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US tariffs cause global market carnage, Donald Trump faces discontent at home, and Wayne Gretzky’s 3͏‌  ͏‌  ͏‌  ͏‌  ͏‌  ͏‌ 
 
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April 7, 2025
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The World Today

  1. Tariffs’ market carnage
  2. World responds to levies
  3. China mulls early stimulus
  4. Trump faces US discontent
  5. Le Pen slams election ban
  6. Bolsonaro holds huge rally
  7. Israel admits killings
  8. Second Texas measles death
  9. Spotify’s Africa payouts up
  10. Gretzky goal record broken

The London Review of Substacks, and recommending a book with a timely title.

1

Market carnage as tariffs take effect

A chart showing the share of global goods imports

Stock markets plummeted — in some cases by the largest margin in decades — after US President Donald Trump’s massive “Liberation Day” tariffs took effect. Asian and European shares tanked, with stocks in Hong Kong suffering their steepest fall since the 1997 Asian financial crisis. Haven assets such as US Treasury bonds, the Japanese yen, and the Swiss franc soared amid growing fears of a worldwide recession: Goldman Sachs, JP Morgan, and S&P Global all raised their forecasts of the likelihood of a global downturn. “It’s hard to put in context the magnitude of the shock that has reverberated since ‘Liberation Day’,” Deutsche Bank economists wrote. “Rarely if ever have the next few days been so important.”

For more on the financial fallout of the tariffs, subscribe to Semafor’s Business newsletter. →

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2

Contrasting tariff responses

Donald Trump and Benjamin Netanyahu
Leah Millis/File Photo/Reuters

Countries showed sharply contrasting responses to US President Donald Trump’s “Liberation Day” tariffs, from tit-for-tat levies and requests for negotiation to holding off altogether. Israeli leader Benjamin Netanyahu will meet with Trump today to discuss the tariffs, Japan’s prime minister said he would set off for Washington soon, and Vietnam’s leadership held telephone talks with the White House. Others took opposing tacks. Beijing hit back with levies of its own, lambasting Washington for “seeking hegemony in the name of reciprocity,” while the European Union held back, at least for now: The bloc’s trade ministers were due to talk today but appeared to be betting that “market chaos and political turmoil are doing Europe’s work,” Politico said.

For the latest from Washington, subscribe to Semafor’s daily US politics newsletter. →

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3

China mulls early stimulus

A chart showing several countries by household consumption as a share of GDP

Chinese leaders are considering bringing a planned stimulus forward to combat the effects of US tariffs. Rising protectionism is particularly dangerous for China, which is mired in an economic slowdown and remains heavily reliant on exports despite years of efforts to boost domestic consumption. Beijing is one of many major capitals looking to protect domestic economies from the consequences of a global trade war: London has pledged to shield key industries, including by relaxing plans to phase out fossil-fuel vehicles, thereby protecting the automotive sector, while Canberra is offering zero-interest loans to exporters to help them pivot away from the US and towards new markets.

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4

Growing protests against Trump

A chart showing manufacturing as a share of GDP for the US

US President Donald Trump faced growing domestic frustration from political allies and critics alike over his trade, immigration, and social policies. More than 1,200 protests took place across all 50 states in opposition to Trump’s early actions in office, the biggest public show against the president since his November election victory. Demonstrators of all stripes railed against his firing of government workers, dismantling of health and social programs, and immigration crackdown. Even supporters have begun voicing frustration over Trump’s huge tariffs announced last week: A conservative legal nonprofit has filed a lawsuit accusing the president of executive overreach, while two Congressional Republicans have begun efforts to dial back the tariffs.

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5

Le Pen slams ‘political’ verdict

Marine Le Pen
Gonzalo Fuentes/Reuters

Marine Le Pen, France’s most prominent anti-immigration hardliner, protested her five-year ban from running for president but stopped short of wider criticism of the country’s judiciary. Speaking at a sparsely attended rally in Paris, Le Pen told supporters that the guilty verdict against her over embezzlement was a “political decision,” and promised to appeal. The remarks point to her efforts to widen her nationalist party’s appeal, efforts that had left her in pole position ahead of 2027 presidential elections prior to last week’s ruling. The guilty verdict was justified, wrote the historian Timothy Garton Ash, but the sentence has raised concerns: The decision risks undermining the rule of law and “may actually help the hard right… win,” he wrote.

