World Report - April 07: Monday's top stories in 10 minutes

Episode Date: April 7, 2025

A volitile day on the global stock market, following US President's Donald Trump's sweeping tariff plan. European Union trade ministers meet to discuss how the 27-country block will respond to new tariffs. Palestinian medics say 1 reporter killed, 9 more injured in Israeli strike on media tent in Khan Younis.Pierre Poilievre and Mark Carney make very different pitched to voters in British Columbia.NDP leader Jagmeet Singh meets with laid off Hudson's Bay workers.Some customers accuse PC Optimum of unfair practices.

When a body is discovered 10 miles out to sea, it sparks a mind-blowing police investigation. There's a man living in this address in the name of a deceased. He's one of the most wanted men in the world. This isn't really happening. Officers are finding large sums of money. It's a tale of murder, skullduggery and international intrigue. So who really is he? I'm Sam Mullins and this is Sea of Lies from CBC's Uncovered, available now.

This is a CBC podcast. This is World Report. Good morning. I'm Marcia Young. It has been a disruptive day on the global stock markets. They are reacting to US President Donald Trump sweeping new tariffs. Asian and European markets have seen huge losses. Wall Street is sinking. There was a slight glimmer of hope. White House economic adviser Kevin Hassett suggested Trump was considering a 90-day tariff pause

on all countries except China, something the White House press secretary is now denying. Our senior business correspondent, Peter Armstrong, joins me now in studio. And Peter, what can you tell us? Look, this whole episode is like a metaphor for the last four days of volatility. Markets, as you say, were selling off sharply. Then it was a social media account that claimed the White House was considering this 90-day pause, and markets surged.

They quickly bounced back into positive territory. But then people started asking, well, wait a second, what's the source here? And it turned out as best we can tell, as you say, Senior Advisor Kevin Hassett was on Fox. And all that happened was he was asked about a suggestion that maybe they should do some kind of a 90-day pause. And he said, look, the president president's gonna do what the president does that Was interpreted somehow as an endorsement of the pause the White House has come out now and officially dismissed this as fake news

And markets are all back in the red One reporter though said the swing the the rumor the correction the rally the sell-off Moved about four trillion dollars in market value in like 15 minutes. So Peter, what are the concerns now in terms of a global recession? Look, the chances of a recession are much higher now than they were a week ago. And part of the problem here, as we've discussed before, is that people still really don't know what the administration wants. Does it want countries to change their tariffs or maybe restructure their sales taxes? Do they want to just see more reshoring of American manufacturing

into the United States? No one knows. And it's worth noting a stock sell-off isn't just a reflection of the real economy. It can add to concerns and slow growth and slow investment, slow hiring, and that can in turn cause a downturn of itself. Alright, thanks Peter. You bet. The CBC senior business correspondent Peter Armstrong. We don't want escalation, we don't want a trade war with the US, we want more trade and more cooperation with the US. But Sweden's foreign trade minister Benjamin Dussas says the European Union stands united.

He is one of several EU trade ministers meeting today in Luxembourg. They are preparing a response to Donald Trump's tariffs for the EU. That includes 25% tariffs on aluminum, steel and car imports as well as reciprocal tariffs of 20% on almost all goods expected to take effect on Wednesday. Germany's economy minister Robert Habek says Trump's tariffs do not make sense. If we, the rest of the world, are selling cheaper goods to the American economy, it's of use of the American economy. So even the basis of the calculation, as Hasse put it,

the economical, philosophical basis is nonsense. This morning, Donald Trump's economic adviser, Kevin Hassett, says the president is willing to listen to trade partners if they offer really great deals. Israeli Prime Minister Benjamin Netanyahu is in the United States to talk tariffs and trade, but he could face a lot of questions today about the target in recent airstrikes on Gaza. This morning, Palestinian journalists say their tents were targeted by an Israeli strike. Crystal Gomancing reports from London.

