Up First from NPR
Global Markets Plummet, Wrongful Deportation Deadline, Second Measles Death
Mon, 07 Apr 2025
President Trump's trade war has prompted further market declines. The Trump administration has a midnight deadline to return a man deported to El Salvador in what a federal judge has called a "grievous error". And, a second child in Texas has died of measles according to state health officials. Want more comprehensive analysis of the most important news of the day, plus a little fun? Subscribe to the Up First newsletter.Today's episode of Up First was edited by Kara Platoni, Russell Lewis, Marc Silver, Lisa Thomson and Janaya Williams. It was produced by Ziad Buchh, Nia Dumas and Christopher Thomas. We get engineering support from Neisha Heinis. And our technical director is Carleigh Strange.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy
Chapter 1: How is President Trump's trade war affecting global markets?
President Trump's trade war prompted even more market declines, which he dismissed.
I don't want anything to go down, but sometimes you have to take medicine to fix something.
What's making investors panic, and why have the odds of a recession gone up?
I'm Steve Inskeep with A. Martinez, and this is Up First from NPR News. The Trump administration has a midnight deadline to return a man deported to El Salvador in what a federal judge called a grievous error. So why has the Department of Justice put its attorney on administrative leave?
On day one, I issued a memo that you are to vigorously advocate on behalf of the United States.
And a second child in Texas has died of measles.
It's not surprising that in an outbreak of this size that we're starting to see deaths.
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Chapter 2: Why was a man deported to El Salvador in error?
We'll get a clearer idea later this morning when U.S. markets open. But when the futures markets opened last night, meaning that traders could start putting in their orders to buy and sell, prices immediately turned red. By early this morning, Dow futures were down around 1,300 points or more than 3%. And it's not just stocks.
Oil futures are down and Bitcoin, which trades around the clock, is down below $77,000. Remember, it hit $100,000 not that long ago, weeks after President Trump was elected, on the industry's hopes for a more crypto-friendly president.
I remember a lot of Wall Street figures backed Trump last year. What are they saying now?
Well, Wall Street has been slow to speak out. But today or last night, billionaire fund manager and Trump supporter Bill Ackman, who endorsed the president during last year's election, has warned on X that the U.S. is destroying confidence in the U.S. as a place to do business. And he's called for a 90-day pause on tariffs to avoid what he calls economic nuclear war.
And he is just one of many people sounding the alarm. NPR last night talked to Mark Zandi, chief economist at Moody's Analytics. He says Wall Street is panicked.
Investors are very nervous about what's going on. I'm sure they're calling lawmakers and the White House to pressure them to come to some kind of terms with other countries over these tariffs, bring this global trade war to an end, because if they don't, Soon, the economy is going to go into recession.
And he's hardly alone with that warning. The investment bank J.P. Morgan also warned last week that if Trump keeps the tariffs, they could push the U.S. and the world into a recession. Even if things don't get that bad, this current market sell-off could have real consequences and real pain for most consumers. About 60% of U.S.
households own stocks, and a lot of people have their retirement accounts and other long-term savings invested in the market. And also, let's not forget, these new tariffs are widely expected to raise prices on almost everything that Americans import.
Okay, so a lot of warnings from Wall Street for the president. What has he said about the market sell-off?
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Chapter 3: What are the implications of the second measles death in Texas?
Ruveni said he had asked his clients inside the Trump administration the very same thing, and that, quote, I have not received to date an answer that I find satisfactory. The next day, he was put on administrative leave by the Justice Department. Here is Attorney General Pam Bondi explaining why yesterday on Fox News Sunday.
I firmly said on day one, I issued a memo that you are to vigorously advocate on behalf of the United States. He shouldn't have taken the case. He shouldn't have argued it if that's what he was going to do.
So, Joel, what what happens now? The Justice Department is appealing. They argue that courts do not have jurisdiction over this case because Abrego Garcia is in the custody of El Salvador. And essentially, there is nothing that Judge Ziniz can do. The Justice Department is asking the Fourth Circuit Court of Appeals for an emergency stay.
But if they do not get one, that midnight deadline will still be in place. And then the big question is whether they will comply with it.
All right. That's NPR's Joel Rose. Joel, thank you.
You're welcome.
A second child in Texas has died of measles, according to state health officials.
Health and Human Services Secretary Robert F. Kennedy Jr. attended the child's funeral on Sunday and identified the child as 8-year-old Daisy Hildebrand. Until this year, the United States had not reported a measles death for nearly a decade. Now, an outbreak centered in Texas has 481 confirmed cases.
NPR's Maria Godoy has been following all this for us. Maria, the second child to die of measles this year. We've learned that she died on Thursday. What else do we know about her?
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