Welcome to The Hill's Business & Economy newsletter {beacon} Business & Economy Business & Economy   The Big Story  Wall Street suffers worst day of losses since 2020 The stock market cratered Thursday as fears of global economic slowdown driven by President Trump’s new tariffs spurred Wall Street’s worst day of losses since the outbreak of the COVID-19 pandemic. © AP The Dow Jones Industrial Average fell more than 1,679 points Thursday, closing with a loss of 4 percent. The S&P 500 index plunged 4.8 percent, and the Nasdaq composite sunk 6 percent on the day. The Dow and S&P each suffered their worst day of losses since June 2020, while the Nasdaq took its heaviest single-day hit since March 2020. While the scale of the day’s losses is partly due to the stock market’s rapid growth since 2020, Thursday marked a new low for Wall Street after months of growing concern about Trump’s trade agenda. “The Trump administration may be playing a game of chicken with trading partners, but market participants aren’t willing to wait around for the results. Instead, investors are selling first and asking questions later,” Michael Arone, chief investment strategist at State Street Global Advisors, said in a Thursday analysis.   Speaking to reporters Thursday before flying to his Miami resort, Trump compared the new import taxes to recovery from surgery. “It was an operation, like when a patient gets operated on, and it’s a big thing. I said this would exactly be the way it is. We have $6 [trillion] or $7 trillion coming into our country,” Trump said.   Read the full report at TheHill.com.   Welcome to The Hill’s Business & Economy newsletter, I'm Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.   Did someone forward you this newsletter? Subscribe here.   Essential Reads  Key business and economic news with implications this week and beyond:   Former Trump economic adviser calls tariffs a ‘sledgehammer’ President Trump’s former economic adviser Stephen Moore likened the administration’s newly announced tariffs to a “sledgehammer.”  Full Story   5 surprises from Trump’s sweeping new tariffs The unveiling of President Trump’s new tariffs included some big surprises as economists and trading partners sifted through which countries were hit the highest rates and who was spared.  Full Story   White House defends not including Russia, North Korea on tariffs The White House on Thursday defended its decision to not include Russia, North Korea, Cuba or Belarus in the latest round of tariffs, which targeted dozens of global trading partners that were labeled the “worst offenders” when it came to trade barriers.  Full Story   TikTok deal will be reached before deadline: Vance Vice President Vance said a TikTok deal would be reached before Saturday’s ban enforcement deadline after President Trump’s closed-door meeting with top aides to discuss potential investors.   Full Story   Tax Watch  House Democrats press Bessent on IRS layoffs   House Democrats led by Rep. Brad Schneider (Ill.) pressed Treasury Secretary Scott Bessent on mass layoffs at the Internal Revenue Service (IRS).   In a Wednesday letter, the lawmakers requested the Trump administration’s plan for slated reductions and their potential impact on taxpayer services.  “The Administration has already fired 7,400 probationary employees — or seven percent of all IRS employees, mostly from enforcement staff — and has implemented a hiring freeze,” Schneider and 22 additional lawmakers wrote.    — Read more here   COMING UP The Hill's Evening Report breaks down the day's big political stories and looks ahead to tomorrow. Click here to sign up & get it in your inbox     The Ticker  Upcoming news themes and events we're watching: Senate GOP leaders hope to adopt their budget resolution this weekend to advance key parts of President Trump’s tax agenda.    In Other News  Branch out with more stories from the day: Dow drops 1,600 as US stocks lead worldwide sell-off after Trump’s tariffs cause a COVID-like shock NEW YORK (AP) — Wall Street shuddered, and a level of shock unseen since COVID’s outbreak tore through … Full Story   Good to Know  Business and economic news we've flagged from other outlets: Trump's 10% Minimum Tariff Makes It Harder for Nations Seeking a Deal (Bloomberg) Trump's "Liberation Day" tariffs will cost US households an estimated $2,100 per year (CNN)   What Others are Reading  Top stories on The Hill right now: White House defends not including Russia, North Korea on tariffs The White House on Thursday defended its decision to not include Russia, North Korea, Cuba or Belarus in the latest round of tariffs, which targeted dozens of global trading partners that were labeled the “worst offenders” when it came to trade barriers. Read more Trump approval slips to lowest point in second term: Survey President Trump’s approval rating slipped to its lowest point during his second White House term amid his handling of the economy and the recent Houthi Signal chat leak, according to a survey published Wednesday.  Read more   What People Think  Opinions related to business and economic issues submitted to The Hill: Why a stock market selloff may trigger a US recession   Trump’s high-risk, high-reward Liberation Day tariffs        You're all caught up. See you tomorrow!  Close Thank you for signing up! Subscribe to more newsletters here The latest in politics and policy. Direct to your inbox. Sign up for the Business and Economy newsletter Subscribe ...read more read less