At around 3 a.m., we woke up on an explosion next to us, says Abshat. The Palestinian journalist and his colleagues were sheltering in tents in Hanunis. They were hit by an Israeli airstrike overnight. Palestinian medics say a journalist was one of two people killed in the attack. Nine other journalists also sheltering near the Nasser medical complex were injured. The strike comes as Israel faces scrutiny for changing its story about what happened in southern Gaza on March 23rd. A convoy of emergency vehicles came under fire. Video surfaced contradicting Israel's claims that the vehicles did not have lights or emergency

signals on. Fifteen people were killed. Dr. Younis Al-Hatib is president of the Palestinian Red Crescent Society. Why did you destroy the ambulances after killing them? Why did you try to dig deep and hide the ambulances? He is calling for an independent investigation into that attack. Trump and Netanyahu are expected to hold a news conference this evening. It's unclear if they will address Israel's war in Gaza.

Crystal Gamansing, CBC News, London. On the federal campaign trail, NDP leader Jagmeet Singh is in Toronto meeting with Laidoff-Hudson's Bay workers. We also found it so offensive, not just the fact that you weren't getting your severance, then we learned that the executives were getting all the bonuses and nothing for no severance for the workers. We thought this is just so insulting, so wrong. He says if he becomes prime minister, he will change the rules.

So when a company declares bankruptcy, workers get paid out before creditors. Jagmeet Singh is also promising the NDP will boost employment insurance programs. Liberal leader Mark Carney and Conservative leader Pierre Pollyev are in British Columbia today. And as Karina Roman reports, they're each talking about very different issues in their pitch to voters. This is Liberal leader Mark Carney's first time in BC during the election. Until now he had not been further west than Winnipeg. But then so far he's twice paused campaigning to return to Ottawa and deal with the latest tariffs salvo from the Trump administration.

And it's not over. If you saw the headlines over the weekend, more coming on our softwood lumber. 50,000 people employed, 50,000 people in this province. Carney is set to meet with B.C. Premier David Eby today, specifically on the move by the U.S. to hike duties on softwood lumber, something that further threatens the already beleaguered forestry industry. But Carney's not the only leader in BC right now. British Columbia is probably the worst place for fentanyl overdoses in the world.

Conservative leader Pierre Pauliev is addressing another hard-to-solve problem in this province – fentanyl addiction and deaths. I'm here today to announce that a new Conservative government will fund recovery for 50,000 Canadians who need it. When people talk about battleground BC, they're usually thinking of the many orange-blue fights for ridings. NDP leader Jagmeet Singh has said he's confident he can hold on to their seats, including his own. But the Liberals say they are more competitive this time, hoping the key question of who can take on Donald Trump will propel more ridings to turn red. Karina Roman, CBC News, Victoria. Today is the nomination deadline for candidates to enter the federal election race. The Liberals,

Conservatives and NDP all tell CBC News they have nominated a candidate in each riding. And tonight, join my colleague Susan Bonner as she takes your world tonight to Lethbridge, Alberta. It is a tight race between a popular former mayor turned liberal candidate and a veteran conservative MP. Just one of the many interesting storylines in this election. Tune in right here on CBC Radio 1 at 6 p.m. It is a popular rewards program with more than 17 million subscribers across the country. But some say PC Optimum is not playing fair. Some cardholders accuse the company of freezing their accounts without warning or explanation.

Rosa Marcatelli from our Go Public Unit has more. For seven years, Vancouver's Frank Jong says he shopped like a pro, earning PC Optimum points on groceries, gas and more. The rewards program run by Loblaw allows customers to earn and spend points like cash. Jong racked up points worth more than $43,000. Then, without warning, he was frozen out of his account. Only told he'd broken the rules. But the company wouldn't tell him which rules or when. They didn't tell me anything. Calgary's Jeff Mack was also locked out of his account, worth about $1,500 in points. PC Optimum claimed he

had multiple accounts. That's against the rules, but wouldn't say what proof it had. Seems kind of fishy. No justification. Patrick Sojka runs rewardscanada.ca and says the fine print gives PC Optimum sweeping power to freeze accounts by using terms like at the company's sole discretion. Lease the door open for them to really decide if they want to kick out of the program. Loblaw tells Go Public its PC optimum terms and conditions

explicitly outline reasons why an account could be suspended or terminated. After Go Public reached out, Loblaw unlocked Mac's account, but it shut down Zhang's for good. It says it has substantial evidence that suggests he was operating outside of what the company considers fair but would not provide proof. Rosa Marcatelli, CBC News, Calgary. That is the latest national and international news from World Report News Anytime, cbcnews.ca.

I'm Marcia Young.