Trump tariffs live updates: Trade court strikes down Trump's 10% blanket tariffs
On Thursday, a panel of federal judges on the Court of International Trade voted that President Trump’s 10% tariffs on most US imports are illegal.
In a 2-1 vote, the court sided with a group of small businesses that argued that the law sidestepped the Supreme Court’s January ruling that struck down Trump’s blanket tariffs imposed under the International Emergency Economic Powers Act. Following that decision, the White House announced the 10% tariffs using Section 122 of the Trade Act of 1974.
Amid the fallout from that SCOTUS decision, the US government launched its tariff refund portal on Monday, a major development for US importers seeking clarity on the refund process since the Supreme Court struck down President Trump’s blanket tariffs earlier this year.
Refund checks are not expected until this summer. The government has estimated that the claims review process could take 45 days, with checks processed 60 to 90 days after that. More than 25,000 importers, including Costco (COST) and FedEx (FDX), have requested refunds.
Read more: What Trump's tariffs mean for the economy and your wallet
- Rian Howlett
Trump administration pushes Court of International Trade to keep money from tariffs
Bloomberg reports:
The Trump administration asked the US trade court to pause a ruling that declared the president’s latest 10% global tariffs unlawful while the government appeals, meaning importers would keep paying the levies while the legal fight continues.
In a 2-1 decision last week, a US Court of International Trade panel found that President Donald Trump’s use of Section 122 of the Trade Act of 1974 to impose the tariffs was invalid, although the court only immediately blocked enforcement for two companies that sued and Washington state.
Despite the limited scope of the court’s order for now, the Justice Department argued in a Monday filing that thousands of importers paying the Section 122 tariffs were likely to flood the court with claims. Allowing the decision to take effect would “severely undermine” Trump’s trade agenda and siphon resources away from the “vast effort” underway to refund an earlier round of global tariffs struck down by the US Supreme Court, government lawyers wrote.
The trade court rejected the administration’s stance that “balance-of-payments deficits” — a key criteria for imposing the Section 122 tariffs — was “a malleable phrase.” They found that Trump’s proclamation imposing the levies failed to identify that such deficits existed within the meaning of the 1974 law, instead using “trade and current account deficits to stand in the place.”
- Ben Werschkul
What the latest ruling on Trump’s tariffs could mean for businesses
A split ruling from the Court of International Trade on Thursday delivered President Trump another setback in his tariff agenda and could provide some businesses with a tariff holiday of sorts between now and the summer if the ruling stands up.
The full scope of the ruling wasn't immediately clear, but it is expected to immediately invalidate all or part of the president’s effort to impose a 10% tariff on goods from around the globe. The legal process, however, will continue to unfold, with Trump expected to appeal and higher courts expected to weigh in. …
The latest ruling appears to leave open another period for businesses to act before further trade restrictions are imposed. Trump and his team had a plan in place to replace the temporary 10% duties with permanent tariffs under Section 301 of the Trade Act of 1974 and Section 232 of the Trade Expansion Act of 1962. But the lengthy investigation process required before enacting either measure means those tariffs won’t go into effect for weeks or even months.
One of the plaintiffs in Thursday’s decision was a business called Burlap & Barrel. The company immediately celebrated the ruling with the co-founders adding in a statement that it is “a major victory for small businesses like ours that depend on fair and predictable trade policy.”
- Grace O'Donnell
Trade Court strikes down Trump's 10% tariffs
The Court of International Trade voted on Thursday to invalidate President Trump’s 10% tariffs that he imposed in February under Section 122 of the Trade Act of 1974. It was a split vote, with two judges voting in favor of the small business plaintiffs and one dissenting.
In the case, the plaintiffs argued that the tariffs circumvented the Supreme Court’s January ruling that struck down Trump’s blanket tariffs, which were imposed under the International Emergency Economic Powers Act.
Those IEEPA tariffs are now in the process of being refunded to importers. Following that SCOTUS decision, the White House announced the Section 122 tariffs, which were set to last for 150 days.
