The exuberance that spread yesterday across Wall Street after President Trump dialed down his expansive tariffs did not last long. The U.S. stock market fell sharply today, with the S&P 500 down 3.5 percent.
The mood shift highlighted the worries that many investors and economists still have about Trump’s tariff policies. The White House clarified today that imports of Chinese goods now face a 145 percent fee — 20 percent larger than it was understood last night.
It was the latest in a dizzying escalation of tariffs that has unraveled the trade relationship between the two countries and threatened to drag down the world economy. The levies on China could deal a particularly hard blow to American farmers.
“I’ve seen some estimates saying that the impact of the most recent tariff structure is actually worse for consumers, because most of the world’s cellphones, laptops, toys, video games, blankets and party decorations come from China,” our trade reporter, Ana Swanson, told me. “And then, of course, we have the threat of more tariffs hanging over the world after 90 days.”
In addition, the president of the Chicago Fed warned that Trump’s decision to keep in place a universal 10 percent tariff would “materially increase inflation” — dampening today’s encouraging consumer price report.
Another worrying sign came today when U.S. Treasuries started to sell off again. They are typically seen as the safest corner of the market — and it was a rapid rise in the yield on crucial 10-year Treasuries that caused Trump to back down yesterday from the latest rollout of tariffs. Here’s what happened behind the scenes.
For more: Here’s what the tariffs could mean for travelers, wine, restaurants and Nintendo’s release of the Switch 2.
The U.S. has a formal plan to acquire Greenland
Trump’s longtime goal of claiming Greenland for America is no longer just words. White House national security officials have begun an effort to mobilize several cabinet departments behind a formal plan to acquire the Arctic island from Denmark.
The plan’s full details are unclear. But a U.S. official said that the White House never seriously considered using military force. Instead, the plan emphasizes persuasion and features a public relations effort aimed at persuading Greenland’s 57,000 inhabitants that they should ask to join the U.S.
In other politics news:
A helicopter crashed into the river near Manhattan
A helicopter crashed this afternoon into the Hudson River near the West Side of Manhattan. Six people were killed in the crash: at least two adults and three children, all believed to be members of a family of Spanish tourists, and a person believed to be the pilot. Here’s the latest.
Prada announced the biggest luxury deal of the year
The Prada Group said today that it was buying Versace for $1.38 billion from its American owners. The deal, between two of the most iconic Italian fashion brands, is a sign of faith in the value of Made in Italy.
Prada has been the rare success story during a general downturn in the luxury market, driven in part by the tremendous recent success of its sister brand, Miu Miu.
A rising star who wants to move past ‘Calm Vibes’
The pandemic was a breakout moment for the Polish musician Hania Rani. Her tranquil piano compositions were often featured on streaming playlists meant to offer an escape, with titles like “Calm Vibes” and “Peaceful Rhythms.”
Now, Rani, 34, is considered one of the biggest names in a genre of pop-inflected minimalist music often referred to as neoclassical, or alt-classical. She bristles at the notion that her music is therapeutic. “The music might be slow — not so loud, not upbeat,” Rani said, “but it’s actually intense.”
On ‘The Pitt,’ art resembles life
The hospital’s emergency department is packed; there’s always a line, and only the direst cases are quickly addressed. Doctors are dealing with heart attacks, strokes, overdoses and a woman with a cockroach in her ear. Sometimes patients are violent.
None of it is real, but it could be. The scenes come from “The Pitt,” the Max series that concludes its first season tonight. Medical experts say the show accurately reflects the ways in which emergency medicine is stretched beyond its capacity.
A natural wonder in the sky
Each spring for close to a million years, hundreds of thousands of cranes converge on the Platte River Valley in central Nebraska. The birds rest and refuel on their annual migration from Mexico to Siberia. Jane Goodall, who tries to make the trip every year to witness the phenomenon, has called it “without a doubt one of the most spectacular events in the natural world.”
This year, the writer Alice Gregory joined an expedition to observe the birds as they darkened the sky. Here’s what she saw.
Have a sublime evening.
Thanks for reading. I’ll be back tomorrow. — Matthew
Sean Kawasaki-Culligan was our photo editor.
We welcome your feedback. Write to us at evening@nytimes.com.
