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The Dictatorship

Wall Street sinks as Trump threatens 8 European countries with tariffs over Greenland

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Wall Street sinks as Trump threatens 8 European countries with tariffs over Greenland

NEW YORK (AP) — Stocks slumped on Wall Street Tuesday after President Donald Trump threatened to hit eight European countries with new tariffs as tensions escalate over his attempts to assert American control over Greenland.

The losses were widespread, with nearly every sector losing ground. Major indexes in the U.S. extended losses from last week in what has been a wobbly start to the year.

The S&P 500 fell 143.15 points, or 2.1%, to 6,796.86. It is the steepest drop for the benchmark index since October.

The Dow Jones Industrial Average fell 870.74 points, or 1.8%, to 48,488.59. The Nasdaq composite fell 561.07 points, or 2.4%, to 22,954.32.

Technology stocks were the heaviest weights on the market. Nvidia, one of the most valuable companies in the world, plunged 4.4%. Apple fell 3.5%.

Retailers, banks and industrial companies also fell sharply. Lowe’s fell 3.3%, JPMorgan Chase fell 3.1%, and Caterpillar lost 2.5%.

AP AUDIO: Wall Street slumps and Europe stocks sink as Trump threatens tariffs on 8 NATO members

U.S. stocks are falling. The AP’s Seth Sutel has more.

European markets and markets in Asia fell. Long-term bond yields in Japan rose to record levels on concerns over the government’s fiscal policy, adding to anxiety in global markets.

Trump’s trade policy has roiled markets since the start of his second term. Stocks have sold off on the threat of steep tariffs, then rallied when Trump delays or cancels a tariff, or negotiates a lower rate.

Trump said Saturday that he would charge a 10% import tax starting in February on goods from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland. The annual combined imports from European Union nations are greater than those from the top two biggest individual importers into the U.S., Mexico and China.

Gold prices surged 3.7% and silver prices soared 6.9%. Such assets are often considered safe havens in times of geopolitical turmoil.

The trade tensions apparently short-circuited a recent rally in bitcoin. The cryptocurrency rose above $96,000 late last week but has dropped back to around $89,700.

Treasury yields were mixed in the bond market. The yield on the 10-year Treasury rose to 4.29% from 4.23% late Friday. The yield on the two-year Treasury held steady at 3.60% from late Friday.

Companies that focus on consumer staples held up better than most of the market. Colgate-Palmolive rose 1.1% and Campbell’s rose 1.5%.

The price of U.S. crude oil rose 1.5% to $60.34 per barrel. The price of Brent crude, the international standard, rose 1.5% to $64.92.

Trump linked his aggressive stance on Greenland to last year’s decision not to award him the Nobel Peace Prize, telling Norway’s prime minister that he no longer felt “an obligation to think purely of Peace,” in a text message released Monday.

Trump’s message to Jonas Gahr Støre appeared to ratchet up a standoff between Washington and its closest allies over his threats to take over Greenland, a self-governing territory of NATO member Denmark.

Trump’s threats have sparked outrage and a flurry of diplomatic activity across Europe, as leaders consider possible countermeasures, including retaliatory tariffs and the first-ever use of the European Union’s anti-coercion instrument.

The trade and political conflict with Europe is heating up just as world leaders meet at the World Economic Forum annual meeting in Davos, Switzerland this week. Wedbush Securities analyst Dan Ives said the new tariff threat “is clearly an overhang on the conference,” but that it would likely simmer over time.

“Our view is just like over the last year the bark will be worse than the bite on this issue and tariff threats as negotiations take place and tensions ultimately calm down between Trump and EU leaders,” Ives wrote in a note to clients.

Tariffs threaten to boost inflation, although so far the increases have been less than many experts feared. Still, the threat of tariffs reigniting already high inflation could further complicate the Federal Reserve’s job.

The central bank cut its benchmark interest rate three times late in 2025 to help bolster the economy as the job market weakened. The Fed has taken a more cautious view because of the risk of rising inflation, which remains above its target of 2%.

Lower interest rates on loans can help bolster economic activity, but they could also fuel inflation, which could counter any benefit from lower interest rates.

The Fed, and Wall Street, will get another update on inflation on Thursday, when the government releases the personal consumption expenditures price index, or PCE. It is the Fed’s preferred measure for inflation.

The Fed will meet next week for its policy meeting on interest rates and Wall Street is betting that the central bank will hold its benchmark interest rate steady.

Wall Street is also in the midst of the latest round of corporate earnings, which could help provide more insight into how companies are handling uncertainty from tariffs, geopolitics and cautious consumers.

Industrial and consumer conglomerate 3M slumped 7% after reporting mixed results for its most recent quarter. Companies from a wide range of industries will report their results this week, including Johnson & Johnson, Halliburton and Intel.

