The Dictatorship
Asian shares are mostly down, following a respite from Wall Street’s feverish rally
NEW YORK (AP) — A monthslong calm on Wall Street shattered Friday, and U.S. stocks tumbled after President Donald Trump threatened to crank tariffs much higher on China.
The S&P 500 sank 2.7% in its worst day since April. The Dow Jones Industrial Average dropped 878 points, or 1.9%, and the Nasdaq composite fell 3.6%.
Stocks had been heading for a slight gain in the morning, until Trump took to his social media platform and said he’s considering “a massive increase of tariffs” on Chinese imports. He’s upset at restrictions China has placed on exports of its rare earthswhich are materials that are critical for the manufacturing of everything from consumer electronics to jet engines.
“We have been contacted by other Countries who are extremely angry at this great Trade hostility, which came out of nowhere,” Trump wrote on Truth Social. He also said “now there seems to be no reason” to meet with China’s leader, Xi Jinping, after earlier agreeing to do so as part of an upcoming trip to South Korea.
The ratchet higher in tensions between the world’s largest economies led to widespread drops across Wall Street, with roughly six out of every seven stocks within the S&P 500 falling. Nearly everything weakened, from Big Tech companies like Nvidia and Apple to stocks of smaller companies looking to get past uncertainty about tariffs and trade.
The market may have been primed for a slide. U.S. stocks were already facing criticism that their prices had shot too high following the S&P 500’s nearly relentless 35% run from a low in April. The index, which dictates the movements for many 401(k) accounts, is still near its all-time high set earlier in the week.
Critics say the market looks too expensive after prices rose much faster than corporate profits. Worries are particularly high about companies in the artificial-intelligence industrywhere pessimists see echoes of the 2000 dot-com bubble that imploded. For stocks to look less expensive, either their prices need to fall, or companies’ profits need to rise.
Levi Strauss dropped 12.6% for one of the market’s larger losses, even though it reported a stronger profit for the latest quarter than analysts expected.
Its forecast for profit over the full year was also within range of Wall Street’s estimates, but the jeans and clothing company could simply be facing the challenge of heightened expectations after a big run. Its stock price came into the day with a surge of nearly 42% for the year so far.
All told, the S&P 500 fell 182.60 points to 6,552.51. The Dow Jones Industrial Average dropped 878.82 to 45,479.60, and the Nasdaq composite sank 820.20 to 22,204.43.
Some of Friday’s strongest action was in the oil market, where the price of a barrel of benchmark U.S. crude sank 4.2% to $58.90.
It fell as a ceasefire between Israel and Hamas came into effect in Gaza. An end to the war could remove worries about disruptions to oil supplies, which had kept crude’s price higher than it otherwise would have been.
Losses accelerated following Trump’s tariff threat, which could gum up global trade and lead the economy to burn less fuel. Brent crude, the international standard, dropped 3.8% to $62.73 per barrel.
In the bond market, the yield on the 10-year Treasury sank to 4.05% from 4.14% late Thursday.
It had already been lower before Trump made his threats, as a report from the University of Michigan suggested that sentiment among U.S. consumers remains in the doldrums.
“Pocketbook issues like high prices and weakening job prospects remain at the forefront of consumers’ minds,” according to Joanne Hsu, director of the Surveys of Consumers. “At this time, consumers do not expect meaningful improvement in these factors.”
The job market has slowed so much that the Federal Reserve cut its main interest rate last month for the first time this year. Fed officials have penciled in more cuts through next year to give the economy additional breathing room. But Chair Jerome Powell has also said they may change course if inflation stays high. That’s because lower interest rates can push inflation even higher.
One potentially encouraging signal from the University of Michigan’s preliminary survey said consumers’ expectations for inflation in the coming year edged down to 4.6% from 4.7% the month before. While that’s still high, the direction of change could help the Fed and limit upward pressure on inflation.
In stock markets abroad, indexes fell across much of Europe and Asia.
Hong Kong’s Hang Seng fell 1.7%, and France’s CAC 40 dropped 1.5% for two of the bigger moves. But South Korea’s Kospi leaped 1.7% after trading reopened following a holiday.
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AP Writer Teresa Cerojano contributed.
Over the course of June, Donald Trump spent nearly every day focusing attention on assorted construction and beautification projects, emphasizing the unavoidable conclusion that the president takes his renovation crusade very seriously.
His allies aren’t necessarily pleased. The Hill recently reported that Republican officials, worried about the midterm elections and maintaining partisan control, have been “thrown off-balance” by, among other things, Trump’s focus on “pet projects” instead of more meaningful national priorities.
The list of projects keeps growing nevertheless. It includes (but is by no means limited to) the ballroomthe Reflecting Poolthe “triumphal arch,” the fountainsthe horse statuesthe “Trump Promenade,” the “statue garden” and the dozen or so additional renovation projects he’s prioritized in and around the White House complex.
But let’s also not forget the helipad.
A couple of months ago, The Washington PostThe Wall Street Journal and The New York Times separately published similar reports about Trump hoping to build a permanent helicopter landing site on the White House grounds. Evidently, those plans have now advanced to the construction stage. The Post reported this week:
President Donald Trump has begun construction on a new White House helipad, his latest change to the historic grounds, according to three people who spoke on the condition of anonymity because they were not authorized to discuss the project publicly.
Construction crews worked into the night Monday on the White House’s South Lawn, with the project blocked off by a large fence.
The report, which has not been independently verified by MS NOW, added that the project hasn’t yet been formally announced by the White House, even as construction is apparently underway.
