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Stocks spike higher, Dow, S&P 500, Nasdaq rebounds along with oil | April 8, 2024


President Donald Trump’s “Liberation Day” tariffs imposed a 10% baseline on all imports — with steeper rates for countries with trade deficits — sparking pushback from Democratic governors trying to shield their states from any fallout.

While the Trump administration has maintained that the aggressive new tariffs will ultimately strengthen the U.S. economy and protect American workers, Trump’s new tariff orders have impacted global markets as Democratic governors unite in opposition.

Govs. Gavin Newsom, J.B. Pritzker, Josh Shapiro, Jared Polis, Tim Walz and Kathy Hochul are among the growing list of Democratic governors speaking out against Trump’s tariffs – and, in some cases, working to blunt the impact on their local economies.

“Democrats should focus on out-of-control homelessness, crime, regulations, and unaffordability in blue states instead of trying their hand at international dealmaking,” White House spokesman Kush Desai said in a statement to Fox News Digital. 

Newsom, considered a potential 2028 presidential contender, announced plans to seek “strategic” international partnerships to exclude California from the retaliatory tariffs imposed on the U.S. by countries caught in the crosshairs of Trump’s tariffs. 

“I’m pursuing trading relationships with our global partners to combat the pain of Trump’s tariffs and exclude California-made products from retaliation. As the world’s 5th largest economy, California remains open for business — no matter the turbulence in Washington,” Newsom said in an X post. 

However, within the U.S. Constitution, trade policy is a power reserved to the federal government, and states do not have legal authority to independently negotiate with foreign governments on tariffs or make global trade deals. 

This is an excerpt from an article by Fox Business’ Deidre Heavey.



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