can imagine, Trump didn't like that. He fired Krebs at the time, and now he's ordering the attorney general, the Director of National Intelligence, and other agency leaders to immediately suspend any active security clearances held by him and entities associated with him.

[Leila Faldin]

And what about Miles?

[Ashley Lopez]

Yeah, so Miles Taylor is a former Department of Homeland Security official, and in 2018, he wrote this pretty high profile anonymous op ed criticizing Trump. He later wrote a book and lifted his anonymity. In yesterday's order, Trump accused Taylor of treasonous behavior. And now Taylor will be the subject of an investigation by the department he once worked for.

[Leila Faldin]

So this sounds sort of similar to the executive orders Trump has issued against private law firms.

[Ashley Lopez]

Yeah, I mean, this has been a theme throughout the first few months of his administration. A lot of what Trump has been focused on is political retribution, whether it's law firms that are not aligned with his interests or university leaders who don't share his worldview. Trump has been directly focused on dealing with all of these perceived enemies.

[Leila Faldin]

So what does this tell us about the priorities of the president and his administration?

[Ashley Lopez]

Well, I mean, if nothing else, it seems like a lot of his priorities right now have a lot to do with his first term. He remembers who had his back at the time and who didn't. It's worth noting that this is an example of the Department of Justice being weaponized against people who criticized Trump in the past, which was a fear that many Democrats vocalized ahead of the election and something that Republicans accused Democrats of doing while in office, specifically around January 6th.

[Leila Faldin]

NPR political correspondent Ashley Lopez. Thank you, Ashley.

[Ashley Lopez]

Yeah, thank you.

[Leila Faldin]

And that's up first for Thursday, April 10th. I'm Layla Falden.

[Michelle Martin]

And I'm Michelle Martin. For your next listen, why not consider Consider this from npr. We here at up first give you the three big stories of the day. Our Consider this colleagues take a different approach. They dive into a single news story and what it means to you in less than 15 minutes. Listen now on the NPR app or wherever you get your podcasts.

[Leila Faldin]

Today's episode of up first was edited by Roberta Rampton, Rafael Nam, Megan Pratts, Lisa Thompson, and Janae Williams. It was produced by Ziad Buch, Nia Dumas, and Christopher Thomas. We get engineering support from Nisha Hyness, and our technical director is Carly Strange. Join us again tomorrow.

[Scott Horsley]

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