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Global markets reel after the U.S. unveils sweeping tariffs.

We'll look at how world leaders are reacting, as China and the EU promised to hit back.

President Trump's announcement of universal tariffs on the whole world, including the European Union,

is a major blow to the world economy.

And the auto industry stares down major changes as 25% U.S. tariffs on foreign-made cars and parts go into effect.

It's Thursday, April 3rd.

I'm Luke Vargas for the Wall Street Journal, and here is the AM edition of What's News.

The top headlines and business stories

moving your world today.

The world is waking up to the new realities of trade after President Trump yesterday

unveiled a suite of protectionist measures that he justified by citing his emergency

economic authority.

Chronic trade deficits are no longer merely an economic problem. They're a national emergency

that threatens our security and our very way of life. It's a very great threat to our country.

Among the moves that Trump announced were a 10% baseline tariff on all global imports,

which will go into effect on Saturday.

And for countries that the White House considers bad actors on trade,

they'll be hit instead with a so-called discounted reciprocal tariff,

new duties amounting to 24% for Japan, 20% for the EU,

...