World
Trump’s crypto czar’s 5-word verdict on tariff as stock market looks up
As US stocks looked up Tuesday after days of bloodbath, President Donald Trump’s crypto czar David Sacks posted a five-word verdict that ‘Black Monday hoax is over’ — taking a swipe at experts and naysayers who predicted doom for the markets as a result of Donald Trump’s reciprocal tariffs.
US stocks were higher Tuesday, setting the stage for a rebound. The Dow was up 930 points, or 2.45%, in midday trading. The broader S&P 500 gained 2.3%. The tech-heavy Nasdaq Composite rose 2.5%.
What is Black Monday?
Black Monday was a global stock market crash on October 19, 1987. After Trump announced tariffs on Wednesday, US stock saw the worst decline since the COVID-19 pandemic began in 2020. Experts predicted that Monday would be something similar to Black Monday.
Monday started badly for the markets but a rumor pivoted the market after it was speculated that Trump was mulling a 90-day pause on tariff. After the White House dismissed the rumor and asserted that there was no going back, the markets dropped again. But Tuesday was a better day.
White House National Economic Council Director Kevin Hassett said Tuesday on Fox News that the administration is managing “a massive number of requests for negotiations” from nations and that Trump is prioritizing “two of our closest allies and trading partners,” Japan and South Korea.
Earlier on Tuesday, Trump posted on social media that he had “a great call with the Acting President of South Korea.” On Monday, Trump spoke with Japan’s Prime Minister Shigeru Ishiba, who will be sending a team to visit Washington to negotiate a trade deal.
The European Union’s executive arm said the bloc is prepared to negotiate with the United States over buying more of its liquefied natural gas. It’s a response to a grievance raised by Trump, who has said the EU must buy around $350 billion worth of American LNG to compensate for the deficit the US has in goods trade with the bloc.
David Sacks took on Ukraine as the US escalates its trade war on China. “After China, the number one country ripping us off is Ukraine. We send them hundreds of billions of dollars, get nothing out of it. This was Biden’s corrupt project. If Zelensky doesn’t sign whatever is put in front of him, we should cut loose of it,” Sacks wrote.
Business
Israel confirms use of laser weapons to defend against drone attacks
The larger Iron Beam laser, developed by Rafael Advanced Defense Systems and Elbit Systems Ltd., will be integrated into Israel’s multi-level air defenses in the next six months. The technology has been touted as a cheaper way to repel drones and short-range projectiles, with each interception costing less than . The system, however, still has numerous technical limitations and can’t work in cloudy weather.More stories like this are available on bloomberg.comIsrael has deployed laser weapons during its ongoing war to deflect “scores” of aerial attacks, including from drones, the Defence Ministry said in a statement on Wednesday. This is the first time the country has acknowledged the use of directed-energy technologies in the battlefield.The systems were described as a less powerful “prototype” of the 100-kilowatt Iron Beam laser interceptor that will be operational in Israel by the end of the year. The Defence Ministry also released footage of what it said were the lasers intercepting fixed-wing drones in the sky.
The announcement suggests that Israel may soon pull ahead of other countries in the race for laser weapons. Nations have pursued the technology for decades, but efforts to scale lasers have been complicated by significant technical difficulties. The systems were described as a less powerful “prototype” of the 100-kilowatt Iron Beam laser interceptor that will be operational in Israel by the end of the year. The Defence Ministry also released footage of what it said were the lasers intercepting fixed-wing drones in the sky. Israel’s air defenses have faced over 26,000 aerial attacks from missiles, drones and rockets since Oct. 2023. Most of the projectiles, which were fired from Gaza, Lebanon, Syria, Iran, Iraq and Yemen, were intercepted by the Iron Dome and long-range Arrow shield systems. Many drones, however, penetrated its defenses.
Business
Bessent announces ‘substantial progress’ in crucial US-China trade talks
“I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” Bessent told reporters.Bessent said he had informed President Donald Trump of the progress of the talks, and there would be a complete briefing on details on Monday. U.S. Treasury Secretary Scott Bessent said on Sunday that there had been “substantial progress” in talks between his team and that of Chinese Vice Premier He Lifeng in Geneva on defusing a trade war between the world’s two largest economies.Published on May 11, 2025
The talks had continued into a second day on Sunday as both sides discussed how to de-escalate a trade war that threatens to inflict major damage on the world economy.
Business
Fed holds rates steady, flags rising risks of inflation and unemployment
Economic picture
With unemployment still low and demand steady, Fed officials have said they are comfortable keeping rates unchanged until they have a better understanding of where the economy is headed. Trump, however, has repeatedly said the central bank should lower borrowing costs.Trump, meanwhile, has ramped up his criticism of Powell in recent weeks. At one point, Trump said in a social media post that “Powell’s termination cannot come fast enough!” Federal Reserve officials held interest rates steady for a third-straight meeting and emphasised they see a growing risk of both higher inflation and rising unemployment.Companies scrambled in the first quarter to import merchandise ahead of the tariffs, and a surge in consumer spending in March suggested households also sought to frontload purchases. Key inflation gauges cooled in the month.Chair Jerome Powell will hold a press conference with reporters at 2:30 p.m. in Washington.Powell and his colleagues are determined to keep tariffs from sparking a persistent rise in inflation, and several officials have signaled they would not support lowering interest rates preemptively to protect against a slowing economy.The S&P 500 index of US stocks and Treasury yields fell following the announcement, while the dollar pared gains.“Uncertainty about the economic outlook has increased further,” the Federal Open Market Committee said in a statement Wednesday at the conclusion of a two-day meeting in Washington. “The committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen.”
Published on May 8, 2025
Economic picture
The central bank announced Tuesday that Kansas City Fed President Jeff Schmid would miss the May meeting due to the recent death of his wife. Kansas City was represented by First Vice President Kim Robbins. Schmid’s vote passed to alternate member Neel Kashkari, president of the Minneapolis Fed.“Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace,” the statement said.President Donald Trump‘s trade policy has unleashed a wave of uncertainty across the economy. While the levies are still being negotiated, economists widely expect the expansive tariffs to boost inflation and weigh on growth. That would pit policymakers’ two goals – price stability and maximum employment – against one another.Trump, meanwhile, has ramped up his criticism of Powell in recent weeks. At one point, Trump said in a social media post that “Powell’s termination cannot come fast enough!” Companies scrambled in the first quarter to import merchandise ahead of the tariffs, and a surge in consumer spending in March suggested households also sought to frontload purchases. Key inflation gauges cooled in the month.Officials voted unanimously to keep the benchmark federal funds rate in a range of 4.25 per cent to 4.5 per cent, where it has been since December.
Economists say it will take time for the full effect of the new tariffs to work through the economy. So far, the impact has mainly included a sharp decline in sentiment and a surge in imports. The US economy contracted at the start of the year for the first time since 2022, but a gauge of underlying demand stayed firm.The S&P 500 index of US stocks and Treasury yields fell following the announcement, while the dollar pared gains.But the president has since insisted that he does not intend to fire Powell.
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