It’s not yet clear how much the project will cost, who will pick the tab and whether this has joined the growing list of no-bid contracts.
Unlike some of the president’s other priorities, there is a legitimate issue here — the latest generation of helicopters really do damage the White House lawn — although this doesn’t answer the other lingering questions or explain why Team Trump hasn’t acknowledged the existence of the project.
What’s more, this almost certainly won’t be the last of the Republican’s projects.
Earlier this week, the president used his social media platform to promote an artificial intelligence-generated image of a gold eagle affixed to the White House exterior. Trump added in his online image, “A Golden Gift to the White House for its 250th Birthday Year!”
The text (which erroneously said the White House is celebrating its semiquincentennial) suggested the president intends to add this gaudy addition to his ambitious renovation agenda.
Recent polling has found two-thirds of Americans are convinced their unpopular president simply has the wrong priorities. Trump could take steps to change their mind, but he apparently doesn’t want to.
Steve Benen is a producer for “The Rachel Maddow Show,” the editor of MaddowBlog and an MS NOW political contributor. He’s also the bestselling author of “Ministry of Truth: Democracy, Reality, and the Republicans’ War on the Recent Past.”
The Dictatorship
Hegseth blasts protesters at ceremony for D.C. Safe and Beautiful Task Force: ‘Ingrates’
Defense Secretary Pete Hegseth on Thursday derided protesters at an event in Washington, D.C., tied to the America 250 celebrationscalling the demonstrators “ingrates” who are “blinded by ideology.”
The D.C. Safe and Beautiful Task Force event in Meridian Hill Park was set to begin at 9 a.m. ET but did not start until roughly 30 minutes later, as members of the National Guard waited for Hegseth’s arrival amid a brutal heat wave. Protesters shouted during his brief address, in which he said he was to blame for the delay and praised the troops for their service.
“In fact, this background noise this morning is perfect,” Hegseth said about the protesters, with White House adviser Stephen Miller and acting Attorney General Todd Blanche standing behind him.
“It’s the sound of ingrates, of ingratitude of people who are so blinded by ideology they can’t see law and order and common sense in front of them,” Hegseth said. “That there’s nothing ideological about this group, there’s nothing political about this exercise.”
Some protesters could be heard shouting “Shame!” and “Guard, go home!”
Pete Hegseth: “This background noise is perfect. It’s the sound of ingrates, of ingratitude, of people who are so blinded by ideology they can’t see law and order and common sense in front of them.” pic.twitter.com/aWt5ciuRG3
—Aaron Rupar (@atrupar)”https://x.com/atrupar/status/2072679604184109222?ref_src=twsrc%5Etfw”>July 2, 2026
National Guard troops have been deployed to assist with America 250 celebrations in the capital, though some Democratic governors have warned against their guard members being utilized for a larger federal joint task force to tackle what the Trump administration has called“rampant crime” in Washington.
Many Washington residents are not thrilled with the National Guard’s presence. The controversial America 250 festivities have also sparked criticism from Democrats who accuse President Donald Trump of putting himself at the center of the celebrations.
At the Thursday ceremony, Hegseth suggested the protesters were not from Washington.
“These ingrates will fade away; they’ll go back to wherever they came from,” he said, before asserting that National Guard troops have brought the crime rate down in the capital — a claim that at least one study has found to be inaccurate.
“The crime rate here has dropped in staggering amounts, and the media won’t want to admit it because, of course, they’d have to give credit to President Trump, and then they’d have to give credit to the Department of War or to Stephen Miller,” Hegseth said. “But courageous men like President Trump and Stephen, who said enough is enough, are the reason why this city is a safe and beautiful place.”
Clarissa-Jan Lim is a breaking news reporter for MS NOW. She was previously a senior reporter and editor at BuzzFeed News.
Stephanie Ruhle said she was left “almost speechless” after the release of Donald Trump’s new financial disclosureswhich reported he raked in more than $2 billion since returning to the White House. “Man, it looks good to be president,” the “Money, Power, Politics” host said Wednesday.
According to the 927-page document released Tuesday, Trump’s income has only increased since retaking the White House. The president reported almost $575 million in real estate and golf-related income and another $68.6 million in royalties and licensing fees.
But, as Ruhle pointed out, $1.4 billion of Trump’s 2025 total comes directly from one industry: crypto.
Despite having called that industry a “scam” and a “disaster waiting to happen” in 2021, Trump has in recent years appeared to have a change of heart about digital currency.
“That was just five years ago, but now he is a major crypto industry operator and essentially its top policy maker,” the MS NOW host said. “Remember, he is the one who appointed regulators that changed the rules to hugely benefit the crypto industry, and since he came back to office, he has either completely dropped or settled a whole lot of cases with crypto companies.”
As Trump rakes in more cash, Ruhle said the American people are not experiencing the same kind of prosperity, in part because of the administration’s policies. “[They] are suffering, whether it’s because of tariffs, whether it’s because of inflation, whether it’s because of increased costs, because of the war in Iran,” she said.
While Ruhle noted the president has said he does not choose his investments and has said they are in a “blind account,” she said the American people should not ignore how much Trump has profited since returning to the White House.
“Here’s what you need to know: All of this would be a major conflict of interest — a huge scandal — if it were any other presidency,” she argued.
You can watch Ruhle’s full breakdown in the clip below.
Allison Detzel is an editor/producer for MS NOW. She was previously a segment producer for “AYMAN” and “The Mehdi Hasan Show.”
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