Please ensure Javascript is enabled for purposes of website accessibility

Trump’s latest round of tariffs have taken effect — and more retaliation is coming. What we know

NEW YORK (AP) — President  has launched tariff wars with almost all of America’s trading partners. And his track record of on-again, off-again new levies continued Wednesday with a 90-day pause for most nations targeted by the latest volley of import taxes, hours after they went into effect.

Just after midnight, dozens of countries began facing steeper duties from the U.S. as part of Trump’s sweeping — and self-described “reciprocal” — on foreign goods. But by Wednesday afternoon, his administration abruptly said it would suspend these higher rates for 90 days, and instead maintain a recently-imposed 10% levy on nearly all global imports.

, however, is an exception. Trump said on social media that he would raise import taxes on China to 125% “effective immediately” — escalating tit-for-tat levies that have piled up between the two countries.

With so many back-and-forth tariff actions and threats, it can be tough to keep track of where things stand. And a number of other import taxes are still in place. Here’s a rundown of what you need to know.

What tariffs took effect on Wednesday — and are now delayed?

Before announcing a 90-day pause, higher rates for Trump’s latest — and most sweeping — round of tariffs took effect early Wednesday.

Trump announced these new import taxes on April 2, which he dubbed “Liberation Day,” as part of a sweeping “reciprocal” trade plan. Claiming that others had “ripped off” the U.S. for years, Trump declared that the U.S. would tax nearly all of America’s trading partners at a minimum of 10% and impose individualized, steeper rates for dozens of countries that he said run trade surpluses with the U.S.

The 10% baseline already went into effect Saturday — and will now stay in place for most trading partners going forward. Wednesday’s 90-day pause means that those steeper levies, which ran as high as 50%, will be delayed.

The Trump administration has signaled that it will use this time to negotiate with individual countries. In a post on Truth Social Wednesday afternoon, Trump said he was declaring the pause because “more than 75 Countries” had reached out to the U.S. government for trade talks and not retaliated in a meaningful way.

Meanwhile, more aggressive tariffs on China still went into effect Wednesday. After following through on a threat to raise levies against China to a combined 104% by 12:01 a.m. ET, Trump said he was upping that figure to 125% Wednesday afternoon.

“China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,” Trump wrote on Truth Social.

Economists warn that the levies will raise prices for goods consumers buy each day, particularly as these new tariffs build on previous trade measures, all of which have already plunged markets into turmoil. And even for countries eligible for the current pause on Trump’s steeper, “reciprocal” rates, 10% still represents an increase in the tariffs previously charged by the U.S. government.

Are more tariffs coming?

Yes. Starting Thursday, China has already said it will tax American goods at 84%.

China announced a flurry of countermeasures in response to the “Liberation Day” tariffs last week, including plans for its own 34% levy on U.S. goods to match what was then Trump’s “reciprocal” rate. But after Trump threatened — and then followed through — on adding an additional 50% early Wednesday, China said it would raise its tariffs to 84%.

“If the U.S. insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end,” the Ministry of Commerce wrote in a statement introducing its white paper on trade with the U.S.

Whether China will increase its tariffs even further has yet to be seen. The country announced the 84% levy prior to Trump raising the U.S. tax on Chinese goods to a collective 125%.

The between the U.S. and China isn’t new. The two countries have exchanged a series of tit-for-tat levies in recent months — on top of tariffs imposed during Trump’s first term, many of which were preserved or added to under former President Joe Biden.

While China has taken the toughest approach so far, a number of countries are evaluating their own responses to Trump’s levies — and some have promised, if not already taken, more retaliation.

Also earlier Wednesday, EU members voted to approve retaliatory tariffs on $23 billion in goods in response to Trump’s previous 25% tariffs on imported steel and aluminum. The EU’s counter tariffs will come in stages, with some arriving April 15 and others on May 15 and Dec. 1. The executive commission didn’t immediately specify which goods would be effected.

Members of the 27-country bloc repeated their preference for a negotiated deal to settle trade issues — calling the U.S. tariffs “unjustified and damaging.” Prior to Trump pausing his higher “reciprocal” tariff rates, Ursula von der Leyen, head of the EU’s executive commission, had offered a zero-for-zero tariffs deal on industrial goods.

Trump could also roll out more product-specific tariffs down the road. The president has previously threatened import taxes on goods like copper, lumber and pharmaceutical drugs — all of which are currently exempt from Trump’s “reciprocal” levies.

During a speech Tuesday night, Trump boasted he was offering “breaking news” before vowing, “We’re going to be announcing, very shortly, a major tariff on pharmaceuticals.” In the same remarks, the president lamented that the U.S. no longer produces many of the pharmaceuticals its citizens take, and said new tariffs would change that — bringing production of medication back to the U.S.

What other import taxes are already here?

A handful of tariffs are already in effect — including, again, Trump’s 10% baseline tax which took effect on Saturday.

Prior to that sweeping levy, Trump had rolled out several other rounds of tariffs targeting particular countries and products. His 25% tariffs on auto imports began last Thursday, with taxes on fully-imported cars. Those levies are set to expand to applicable auto parts in coming weeks, through May 3.

Canada responded with a 25% levy on auto imports from the U.S., effective Wednesday, for products that do not comply with the 2020 US-Mexico Canada Agreement.

Trump’s expanded steel and aluminum tariffs went into effect last month. Both metals are now taxed at 25% across the board, with Trump’s order to remove steel exemptions and raise aluminum’s levy from his previously-imposed 2018 import taxes taking effect March 12.

Beyond previous levies on China, Trump also targeted Mexico and Canada earlier this year. They were spared from last week’s heightened rates, Trump imposed — and later partially suspended — 25% duties on goods from both countries.

Meanwhile, goods complying with the USMCA can continue to enter the U.S. duty-free, according to the White House. Other imports are still levied at 25%, as well as a lower 10% duty on potash and Canadian products.

Once the two countries have satisfied Trump’s demands on immigration and drug trafficking, the White House said the tariff on non-USMCA compliant imports will drop from 25% to 12%.

AP Writers Huizhong Wu in Bangkok and Lorne Cook in Brussels contributed to this report.

Notes: Eds: UPDATES: adds French dairy federation, Tata jobs cuts, updates China countermeasures.

China raises its retaliatory tariff on the US to 84% as it vows to ‘fight to the end’

BANGKOK (AP) — is boosting on American goods to 84% and vowed Wednesday to “fight to the end” in an escalating battle that threatens to disrupt trade between the world’s two largest economies.

The new rate, which takes effect Thursday, comes in response to ‘s move to raise the tariff on Chinese products to 104% as part of increases that hit U.S. trading partners worldwide. Europe and Canada also hit back Wednesday with new tariffs on imports from America.

