Global News Podcast
As stock markets tumble again, Trump calls for a cut to interest rates
Fri, 04 Apr 2025
As stock markets tumble again, Trump calls for interest rate cut, but the head of the US central bank suggests otherwise. Also, fourteen Ukrainians die in a Russian missile attack, and the rat sniffing out landmines.
Chapter 1: What are the main topics covered in this podcast episode?
You're listening to the Global News Podcast from the BBC World Service. Hello, I'm Oliver Conway. This edition is published in the early hours of Saturday, the 5th of April. President Trump calls for a cut in interest rates, but the head of the US central bank suggests that won't happen as trillions of dollars are wiped off global markets.
Ukraine says a Russian missile strike has killed 16 civilians in President Zelensky's home city. And the best-selling video game Minecraft hits the cinema screens. Also in the podcast, the Tanzanian diet that can boost the immune system.
In the morning for breakfast, used to have a millet porridge and sorghum porridge as well. For lunch, a banana with beans.
And does a whiff of power surround the French president? When he announced his new tariffs earlier this week, President Trump called it Liberation Day. Critics said Liquidation Day would have been a better name and investors continue to dump stocks on Friday. Some financial markets recorded their worst falls since Covid.
Chapter 2: Why does Trump want to cut interest rates?
During the day, China announced it would match the 34% additional tariffs imposed by the US, sparking fears of a global trade war. Donald Trump said China played it wrong, they panicked, and he would never change his policies. But he did make a plea for the US central bank to cut interest rates. The response from Jerome Powell, chairman of the Federal Reserve, suggested that would not happen.
Tariffs are highly likely to generate at least a temporary rise in inflation. It's also possible that the effects could be more persistent. Our obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem.
Jerome Powell talking to business journalists. I asked our business correspondent Mark Ashtown why the president was pushing for a cut in interest rates.
Windrush has been obviously the big issue as America and the rest of the world has grappled with inflation. Obviously, we had hugely high inflation post the Russian invasion of Ukraine, energy bill spikes, that sort of thing, which makes life very painful for everyone. So I think Donald Trump, they're looking for... some help, really.
If interest rates were to come down, that would help everyone in their pockets. That would help businesses as well. It makes money cheaper to borrow as well. But the chair of the Federal Reserve, Jerome Powell, has always been very circumspect on this. He's very careful with the language he uses. He won't want to stoke any inflationary issues. I think he also reflected there
He was a bit worried about the size of these tariffs, even took them by surprise. So I think, yeah, as ever, Donald Trump wants fast-moving responses, but Jerome Powell, the sort of polar opposite, really. It's slow and steady. They will take all the data, analyse it and work out the path from there.
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Chapter 3: How are tariffs affecting the global markets?
Now, investors and traders also appear to have been surprised by the scale of the impact of this. Just take us through what's been happening on the market. I think so.
Well, pretty much as soon as Donald Trump got his massive card out with his tariff menu, there was a fall in US stocks. That continued. We had a massive drop off on all stocks on Wall Street yesterday. Overnight, Asian indexes lost ground, European indexes as well. I mean, the FTSE, for example, the 100 biggest companies in London, now trading at lows not seen for over a year.
So we're not in what you might call crash territory. But certainly in America, a massive sharp decline again on the opening bell this afternoon. The Nasdaq now trading at its lowest point since last May. It's 20% below its December peak, which technically now puts us in what we call bear territory. Donald Trump's message, though, has been this is a short-term pain.
He says it's not a crash, it's a correction. It's these big companies getting used to this new world order. And he is sending out that message loud and clear to Americans that, yes, we could have some short-term pain here, even possibly the R word being raised, recession. We could expect that even potentially. But that will lead to what he sees as a level trading playing field across the world.
creation of better jobs in America, better wages. But I think there's no doubt in the short term, consumers are bracing themselves, like markets, like investors, like governments, for what's to come over the next few days.
Our business correspondent, Mark Ashdown. So how is all this going down in the US on what they call Main Street? Neda Tawfiq has been speaking to people in New Jersey.
Stores like Jacobson Appliance here in Union County, New Jersey, are urging customers to make any necessary purchases quickly before price shock kicks in.
We don't know what the price is going to be at the end of this month. Be prepared for a huge price increase. It could be 30 to 40 percent.
And what impact will that have for you as a business owner?
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Chapter 4: What is the impact of Russian missile strikes in Ukraine?
That report from New Jersey by Netta Taufik. In recent days, there have been hints that the US may be willing to put more pressure on Russia to agree a ceasefire in Ukraine. At the weekend, President Trump said he was angry with Vladimir Putin. And on Friday, the American Secretary of State Marco Rubio said the US was not going to fall into the trap of endless talks with Russia.
Peace means you stop shooting at each other. I mean, it's as simplistic as that. Now, obviously, look, there's all kinds of conditions for a final peace, and you have to work with both sides. And I've said from the beginning, the only way a war ends in a negotiated settlement, if it's not an unconditional surrender, then it is both sides make concessions.
We're not going to prejudge what those concessions are, because those concessions will depend on what Ukraine will accept and Russia will accept. But we have to make concrete steps towards peace. What we're not interested in, and I'm not accusing them of this, I'm just telling you what we're not interested in is negotiations about negotiations.
However, for now, Russian aggression continues. Ukraine said 16 people, including six children, died from a Russian missile strike on a residential area of President Zelensky's home city, Krivyi Rih. I heard more about the attack from our Ukraine correspondent, James Waterhouse.
Well, it's a bad one. And when you consider that there is a backdrop of daily Russian missile and drone attacks, they take place all the time. There is occasionally one that stands out. And in KVV, we're talking about a gritty, industrial, vast city where President Zelensky, coincidentally, grew up.
And what we have seen from footage is a gaping, smouldering chasm in the side of a residential block. which suggests that this was, as the authorities say, a ballistic missile. Next to it, you can see bodies scattered on the pavement in a neighbouring playground, and there are shrapnel marks everywhere. All signs suggest that this was a civilian area.
And President Zelensky has said that this is a clear demonstration that Russia is not interested in peace. And I think when we consider...
the ceasefire efforts being led by America at the moment, where the question of just how up for peace Russia is is increasingly being asked, this is something Ukraine is looking to highlight and something that leaves Ukraine in no doubt that Russia is only interested as of now in continuing to wage its full-scale invasion.
Yeah, I mean, is there any sense in Ukraine that US patience might be starting to run out with Russia?
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Chapter 5: What is the situation in Turkey regarding anti-government protests?
We've just arrived at the home of a Turkish journalist, Yasin Akgul. He's a photojournalist with the AFP news agency. He's one of those who was arrested after covering the protests. Hi, Yasin. Very nice to meet you. Thanks for seeing us. Thank you. Thank you. How are you? Good? I'm fine, thank you. Good. His son Umut is here beside me. He's eight years old. He's playing on his computer.
He's dressed as Harry Potter. And Umut was here at home with his mum and dad and his baby sister when the police came.
There were a lot of police.
They said they had an order to arrest me, but gave me no details. My son was awake. I couldn't even tell him what was happening.
I'm sitting with Yasin at his laptop and he's showing me some of the extraordinary images he captured during the protest. Just looking here at photographs of a whirling dervish in front of a line of police. These images became incredibly famous. They were seen around the world. And these photos landed Yasin in prison for two nights.
He's accused of being a protester, not a journalist, at the banned demonstrations. He says his arrest is a warning to others.
Don't take pictures. Don't speak. Don't film. They are making other journalists afraid.
that if they go back into the field, they could face the same thing.
Night after night, this is growing. The biggest street protest here in Turkey in more than a decade.
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