Thursday’s ruling marks another legal setback for the Trump administration’s signature trade policy. It also raises the question of whether the US government will be required to refund the additional set of tariffs.
The administration is likely to appeal the decision.
- Grace O'Donnell
EU parliament trade chief calls Trump's 25% auto tariff threat 'unacceptable'
Bloomberg reports:
The head of the European Parliament’s trade committee called President Donald Trump’s threat to boost tariffs on EU cars and trucks “unacceptable,” and criticized the US for being an unreliable partner.
Trump on Friday said he would boost levies on cars and trucks from the European Union to 25%, saying that the bloc had failed to fully comply with a trade agreement struck with the US.
“This latest move demonstrates just how unreliable the US side is,” European Parliament’s Bernd Lange said in comments to Bloomberg News. “This is no way to treat close partners.”
Under the trade deal – which was signed in July — the EU agreed to erase levies on US industrial goods in exchange for a 15% tariff ceiling on most EU products. Officials in the EU say the US hasn’t complied with the accord, pointing to the fact that Washington widened a 50% tariff on European steel and aluminum in August to include hundreds of new products.
- Grace O'Donnell
Trump threatens to raise tariffs on EU cars, trucks to 25%
President Trump said he plans to raise tariffs on cars and trucks coming into the US from the European Union to 25%.
“I am pleased to announce that, based on the fact the European Union is not complying with our fully agreed to Trade Deal, next week I will be increasing Tariffs charged to the European Union for Cars and Trucks coming into the United States,” the president wrote on social media. “The Tariff will be increased to 25%.”
The president added, “It is fully understood and agreed that, if they produce Cars and Trucks in U.S.A. Plants, there will be NO TARIFF.”
The changes comes after the US-EU trade deal, which capped US tariffs at 15% for most products, became more precarious after the Supreme Court struck down President Trump’s blanket tariffs at the beginning of this year.
Shares of EU-based automakers Volkswagen (VWAGY) and Stellantis (STLA) fell following the news.
- Grace O'Donnell
Refund portal opens for tariffs struck down by Supreme Court
A new government portal that allows businesses to request tariff refunds for costs paid under illegal blanket tariffs went live on Monday.
It marks a major milestone in the opaque process for US importers to receive refunds since the Supreme Court struck down “Liberation Day” tariffs earlier this year.
Yahoo Finance’s Ben Werschkul reports:
The CAPE portal, an acronym for Consolidated Administration and Processing of Entries, is being run through an existing government system that manages tariff duties and will now allow companies to apply for refunds after the government confirmed last week that initial development of the program had been completed.
“CAPE is designed to consolidate refunds of IEEPA duties including interest rather than processing refunds on an entry-by-entry basis,” US Customs and Border Protection wrote in a release.
… Not all of the estimated $166 billion in illegally collected tariffs, plus interest, will be eligible for refunds during “phase one” of this program, but the government has promised more phases are coming for “more complex refund scenarios,” signaling that a wide array of tariff refunds will eventually be offered.
- Grace O'Donnell
Bayer US head says tariffs will not affect its 2026 forecasts
Reuters reports:
A top Bayer AG executive said on Tuesday the German drugmaking and crop science company saw no need to adjust its 2026 forecasts because of tariffs on imported pharmaceuticals announced by the U.S. government last week.
"We feel that we've appropriately anticipated tariffs as we think about our 2026 guidance," Bayer Pharmaceuticals Chief Operating Officer and Bayer U.S. President Sebastian Guth told Reuters.
Guth said Bayer was particularly comfortable with its forecast as the U.S. has committed to honoring the trade deal it signed with the European Union last year that caps tariffs on most goods from those countries - including medicines - at 15%.
In March, Bayer said it expects 2026 EBITDA before special items of 9.6 billion to 10.1 billion euros, compared with EBITDA before special items of 9.669 billion euros in 2025.
- Grace O'Donnell
Trump to impose 50% tariffs on any country supplying weapons to Iran
The US will impose secondary tariffs of 50% on any nation supplying Iran with weapons, effective immediately, President Trump announced on Wednesday morning.
