The New York Times

The S&P 500 surged 9.5% — its best day since October 2008 — after President Trump backed down on his “reciprocal” tariffs for 90 days. Economists warned that American importers were not out of danger.

Delta Air Lines on Wednesday became one of the largest American companies to warn that President Trump’s escalating trade war was weighing on its business and the global economy. Airlines are highly sensitive to changes in the economy because air travel is among the first things that individuals and businesses can cut back on when they are worried about their paychecks or profits.

A federal judge in Washington rejected the White House’s effort to keep The Associated Press from routinely covering President Trump, finding that it had faced political retaliation over its editorial decisions.

Breaking News: Another chaotic day of trading ended with a late slide on Wall Street as sweeping tariffs were due to take effect. The S&P 500 fell 1.6%. That left it a hair above bear market territory — a drop of 20% or more from its last high.

Thousands of New Yorkers work — then go home to shelters. They can’t afford apartments, despite some earning $50,000 or more.

From Opinion “I’m one of those scrappy entrepreneurs you see on Kickstarter and Shark Tank,” writes Yair Reiner, the owner and operator of Gowanus Kitchen Lab, which makes the Frywall splatter guard. “The new tariffs on imports from China and Taiwan (and the threat of additional Chinese tariffs) are a kick in the teeth for my small family-run business, compelling me to raise my prices even as my profits are slashed. The government’s promise to re-shore the production of simple items like mine looks, from where I sit, like something of a fever dream.”

The lowest-scoring students in the U.S. are in free fall. For at least a decade, those in the bottom quartile have been losing ground on a key exam that tests a national sample of fourth and eighth grade students in math and reading. The reason is not just the pandemic.

President Trump’s sweeping tariffs fueled the steepest stock market sell-off in years, with the S&P 500 plunging more than 10% in two days. It's one of Wall Street’s worst weeks since the start of the coronavirus pandemic in 2020.

As financial markets continued to recoil and China said that it would hit the U.S. with its own punishing tariffs, President Trump maintained that his economic strategy is working in a series of posts on Truth Social. Major U.S. indexes slipped into the red hours after China's announcement.

Breaking News: The Fed chair, Jerome Powell, warned that President Trump’s tariffs risked even higher inflation and slower growth than initially expected.