The hikes are the latest in an ongoing  that threatens to raise prices for consumers in America and derail China’s attempts to reinvigorate its sluggish economy. The response from the Chinese government signals its determination not to bend to Trump’s pressure, despite the risks.

“If the U.S. insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end,” the Ministry of Commerce said ahead of announcing its latest tariff hike.

also imposed restrictions on doing business with nearly a dozen American companies and said it was launching a new challenge to the American tariffs at the World Trade Organization.

China is a major exporter to US but no longer No. 1

The United States sent a record $199 billion in exports to China last year, while China exported $463 billion in goods and services to the United States, third behind Mexico and Canada, according to the U.S. Commerce Department.

China was the top source of U.S. imports as recently as 2022 but it has lost ground to America’s neighbors amid heightened tensions with the United States.

The European Chamber of Commerce in China accused the U.S. of rolling back many of the principles that have underpinned its approach to trade and investment. It said that Trump’s tariffs would have a significant impact on European companies exporting from China to the U.S., forcing them to rethink their business models and supply chains.

“This will lead to a substantial increase in operational costs and inefficiencies, and ultimately higher prices for consumers,” it said.

No ‘easy path’ to restarting U.S.-China trade talks

Though the U.S. and China may want to find a way back to the negotiating table, “this won’t be an easy path to navigate with both countries doubling down and bilateral engagement at a virtual standstill,” said former U.S. trade official Wendy Cutler, a vice president at the Asia Society Policy Institute.

China does not appear interested in bargaining, as some other countries have started doing.

“If the U.S. truly wants to resolve issues through dialogue and negotiation, it should adopt an attitude of equality, respect and mutual benefit,” Foreign Ministry spokesperson Lin Jian said Wednesday.

The Chinese Ministry of Culture and Tourism issued a travel advisory asking its citizens to evaluate the risks of visiting the U.S. as tourists and to exercise caution. The advisory, which came shortly after the announcement of the tariff hike, cited the deterioration in economic and trade relations as well as the “safety situation” in America.

China’s response has gone from measured to tough

Trump has raised the tariff on Chinese goods four times since taking office in January. The first two hikes of 10% each were met with what analysts described as a measured response from China that left the door open for talks.

But after Trump announced an additional 34% tariff on Chinese goods last week, along with tariffs on other countries in his “Liberation Day,” China matched that with a 34% tariff on imports from the U.S.

Trump then added a 50% tariff on goods from China, saying negotiations were terminated, and bringing the cumulative U.S. tariff to 104%. China responded by raising the tariff on American products by the same amount, bringing its total rate to 84%.

China’s latest measures include adding 11 American companies to an “unreliable entities” list that bars Chinese companies from selling them goods that could have military uses. Among the companies are American Photonics, and SYNEXXUS, which both work with the American military.

A Chinese position paper issued Wednesday said that the U.S. has not honored the promises it made in an earlier “Phase One” trade deal concluded during Trump’s first term. As an example, it said a U.S. law that would ban TikTok unless it is sold by its Chinese parent company violates a promise that neither would “pressure the other party to transfer technology to its own individuals.”

Trump signed an order to keep TikTok running for another 75 days last week after a potential deal to sell the app to American owners was put on ice. Representatives from ByteDance, the parent company, told the White House that the Chinese government would no longer approve a deal until there could be talks on trade.

“History and facts have proven that the United States’ increase in tariffs will not solve its own problems,” the Commerce Ministry said in a statement introducing the paper. “Instead, it will trigger sharp fluctuations in financial markets, push up U.S. inflation pressure, weaken the U.S. industrial base and increase the risk of a U.S. economic recession, which will ultimately only backfire on itself.”

___

Associated Press researcher Yu Bing and video producer Liu Zheng in Beijing and writers Paul Wiseman and Didi Tang in Washington contributed to this report.

UPDATED: Adds details and context

Northern Virginia leaders plead for state’s help amid federal job cuts

ALEXANDRIA, Va. (AP) — Northern Virginia leaders urged lawmakers on Tuesday to enact emergency legislation to help stabilize their local economy as the White House cuts federal jobs, which they said has sharply impacted the dense cluster of government employees and contractors based in the suburbs of the nation’s capital.

In presentations to a House of Delegates bipartisan  addressing federal reductions, local authorities described the job reductions as a once-in-a-lifetime overhaul of ‘s economy that would push high-salary workers to leave the state.

Fairfax County Board Chairman Jeff McKay said the shift would impact staffing at other ventures, ranging from child care services to staffing at the local county jail.

“What we’re facing here is far worse than COVID,” said McKay, a board member of the state’s most populous county. “COVID was an international pandemic that was affecting everyone. This is something that’s acutely affecting Virginia and northern Virginia.”

McKay added: “We got through COVID because we had a lot of federal support. We will get no federal support with this. In fact, it is federal actions that are causing these actions.”

As of Tuesday, roughly 1,300 federal employees and contractors have filed unemployment claims with the Virginia Employment Commission since the end of January, Secretary of Labor George’ Bryan’ Slater, who attended the committee meeting, said to a reporter during the meeting.

The meeting comes as all 100 House of Delegates seats will be on the ballot in November, along with the governor. Three of the four lawmakers in Democrats’ most competitive districts, according to a recent announcement by the Democratic Legislative Campaign Committee, serve on the bipartisan committee.

According to a presentation by the Northern Virginia Regional Commission, federal jobs account for roughly 6% of the workforce in northern Virginia and about 5% of jobs for the entire state. By comparison, such government positions only account for 2% of U.S. jobs, according to the regional commission.

Republican Del. Rob Bloxom said the House of Delegates committee would need more clarity on how the workforce reductions would impact state revenues. He added that the committee should engage more with the Virginia Employment Commission, an agency overseen by Slater.

“Like the administration or hate them, we are all in this together,” Bloxom said. “We really need them in the room to verify what they’re seeing.”

Republican Gov. Glenn Youngkin has created an online jobs portal for people looking for employment in the state, including a specific page for federal workers.

In late March, Youngkin said: “Let me be really clear: anybody who writes that there are only fast food jobs is not doing your job. Go to the website, pretend you’re someone in Fredericksburg, Virginia, who might lose their job and go find all of the jobs that would match that person’s career.”

On Tuesday, Alissa Tafti, a former union leader for her agency’s union, said she worried that former federal workers would still have difficulty finding employment in Virginia that would match their salaries, even if there are available positions out there.

“Federal workers who are getting their jobs cut, many of them … are people with really specific skill sets — highly skilled individuals, but with really particular skill sets,” said Tafti, an economist who worked for the federal government until the end of March. “It makes it really hard to find another job in another field. The economy is going to have a really hard time absorbing this many people.”