“A Country supplying Military Weapons to Iran will be immediately tariffed, on any and all goods sold to the United States of America, 50%, effective immediately. There will be no exclusions or exemptions!”
Russia and China could be the targets of such a tariff policy through their complex supply chain networks.
Stock futures were little changed after the announcement.
- Grace O'Donnell
USTR Greer says US aims to maintain stable trade relations with China in Trump-Xi summit next month
Yahoo Finance’s Jennifer Schonberger reports:
Ahead of President Trump’s meeting with Chinese President Xi Jinping next month, US Trade Representative Jamieson Greer said Tuesday that the US wants to maintain a stable trade relationship with Beijing while continuing to ensure the US has access to rare earth minerals.
“We’re looking to maintain that stability … We are not looking for massive confrontation,” Greer said at the Hudson Institute in Washington, D.C.
Greer noted that the US has settled into a “stable situation” with China, with substantial tariffs on Chinese goods, primarily advanced goods and manufacturing. He underscored that the US still needs to protect national and economic security.
“This is not really in the nature of wanting to again have a fight with the Chinese,” he said. “But we have a domestic challenge with respect to our huge trade deficit that’s exploded.”
- Grace O'Donnell
Swiss industry body says US tariffs on pharmaceuticals will harm patients
After President Trump unveiled a 100% tariff on pharmaceuticals on Thursday, Switzerland's pharmaceutical association Interpharma said that the measure threatens global production, supply chains, and ultimately will harm patients.
Reuters reports:
It urged the Swiss government to negotiate a similar deal to that finalised by Britain, which the UK government said on Thursday made Britain the only country to have tariff-free access to the U.S. pharmaceutical market following Trump's executive order.
"The tariffs imposed by the U.S. threaten global production and supply chains for pharmaceuticals, hinder research and development, and ultimately harm patients worldwide," interpharma said in a statement posted to LinkedIn.
Under Trump's order signed on Thursday, branded pharmaceuticals imported into the U.S. will be subject to the tariffs unless manufacturers agree to government drug pricing deals or commit to making their products domestically.
- Grace O'Donnell
Trump administration signals it will offer broad tariff refunds. That could mean millions for companies.
Yahoo Finance’s Ben Werschkul reports:
The Trump administration's position on refunding all tariffs declared illegal by the Supreme Court has been slow to take shape. But a new court filing this past week seemed to acknowledge that a wide array of duties will eventually be eligible for refunds.
At issue is the difference between what are called liquidated and unliquidated tariffs.
This legal distinction is crucial for importers and could be worth millions of dollars as companies seek to claw back duties illegally collected under the International Emergency Economic Powers Act of 1977 (IEEPA).
The government’s filing this past week also described continued headway on a four-step process that, once up and running, could take about 45 days to review and process applications.
- Ben Werschkul
Here's what’s in the adjustment to metal tariffs President Trump announced on Thursday
President Trump signed a series of new trade actions on Thursday, on the one-year anniversary of his “Liberation Day” speech, which included an order that could effectively raise steel and other metals tariffs paid by importers.
The change doesn’t affect the steel, aluminum, and copper tariff rates themselves — those remain at 50% — but it changes how the tariffs are enforced and focuses on the US market price of these metals rather than what the importer declares.
A senior administration official told reporters Thursday that the focus is on steel tariffs and the change will mean duties are applied to the US spot price to reflect “the full value, so you can't sort of artificially create too low a price and try to fool us with the tariff you're paying.”
The official added that this change is likely to have an economic effect, meaning more tariffs will be paid to the government. It comes in response to a current situation in which “we did not receive the tariff revenue we expected,” the official said.
Another change announced Thursday to Trump’s tariff setup concerned metals present in other products. Goods estimated to be made with less than 15% of a metal like steel are exempt from metal tariffs entirely (but still subject to regular tariffs). Meanwhile, those with a “substantial amount” will pay a standard 25% rate.
The rationale for this latter change was explained as primarily aimed at simplifying the paperwork process (without changing the retail price) for products with a small amount of metal — like a dental floss dispenser with a metal pick — and those with more — like a washing machine.
