President Donald Trump ’s latest tariff moves drew worries from Wall Street as stocks slumped Friday and Treasury yields fell sharply.

Trump signed an order the previous night imposing steep tariffs on 66 countries, the European Union, Taiwan and the Falkland Islands, to go into effect Aug. 7, after he originally threatened them for April but postponed twice after that until Aug. 1.

The markets were also reacting to government reports of a dramatic slowdown in hiring as businesses, investors and the Fed operate under a cloud of uncertainty from months of tariff policy news.

Here’s the latest:

Senate delays annual August recess, for now, as Trump presses for more confirmations

There has been a stalemate over the pace of confirmations. Democrats have slowed the process by forcing procedural votes on almost all the president’s picks. Trump recently declared that his nominees “should NOT BE FORCED TO WAIT.”

Caught in the middle, Majority Leader John Thune says he will keep the Senate in session over the weekend at least to hold confirmation votes while also negotiating with Democrats to speed up consideration of dozens of nominees. The two sides have yet to reach an agreement, and it’s unclear if Trump, who has publicly called on Republicans to cancel their break, would be onboard with any bipartisan deal.

Thune said Friday that he was leaving some negotiations to Trump and Minority Leader Chuck Schumer, D-N.Y.

“That’s how this is going to get resolved,” Thune said. “We’ll see where that leads.”

Senators in both parties are eager to leave Washington.

▶ Read more about the Senate and nominations

The Smithsonian removes a Trump impeachment reference from an exhibit but says it’s temporary

A label about impeachment was added in 2021 to the National Museum for American History’s exhibit on presidential power.

Smithsonian spokesperson Phillip Zimmerman said the section needed an overhaul, and the impeachment reference will be restored after revisions.

The decision comes as the White House presses for a more positive view of American history. Since January, Trump has demanded changes across Washington cultural institutions, including the Smithsonian, the Library of Congress, and the Kennedy Center.

White House spokesperson Davis Ingle said the Smithsonian has “highlighted divisive DEI exhibits which are out of touch with mainstream America” for too long.

“We are fully supportive of updating displays to highlight American greatness,” he said in a statement that did not address the removed reference to Trump’s impeachments.

Trump is the only president to be impeached twice, in 2019 and 2021.

Trump says Sean Combs’ hostility toward him makes pardon less likely

Trump said Combs became hostile toward him during the 2020 election after they’d been very friendly for years, and that the behavior makes a pardon “more difficult to do.”

Asked by Newsmax during an interview broadcast Friday if he was more likely to not issue a pardon for Combs, Trump told the conservative outlet, “I would say so.”

The 55-year-old music mogul is being held in a federal lockup in New York City awaiting sentencing Oct. 3 following his recent conviction on two prostitution-related charges.

Combs said in 2020 that “white men like Trump need to be banished.”

Russian and US space chiefs meet to discuss continued cooperation

Russia’s space chief has visited the United States to discuss cooperation between Moscow and Washington on the International Space Station and lunar research with NASA’s acting chief, the first such face-to-face meeting in more than seven years.

Dmitry Bakanov, director of Roscosmos, met Thursday with NASA’s acting administrator, Transportation Secretary Sean Duffy, prior to the delayed launch of a U.S.-Japanese-Russian crew to the space station.

Once bitter rivals in the space race during the Cold War, Roscosmos and NASA cooperated on the space station and other projects. That relationship was beset with tensions after Moscow sent troops into Ukraine in 2022, but they continued to cooperate, with U.S. and Russian crews flying to the orbiting outpost.

Plans for broader cooperation, including possible Russian involvement in NASA’s Artemis program of lunar research, have fallen apart.

New York immigrant advocacy groups sue Trump administration over immigration court arrests

The lawsuit filed Friday in Manhattan federal court by the New York Civil Liberties Union and others argues that arresting immigrants as they appear in court for mandatory hearings is unprecedented and unlawful and violates their due process rights.

A similar lawsuit was filed last month in federal court in Washington over the large-scale immigration court arrests, which began in May.

Spokespersons for the Department of Homeland Security and Immigration and Customs Enforcement, the federal agencies named in the suit, did not immediately respond to an email seeking comment.

Brazil’s Supreme Court stands firm on Bolsonaro trial despite foreign pressure

Justice Alexandre de Moraes said the court will not yield to sanctions or foreign pressure. He did not specifically name the U.S. or its president, but tensions between the countries escalated this week.

The U.S. Treasury Department announced sanctions against De Moraes for alleged suppression of freedom of expression, and Trump signed an order imposing a 50% tariff on Brazilian goods.

Washington cited what it called “political persecution” of former President Jair Bolsonaro as the reason. Bolsonaro is accused of orchestrating a plot to remain in power after losing the 2022 election, and his trial is expected later this year.