Lawmakers on the bipartisan committee are speaking to authorities in different regions of Virginia to assess how cuts to federal jobs and spending are impacting parts of the state. The committee’s next meeting will be in southwestern Virginia, lawmakers said. ___

Olivia Diaz is a corps member for The Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.

Trump signs executive orders to boost coal, a reliable but polluting energy source

WASHINGTON (AP) —  on Tuesday signed a series of executive orders aimed at boosting the struggling industry, a reliable but polluting source that’s long been in decline.

Under the orders, Trump uses his emergency authority to allow some older coal-fired plants set for retirement to keep producing electricity to meet rising U.S. power demand amid growth in data centers, artificial intelligence and electric cars.

Trump, a Republican, has long promised to boost what he calls “beautiful” coal to fire power plants and for other uses, but the industry has been in decline for decades.

The orders direct federal agencies to identify coal resources on federal lands, lift barriers to coal mining and prioritize coal leasing on U.S. lands. They also direct Interior Secretary Doug Burgum to “acknowledge the end” of an Obama-era moratorium that paused coal leasing on federal lands and require federal agencies to rescind policies transitioning the nation away from coal production.

The orders also seek to promote coal and coal technology exports and to accelerate development of coal technologies.

Trump has long championed coal

Trump, who has pushed for U.S. “energy dominance” in the global market, has long suggested that coal can help meet surging electricity demand from manufacturing and the massive data centers needed for artificial intelligence.

“I call it beautiful, clean coal. I told my people, never use the word coal unless you put beautiful clean before it,” Trump said Tuesday at a White House ceremony.

“Pound for pound, coal is the single most reliable, durable, secure and powerful form of energy,” Trump added. “It’s cheap, incredibly efficient, high density, and it’s almost indestructible. You could drop a bomb on it and it’s going to be there for you to use the next day.”

Still, energy experts say any bump for coal under Trump is likely to be temporary because natural gas is cheaper and there’s a durable market for renewable energy such as wind and solar power no matter who holds the White House.

The national decline of coal

Trump’s actions seek to reverse a decades-long decline in U.S. coal production. His administration has targeted regulations under former President Joe Biden’s administration that could hasten closures of heavily polluting coal power plants and the mines that supply them.

Coal once provided more than half of U.S. electricity production, but its share dropped to about 16% in 2023, down from about 45% as recently as 2010. Natural gas provides about 43% of U.S. electricity, with the remainder from nuclear energy and renewables such as wind, solar and hydropower.

The front line in what Republicans call the “war on coal” is in the Powder River Basin of Wyoming and Montana, a sparsely populated section of the Great Plains with the nation’s largest coal mines. It’s also home to a massive power plant in Colstrip, Montana, that emits more toxic air pollutants such as lead and arsenic than any other U.S. facility of its kind, according to the Environmental Protection Agency.

EPA rules finalized last year could force the Colstrip Generating Station to shut down or spend an estimated $400 million to clean up its emissions within the next several years. Another Biden-era proposal, from the Interior Department, would end new leasing of taxpayer-owned coal reserves in the Powder River Basin.

Changes and promises under Trump

Trump vowed to reverse those actions and has named Burgum and Energy Secretary Chris Wright to lead a new National Energy Dominance Council. The Trump-created panel is tasked with driving up already record-setting domestic oil and gas production, as well as coal and other traditional energy sources.

The energy council has been granted sweeping authority over federal agencies involved in energy permitting, production, generation, distribution, regulation and transportation. It has a mandate to cut bureaucratic red tape, enhance private sector investments and focus on innovation instead of “totally unnecessary regulation,” Trump said.

EPA Administrator Lee Zeldin, meanwhile, has announced a series of actions to roll back environmental regulations, including rules on pollution from coal-fired power plants.

“By reconsidering rules that throttled oil and gas production and unfairly targeted coal-fired power plants, we are ensuring that American energy remains clean, affordable and reliable,” Zeldin said last month in announcing the actions, which he called the “most consequential day of deregulation in American history.”

In all, Zeldin said he is moving to roll back 31 environmental rules, including a scientific finding that has long been the central basis for U.S. action against climate change.

Coal industry applauds, but environmental groups warn of problems

Industry groups praised Trump’s focus on coal.

“Despite countless warnings from the nation’s grid operators and energy regulators that we are facing an electricity supply crisis, the last administration’s energy policies were built on hostility to fossil fuels, directly targeting coal,” said Rich Nolan, president and CEO of the National Mining Association.

Trump’s executive actions “clearly prioritize how to responsibly keep the lights on, recognize the enormous strategic value of American-mined coal and embrace the economic opportunity that comes from American energy abundance,” Nolan said.

But environmental groups said Trump’s actions were more of the same tactics he tried during his first term in an unsuccessful bid to revive coal.

“What’s next, a mandate that Americans must commute by horse and buggy?” asked Kit Kennedy, managing director for power at the Natural Resources Defense Council.

“Coal plants are old and dirty, uncompetitive and unreliable,” Kennedy said, accusing Trump and his administration of remaining “stuck in the past, trying to make utility customers pay more for yesterday’s energy.”

Instead, she said, the U.S. should be doing all it can to build the power grid of the future, including tax credits and other support for renewable energy such as wind and solar power.

____

 

The Latest: Trump expected to sign executive orders to boost coal

President Donald Trump is expected to sign executive orders Tuesday aimed at boosting , a reliable but polluting source that’s long been in decline.

According to two senior White House officials, Trump will use his emergency authority to allow some older coal-fired plants set for retirement to keep producing electricity to meet rising U.S. power demand amid growth in data centers, artificial intelligence and electric cars. The officials spoke on the condition of anonymity because they weren’t authorized to discuss the issue before the president’s announcement.

Trump, a Republican, has long promised to boost what he calls “beautiful” coal to fire power plants and for other uses, but the industry has been in decline for decades.

Here’s the latest:

Canada retaliates with 25% auto tariffs in response to Trump’s import taxes

In response to ‘s tariffs, Canada says it’s implementing retaliatory tariffs of its own just after midnight on Wednesday.

Canada will put a 25% tariff on auto imports from the United States that do not comply with the USMCA, the 2019 North American trade pact put into place during Trump’s first term.

The Canadian government is also putting in a framework to bolster auto production and domestic investment as well as providing a special exception on tariff countermeasures for residents of Campobello Island, New Brunswick.

Senate confirms Trump’s nominee for top Pentagon policy job

The Senate confirmed the appointment of Elbridge Colby to be the top policy adviser at the Pentagon, overcoming concerns that he has downplayed threats from Russia and its president, Vladimir Putin.

The vote was 54-45, with Sen. Mitch McConnell of Kentucky as the only Republican voting against Colby and three Democrats voting in favor.