- Ben Werschkul
The White House announces a 100% tariff on patented pharmaceuticals — but acknowledges that few, if any, companies will pay it
President Trump signed a series of trade executive orders on Thursday afternoon, including one to move forward with a 100% tariff on pharmaceutical companies. But the move was paired with extensive carveouts, meaning companies are unlikely to pay anything close to that in practice.
The rate many more likely to pay is the years ahead is instead 0%.
That’s because the provisions of Thursday’s executive order also include a way for companies to secure a 0% rate by making a commitment to build new facilities in the US by the end of President Trump’s term and also sign an agreement with the government for what’s known as Most-Favored-Nation (MFN) drug pricing.
The announcement came on the one-year anniversary of Trump’s “Liberation Day” speech and also includes carveouts for companies in Europe, Japan, South Korea, Switzerland, and the United Kingdom, who have all signed trade deals with the US.
Nearly every major drug company is expected to take advantage of the provisions and secure a lower rate. A number of major companies, like AstraZeneca (AZN), have already announced deals with the government.
A senior administration official added to reporters on Thursday afternoon that companies have between four and six months to comply, and if they do, “they are correct that the lion's share currently of their patented pharmaceutical industry will be at zero.”
The official described getting companies to a rate of zero as “one of our goals” in service of the greater effort onshore drug production and “make sure that our drug supply is protected, secure, and domestic.”
- Grace O'Donnell
Trump tariffs bring modest economic growth and no shrinking national debt
Yahoo Finance’s Ben Werschkul reports:
Last April, President Trump promised blockbuster economic growth because of tariffs and vowed that the US will "pay down our national debt, and it'll all happen very quickly."
There’s little evidence of either so far.
The gross national debt on April 2, 2025, according to the Treasury Department’s daily tabulations, was about $36.2 trillion. That number is now above $39 trillion.
The budget watchdogs at the Committee for a Responsible Federal Budget called the recent passing of $39 trillion in gross debt "an embarrassing milestone."
Tariffs, meanwhile, had little effect on the nation's fiscal picture, with tariff revenue dropping by $1 billion in April — the latest in a string of monthly declines — as the US prepares a tariff refund process that could drain an additional $166 billion from US coffers.
- Grace O'Donnell
How tariffs affected US jobs over the past year
Today’s trade data showed that the US trade deficit remains at roughly the same level as a year ago. But how did President Trump’s other promises pan out over the past year?
My colleague Ben Werschkul evaluated how Trump’s tariff policy held up against his claims, many of which centered around strong jobs growth.
"Jobs and factories will come roaring back into our country," Trump said last year. "We will supercharge our domestic industrial base."
Yet, Ben writes, the labor market has been flat over the past year — and down in some key respects.
The top-line US jobs number, known as total nonfarm payrolls, showed that 158.48 million people were employed in the US in April 2025.
The number has bounced around in the months since, but the most recent reading from February reveals a very small decline of about 19,000 jobs to 158.46 million. (New data for March will be released later this week.)
- Grace O'Donnell
US customs agency says tariff refund system progressing, but payments may take up to 45 days
The US customs agency is making progress on its tariff refund system that will help return $166 billion in illegal tariff collections, according to a new filing with the US Court of International Trade.
Reuters reports:
U.S. Customs and Border Protection official Brandon Lord said development of a new refund claims portal, review, processing and refund system is now between 60% and 85% complete. He did not provide a start date for applications, but the agency previously had indicated a 45-day goal, a deadline that ends in late April.
In the declaration filing on Tuesday, Lord said the new system will begin accepting claims in phases, with first priority given to those customs entries liquidated, or finalized, within the preceding 80 days and entries whose liquidation status has been "suspended, extended, or under review."
The filing also said some 26,664 importers of record had completed the process to receive electronic refunds, representing 78% of entries for which duties or deposits under the International Emergency Economic Powers Act had been paid, an amount totaling $120 billion.
- Grace O'Donnell
US trade deficit jumped by almost 5% in February
The US trade deficit jumped almost 5% in February to $57.3 billion, in a zigzag for the deficit one year after Trump declared trade deficits his top priority on “Liberation Day.”
