Trump live: President declares tariffs are ‘going very well’ despite $3 trillion Wall Street rout and fears over global recession

Laura Loomer has gushed over President Trump calling her a “patriot” on board Air Force One on Thursday.

Loomer, a conspiracy theorist known for her racist remarks, met with Trump Wednesday and pressed him to fire several members of the National Security Council — and reports indicate he has taken her advice.

After their meeting, the president described her as “a very good patriot and she is a very strong person.”

“It’s an honor, President Trump. Thank you. I will always have your back. I will be continuing my vetting audit of the Trump administration and will continue submitting my findings to President Trump for review,” she said.

“I’ve always said there is a vetting crisis, and I’m grateful President Trump acted on my concerns and investigative findings. I will keep working hard to support him and his administration. Loyalty matters. And so does vetting!”

Watch Trump give his remarks here:

Lawyers for Donald Trump’s administration are refusing to answer who gave the order to ignore a federal judge’s ruling that blocked the government from deporting dozens of immigrants under the president’s use of the Alien Enemies act.

District Judge James Boasberg grilled government lawyers at a hearing in Washington, D.C., on Thursday to determine whether the government intentionally defied his court orders to turn planes around before they were emptied out into a notorious prison in El Salvador last month.

The administration appeared to be acting in “bad faith” after his court orders, Boasberg said.

Alex Woodward is following the case.

Donald Trump’s new batch of global tariffs have triggered a wave of economic uncertainty.

JPMorgan’s Chief Economist Bruce Kasman said the investment bank now sees a 60 percent chance of the global economy entering recession in 2025, up from 40 percent.

“Disruptive U.S. policies has been recognized as the biggest risk to the global outlook all year,” Kasman wrote in a research note Thursday. “The effect of this tax hike is likely to be magnified — through retaliation, a slide in U.S. business sentiment, and supply chain disruptions.”

JPMorgan economists describe tariffs “at a basic level” as a functional tax increase on U.S. household and business purchases of foreign goods. They “view the full implementation of announced policies as a substantial macroeconomic shock,” per the note.

At a domestic level, investment banking firm Goldman Sachs has echoed JPMorgan’s concerns, earlier this week raising its U.S. recession probability in 2025 to 35 percent, from 20 percent.

“The increase in our recession probability reflects the sharp deterioration in household and business confidence in the outlook over the last month,” its report stated.

Other Wall Street brokerages — including Barclays and Deutsche Bank — also warned of an enhanced risk that the U.S. economy could slip into a recession this year.

Trump’s sweeping tariffs sent shockwaves through Wall Street, wiping about $3.1 trillion in market value in its largest one-day decline since the Covid pandemic.

The Dow Jones Industrial Average dropped 4 percent. The S&P 500 fell 4.8 percent.

And the tech-focused Nasdaq was down 6 percent — fuelled by declines from Apple, Nvidia and Amazon.

On a historically bad day on Wall Street, the NASDAQ broke a record with its largest single-day point drop in the market’s 50-year history as investors responded to President Donald Trump’s tariff plan.

Both the NASDAQ and Dow Jones suffered their worst days since March 2020 amid the Covid-19 pandemic. The Dow fell 1,679 points, which ranks in the top five for most points lost in a single day. The NASDAQ fell 1,050 points for its largest one-day drop.

Kelly Rissman reports on a tumultuous day in New York.

Fox Business anchor Charles Payne fumed that the mainstream media was focusing too much attention on the economic “pain” that President Donald Trump’s “Liberation Day” tariffs could inflict on average Americans, calling the coverage “mind boggling” and that “we need to rethink all of this.”

Mike Bedigan spoke with personal finance influencer Vivian Tu.

The number of job cuts jumped 60 percent in March compared to the same data from February, which the outplacement firm Challenger, Gray and Christmas attributed to DOGE’s massive cuts to the federal government.

“I would advise none of the countries to panic. I wouldn’t try to retaliate because as long as you don’t retaliate, this is the high end of the number,” he told Bloomberg.

Bessent also made similar, more threatening comments on Fox News.

Trump fired several members of the National Security Council, including senior directors, after the meeting, Axios reports. One U.S. official told the outlet the firings are shaping up to be a “bloodbath.” The New York Times added that “at least three” senior NSC officials have been fired.

Andrew Feinberg and Katie Hawkinson report from Washington, D.C.