McConnell said Colby’s public record suggests a willingness to discount the complexity of the challenges facing America and the critical value of our allies. Vice President JD Vance criticized McConnell ‘s vote as petty.

Vance spoke at the Senate Armed Services Committee hearing early last month to urge Colby’s confirmation, saying the nominee has said things in the past that alienated Republicans and Democrats and also said things that both sides would agree on.

AP wins reinstatement to White House events after judge rules government can’t bar its journalists

A federal judge ordered the White House on Tuesday to restore The Associated Press’ full access to cover presidential events, ruling on a case that touched at the heart of the First Amendment and affirming that the government cannot punish the news organization for the content of its speech.

U.S. District Judge Trevor N. McFadden, an appointee of Donald Trump, ruled that the government can’t retaliate against the AP’s decision not to follow the president’s to rename the Gulf of Mexico. The decision handed the AP a major victory at a time when the White House has been challenging the press on several levels.

“Under the First Amendment, if the Government opens its doors to some journalists — be it to the Oval Office, the East Room, or elsewhere — it cannot then shut those doors to other journalists because of their viewpoints,” McFadden wrote. “The Constitution requires no less.”

Trump signs orders promoting coal industry

Trump signed four executive orders promoting the struggling coal industry Tuesday afternoon, flanked by coal miners wearing helmets and administration officials.

The president’s orders allow some older coal-fired power plants set for retirement to continue producing electricity to meet U.S. energy demands, put a moratorium on coal policies issued by his predecessor, President Joe Biden, and direct the executive branch to ensure its positions are not discriminatory against coal.

Trump also signed an order directing the Justice Department to investigate policies about coal issued by Democratic-controlled states to determine if they are illegal.

Army to begin limited use of horse-drawn caissons for National Cemetery funerals

The Army will soon begin limited use of horse-drawn caissons for funerals at Arlington National Cemetery, phasing in the long-held tradition after nearly two years of work to improve the care of the horses.

Starting June 2 the caissons will be used for two funerals per day, up to 10 per week, the Army said. The decision comes as the Army struggles to improve training, get better equipment and facilities and rebuild the stable of horses after two died in 2022 due to poor feed and living conditions.

The return of the caissons has been delayed several times. The Army suspended the use of the gray and black horses for the caissons in May 2023 to develop a program to improve the health and conditions of the herd.

State Department rolls back funding cuts to UN emergency food projects in poor countries

The State Department said it rolled back an undisclosed number of sweeping funding cuts to U.N. World Food Program emergency projects in 14 impoverished countries, saying it had terminated some of the contracts for life-saving aid by mistake.

State Department spokeswoman Tammy Bruce told reporters she had no immediate information on which countries had funding for food aid restored after a dayslong cutoff. She gave no explanation for how some contracts came to be canceled in error.

The World Food Program did not immediately respond to messages seeking comment.

The Associated Press reported Monday that the Trump administration cut funding to WFP emergency programs helping keep millions alive in Afghanistan, Syria, Yemen and 11 other countries, many of them struggling with conflict, according to the agency and officials who spoke to the AP.

House Republicans end standoff on proxy voting for new parents

Republicans voted to resurrect an arcane congressional procedure, ending a standoff between Republican Rep. Anna Paulina Luna and Speaker Mike Johnson on whether the House should permit proxy voting for new parents.

The compromise formalizes “vote pairing,” which allows a member on the House floor to cancel out the vote of a member who is absent. The member who is absent “pairs” with a member who plans to vote the opposite direction and is willing to vote “present” instead.

Previously Luna had supported legislation to allow new parents to vote by proxy, a measure that Johnson vehemently opposed.

Rules Committee Chair Virginia Foxx called the solution a “tried and true” method. But Democratic Rep. Brittany Pettersen, who worked with Luna on legislation promoting proxy voting, said it “is not a workable solution.”

US stocks drop again as uncertainty reigns about Trump’s tariffs

U.S. stocks dropped after a second day of stunning reversals. The S&P 500 fell 1.6% Tuesday after wiping out an early gain of 4.1%, which had it on track for its best day in years. That brought the index nearly 19% below its record set in February.

The Dow Jones Industrial Average dropped 320 points after giving up an earlier surge of 1,460, while the Nasdaq composite lost 2.1%. Uncertainty is still high about what President Donald Trump will do with his . The latest set of tariffs, including a massive 104% levy on Chinese imports, are scheduled to kick in after midnight.

FBI tells some senior officials at field offices to retire or accept new positions

The directive applies to about five special agents in charge at some of the FBI’s 55 field offices around the country. It was described to The Associated Press by multiple people familiar with the matter who spoke on condition of anonymity because they weren’t authorized to talk about private personnel discussions.

The exact reason for the move wasn’t immediately clear, nor was it clear how the individual agents were chosen. But it’s all part of a broader workforce realignment that involves the planned relocation of some 1,500 employees from Washington to the FBI’s campus in Huntsville, Alabama. That plan was disclosed by FBI Director Kash Patel on his first day on the job.

An FBI spokesperson had no immediate comment Tuesday.

— Eric Tucker

New offers for buyouts and early retirement offered to Homeland Security staff

That’s according to an email obtained by The Associated Press and it comes as the Trump administration pushes forward with efforts to reduce and reshape the federal workforce.

In the email, titled “Reshaping of the DHS Workforce,” Secretary Kristi Noem says the department would give staffers who want to leave three options: deferred resignation, early retirement and a voluntary separation payment. The email, which was sent Monday night, said the last option offers a lump-sum payment of up to $25,000 in some cases.

Staff have until April 14 to decide on whether to apply for the offer.

The Department of Homeland Security did not respond to questions about how many people are expected to take the offer or whether staff cuts would eventually follow.

Democratic state lawmakers in Arizona walked out of a speech by Trump’s border chief

As Tom Homan began speaking to the Legislature, the lawmakers held signs with the names of people they say were unjustly detained by immigration authorities and silently walked out the back of the state House chamber.

Homan is touting the Trump administration’s immigration policies in a speech to the state House and Senate in Arizona, a border state where Republican lawmakers are eager to cooperate with Trump’s push to crack down in illegal border crossings and deport people living in the country illegally.

Trump helps plant replacement for historic White House tree that was removed over safety concerns

“We have a beautiful tree now at the White House,” Trump said.

The White House did not allow news media coverage of the tree planting, but afterward shared a brief video clip on social media. Dale Haney, the longtime grounds superintendent, also participated.

“Dale’s been here 53 years. He’s fantastic,” Trump said.

The Republican president had announced March 30 on his social media platform that the nearly 200-year-old tree, known as the Jackson Magnolia, was in “terrible condition, a very dangerous safety hazard, at the White House Entrance, no less, and must now be removed.”