Yahoo Finance’s Ben Werschkul reports:
The new data captures some of the chaos felt by global shippers that month, when the Supreme Court struck down Trump’s blanket tariffs in a landmark ruling.
The closely watched figure increased from $54.5 billion in January, according to new data released Thursday by the Commerce Department's Bureau of Economic Analysis.
The US trade deficit remains roughly the same today as it was on April 2, 2025, when Trump delivered his “Liberation Day” address and signed an executive order that name-checked the trade deficit in its title.
A chart from the US Bureau of Economic Analysis shows the US trade deficit over the past two years. - Ben Werschkul
Trump said the US is ‘totally independent of the Middle East.’ He’s overlooking key goods and how global energy markets work.
In Wednesday night’s address to the nation, President Trump declared, “We're now totally independent of the Middle East, and yet, we are there to help.”
“We don't have to be there — we don't need their oil, we don't need anything they have.”
These sentiments — which Trump has expressed many times in recent weeks — are a window into his worldview and how he hopes to make a clean exit from the war in Iran. But the assertions overlook key goods that come from the region and global energy interdependence, which anyone who has filled up a gas tank in the last month is all too aware of.
Trump is correct that the US doesn’t “need” oil from the region, as the US is a net exporter of both crude oil and natural gas.
But the global nature of these markets means that a shortage means rising prices not just in Asia, where most oil that passes through the Strait of Hormuz is actually sent, but around the world and in the US.
Americans, for example, are now paying more than $4 for a gallon of gasoline on average, according to the American Automobile Association, a jump of more than a dollar since hostilities began.
Trump is also overlooking that while the US is a net exporter of crude oil, it remains an importer of refined gasoline in many regions.
The president is also factually wrong on other key goods that pass through the strait and whose absence has been felt directly in the US.
Helium and fertilizer are two notable products made in high quantities in the region and relied on by an array of American industries.
Helium is key in the production of semiconductors. Economist Andreas Steno Larsen, founder of Steno Research, recently told Yahoo Finance that the stoppage "could potentially turn into a bottleneck for the entire AI story."
- Jake Conley
Trump says US will not let Gulf states 'get hurt or fail in any way, shape, or form'
During his address to the nation Wednesday night, President Trump said the US would not let the Gulf state nations — including US allies such as Saudi Arabia and the United Arab Emirates — “get hurt or fail in any way, shape, or form.”
Through the four weeks of conflict since the US and Israel launched airstrikes against Iran on Feb. 28, Iran has increasingly lashed out at the wider Gulf region, damaging critical energy infrastructure throughout the Middle East.
In Qatar, state-run QatarEnergy’s Ras Laffan LNG export terminal, the largest such terminal in the world, has declared force majeure on shipments after the facility suffered sustained damage, and flows through the Strait of Hormuz have been shuttered. Refineries in Saudi Arabia, Kuwait, and Bahrain have shut units or suspended operations.
Oil producers throughout the Gulf have been forced to shut in millions of barrels per day in oil production as storage tanks have filled, with nowhere to send the oil coming out of the ground.
Airports, hotels, and other civilian infrastructure have also been struck throughout the major Gulf capitals, including the global airline hub of Dubai in the UAE.
On Wednesday, the UAE signaled that it is prepared to enter the conflict and called for a UN-backed coalition to reopen the Strait of Hormuz by force. If the UAE launches military action, it will mark the first time a Gulf state has gotten directly involved in the war.
- Jake Conley
Oil prices surge, equity futures fall after Trump speech
Oil prices jumped and US equity futures fell as President Trump addressed the nation on Wednesday night.
Futures on Brent crude (BZ=F), the international benchmark, reversed from multi-percentage losses to a gain of roughly 2.7%, trading around $104 per barrel after dropping below $100 earlier in the session. Those on US benchmark West Texas Intermediate (WTI) crude (CL=F) reversed from earlier losses to gain roughly 2.3% and trade near $102.40.
