April 4, 2025: Tariffs tumble markets

The major story today is still the economic after-effects of Trump’s globe-reshaping cascade of new tariffs. Yesterday, they sent markets tumbling head over heels with major losses — the biggest one-day wipeout in value since the early days of the Covid-19 pandemic. POLITICO economics correspondent and Capital Letter columnist Victoria Guida joins Playbook Deputy Editor Zack Stanton to break it down. Plus, Playbook London reports that President Donald Trump could hold another phone call with Russian President Vladimir Putin as soon as today, and here in Washington, Capitol Hill is intently focused on the Senate’s vote-a-rama session that’s expected this weekend ahead of final adoption of the Senate GOP’s budget resolution.