The southern magnolia had stood for decades near the west side of the South Portico of the White House. It’s where presidents and prime ministers often are welcomed on their visits, as well as where the president himself exits to board the Marine One helicopter or returns after a trip.

Homeland Security waiver allows feds to bypass environmental rules to build border wall

The waiver issued Tuesday allows the federal government to bypass environmental regulations and begin construction immediately on stretches of the border wall in Southern Califorborder wall in Southern Californiania.

Homeland Security said in a statement that the waiver signed by Secretary Kristi Noem will “cut through bureaucratic delays” and forego dozens of laws including the National Environmental Policy Act, which requires federal agencies to evaluate the effects of their actions on the environment.

Officials said the decision will fast-track U.S. Customs and Border Protection’s construction of about 2 1/2 miles (4 kilometers) of the wall south of San Diego and further east near Jacumba Hot Springs, California.

“This waiver clears the path for the rapid deployment of physical barriers where they are needed most, reinforcing our commitment to national security and the rule of law,” the statement said.

The advocacy group Earthjustice derided the decision to sidestep environmental laws.

White House and Iran at odds on whether upcoming talks will be ‘direct’ or ‘indirect’

Iranian officials have confirmed they’ll engage with Trump’s team in Oman on Saturday as the U.S. administration presses Tehran to abandon it’s nuclear weapons ambitions. But they’re describing the talks differently than Trump.

“Iran and the United States will meet in Oman on Saturday for indirect high-level talks,” Iranian Foreign Minister Abbas Araghchi wrote on X. “It is as much an opportunity as it is a test. The ball is in America’s court.”

But Trump in announcing the talks Monday described the upcoming engagement as “direct talks.”

Asked to clarify the difference, White House press secretary Karoline Leavitt stuck with Trump’s description.

“They will be direct talks on Saturday, and I won’t get ahead of the president on any further details,” she said.

The U.S. and Iran have engaged in indirect talks in recent years, with Oman playing the role of intermediary. If direct talks happen, they would be the first publicly-known direct negotiations between the U.S. and Iran since Trump scrapped Obama administration’s negotiated nuclear deal in 2018.

‘Boys will be boys,’ White House says about feuding between advisers Musk and Navarro

Leavitt said “we will let their public sparring continue.”

Elon Musk earlier on X called trade adviser Peter Navarro “truly a moron” and “dumber than a sack of bricks.” Navarro has been speaking publicly about worldwide tariffs Trump announced last week.

Navarro previously had said Musk, a billionaire who’s leading Trump’s government downsizing initiative, was “protecting his own interests” by opposing tariffs.

The Tesla electric car company is among several businesses Musk owns.

White House now says Trump tariffs are bargaining chips to get better trade deals

“Bring us your best offers and he will listen,” White House press secretary Karoline Leavitt said of other countries potentially negotiating tariff rates with Trump.

She said Israeli Prime Minister Benjamin Netanyahu coming to Washington to talk trade “should serve as a model.”

Leavitt said was “making a mistake” by responding with its own steep tariffs.

She insisted that negotiating, rather than steadfastly sticking to high tariffs, wasn’t an evolution amid turmoil.

‘Tailor-made’ trade deals, not ‘off-the-rack’ deals

Leavitt says Trump has directed his team to work with countries that have reached out to strike deals in the wake of the president’s tariff hikes and trade war and to create “tailor-made” trade deals for each country.

“They are not going to be off-the-rack deals,” Leavitt said.

Leavitt said the Trump administration is willing to speak to any country that comes to the negotiating table.

Trump will host the leaders of El Salvador and Italy at the White House next week

White House press secretary Karoline Leavitt says Trump will host El Salvador’s president, Nayib Bukele, for a working visit April. 14.

Trump has been deporting Venezuelan migrants to El Salvador, which has agreed to house them in an infamous prison.

Late Monday, Supreme Court Chief Justice John Roberts agreed to pause a midnight deadline for the administration to return a Maryland man who was mistakenly deported to El Salvador.

Later that week, on April 17, Italy’s prime minister, Giorgia Meloni, will visit with Trump.

IRS agrees to share tax data with ICE for identifying and deporting people in US illegally

That’s according to a document signed Monday by Treasury Secretary Scott Bessent and Department of Homeland Security Secretary Kristi Noem.

The new memorandum of understanding will allow ICE to submit names and addresses of immigrants in the U.S. illegally to the IRS for cross-verification against tax records.

Treasury says the agreement will help carry out Trump’s agenda to secure U.S. borders and is part of his larger nationwide immigration crackdown, which has resulted in deportations, workplace raids, and the use of an 18th century wartime law to deport Venezuelan migrants.

However, advocates say the IRS-DHS information sharing agreement violates longstanding privacy laws and diminishes all Americans’ privacy.

Hegseth: Panama Canal faces threats from China, but US and Panama will keep it secure

“The United States of America will not allow Communist China, or any other country to threaten the canal’s operation or integrity,” Hegseth said, speaking at ribbon cutting for a new U.S.-financed dock at the Vasco Nuñez de Balboa Naval Base.

To that end, Hegesth said, the U.S. and Panama have worked in recent weeks to strengthen their defense and security cooperation.

“Our relationship is growing in part to meet Communist China’s rising challenge,” Hegseth said. “China-based companies continue to control critical infrastructure in the canal area. That gives China the potential to conduct surveillance activities across Panama. This makes Panama and the United States less secure, less prosperous and less sovereign. And as President Donald Trump has pointed out, that situation is not acceptable.”

Joe Rogan and Dave Portnoy are among the Trump backers now questioning his tariff policies

As Trump’s tariffs roil global markets, some of the thought leaders and influential podcasters who backed the Republican’s campaign are voicing doubts.

Barstool Sports owner Dave Portnoy, manager Bill Ackman and even Elon Musk are adding their voices to a number of congressional Republicans who’ve weighed in against the tariffs set to take effect Wednesday.

Portnoy has said he might have lost up to $20 million since the tariffs were unveiled, although he thinks Trump is “smart.”

In March, influential podcaster Joe Rogan said Trump’s feud with Canada was “stupid” and bemoaned the fact that Canadians “booed us over tariffs.”

Ackman has characterized the tariffs as “a major policy error.” After Peter Navarro said Musk “doesn’t understand” the situation over tariffs, the Tesla chief and Trump ally called the White House trade adviser “dumber than a sack of bricks.”

In Montana, Blackfeet members say tariffs on Canada violate treaty rights

A Democratic state lawmaker and a rancher who are members of the Native American tribe in northwestern Montana have filed a lawsuit in U.S. District Court seeking to block Trump’s tariffs.