Futures on the S&P 500 (ES=F) traded down by roughly 0.2%, while those on the Dow Jones Industrial Average (YM=F) lost roughly 0.3% on the session. Contracts on the Nasdaq 100 (NQ=F) lost roughly 0.4%.
Without laying out any truly new information, the president implied Wednesday night that the US would be escalating the conflict in an attempt to end it, noting that the US is sending Iran “back to the stone ages” in an attempt to cripple their ability to threaten global security.
While Trump was reported to have been considering pulling US military out of Iran within two to three weeks while leaving control over the Strait of Hormuz — the world’s most critical energy chokepoint — unsolved, the president did not take a strong stance on the issue Wednesday night.
- Ben Werschkul
Trump declares that other countries need to ‘take the lead’ on the Strait of Hormuz
President Trump said Wednesday night that other countries should “take the lead” in reopening the Strait of Hormuz, doubling down on the possibility that the US may aim to leave Iran with that economically vital issue unresolved.
Trump’s latest message on the crucial waterway came during an address to the White House that was billed as “an important update on Iran.” The president reiterated plans to leave Iran in 2 to 3 weeks.
“We will be helpful, but they should take the lead,” Trump said of the strait, adding that other nations “must take care of that passage, they must cherish it, they must grab it,” claiming that it can be done easily.
He also said the crucial 21-mile wide waterway, where one-fifth of the world oil passes, may also “open up naturally.”
- Jake Conley
Trump notes Americans' 'concern' over gas prices
Trump acknowledged rising gasoline prices in the US in his speech Wednesday night, saying, “Many Americans have been concerned to see the rise of gasoline prices.”
In his comments, Trump said those gasoline price hikes are the result of attacks by Iran on oil tankers in the Gulf region, which the president said have “nothing to do with the conflict.
Gasoline prices this week crossed $4 per gallon nationally, per AAA. GasBuddy noted that gasoline and diesel prices notched their strongest monthly gain on record.
- Jake Conley
Trump says US doesn't 'need their oil' in speech on Middle East war
In comments during his speech Wednesday night, President Trump claimed the US is “totally independent of the Middle East” and that “We don’t need their oil.”
The US is “there to help … our allies,” Trump said.
While US domestic oil and gas production provides some insulation from geopolitical shocks, analysts and other oil experts have said that the US is not fully independent — especially given the international nature of oil pricing.
- Grace O'Donnell
Trump begins delivering update on Iran
President Trump began speaking about the war in Iran, describing Operation Epic Fury as delivering “swift, decisive, overwhelming victories on the battlefield.”
Watch a livestream of the speech below:
- Jake Conley
Oil prices dip below $100 ahead of Trump speech
As President Trump was set to address the nation about the war in Iran, oil prices traded down on reports that the US leader would announce a coming close to US involvement.
Futures on Brent crude (BZ=F), the international benchmark, traded down by 1.8% to drop below the $100 mark. Those on the US benchmark West Texas Intermediate (WTI) crude (CL=F) lost 2% to trade near $98 per barrel.
Prices have trended lower through the session amid a bevy of headlines suggesting an end to the conflict that has roiled the global oil market. Over the past 48 hours, both Washington and Tehran have signaled a willingness to end the war.
Speaking to reporters on Tuesday, President Trump said US involvement would end within two to three weeks. In comments first reported by state media, Iranian President Masoud Pezeshkian told EU Council president António Costa that Iran has "the necessary will to end this war" but expects certain guarantees in exchange.
- Grace O'Donnell
Iranian president pens letter to Americans, seemingly leaving the door open to diplomacy
Earlier on Wednesday, Iranian President Masoud Pezeshkian made his own appeal directly to the American people, by releasing a letter that seemed to keep the door to diplomacy open.
“Today, the world stands at crossroads,” Pezeshkian wrote. “Continuing along the path of confrontation is more costly and futile than ever before.”
The Iranian president directed blame toward the United States as the aggressor, telling Americans to “look beyond the machinery of misinformation.”
Yet he also said that “the Iranian people harbor no enmity toward other nations, including the people of America, Europe, or neighboring countries.”
