Today’s Headlines: The stock market fell sharply Thursday, erasing gains from Wednesday’s rally, after the White House clarified Trump’s China tariffs are effectively 145%, not 125%, and will now include small consumer shipments under the “de minimis” rule—impacting retailers like Shein and Temu. Apple reportedly airlifted 600 tons of iPhones from India to beat the tariffs. Amid the chaos, Democratic senators called for an insider trading investigation following unusually well-timed trades before Trump’s tariff pause announcement. Meanwhile, the House passed the SAVE Act, requiring proof of citizenship to vote in federal elections, and Trump’s budget bill, which includes deep spending cuts and $4.5 trillion in tax breaks for the wealthy. The Supreme Court ordered the Trump administration to help return a Maryland man mistakenly deported to El Salvador, despite unsupported claims he was an MS-13 member. The administration is also moving to place Columbia University under a federal consent decree over antisemitism. Elsewhere, a helicopter crash in the Hudson killed six people, two planes clipped wings at Reagan National Airport, and the Senate confirmed Trump donor George Glass as ambassador to Japan.

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Morning Announcements is produced by Sami Sage alongside Bridget Schwartz and edited by Grace Hernandez-Johnson

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