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6

Bolsonaro supporters rally in São Paulo

A supporter of Bolsonaro wearing a shirt with Trump and Bolsonaro’s faces
Alexandre Meneghini/Reuters

A São Paulo rally in support of former Brazilian President Jair Bolsonaro offered evidence of his continued appeal. Demonstrators marched in favor of an amnesty law that could free him of charges of having led a coup attempt, allegations that are separate from those which led to him being barred from standing in the next presidential election as well as accusations that he took part in a plan to assassinate Brazil’s current leader. Bolsonaro’s upcoming trial has split the nation, with some of his supporters equating his prosecution to legal cases against US President Donald Trump, from whom Bolsonaro is seeking support. “The threat to democracy itself has become a political football,” an expert told the Financial Times.

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7

Gaza medic deaths

People mourn the medics
Hatem Khaled/File Photo/Reuters

Israel admitted that an ambulance convoy its forces fired upon in southern Gaza, killing 15 rescue workers, was unarmed and had its emergency lights on. The Israel Defense Forces originally said the convoy had approached “suspiciously” in darkness, but footage retrieved from a dead paramedic’s phone showed the vehicles pulling to a halt and then being fired on without warning. The United Nations accused Israel of killing the workers, discarding their bodies, and destroying the vehicles: An Israeli spokesperson admitted its initial account was “mistaken.” The incident came as attacks on Gaza intensified, with officials in the territory saying more than 40 people died in airstrikes Sunday, including an attack reported to have killed two journalists outside a hospital.

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The World Economy Summit
A promotional image for The World Economy Summit

Ian Bremmer, President and Founder, Eurasia Group and GZERO Media, will join top global leaders at Semafor’s 2025 World Economy Summit, taking place April 23-25, 2025, in Washington, DC. As the first major gathering since the new US administration took office, the summit will feature on-the-record discussions with more than 100 CEOs.

Bringing together leaders from both the public and private sectors — including congressional leaders and global finance ministers — the three-day summit will explore the forces shaping the global economy and geopolitics. Across 12 sessions, it will foster transformative, news-making conversations on how the world’s decision-makers are tackling economic growth in increasingly uncertain times.

April 23-25 | Washington, DC | Learn More

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8

Second measles death in Texas

A measles poster at a US health facility
Justin Rex for The Texas Tribune via Reuters

US Health Secretary Robert F. Kennedy Jr. visited Texas after a second child died from measles, as an outbreak of the highly contagious virus worsened. Of the 500 cases in the state so far, 97% were among patients who had not received the measles-mumps-rubella vaccine, including the two children who died. Texas has seen a big fall in uptake of the jab, with almost 20% of kindergartners in Gaines County, the epicenter of the outbreak, going unvaccinated. Kennedy, a longtime vaccine skeptic, said on X that the MMR vaccine is “the most effective way” to prevent measles, but also promoted unconventional treatments for the disease. Measles is dangerous: As well as the deaths, 56 people have been hospitalized in Texas.

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9

Spotify ups Africa payouts

Burna Boy
Burna Boy. Dylan Martinez/File Photo/Reuters.

Spotify’s payouts to Nigerian and South African artists soared last year, the latest sign of African music’s booming global popularity. Royalties paid to Nigerian artists — including Burna Boy, who’s in the midst of a European stadium tour — more than doubled compared to 2023, while those to South African acts jumped by more than 54%, company data showed. Underscoring the genre’s growth, the Grammys last year introduced a best African music performance award. The boom has in turn led to musicians catching the attention of luxury brands keen to expand in Africa. “The world is now in a place where it’s more receptive to music genres from the continent,” Spotify’s head of music for Sub-Saharan Africa told Vogue Business last year.

For more from the continent, subscribe to Semafor’s Africa newsletter. →

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10

Hockey record broken

Ovechkin celebrating his record
Ovechkin celebrating his record. Geoff Burke-Imagn Images via Reuters.

