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WASHINGTON — “Liberation Day” just gave way to Capitulation Day.
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President Donald Trump pulled back Wednesday on a series of harsh tariffs targeting friends and foes alike in an audacious bid to remake the global economic order.
Trump's early afternoon announcement followed a harrowing week in which Republican lawmakers and confidants privately warned him that the tariffs could wreck the economy. His own aides had quietly raised alarms about the financial markets before he suspended a tariff regime that he had unveiled with a flourish just one week earlier in a Rose Garden ceremony.
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The stock market rose immediately after the about-face, ending days of losses that have forced older Americans who've been sinking their savings into 401(k)s to rethink their retirement plans.
Ahead of Trump's announcement, some of his advisers had been in a near panic about the bond markets, according to a senior administration official. Interest rates on 10-year Treasury bonds had been rising, contrary to what normally happens when stock prices fall and investors seek safety in treasuries. The unusual dynamic meant that at the same time the tariffs could push up prices, people would be paying more to buy homes or pay off credit card debt because of higher interest rates. Businesses looking to expand would pay more for new loans.
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Two of Trump's most senior advisers, Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, presented a united front Wednesday, urging him to suspend the tariffs in light of the bond market, the administration official said.
In a social media post, Trump announced a 90-day pause that he said he’ll use to negotiate deals with dozens of countries that have expressed openness to revising trade terms that he contends exploit American businesses and workers. One exception is China. Trump upped the tariff on the country’s biggest geopolitical rival to 125%, part of a tit-for-tat escalation in an evolving trade war.
Trump reversed course one week after he appeared in the Rose Garden and unveiled his plan to bring jobs back to the United States. Displaying a chart showing the new, elevated tariffs that countries would face, Trump proclaimed, “My fellow Americans, this is Liberation Day.”
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Deep below the surface of the ground in one of the driest parts of the country, there is a looming problem: The water is running out — but not the kind that fills lakes, streams and reservoirs.
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The amount of groundwater that has been pumped out of the Colorado River Basin since 2003 is enough to fill Lake Mead, researchers report in a study published earlier this week. Most of that water was used to irrigate fields of alfalfa and vegetables grown in the desert Southwest.
No one knows exactly how much is left, but the study, published in the journal Geophysical Research Letters, shows an alarming rate of withdrawal of a vital water source for a region that could also see its supply of Colorado River water shrink.
“We’re using it faster and faster,” said Jay Famiglietti, an Arizona State University professor and the study’s senior author.
In the past two decades, groundwater basins – or large, underground aquifers – lost more than twice the amount of water that was taken out of major surface reservoirs, Famiglietti’s team found, like Mead and Lake Powell, which themselves have seen water levels crash.
The Arizona State University research team measured more than two decades of NASA satellite observations and used land modeling to trace how groundwater tables in the Colorado River basin were dwindling. The team focused mostly on Arizona, a state that is particularly vulnerable to future cutbacks on the Colorado River.
Groundwater makes up about 35% of the total water supply for Arizona, said Sarah Porter, director of the Kyl Center for Water Policy at Arizona State University, who was not directly involved in the study.
The study found groundwater tables in the Lower Colorado River basin, and Arizona in particular, have declined significantly in the last decade. The problem is especially pronounced in Arizona’s rural areas, many of which don’t have groundwater regulations, and little backup supply from rivers. With wells in rural Arizona increasingly running dry, farmers and homeowners now drill thousands of feet into the ground to access water.
Scientists don’t know exactly how much groundwater is left in Arizona, Famiglietti added, but the signs are troubling.
“We have seen dry stream beds for decades,” he said. “That’s an indication that the connection between groundwater and rivers has been lost.”
Deep below the surface of the ground in one of the driest parts of the country, there is a looming problem: The water is running out — but not the kind that fills lakes, streams and reservoirs.
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The amount of groundwater that has been pumped out of the Colorado River Basin since 2003 is enough to fill Lake Mead, researchers report in a study published earlier this week. Most of that water was used to irrigate fields of alfalfa and vegetables grown in the desert Southwest.
No one knows exactly how much is left, but the study, published in the journal Geophysical Research Letters, shows an alarming rate of withdrawal of a vital water source for a region that could also see its supply of Colorado River water shrink.
“We’re using it faster and faster,” said Jay Famiglietti, an Arizona State University professor and the study’s senior author.
In the past two decades, groundwater basins – or large, underground aquifers – lost more than twice the amount of water that was taken out of major surface reservoirs, Famiglietti’s team found, like Mead and Lake Powell, which themselves have seen water levels crash.