Short of a complete block, they want tariffs halted at three Montana border crossings or for tribal members.

Indigenous people of Montana have treaty rights that allow them to travel and conduct commerce freely across the border. Those date to 1794, long before the present U.S.-Canada boundary line was established, the lawsuit says.

Plaintiff Jonathan St. Goddard, who ranches on the Blackfeet reservation that’s along the Canada border, last month broke a tractor wheel and couldn’t get one locally, so he traveled to Alberta to buy a replacement. He paid $308 coming back across the U.S. border to cover a 25% tariff, he said in a declaration filed with the lawsuit.

“If tariffs continue, the costs from the tariffs will cause irreparable harm to our family’s ranch and agricultural business,” St. Goddard said.

The other plaintiff is state Sen. Susan Webber.

UN Secretary-General Antonio Guterres says in a trade war ‘everybody tends to lose’

He told reporters Tuesday that he’s particularly worried about the effect of U.S. tariffs and the trade war it’s unleashing on “the most vulnerable developing countries in which the impact will be more devastating.”

Is the United Nations secretary-general worried a trade war will lead to a global recession?

“I sincerely hope that we will have no recession because a recession will have dramatic consequences, especially for the poorest people in the world,” Guterres said.

US Defense Secretary Pete Hegseth met with Panama President José Raúl Mulino

The Tuesday meeting came before Hegseth headed to a ribbon cutting for a new U.S.-financed dock on a former U.S. base.

Hegseth did not make any comments as he left the meeting, but posted a photo of the two men laughing on X.

Hegseth wrote that it was an honor speaking with Mulino. “You and your country’s hard work is making a difference. Increased security cooperation will make both our nations safer, stronger and more prosperous.”

The meeting comes amid tensions over Trump’s repeated assertions that the United States is being overcharged to use the Panama Canal and that China has influence over its operations. Panama has denied those allegations.

Minnesota’s education chief pushes back on Trump threat to cut school funding over DEI

In a letter to the U.S. Education Department, Minnesota’s education chief says the Trump administration has overstepped its authority with its crackdown on diversity, equity and inclusion programs.

The White House last week directed states to gather signatures from local school systems certifying compliance with civil rights laws, including the rejection of what the federal government calls “illegal DEI practices.” It said schools that don’t comply would run the risk of losing funding.

Minnesota’s education chief Willie Jett said in the letter that there’s nothing illegal about DEI.

“Threats to this funding without backing in law or established requirements put key programs at risk that students and schools depend on every day,” Jett wrote.

State leaders in New York said last week they wouldn’t comply with an Education Department order.

US trade rep says Trump tariffs are getting results, but things may be ‘challenging’ for awhile

The nation’s top trade representative said Tuesday that Trump’s sweeping tariffs are already getting results, bringing other countries to the negotiating table to discuss reducing their trade barriers.

U.S. Trade Representative Jamieson Greer addressed the Senate Finance Committee a day after global markets swung wildly and some business leaders lambasted the president’s aggressive bid to raise tariffs on almost every nation.

Greer testified that “about 50″ countries have sought talks to escape Trump’s import tariffs. He said, for example, that Vietnam is cutting its own tariffs on apples, almonds and cherries. The import taxes are designed to reduce America’s massive trade deficits, but Greer conceded the adjustment might ”be challenging at times.″

Congress is getting jittery about Trump’s trade wars, especially since stocks collapsed after he announced broad tariffs last Wednesday.

Supreme Court blocks order requiring Trump administration to reinstate thousands of federal workers

The employees were let go in mass firings aimed at dramatically downsizing the federal government.

The justices acted in the administration’s emergency appeal of a ruling by a federal judge in California ordering that 16,000 probationary employees be reinstated while a lawsuit plays out because their firings didn’t follow federal law.

The effect of the high court’s order will keep employees in six federal agencies on paid administrative leave for now.

A second lawsuit, filed in Maryland, also resulted in an order blocking the firings at those same six agencies, plus roughly a dozen more. But that order only applies in the 19 states and the District of Columbia that sued the administration.

The Justice Department is separately appealing the Maryland order.

National Park Service restores the original Harriet Tubman and Underground Railroad webpage

It comes in the wake of news reports and public backlash over the changes.

“Changes to the Underground Railroad page on the National Park Service’s website were made without approval from NPS leadership nor Department leadership,” NPS spokeswoman Rachel Pawlitz said late Monday in an email. “The webpage was immediately restored to its original content.”

She did not say who ordered the changes or for what reason. The changes — first reported by The Washington Post — included removing Tubman’s picture from the top of the page and making multiple edits to the text. A side-by-side analysis of the pages, using the Internet Archive’s Wayback Machine, revealed changes that removed references to slavery and changed descriptions about the issue and its brutal realities.

The issue comes amid sweeping government changes to comply with President Trump’s campaign against so-called diversity, equity and inclusion policies in the federal government.

Trump tariffs threaten 35,000 jobs and entire towns in South Africa’s citrus sector, group says

The Citrus Growers’ Association of Southern Africa says the impending reciprocal tariffs, due to come into effect Wednesday, will be deeply damaging to South Africa’s largest agricultural export.

The group says the tariffs would likely make South African citrus fruits cost $4.25 more per carton for American consumers. South Africa provides citrus to the U.S. market when it is out of season there.

South Africa is the second-biggest exporter of oranges behind Spain and the world’s fourth-largest exporter of soft citrus fruits, according to the World Citrus Organization.

House leaders express concern for any US troop cuts in Europe

The top Republican and Democratic leaders of the House Armed Services Committee expressed concerns about reports that the Trump administration is eyeing a reduction of U.S. forces in Europe, saying America must stick with its NATO allies.

Rep. Michael Rogers, R-Mich., the panel’s chairman, also voiced opposition to any plan for the U.S. to relinquish NATO command. The U.S. historically has held the Supreme Allied Command Europe position.

“U.S. leadership in NATO is essential to ensure armed American forces, including our nuclear weapons, always remain under U.S. command,” said Rogers at the start of a hearing with Army Gen. Christopher Cavoli, commander of U.S. European Command and the NATO commander.

Cavoli told the committee he’s recommended that the U.S. maintain its current force totals. There has been roughly 100,000 U.S. troops in Europe.

Trump expected to help plant replacement for historic White House tree

The White House says Trump was participating in an event to plant a 12-year-old Magnolia sapling to replace a nearly 200-year-old Magnolia tree that was removed Monday due to safety concerns.

The sapling is a direct descendant of the Andrew Jackson-era Magnolia.

Trump had announced last month that the tree was in “terrible condition” and would be removed because it had become a safety hazard.