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AP Business Writers By Yuri Kageyama and Matt Ott contributed to this report.

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The Dictatorship

Amanda Gorman honors Alex Pretti in new poem

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Amanda Gorman honors Alex Pretti in new poem

Amanda Gorman shared a powerful poem on Instagram that she wrote in honor of Alex Pretti, the 37-year-old ICU nurse and U.S. citizen killed by a federal immigration officers in Minneapolis, Minnesota, on Saturday.

The poem, “For Alex Jeffrey Pretti,” characterizes Pretti’s killing as a “betrayal” and an “execution.”

Gorman, earlier this month, also paid tribute to Renee Nicole Good, another U.S. citizen killed by a federal immigration officer in Minneapolis on Jan. 7. In a caption accompanying another poem shared on Instagram, Gorman said she was “horrified by the ongoing violence that ICE wages upon our community. Across our country, we are witnessing discrimination and brutality on an unconscionable scale.”

Her poem says, in part: “You could believe departed to be the dawn/ When the blank night has so long stood./ But our bright-fled angels will never be fully gone,/ When they forever are so fiercely Good.”

The 27-year-old writer and activist famously recited her poem, “Blue Light News We Climb,” at Joe Biden’s presidential inauguration in 2021. Gorman has also written poems in the wake of other tragedies in the country, including “Hymn for the Hurting,” about the Robb Elementary mass shooting in Uvalde, Texas in 2022. She also performed a poem she wrote about reproductive rights and the Roe V. Wade Supreme Court case in a NowThis video in 2019.

Erum Salam is a breaking news reporter and producer for MS NOW. She previously was a breaking news reporter for The Guardian.

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The Dictatorship

Ted Cruz bashes Vance and Trump in secret recordings

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Sen. Ted Cruz, R-Texas, in recordings obtained by Axiosseems to have a bone to pick with Vice President JD Vance and sometimes, President Donald Trump.

In his remarks, which lasted about 10 minutes and were reportedly made in a private meeting with donors sometime last year, Cruz portrays himself as an economically-minded, pro-interventionist who has the president’s ear.

The Texas senator is also heard criticizing former Fox News personality, Tucker Carlson, and his relationship with the vice president. “Tucker created JD. JD is Tucker’s protégé, and they are one and the same,” Cruz told donors.

Cruz, who has clashed with Carlson in the past over foreign intervention policies, bashed the administration’s appointment of Israel critic Daniel Davis to a top national intelligence position. A vocal supporter of Israel himself, Cruz called Davis “a guy who viciously hates Israel,” and credited himself with removing Davis from the job.

The Republican senator also blamed Vance and Carlson for ousting former national security adviser Mike Waltz over similar anti-interventionist sentiments related to Iran.

“[Waltz] supported being vigorous against Iran and bombing Iran — and Tucker and JD took Mike out,” Cruz said.

Cruz also said he has been trying to get the White House to accept a trade agreement with India, but claimed White House economic adviser Peter Navarro, Vance and “sometimes” Trump, are resistant.

Domestically, Cruz cautioned donors about Trump’s tariffs, which he said could result in severe economic and political consequences. Cruz is reportedly heard telling donors that he told the president “if we get to November of [2026] and people’s 401(k)s are down 30% and prices are up 10–20% at the supermarket, we’re going to go into Election Day, face a bloodbath.”

Cruz said a conversation he had with Trump about tariffs “did not go well,” and that Trump was “yelling” and “cursing.” Cruz said Trump told him: “F*** you, Ted.”

“Trump was in a bad mood,” Cruz said. “I’ve been in conversations where he was very happy. This was not one of them.”

In a statement about the recordings, a spokesperson for Cruz said he is “the president’s greatest ally in the Senate and battles every day in the trenches to advance his agenda. Those battles include fights over staffers who try to enter the administration despite disagreeing with the president and seeking to undermine his foreign policy” and that “these attempts at sowing division are pathetic and getting boring.”

In an email responding to MS NOW’s request for comment on Cruz’s reported statements, the White House did not address Cruz’s statements.

Erum Salam is a breaking news reporter and producer for MS NOW. She previously was a breaking news reporter for The Guardian.

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The real reason Trump and MAGA are so quick to blame Minneapolis shooting victims

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Alex Pretti was shot to death on the sidewalk of a street in Minneapolis after he didn’t leave when federal agents demanded he leave. Renee Good was shot to death in her car on a street in Minneapolis because she tried to leave when federal agents demanded she not.

Advocates of President Donald Trump’s administration will cite this disobedience as a central factor in Pretti and Good’s deaths. Each has been assigned a contrived danger, as well, to reinforce the urgent need for their killings: Pretti had a gun (that he doesn’t appear to have drawn) and Good had her car (that she doesn’t appear to have used as a weapon).