The Arizona State University research team measured more than two decades of NASA satellite observations and used land modeling to trace how groundwater tables in the Colorado River basin were dwindling. The team focused mostly on Arizona, a state that is particularly vulnerable to future cutbacks on the Colorado River.
Groundwater makes up about 35% of the total water supply for Arizona, said Sarah Porter, director of the Kyl Center for Water Policy at Arizona State University, who was not directly involved in the study.
The study found groundwater tables in the Lower Colorado River basin, and Arizona in particular, have declined significantly in the last decade. The problem is especially pronounced in Arizona’s rural areas, many of which don’t have groundwater regulations, and little backup supply from rivers. With wells in rural Arizona increasingly running dry, farmers and homeowners now drill thousands of feet into the ground to access water.
Scientists don’t know exactly how much groundwater is left in Arizona, Famiglietti added, but the signs are troubling.
“We have seen dry stream beds for decades,” he said. “That’s an indication that the connection between groundwater and rivers has been lost.”
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Deep below the surface of the ground in one of the driest parts of the country, there is a looming problem: The water is running out — but not the kind that fills lakes, streams and reservoirs.
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The amount of groundwater that has been pumped out of the Colorado River Basin since 2003 is enough to fill Lake Mead, researchers report in a study published earlier this week. Most of that water was used to irrigate fields of alfalfa and vegetables grown in the desert Southwest.
No one knows exactly how much is left, but the study, published in the journal Geophysical Research Letters, shows an alarming rate of withdrawal of a vital water source for a region that could also see its supply of Colorado River water shrink.
“We’re using it faster and faster,” said Jay Famiglietti, an Arizona State University professor and the study’s senior author.
In the past two decades, groundwater basins – or large, underground aquifers – lost more than twice the amount of water that was taken out of major surface reservoirs, Famiglietti’s team found, like Mead and Lake Powell, which themselves have seen water levels crash.
The Arizona State University research team measured more than two decades of NASA satellite observations and used land modeling to trace how groundwater tables in the Colorado River basin were dwindling. The team focused mostly on Arizona, a state that is particularly vulnerable to future cutbacks on the Colorado River.
Groundwater makes up about 35% of the total water supply for Arizona, said Sarah Porter, director of the Kyl Center for Water Policy at Arizona State University, who was not directly involved in the study.
The study found groundwater tables in the Lower Colorado River basin, and Arizona in particular, have declined significantly in the last decade. The problem is especially pronounced in Arizona’s rural areas, many of which don’t have groundwater regulations, and little backup supply from rivers. With wells in rural Arizona increasingly running dry, farmers and homeowners now drill thousands of feet into the ground to access water.
Scientists don’t know exactly how much groundwater is left in Arizona, Famiglietti added, but the signs are troubling.
“We have seen dry stream beds for decades,” he said. “That’s an indication that the connection between groundwater and rivers has been lost.”
Elon Musk stood next to President Donald Trump in the Oval Office on Friday, but the physical proximity belied a growing philosophical divide between two of the world's most powerful men, resulting in the tech mogul's abrupt announcement that he is departing Washington — without having achieved his goal of decimating the federal government.
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Trump took a more charitable view of Musk's tenure during a sprawling news conference in which he also declined to rule out pardoning Sean "Diddy" Combs, who is on trial on charges of sex trafficking and other alleged crimes; said he dislikes "the concept" of former first lady Jill Biden being forced to testify before Congress about her husband's mental fitness; and predicted again that Iran is on the cusp of making a deal that would suspend its pursuit of nuclear weapons.
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In a battle of plutocrats against populists, Bannon, a longtime advocate for reducing the size and scope of government, found Musk's methods and policy preferences to be sharply at odds with those of the MAGA movement. So, ultimately, did Musk, who broke with Trump repeatedly on agenda items as narrow as limiting visas for foreign workers and as broad as Trump's signature "big beautiful" budget bill — which Musk belittled for threatening to add trillions of dollars to the national debt.
“I was, like, disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decrease it, and undermines the work that the DOGE team is doing," Musk said in an interview with CBS' "Sunday Morning," which will air this weekend.
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"I love the gold on the ceiling," he said.
Musk has argued that inertia throttled his efforts to reduce government spending — a conclusion that raises questions about whether he was naive about the challenge of the mission he undertook.
“The federal bureaucracy situation is much worse than I realized,” he told The Washington Post this week. “I thought there were problems, but it sure is an uphill battle trying to improve things in D.C., to say the least.”
On Friday, he drew an implicit parallel between American government and the Nazi regime that committed a genocide, invoking the "banality of evil" that Hannah Arendt used to describe the atrocities in Germany.
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