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 "10% tariffs on all imports, with higher rates for 'bad actors.'"

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Sponsored by  Good afternoon. Here’s what you should know today, April 2: Stock futures drop as Trump unveils his latest tariff plans The FDA punts on a key Covid-19 vaccine decision after a top official is ousted Gen Z is fed up with situationships—and ready to commit By Zlati Meyer Thanks for reading What’s News! Look for the 🔐 to enjoy a free article on us—and share the link with a friend (or forward the whole newsletter!). President Trump announced a slate of reciprocal tariffs against certain nations and a 10% across-the-board tariff, at a Rose Garden event he’s called “Liberation Day.” PHOTO: MARK SCHIEFELBEIN/AFP 1. The U.S. will impose a 10%, across-the-board tariff on all imports, plus higher rates for nations the White House considers bad actors on trade. President Trump said the country will charge “a discounted reciprocal tariff” because the U.S. is kind. For example, Washington is levying a 34% tariff on China, 20% on Europe and 24% on Japan. Trump also announced 25% tariffs on all foreign-made automobiles. The levies take effect at midnight. Here's a rundown of the tariffs unveiled so far. Meanwhile, a handful of GOP senators are expected to join Democrats in passing a resolution aiming to undo the president’s 25% tariff (🔐 read for free) on Canadian imports. Follow live updates and analysis. 2. U.S. stock futures turned lower during Trump’s tariff announcement. Futures tied to the S&P 500 slumped 2.2% during the speech. Shares in some of the biggest U.S. tech and consumer firms fell, with Apple declining 5% and Amazon 4%. Nike shares dropped 6%, as did those of other shoe companies. Major indexes opened lower before climbing into positive territory by late morning. Uncertainty about U.S. trade policy has injected volatility into recent trading, and many investors hoped clarity would help stabilize stocks. 3. Mobile tech company AppLovin made a bid for TikTok and talked to Steve Wynn about backing it, according to people familiar with the matter. The casino magnate couldn’t immediately be reached for comment. Amazon also submitted a last-minute offer, people familiar with the matter said; the company declined to comment. Saturday is the deadline for TikTok’s Chinese parent ByteDance to sell or shut down the video-sharing app due to U.S. national security concerns. Beijing has signaled it would be open to a deal, but see it as one of several issues to negotiate with Washington, including tariffs, according to people familiar with China’s thinking. 4. The FDA missed the deadline to grant full approval to Novavax’s Covid-19 vaccine, days after the agency’s vaccine chief was pushed out. Senior leaders are sitting on the decision, people familiar with the matter said. The agency, which has allowed emergency use of Novavax’s vaccine, gave full approval to other Covid shots years ago. The Health Department declined to comment, and the FDA didn’t immediately respond to requests for comment. The federal government’s response on vaccines is under scrutiny since vaccine skeptic Robert F. Kennedy Jr. became health secretary. Separately, an FTC lawsuit against pharmacy-benefit managers over insulin prices is on hold after Trump fired the agency’s Democratic commissioners. 5. Planned Parenthood went before the Supreme Court in a case about whether states can kick healthcare providers that offer abortions out of their Medicaid programs. The move would further imperil the organization’s presence in conservative states. Planned Parenthood already is closing clinics and facing more financial strains as Republicans look to weaken the abortion provider. The high court’s decision is expected by July. CONTENT FROM: KX IN THE AI ERA, ONLY THE FASTEST SURVIVE KX. The high-performance analytical database for the AI era KX.com Spotlight Tesla’s global vehicle deliveries dropped 13% in the first quarter from a year ago. The decline is further evidence that a growing consumer backlash against the brand and CEO Elon Musk is hurting the automaker’s business. Musk’s role in the Trump administration and support for far-right parties in Europe has incited anti-Tesla protests and boycotts. Read More ‏‏‎Quoted “There is ‘I have always strived for this, I’m going to have it, damn it, whether it floods or not.’” —Clay Cockrell, a licensed clinical social worker with affluent clients. He said the attitude explains why the megarich—especially people new to vast wealth—buy expensive homes in extreme weather zones. They like the locations and can afford to take the financial hit if Mother Nature destroys the neighborhood. Catch Up Trump Attorney Studied Options for Third Presidential Term (Read) Judge Dismisses Bribery Case Against NYC Mayor Eric Adams (Read) Revenge Killing of Hamas Policeman Adds to Pressure on Group (Read) How a Trio of Comedy Masterminds Cracked the Workplace Generation Gap (Read) The Dark Money Behind Duke Basketball (Read) What Do You Think? Yesterday, we asked whether Luigi Mangione should face the death penalty. Here’s what you had to say: Yes. I absolutely understand the emotional rationale behind his actions and I am sympathetic. However, taking a life is not the way to protest, no matter how just the cause. —Chris Locke, Georgia I’m not sure why it is OK for the state to put someone to death, but it constitutes murder if a citizen does the same. —Scott Middleton, Illinois It’s better to give him life without parole so that he can spend his whole life behind iron bars and barbed wire, thinking about how he wasted his own life. Unfortunately, the death of Brian Thompson will do nothing to change the flaws in our current healthcare system. —S. Layne, Kansas Responses have been condensed and edited. What impact will tariffs have on the U.S. economy this year? Let us know at whatsnewsletter@wsj.com or reply to this newsletter. Include your full name and location, and we may publish your response in an upcoming issue. Take a Break ILLUSTRATION: ALEXANDRA CITRIN-SAFADI/WSJ The vague relationships that rule the Gen Z dating scene are hard to navigate—even well after they end. Zoomers have had enough; they want commitment. Read More Beyond the Newsroom Buy Side from WSJ: Step up your style with the best fashion sneakers, from luxe lace-ups to sleek slip-ons. Today's newsletter was curated by Zlati Meyer in collaboration with Leigh Kamping-Carder in New York. Follow Zlati on X at @Zlatimeyer and Leigh at @Leigh_KC. Sign up for WSJ newsletters on markets, tech, careers and more. 📰 Enjoying this newsletter? Get more from WSJ and support our journalism by subscribing today with this special offer.   Access WSJ‌.com and our mobile apps. Subscribe

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