Alex Ovechkin scored his 895th National Hockey League goal, breaking Wayne Gretzky’s 31-year-old record. While Gretzky is undisputedly the greatest hockey player ever, Moscow-born Ovechkin’s goal for the Washington Capitals took him ahead in goals scored, although Gretzky — nicknamed “the Great One” — still holds the record for assists and points. Ovechkin, who has played for the Capitals since his 2004 debut, could have broken the record sooner, had his first season not been disrupted by strike and this season by injury. The two are friends — Gretzky offered the younger player advice last month on how to reach the record — and Ovechkin does not claim to have eclipsed his rival: “Obviously, he’s the greatest player to ever play,” he said Friday.

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Flagging
  • The EU releases retail sales figures for February.
  • Kuala Lumpur hosts a four-day meeting of Asean finance ministers and central bank governors.
  • London’s newest river crossing, the £2.2 billion ($2.8 billion) Silvertown Tunnel, opens to drivers.
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LRS
The London Review of Substacks

The act of union

King James I of England, who died 400 years ago this month, was also King James VI of Scotland: Upon the death of his cousin Elizabeth I, he took the English throne, uniting the two kingdoms for the first time. He was, says the history writer Ed West, “a rather unimpressive sight, [with] a nervous habit of fiddling with his codpiece.” His Scots accent was unintelligible to English courtiers and his clothes were food-stained. His court in London was “notorious for its laxity, drunkenness and dissimulation, venality and promiscuity,” according to one historian.

And yet James, who has a spotty reputation now, is a crucial figure in not one but two great nations’ histories. He proposed the term “Great Britain” for the union of Scotland and England and, when crowned, insisted upon bringing the “two Kingdoms, anciently but one, under one Imperial Crowne,” rather than as two separate fiefdoms whose kings happened to be the same person. And it was under his rule — although, it must be said, without much of his actual input — that England’s first American colony was settled, at Jamestown in what is now Virginia.

Stoops to conquer

Patty Smith and her husband decided 18 months ago to start having coffee outside on their stoop. (Note for non-US readers: This is a landing or flight of stairs at the front of a house.) There was a problem: They didn’t have a stoop. But they wanted to meet their neighbors and create a sense of community, so they just set up folding chairs on the sidewalk outside, and introduced themselves to people who were entering homes nearby. Pretty soon, they had to bring extra folding chairs, and eventually were hosting street parties. They have, Smith says, found a “sense of community that feels like it’s only possible in the suburbs,” in central San Francisco.

The stoop coffee idea has transformed her neighborhood: The WhatsApp group is humming, in-person gatherings are going on all the time. “Our neighborhood community is now a group of people that we rely on and who rely on us for emotional support, last-minute childcare, home-cooked meals, general comradery, and much more.” She has tips for those keen on doing similar things, including keeping events simple and low-maintenance, and deciding in advance whether an event is for “broadening” the community — meeting new people — or “deepening” it, allowing existing members to get to know each other better.

I guess that’s why they call it the blues

If you were a medieval European painter, and you wanted to paint something in really vivid blue, you had to get lapis lazuli from 4,000 miles away in Afghanistan and turn it via a complicated chemical procedure into ultramarine. In the Middle Ages this was sufficiently difficult that only about 60 lbs of ultramarine was produced a year, and almost all of it went into paintings of the Virgin Mary, specifically her coat. Every other manufactured blue thing was kind of faded; Mary’s coat, though, was blue. It was awe-inspiring, argues Scott Alexander: “There — and only there! — the perfect Platonic blue of Heaven would be translated down to Earth.” Then someone invented synthetic ultramarine and we can all see it all over the place and it’s no big deal.

This is the history of technology and awe. Hearing a great opera might have been a highlight of your life; the invention of the phonograph meant you could hear it 20 times a day. Now great artworks are available at the click of a button. And, of course, ChatGPT can make Studio Ghibli versions of your family photos in two minutes. It creates a paradox, notes Alexander: “I acknowledge that my inability to marvel at a live Caruso opera in Naples has cost me something deep and beautiful. But I cannot wish that the phonograph was never invented.”

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Semafor Recommends

Liberation Day by George Saunders. American fiction’s great short story writer writes about people “trapped by their own foolishness,” The Guardian noted in a review of this 2022 collection, which we are bringing up now for no reason at all. It is shot through with “a nostalgia for American optimism… and this includes a nostalgia for half-decent capitalism.” Buy Liberation Day from your local bookstore.

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