Read More Here Trump signs executive orders to boost coal, a reliable but polluting energy source

 

Guidehouse wins $250M hybrid Army contract

McLean-based has been awarded a $250 million hybrid contract from the for financial support services.

The Department of Defense said bids for the hybrid firm-fixed-price and time-and-materials contract were solicited through the internet, and that two bids were received. Work locations and funding will be determined with each order, with an estimated completion date of March 31, 2028, according to the DOD.

In April 2023, the Army awarded Guidehouse an $89.98 million time-and-materials contract to support the Army Working Capital Fund infrastructure, with an estimated completion date of April 19, 2028. In June 2024, Guidehouse was awarded a $22.69 million modification to the contract for audit support and financial management services, with an estimated completion date of July 22, 2028.

Headquartered in , Guidehouse is a and global provider of technology and consulting services. It was acquired by a Bain Capital Private Equity affiliate for $5.3 billion in December 2023, after having been owned by Veritas Capital since 2018. The company employs more than 17,000 people across the globe.

Genworth taps new CIO

Henrico County-based Fortune 500 company announced Monday that Morris Taylor is its new and .

Taylor joins the company from -based Fortune 500 insurer Markel, where he had served as chief information officer since 2021. Before Markel, Taylor spent 25 years with -based Capital One Financial, where he led the company’s largest acquisition and integration project.

In his new role, Taylor will report to President and CEO Tom McInerney and will be responsible for designing and executing a technology strategy that aligns company goals and long-term growth plans. Genworth says Taylor will also play a role accelerating digital innovation within the organization and partnering with senior technology leadership in Genworth’s U.S. Life Insurance, CareScout Services and CareScout Insurance businesses.

“I am inspired by Genworth and CareScout’s mission to empower families to navigate the aging journey with confidence, as well as the company values that resonate with my own — compassion, customer focus, teamwork and continuous improvement,” Taylor said in a statement. “Technology is a collaborative effort, and I look forward to delivering innovative customer-focused services and solutions that meet families’ needs in facing the challenges of aging.”

McInerney said in a statement that Taylor will be “a tremendous asset” as the company works “to deliver a technology-enabled and human-centered experience” for its customers.

A Genworth spokesperson said that Taylor is stepping into a newly created role, not succeeding someone.

Taylor holds a bachelor’s degree in finance from Virginia Commonwealth University.

Headquartered in Glen Allen, Genworth offers mortgage and long-term care insurance products. The company reported annual revenues of about $7.3 billion in 2024, down 2.58% from 2023’s roughly $7.5 billion in revenue. Genworth is also the parent company of publicly traded mortgage insurance provider Enact Holdings.

US stocks drop after another stunning day of reversals as uncertainty reigns about Trump’s tariffs

NEW YORK (AP) — U.S. stocks dropped after a second day of stunning reversals. The S&P 500 fell 1.6% Tuesday after wiping out an early gain of 4.1%, which had it on track for its best day in years. That brought the index nearly 19% below its record set in February. The Dow Jones Industrial Average dropped 320 points after giving up an earlier surge of 1,460, while the Nasdaq composite lost 2.1%. Uncertainty is still high about what will do with his . The latest set of , including a massive 104% levy on Chinese imports, are scheduled to kick in after midnight.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

NEW YORK (AP) — U.S. stocks dove Tuesday after a second day of stunning reversals, as Wall Street veered from jubilation in the morning toward fear at the close because it still has no idea what to make of President ‘s trade war, which is scheduled to kick into a higher gear after midnight.

After roaring to an early gain of 4.1%, which had it on track for its best day in years, the S&P 500 quickly lost all of it within a few hours. It then careened all the way to a loss of 2.6%. That brought it 19.7% below its record set in February.

The Dow Jones Industrial Average was down 683 points, or 1.8%, after giving up an earlier surge of 1,460 points, while the Nasdaq composite was down 3.2%, as of 3:39 p.m. Eastern time.

The shocking swings followed rallies for stocks globally earlier in the day, with indexes up 6% in Tokyo, 2.5% in Paris and 1.6% in Shanghai. But even after those jumps, analysts had been warning to expect more swings up and down for financial markets not just in the days ahead but also the hours.

The big question remains centered on how long Trump will keep his stiff tariffs on other countries, which would raise prices for U.S. shoppers and slow the economy. If they last a long time, economists and investors expect them to cause a recession. But if Trump lowers them through negotiations relatively quickly, the worst-case scenario can be avoided.

Hope still remains on Wall Street that negotiations may be possible, which helped drive the morning’s rally. Trump said Tuesday that a conversation with South Korea’s acting president helped them reach the “confines and probability of a great DEAL for both countries.”

“Their top TEAM is on a plane heading to the U.S., and things are looking good,” Trump said on his Truth Social platform. “We are likewise dealing with many other countries, all of whom want to make a deal with the United States.”

Japanese stocks led global markets higher after the country’s prime minister, Shigeru Ishiba, appointed his trade negotiator for talks with the United States. It was based on an agreement between Ishiba and Trump, Japanese officials said.

But investors should still remain cautious, said Sameer Samana, a senior global market strategist for Wells Fargo Investment Institute. He pointed to how “the key countries continue to escalate, rather than de-escalate.”

said it will “fight to the end” and warned of countermeasures after Trump threatened on Monday to raise his tariffs even further on the world’s second-largest economy.

That led White House press secretary Karoline Leavitt to say Trump’s threats of even higher tariffs on China will become reality after midnight, when imports from China will be taxed at a stunning 104% rate.

That would coincide with Trump’s latest set of broad tariffs, which are scheduled to kick in at 12:01 a.m. And Trump has made clear that he does not intend to have any exemptions or exclusions in the tariffs, according to the country’s top trade negotiator, Jamieson Greer.

The U.S. trade representative also said in testimony before a Senate that roughly 50 countries have already been in contact, and he’s told them: “If you have a better idea to achieve reciprocity and to get our trade deficit down, we want to talk with you, we want to negotiate with you.”

Trump’s trade war is an attack on the globalization that’s shaped the world’s economy and helped bring down prices for products on store shelves but also caused manufacturing jobs to leave for other countries. Trump has said he wants to narrow trade deficits, which measure how much more the United States imports from other countries than it sends to them as exports.

On Wall Street, companies with vast supply chains around the world helped lead the losses. Ralph Lauren sank 6.8%, for example. It sourced about 15% of its products from China last fiscal year.

Best Buy doesn’t import many products directly from China, but the electronics industry in general has a supply chain that heavily depends on the country. Best Buy estimates vendor imports from China make up about 55% of the products it purchases, and the retailer’s fell 9.4%

On the winning side of Wall Street were health insurers, which rose after the Centers for Medicare & Medicaid Services announced a stronger-than-expected increase in Medicare Advantage payments for next year. Humana jumped 9.4%, and United Health climbed 5%.