The letter did not contain any concrete steps toward a ceasefire or resolution of the war, and it’s unclear to what extent Pezeshkian’s sentiments are shared by the Iranian regime. Earlier in the day, Iran's foreign ministry said that President Trump's claim that the country asked for a ceasefire is "false and baseless".
- Jake Conley
US equity futures turn down ahead of Trump's speech
Heading into President Trump’s national address, US equity futures turned slightly into the red.
Futures on the S&P 500 (ES=F) and the tech-exposed Nasdaq 100 (NQ=F) both lost a bit more than 0.1%. Contracts on the Dow Jones Industrial Average (YM=F) hovered below the flat line.
The president's speech, his first major public address since the war began, comes roughly a week ahead of his originally stated four-to-six-week timeline for war with Iran. Throughout the five weeks of conflict so far, Iran's closure of the Strait of Hormuz and attacks on the wider Gulf region have thrown the market into disarray.
Just before the end of the trading session on Wednesday, Politico reported that President Trump is set to say US involvement in the war in Iran is winding down and that control over the Strait of Hormuz — the world's most critical chokepoint for the energy trade — will be left to other nations.
Politico noted that the president will look to assuage concerns from Americans about both US military involvement in the Middle East and the rapidly proliferating economic consequences of the conflict.
In a Truth Social post on Tuesday, Trump said to other nations impacted by Iranian violence in the Strait of Hormuz, "build up some delayed courage, go to the Strait, and just TAKE IT. You’ll have to start learning how to fight for yourself, the U.S.A. won’t be there to help you anymore."
- Ben Werschkul
'I don't care about that': Trump downplays uranium concerns ahead of tonight's address
President Trump offered a preview of the message likely coming in tonight’s address to the nation when he told Reuters in an interview a few hours ahead of the address that he aims to be "out of Iran pretty quickly" but could return for "spot hits."
Trump also offered another seeming pivot in his stated war aims when he told the outlet that the enriched uranium that likely remains in the country is no longer a concern, telling the outlet, "That's so far underground, I don't care about that."
The president has said for weeks that he wants Iran to never be able to achieve a nuclear weapon but noted in Wednesday’s interview that the material, which would require a difficult military campaign to extract, can be monitored remotely.
"We'll always be watching it by satellite," the president said, also telling the outlet that another element of his speech will be to express his disgust with NATO.
- Ben Werschkul
Trump heads into tonight’s address with challenged poll ratings — on the economy included
A key undertone of tonight’s address to the nation from President Trump is a slew of polling numbers in recent weeks that show a dour public mood, with the president facing the lowest approval rating of his second term, especially on economic questions.
The latest evidence came in a CNN poll released Wednesday ahead of the speech and showing just 33% of respondents approve of the job Trump is doing as commander in chief, and 31% saying the same of his handling of the economy.
Democrats have focused, to good effect so far, on affordability issues, as voters have expressed disapproval for months over Trump’s perceived lack of focus on their pocketbook concerns.
The Iran war over the last month has led his ratings to take another leg down.
A RealClearPolitics average of his economic ratings finds a 37.2% rating on the economy, dragging down his overall approval rating.
Even Fox News had bad news for the president recently with its poll finding Trump’s overall approval rating at 41% — the lowest of his second term — and his Iran-specific rating at 36%.
- Grace O'Donnell
Ahead of national address, Trump says Strait of Hormuz must be 'open, free and clear'
A central question for the global economy came into stark relief this week ahead of President Trump’s address: Would he be willing to leave without reopening the Strait of Hormuz?
Yahoo Finance’s Ben Werschkul writes:
Trump essentially laid out that scenario as his possible approach on Tuesday, telling reporters he expected to end the war after two to three additional weeks.
At that point, he said, “What happens in the strait, we're not going to have anything to do with,” and other nations may need to “fend for themselves.”
The president has falsely claimed for weeks that the US has no interest in what passes through the critical shipping channel.
He followed up Wednesday morning with another wrinkle, claiming that Iran is asking for a ceasefire but that he will consider it only when the strait “is open, free, and clear.”