De Moraes, who is overseeing the case against Bolsonaro, emphasized the independence of the judiciary.

“The Supreme Court will always be unwavering in the defense of national sovereignty, in its commitment to democracy and the rule of law, in its commitment to the independence of the judiciary and the constitutional principles of Brazil,” he said.

Senate confirms anti-DEI stalwart Andrea Lucas to second term at top workplace civil rights agency

In a 52-45 party-line vote, the Senate confirmed Lucas to another five-year term as commissioner of the Equal Employment Opportunity Commission, demonstrating firm Republican support for her efforts to root out diversity programs, roll back protections for transgender workers and prioritize religious rights in the workplace.

Democratic lawmakers and prominent civil rights groups fiercely opposed Lucas’ confirmation, saying she has subjected the EEOC to the whims of the president, who elevated her to acting chair in January and, in an unprecedented act, fired two of the agency’s Democratic commissioners before their terms expired.

Lucas, who was first appointed to the EEOC in 2020, has firmly aligned the agency with Trump’s civil rights agenda, declaring during her confirmation hearing last month that she doesn’t consider the EEOC to be independent, a position she acknowledged was a shift from her previously stated views.

Who is Erika McEntarfer, the Bureau of Labor Statistics commissioner fired by Trump?

The head of the agency that compiles the closely watched monthly jobs report usually toils in obscurity. But on Friday the current holder of that job was loudly fired by the president.

McEntarfer bore the brunt of Trump’s unhappiness with the latest jobs report, which showed that hiring slowed in July and was much less in May and June than previously estimated. He accused her without evidence of manipulating the numbers and noted that she was appointed by President Joe Biden.

McEntarfer, a longtime government worker who served as BLS head for a year and a half, did not immediately respond to an AP request for comment. But her predecessor, former co-workers and associates denounced the firing, warning about its repercussions and saying she was nonpolitical in her role.

▶ Read more on what to know about McEntarfer

Judge allows the NSF to continue withholding hundreds of millions of research dollars

U.S. District Judge John Cronan declined a request by 16 Democratic-led states to force the National Science Foundation to restart payments immediately. The agency can continue withholding the funding from researchers until litigation aimed at restoring it plays out, he ruled.

Cronan said he would not grant the preliminary injunction in part because it may be that another court, the Court of Federal Claims, has jurisdiction over what is essentially a case about money. He also said the states failed to show that NSF’s actions were counter to its mandate.

The states’ lawsuit, filed in May, alleges that the NSF’s new grant-funding priorities as well as a cap on what’s known as indirect research expenses “violate the law and jeopardize America’s longstanding global leadership in STEM.”

A lawyer for the NSF said it has the authority to fund whatever research it deems necessary — and has since its inception in 1950.

Judge pauses Trump administration’s push to expand fast-track deportations

U.S. District Judge Jia Cobb agreed to temporarily block the administration’s efforts to expand “expedited removal” for immigrants who legally entered the U.S. under a process known as humanitarian parole. The ruling could could benefit hundreds of thousands of people.

Cobb ruled that the Department of Homeland Security exceeded its statutory authority in its efforts. The judge said those immigrants face perils that outweigh any harm from “pressing pause” on the administration’s plans.

The case “presents a question of fair play” for people fleeing oppression and violence in their home countries, Cobb said in her order.

“In a world of bad options, they played by the rules,” she wrote. “Now, the Government has not only closed off those pathways for new arrivals but changed the game for parolees already here, restricting their ability to seek immigration relief and subjecting them to summary removal despite statutory law prohibiting the Executive Branch from doing so.”

Federal Reserve Governor Adriana Kugler steps down, giving Trump slot to fill on powerful board

Kugler, who did not participate in the Fed’s policy meeting this week, would have completed her term in January. Instead she will retire Aug. 8. She did not provide a reason for stepping down in her resignation letter.

Federal Reserve governors vote on the central bank’s interest rate decisions and also on changes to bank regulations and other financial rules.

The Trump administration could take advantage of Kugler’s resignation and appoint a potential replacement for Fed Chair Jerome Powell to her position. Powell, who has been repeatedly attacked by Trump for not reducing the Fed’s key short-term interest rate, completes his term as chair in May 2026.

Trump said Friday afternoon that he was “very happy” to have an opportunity to name someone to the board.

Asked about potential candidates, Trump said he has “about three very good — I’ve got a lot of good candidates.”

Trump orders 2 US nuclear subs repositioned over statements from Russian ex-leader Medvedev

The president gave the directive after what he called “highly provocative statements” by former Russian President Dmitry Medvedev. The two have have feuded online in recent days.

