CNBC Business News Update - Market Open: Stocks Higher, China Raises Tariffs On US Goods To 84%, Delta Says Uncertainty Is Hurting Bookings 4/9/25

Episode Date: April 9, 2025

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jessica Ettinger.

I'm Jessica Eddinger CNBC Wall Street eking out some gains this morning. The Dow up 110 points being led higher by shares of Walmart which are up 4 percent. The S&P 500 index up 46 points. The Nasdaq up 266 points. That's 1.7 percent. Nvidia shares are up 4 percent. U.S. Customs started collecting new tariffs on imports from 86 countries this morning, but there's an on the water clause that says

anything coming into the ports today or currently on the water will not face higher tariffs. So those tariffs actually will be collected on items coming into the U.S. closer to the middle of May. This morning, China hit back with more tariffs on U.S. goods at 84 percent, and the European Union has just approved the first set of retaliatory tariffs on U.S. imports. Former Secretary of State Antony Blinken spoke with CNBC. This was global tariffs, including against the very countries that we need to be with us to deal with a problem like the problem posed by China. This seemed to be America against the world.

The message that this has sent to countries around the world, including some of our closest allies and partners, is we need to move away from the United States. Republicans on Capitol Hill are preparing a bill which President Trump said he'd veto to require the president to obey the Constitution. First and foremost, the Constitution gives Congress the power of tariffs and taxing in Article 1. I think it's a very high-risk move by the president. When you have a trade war with 60 countries, we don't have a good experience with this. I mean, the last time we've done something like this was 1930.

That did not turn out well. Republican Congressman Don Bacon of Nebraska on CNBC. The CEO of America's biggest bank, JPMorgan Chase, now says a recession is a likely outcome from Trump's tear of turmoil. Many CEOs like the idea of renegotiating trade with some countries, but maybe not with the world all at once. The goal of what this administration wants to do

is the right goal. The way they're going about it has three negatives. The three negatives are first, that we're seeing is uncertainty. We'll keep people from making decisions, keep people from making investments, keep people from making hires. That's not a great thing.

We can survive that. The one I worry about more is the second, which is damage to the US brand. What does our brand mean when it comes to long-term agreements, long-term security pacts? And three is we've increased the chance What does our brand mean when it comes to long-term agreements, long-term security pacts? And three is we've increased the chance that we will have some form of accident which will lead to actual market volatility beyond I'll call a normal correction.

Apollo global management CEO and billionaire Mark Rowan on CNBC. Walmart pulling its quarterly operating income forecast because of the tariffs. Delta Airlines CEO telling CNBC the Trump trade war is hurting bookings. The airlines canceled its flight growth plans for this year. He spoke with CNBC's Phil LeBeau about other CEOs he's been talking to. You talk to a lot of CEOs. Can you summarize for us? Because they're afraid of saying something publicly because it might infuriate the Trump administration. What are you hearing back from other CEOs?

Well we're in uncharted, unprecedented uncertainty when you look at what's happened and the pivot so quickly to this self-inflicted situation. Now personally and at Delta we understand you know trade is a normal thing and you need to go through. In fact, the first Trump administration, we worked very closely with the administration because we're having big issues with the Middle Eastern carriers and they were quite helpful. But we did it over time. It was a long set of conversations and it was more strategic. Trying to do it all at the same time has created chaos.

That's Delta Airlines CEO Ed Bastion on CNBC. Jessica Edinger, CNBC. The White House doesn't seem to understand what it's trying to do in a not really reciprocal towers we got, who do tremendous damage to the U.S. economy. Mad Money, weeknight 6 Eastern, CNBC.