Cargo ships in the Gulf, near the Strait of Hormuz, in the United Arab Emirates, March 11, 2026. REUTERS/File Photo · REUTERS / Reuters - Grace O'Donnell
How oil price shocks ripple through your wallet
As President Trump focuses on the war in Iran, oil prices that have soared above $100 per barrel due to the conflict have raised concerns about the economy. That’s because the cost of crude affects a wide range of inputs along the supply chain and affordability has remained a top concern for US households.
Here are five ways $100 oil affects household budgets:
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Transportation costs: The most obvious impact of higher oil costs is higher fuel costs for our personal vehicles. Airplane fuel can also become more expensive, and when operating costs rise, airlines may be inclined to pass those higher costs on to travelers.
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Food costs: Apart from the fuel used to transport food from the farm to your table, oil is often used to power farm and factory equipment, and it’s a key ingredient in many fertilizers and pesticides, as well as plastic food packaging.
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Home heating: The cost of crude oil directly affects heating oil and propane prices. Heating oil prices are up $0.160 per gallon from a week ago and $0.406 since last year.
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Clothing and fabric goods: Many different types of fabric, including polyester and spandex, are derived from petroleum. When oil prices rise, consumers could see a modest increase in the price of those goods.
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Plastic household goods: Toys, kitchen utensils, plastic food storage containers, storage bins, and household decor can all be impacted by higher oil costs because many of these items are petroleum-based.
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- Jake Conley
As energy surges, the US is set for lower growth and higher inflation, says BofA
As the war in Iran drags on for a fifth week, energy prices have surged, with only mild pullbacks from multiyear highs. The result, according to Bank of America economists, will be slower growth, higher inflation, and oil at $100 per barrel through the rest of 2026.
Our Ines Ferré reports:
Bank of America analysts are projecting slower growth, higher inflation, and $100 per barrel oil all year as a result of the Iran war — even if it ends within weeks.
"The war dividend so far: mild stagflation," BofA economist Claudio Irigoyen and his team wrote in a note on Wednesday, referring to the economic phenomenon of higher inflation coupled with slower growth.
The economists said that while the world economy is less dependent on oil, it has become much more sensitive to natural gas and fertilizers. This represents a major risk for Europe and developing economies.
"The Iran war is not an oil shock — it is an energy shock," Irogoyen wrote.
The economists predict US growth will take a 50 basis point hit to 2.3% for 2026. Headline inflation is now forecast to reach 3.6% in 2026, up from 2.8%. Globally, the economists also revised down gross domestic product to 3.1% and raised inflation expectations to 3.3%.
- Jake Conley
Ahead of Trump speech, White House offers mixed messaging on war
In the run-up to President Trump’s speech tonight, the White House has sent mixed signals to the market over where US involvement in the Iran war is headed.
Throughout the past couple of weeks, Trump has repeatedly threatened to reopen the strait by force. In the president’s most recent post on the topic on Truth Social, Trump said the Iranian regime had asked for a ceasefire, which the US would only consider once the Strait of Hormuz is “open, free, and clear.”
“Until then,” the president wrote on Wednesday, “we are blasting Iran into oblivion.”
President Donald Trump answers questions from reporters after signing an executive order in the Oval Office of the White House Tuesday, March 31, 2026, in Washington. (AP Photo/Alex Brandon) · ASSOCIATED PRESS On Monday in similar form, Trump said on Truth Social that while progress had been made, if a deal is not reached and the strait is not “open for business,” the US will “conclude our lovely 'stay' in Iran by blowing up and completely obliterating all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!)."
At the same time, reporting has also indicated that Trump has considered recalling US troops from the region and leaving untouched the question of who controls the Strait of Hormuz, which Iran has all but closed to the international market.
In comments to reporters on Tuesday, Trump said the US is “not going to have anything to do with” what happens in the strait, and that other nations may need to “fend for themselves.” The president also said he expected US involvement to end within two to three weeks.
On Monday, Treasury Secretary Scott Bessent said on Fox News that the US is “going to retake control of the straits,” adding a further wrinkle for investors trying to decipher meaning from a series of vacillating signals out of the White House.