The impact on U.S. nuclear submariness — which normally and routinely patrol global hotspots — remains unclear. But the move potentially escalates tensions between Washington and Moscow at a delicate time, as Trump threatens new sanctions in an attempt to push Russia toward a ceasefire in its war with Ukraine.

Trump said Friday evening that he “had to” reposition the subs. He said Medvedev made “inappropriate” threats and, “When you talk about nuclear, we have to be prepared.”

House Republicans delay Ghislaine Maxwell’s subpoenaed testimony before Oversight Committee

In a letter to Maxwell’s lawyers, Rep. James Comer, chair of the House Oversight Committee, said the committee “is willing to delay your deposition” as part of its Jeffrey Epstein investigation until after the conclusion of an appeal she filed to the Supreme Court. That appeal is expected to be resolved in late September.

Maxwell’s team had notified congressional investigators that she would invoke her Fifth Amendment rights against self-incrimination unless the committee meets certain demands, including a granting of congressional immunity; for the deposition to take place outside of her Tallahassee prison; a preview of the questions; and the conclusion of her appeal.

Comer wrote that while Maxwell’s testimony is “vital” to the investigation, the committee would not provide immunity or advance questions. The committee “is willing to engage in good faith negotiations” and “will continue its long-standing practice of engaging in forthright and detailed discussions about scoping,” Comer added.

Restaurant industry leader says the cost of eating out is likely to rise due to tariffs

The National Restaurant Association, which represents more than 1 million U.S. eateries and food service providers, said Friday that tariffs could increase the cost of popular menu items like coffee and hamburgers as well as ingredients like spices.

Chef Phila Lorn walks through his restaurant, Mawn, after opening for the day in Philadelphia, Thursday, May 22, 2025. (AP Photo/Matt Rourke)

Michelle Korsmo, the president and CEO of the association, said restaurants operate on such tight margins that the tariffs will force many to raise prices. Higher prices will cause diners to eat out less often, jeopardizing an industry that supports millions of jobs.

Korsmo said the association wants food and beverages to be exempted from tariffs.

“We ask the Trump administration to continue with sensible trade agreements,” Korsmo said in a statement. “While addressing trade deficits is important, food and beverage products are not major contributors to these imbalances.”

US depends on spices coming from abroad

Laura Shumow, the executive director of the American Spice Trade Association, said Friday that many essential spices like cinnamon, pepper, nutmeg, cloves and vanilla require tropical conditions to grow and can’t be cultivated in the U.S. on a commercial scale.

Tariffs on such products won’t incentivize U.S. production or create American jobs, but they will place a financial burden on food companies and restaurants, Shumow said.

Shumow noted the Trump administration’s framework for its trade agreement with Indonesia would allow the U.S. to lower tariff rates on commodities that aren’t naturally available or domestically produced in the U.S.

Shumow said she hopes the final trade agreements with Brazil, India, Madagascar, Sri Lanka and other spice providers will contain similar language.

“We firmly believe that smart, targeted trade policies can support the U.S. spice industry and other American businesses while helping to keep grocery costs down for families,” Shumow said in a statement.

Brewer outlines the toll of Trump’s latest tariffs

Brewers across the country have been struggling with labor costs driven up by inflation and generational shifts in alcohol consumption. Tariffs have made sourcing everything from cardboard to aluminum cans more expensive.

Trump’s latest round of tariffs on European goods are putting special pressure on Utepils Brewing in Minneapolis — which specializes in pilsner, Kolsch and other classic styles from the continent. For Dan Justesen, president of Utepils, that means sourcing hops and malt from farmers in Germany and the Czech Republic.

“You might ask, ‘Why don’t we buy American-grown hops?’ They don’t grow the same styles, and they don’t taste the same,” he said.

The latest tariffs are already taking a toll. One supplier notified Justesen Thursday that they would no longer split the additional costs–leaving Utepils on the hook with no relief in sight.

“Even when the tariffs have been dropped temporarily at times, we don’t see a price reduction. Prices go up, go up, and they go up,” Justesen said.

New tariffs could raise costs of coffee and hamburgers, restaurant group says

The National Restaurant Association, which represents more than 1 million U.S. restaurants and food service providers, said Friday that the tariffs could increase the cost of popular menu items like coffee and hamburgers as well as ingredients like spices.

Michelle Korsmo, CEO of the association, said restaurants operate on such tight margins that the tariffs will force many to raise prices. Higher prices will cause diners to eat out less often, jeopardizing an industry that supports millions of jobs.

Korsmo said the association wants food and beverages to be exempted from tariffs. “We ask the Trump administration to continue with sensible trade agreements,” Korsmo said in a statement. “While addressing trade deficits is important, food and beverage products are not major contributors to these imbalances.”