Hi there, everyone. It's 4 o'clock in New York, and a day when many of the stories we lead this program with on a daily basis are colliding in dramatic fashion today, thanks, of course, to Donald Trump and the wrecking ball,

he is taken to the United States' reputation as a pillar of both the global economy and global security.

A crush of alarming economic headlines today.

The International Monetary Fund is warning of a global slowdown, thanks to uncertainty generated by Donald Trump's on-again, off-again tariff regime.

Washington Post reports this, quote, Trump's double-barreled tariff plan, a 10% tax on nearly

everything the U.S. imports each year, plus significantly higher levies on goods from dozens of

nations will hurt the United States and its trading partners,

the fund said. As we have reported in recent days and weeks, Trump-fueled uncertainty has led to

enormous volatility in the markets. News today that Treasury Secretary Scott Besant told investors

that a trade war with China was unsustainable sent stock soaring. The Dow Jones up about

a thousand points after markets plunged yesterday. The overall picture for the markets remains

cloudy, though. The Wall Street Journal is reporting today that the Dow Jones is on track for

its worst April since the Great Depression. Let that sink in since 1932.

As for Donald Trump, he may be on track to be more than just a 21st century Herbert Hoover.

Investors are worried that what Trump has set in motion is bigger than trade barriers.

They're worried that he is unraveling an economic order that has for decades taken American

stability for granted. The IMF's chief economist saying today, quote, the global economic

system that has operated for the past 80 years is being reset. The U.S. effective tariff rate has

now surged past levels reached at the turn of the 20th century.

Beyond the tariffs themselves, the surge in policy uncertainty related to trade policy,

but also more broadly, is a major driver of the economic outlook.

Behind that, quote, surge in policy uncertainty, a phrase I'm going to steal, a Trump administration defined by its man-made

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