In the bond market, Treasury yields mostly rose for a second straight day to recover more of their sharp losses from prior months. The yield on the 10-year Treasury rose to 4.23% from 4.15% late Monday and from just 4.01% late Friday.

Yields tend to rise with expectations for the U.S. economy’s strength and for inflation.

MicroStrategy expects Q1 loss as bitcoin value falls

MicroStrategy appears to have lost the coin toss — the toss, that is.

The world’s largest corporate bitcoin investor, -based reported an expected first quarter loss in a Securities and Exchange Commission filing on Monday due to the falling value of its  holdings in the .

After cresting at an all-time high of $100,000 in December 2024, bitcoin values fell below the $75,000 mark briefly on Monday.

MicroStrategy, which rebranded as Strategy in February, said in the SEC filing its unrealized loss on digital assets for the quarter ending March 31 was $5.91 billion. The company expects a resulting net loss for the quarter, although it will be “partially offset” by a related $1.69 billion income tax benefit.

Under the direction of bitcoin whale and company founder , MicroStrategy announced its first bitcoin purchase in August 2020, making it one of the first public companies to convert its cash treasury reserves into cryptocurrency as a store of value. The company now has the largest bitcoin trove of any public company.

At the end of the quarter, the company held approximately 528,185 bitcoins, purchased for about $35.63 billion, averaging approximately $67,458 a coin. On March 31, the total value of its holdings was about $43.55 billion. MicroStrategy reported it did not purchase any additional bitcoin between March 31 and April 6.

According to Coinbase, the nation’s largest cryptocurrency exchange, as of 12:20 p.m. on Tuesday, bitcoin was selling for $78,000.26 — making MicroStrategy’s holdings worth about $41.2 billion.

MicroStrategy said it “may not be able to regain profitability in future periods,” particularly if it incurs “significant unrealized losses related to [its] digital assets.”

Additionally, MicroStrategy said in the filing, “A significant decrease in the market value of our bitcoin holdings could adversely affect our ability to satisfy our financial obligations.”

The company could have to sell some of its bitcoin holdings to meet financial obligations, according to the SEC filing.

“As bitcoin constitutes the vast bulk of assets on our balance sheet, if we are unable to secure equity or debt financing in a timely manner, on favorable terms, or at all, we may be required to sell bitcoin to satisfy our financial obligations, and we may be required to make such sales at prices below our cost basis or that are otherwise unfavorable,” MicroStrategy said in the filing.

Despite the expected Q1 loss, Saylor, now MicroStrategy’s executive chairman, said Tuesday in a post on social media platform X: “Bitcoin is Digital Gold,” accompanied by a photo of himself sitting on blocks of gold with engraved bitcoin logos in front of a vault door.

MicroStrategy shares were trading for $268.74 as of 12:15 p.m. Tuesday, although at open, its shares were trading for $278.51.

Bitcoin was trading in the $80,000 range last week, even hitting $88,500 briefly on April 2 before dropping later in the day, and began a steep descent Sunday evening. On Monday, it dropped below $79,000.

Bitcoin’s drop comes amid worldwide market volatility. Global stock markets plunged for several days after President announced sweeping new tariffs on April 2, although markets opened higher on Tuesday.

Saylor has made bold pronouncements and statements about bitcoin in the past. In September 2024, he told CNBC that he thought the cryptocurrency could rise as high as $13 million per bitcoin by 2045, a prediction he repeated on Fox Business in December 2024, hours before bitcoin breached the $100,000 mark.

Saylor’s and MicroStrategy’s fortunes have turned before. He stepped down as CEO after MicroStrategy’s August 2022 earnings report, when the company disclosed that it had paid a total of $3.977 billion for its bitcoin, which at that time had fallen to a market value of about $2.451 billion. At that point, MicroStrategy also had taken on about $2.4 billion in loans and debt to acquire bitcoin. At points in 2022, the currency fell below $20,000 to prices it had not seen since 2020.

CoStar shakes up board of directors

Arlington County-based data and company is making major changes to its and launching a to scrutinize its finances as part of an agreement it entered with New York hedge funds D. E. Shaw group and Third Point.

As part of the terms of the agreement, which will be filed with the U.S. Securities and Exchange Commission, says its stockholders have agreed to customary standstill, voting and other provisions.

Widely known for its and brands, CoStar announced Monday that it appointed former S&P Global Ratings President John Berisford, former Etsy Chief Financial Officer Rachel Glaser and former Walt Disney Company CFO Christine McCarthy to the board. The company also revealed that “as part of its ongoing refreshment efforts,” CoStar Board Chairman Michael Klein would retire from the board, as would Hilton Worldwide CEO Christopher Nassetta and Laura Cox Kaplan, a communications executive and wife of Meta Platforms/Facebook executive Joel Kaplan.

Former Turner Broadcasting System executive Louise S. Sams succeeds Klein as board chairman, CoStar’s new board will comprise eight directors, seven of whom are independent.

“I am honored to take on this role as chair and excited for the tremendous value creation opportunity ahead,” said Sams, who was executive vice president and general counsel of Turner Broadcasting for nearly two decades, in a statement.

CoStar also announced that the board established a capital allocation committee to review the company’s capital structure, capital allocation priorities and financial targets. CoStar says the committee will review the company’s ongoing investment in Homes.com and ensure an appropriate timeline for profitability.

The committee includes Berisford, McCarthy, OptumInsight CEO Robert Musslewhite and CoStar founder and CEO Andy Florance, who will serve as the committee’s chair.

The company said board will also review the company’s executive compensation programs “to ensure management’s incentives remain aligned with stockholder value creation.”

In a statement, Florance said the changes to the board allow the company to “extend its long track record of creating stockholder value.”

CoStar plans to announces its quarter 1 earnings for 2025 on April 29.

“The changes announced today, coupled with CoStar’s leading franchises, position the company to create sustainable value for stockholders,” said Michael O’Mary, managing director at the D. E. Shaw group, in a statement.

In February, CoStar announced plans to fill more than 1,000 new positions, including hiring 500 new Homes.com sales professionals. However, the company also said it planned to eliminate roles from efficiencies gained by using AI and anticipates reducing some roles during normal annual performance management. The company did not say how many would be laid off. In March, CoStar announced that it had completed the $1.6 billion acquisition of Sunnyvale, California-based 3D digital twin technology company Matterport.

CoStar established a global operations center in Richmond in 2016 and has since grown that office to over 2,350 employees, becoming one of the Central Virginia region’s larger employers. CoStar announced it will complete a 1-million-square-foot campus development along the James River in May 2026 and that the campus will house 3,500 employees.