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Conscious Uncoupling: The Rise of a New Post-USA Global Economy.

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The global economy is in flux this morning as Donald Trump’s surreal, chart-waving TV performance in the White House Rose Garden ushers in a new era of 19th-century-style protectionism, Politico Playbook writes. But this isn’t just political theater - it’s a seismic economic shift.

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According to analysts, the US now faces higher average tariffs than it did under the infamous Smoot-Hawley Tariff Act of 1930 - the very policy many historians blame for deepening the Great Depression. US tariffs have hit a 131-year high. JP Morgan estimates that the new tariffs amount to a $400 billion tax hike — the largest since the Revenue Act of 1968, when Lyndon Johnson needed to fund both the Great Society and the Vietnam War.

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So, to be clear: this isn’t a tweak. It’s a teardown. We’re talking about 1890s-level protectionism, the biggest one-off tax hike in over half a century, and the dismantling of a US-led global trade system that has defined the postwar world. And all of it, not by act of Congress, not through debate or vote, but by a single presidential order - with Congress once again watching from the cheap seats.

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Some countries will face what Trump calls a "discounted reciprocal tariff" - higher rates aimed at nations the White House sees as bad actors on trade. Starting April 9, duties will jump to 24% for Japan and 20% for the European Union, instead of the standard 10%. The EU warned it’s preparing new countermeasures if talks break down. Click here to see the full table of the reciprocal tariff numbers.

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The new 34% "reciprocal tariff" on Chinese imports is part of a broader trade crackdown that will push average US tariffs on Chinese goods above 70% - once earlier levies are included. "Put simply: if Trump’s prior 20% tariff hikes took a hammer to US-China trade, today’s actions are a bazooka," said Jennifer Welch of Bloomberg Economics.

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The move lit up China’s X-like Weibo on Thursday. One post, quoting Mao, summed up the mood: "It’s time to abandon hopes and prepare for battle."

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"Let down by our oldest ally," is how a stony-faced Ursula von der Leyen put it this morning in the first official EU response to the tariffs.

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Markets are jittery. Allies are livid. Economists are waving red flags. And Trump? He’s calling it a promise kept.

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The tariffs mark a dramatic follow-through on Trump’s long-held trade grievances. "For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike," the president declared. He claimed that "jobs and factories will come roaring back into our country."

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Market Reaction: Stocks Tumble on Bigger-Than-Expected Trump Tariffs (Bloomberg)

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Global financial markets shuddered at the announcement of the tariffs and were hit by a sweeping selloff, with US equity futures slumping as much as 4%. Gold hit an all-time high and ten-year Treasury yields fell toward the closely-watched 4% level, their lowest since October.

What I'm Reading.

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Check out the podcast: Click here to listen to the AI-generated audio companion to today's Daily Read newsletter. And 'Follow' the Sheekey Daily Read podcast on Spotify and Apple Podcasts to listen and be notified when the latest are available.

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NYC Politics Surprise: Eric Adams Ditches Democratic Primary, Will Run for Reelection as Independent (Politico)

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Mayor Eric Adams is opting out of New York City’s Democratic primary and running for reelection as an independent - embarking on narrow path as he further isolates himself from the city’s dominant political party.

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In an interview Monday, Adams said he would "mount a real independent campaign" that relies on "a solid base of people" outside Manhattan, with an emphasis on ethnic minorities who boosted him to victory four years ago.

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Adams lamented how the bribery charges federal prosecutors hit him with in September - which a judge dismissed Wednesday - "handcuffed" him, and he promised to be "uninhibited" on the campaign trail.

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New Era: How CEOs Are Trying to Deal With Trump Without Becoming Targets (Washington Post)

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A group of powerful business leaders gathered to meet with Commerce Secretary Howard Lutnick in late February, seeking reassurance that President Donald Trump could be dissuaded from following through on his promise to impose tariffs on trillions of dollars in imports.

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Instead, Lutnick arrived at the former Trump hotel in Washington with a very different message.

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Lutnick rebuked the group, according to four people familiar with the event, which included Amazon founder Jeff Bezos, Pfizer CEO Albert Bourla, Nasdaq CEO Adena T. Friedman and Target CEO Brian Cornell. Lutnick said the executives should wake up every morning thinking about how they can support the country. And he made clear that Trump would forge ahead with plans to transform the global economy.

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Dems Want Elon to Visit: Wipeout of Elon Musk-Backed Wisconsin Candidate Spells Trouble for GOP (Axios)

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Democrats see the Republican-aligned candidate's wipeout in Tuesday's Wisconsin Supreme Court election as a clear signal that Musk has become electoral poison for the GOP. Battleground-district Rep. Hillary Scholten (D-Mich.) said of Musk coming to her district: "Yes please! Can you arrange that? Who do I speak to about that?"

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Increasing Liability? Trump Tells Inner Circle That Musk Will Leave Government 'Soon' (Politico)

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Financial News: Putin Allows Goldman Sachs to Sell Russian Oil, Gas Shares (Bloomberg)

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Russian President Vladimir Putin is permitting Goldman Sachs International to sell shares of the country's largest energy producers and some other companies, in a deal currently worth around $87 million, according to an order published Wednesday.

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Putin last month allowed some international funds to sell Russian securities, a move that came as relations between Russia and the US have started to improve with the return of Donald Trump to the White House.

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Defense News: NATO Chief Urges Europe to 'Step Up' as US Turns Toward Asia (Bloomberg)

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Public Health Crisis: New Bloomberg Documentary Reveals Social Media, Teen Drug Deaths Link (The Hollywood Reporter)

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A Bloomberg News feature documentary, 'Can’t Look Away: The Case Against Social Media,' set to premiere April 4 on Jolt, has spotlighted a link between online drug dealers and social media algorithms that allow the sale of fake pills to young people online, and a resulting epidemic of drug overdose deaths.

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"This is a public health crisis. We’re facing a mental health emergency. It is tied in many ways to social media," Perri Peltz, who co-directs the feature doc with Matthew O’Neill, said.

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Aviation 'Need for Speed': China Unveils Quiet Supersonic Jet with 50% Longer Range Than Concorde (South China Morning Post)

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As global supersonic air travel looks set to begin its second act, China could be quietly leading the boom. The first details of C949, a supersonic airliner project, have been quietly unveiled by Chinese state-owned aerospace giant Comac, signalling its ambitions to dominate the skies with the radical new jet that could redefine global air travel.

Best of Late Night.

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On Trump announcing new international tariffs on what he called 'Liberation Day':

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"Who’s ready to learn how to make their own iPad from scratch?"

-- Stephen Colbert

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"Now, you might be thinking, 'What am I even being liberated from? The ability to afford goods and services?'"

-- Michael Kosta

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"In his speech, Trump said, 'We’ll make America wealthy again, like it was at the start of my presidency. Six months ago.'"

-- Jimmy Fallon

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"Trump announced tariffs on aluminum, steel and several other items that popped into his head mid-speech."

-- Jimmy Fallon