But their central offense, among those eager to champion Trump’s politics and policies, was their failure to be pliant. They were at odds with the state and, well, sometimes that’s punishable by death.

It is stunning, though not surprising, to see the president of the United States and sworn federal officials impugn dead citizens so callously.

It has been posited that the eagerness with which Trump and his allies have defended Immigration and Customs Enforcement agents against charges of excessive force, and the alacrity with which they assign blame to the victims of those shootings, demonstrates hypocrisy, given their collective willingness to absolve — to beatify! — the rioters at the Capitol on Jan. 6, 2021. They, too, defied state authority and, in many cases, far more aggressively. But they are hailed as heroes by the current administration.

But this isn’t hypocrisy at all. It’s consistent. If you object to or impede their politics, they will hurt you. That is the consistency and it is why off-duty police were in the mob on Jan. 6 and why Trump supporters defend ICE today. It’s not the badge that matters. It’s the red cap.

The most jarring element of the response to Pretti’s death and to Good’s death is the speed with which the administration has disparaged the victims rather than the perpetrators. Each of them was also immediately asserted to have been a premeditated, violent actor. A terrorist. When each, instead, was at the scene of their unwitting deaths because they were part of and supportive of their community.

It is stunning, though not surprising, to see the president of the United States and sworn federal officials impugn dead citizens so callously. It’s utterly immoral, if not deranged. What flows through their veins is partisanship, and what dominates their thoughts is knocking their opponents and critics back on their heels. Perhaps there are flutters of recognition that this is not how human beings behave, much less political leaders in a democracy. But if those flames flicker into existence, they are quickly snuffed.

And for what! This is the question that continues to baffle me more than any other. Why has the Department of Homeland Security dispatched vans and SUVs filled with masked men to Minneapolis? Most immediately, it seems, it’s because a bad-faith “investigation” from a right-wing media personality made Minnesota a focus of the right’s collective anger. So the president pointed at Minnesota and his shock troops marched.

Their mission has been described in a number of ways, which means that (as with so much else in Trump’s world) the effect was decided before the cause. Maybe it’s about combatting the fraud alleged by the media personality, even though prosecutors had been investigating and securing convictions for social services fraud in Minnesota for years. Or maybe it’s just about uprooting immigrants.

This is the government’s most common explanation. Trump and his aides have repeatedly insisted that the expansive, guerrilla-style raids being conducted by federal agents in Minnesota have been effective at removing the “worst of the worst” criminal immigrants from the area, something it insists that the state’s Democratic leaders had refused to do. (The state disagrees.)

What’s the right ratio here, Mr. President? How many citizens being shot to death is worth this campaign of fear and its sporadic deportations?

At a White House press conference on Jan. 20, Trump held up images of 40 individuals who he claimed had been detained by federal agents in Minnesota. A DHS website titled, “ARRESTED: WORST OF THE WORST,” — identifies just under 500 such people in the state. Some of them (as was the case with Trump’s visual aids) seem less like “the worst of the worst” than like “people with any criminal record at all.” Does having a DUI make you one of the nation’s worst criminals? If you weren’t born here, I guess so.

Even by DHS’ count, though, the government isn’t only targeting “the worst of the worst.” On Jan. 14, the agency put out a press release claiming that they’d arrested 2,500 of the “worst of the worst,” meaning that the website, even with the drunk drivers, is a couple thousand short in its tally. Nationally, of course, ICE has accelerated its detention of people with no criminal records at all. One analysis estimates that 92 out of every 100 people added to ICE detention last year faced no criminal charges and had no past convictions. Besides, violent crime in Minnesota was already on the decline before DHS and ICE showed up (also mirroring national trends).

So the feds rolled up some people with criminal records or maybe pending charges. In doing so, they spread chaos and confusion around the city, shipped a kindergartener off to Texas and sent a baby to the hospital.

In doing so, they killed two residents of Minneapolis, their dying bodies laying at the side of the road.

What’s the right ratio here, Mr. President? How many citizens being shot to death is worth this campaign of fear and its sporadic deportations?

It seems as though the answer is clear by now: As many as can be killed with his base still believing that they were violent opponents of the president’s politics. As long as that belief is sustained, the killings can continue because it means that his supporters’ confidence and trust in him is sustained, too. And that, more even than purifying the populaceis what matters to Trump.

The White House and DHS frequently validate their work by pointing to the killers they’re taking out of the country, outsiders who’d killed Americans. It would be a more effective argument if they weren’t defending the outsiders they brought into Minneapolis who did the same thing.

Philip Bump is a data journalist and MS NOW contributor.

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