Trump’s reciprocal tariffs and Dominican Republic roof collapse: Morning Rundown

Donald Trump’s sweeping tariffs take effect. The IRS’ acting commissioner is resigning over an agreement to share immigrants’ tax information with ICE. And the death toll following a roof collapse at a Dominican Republic nightclub has risen to at least 113.

Here’s what to know today.

Trump’s sweeping global tariffs take effect, ushering in a new era of disruption

President Donald Trump’s unprecedented tariffs on global imports into the U.S. took effect overnight, reshuffling an economic order that has largely stood for generations. The average tariff faced by dozens of nations is 29%, with many as high as 40%. Chinese imports will carry a cumulative rate of 104%.

U.S. markets yesterday reversed an early morning rally and closed down for a fourth straight day. Overall, the major indexes are sharply lower since Trump’s inauguration, with the S&P 500 having lost 17% of its value, while the Nasdaq was down 22%.

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Trump’s goal is to reduce America’s reliance on foreign imports. He also wants to reverse the U.S. trade deficit, which most economists say serves little purpose and is likely to lead to higher prices and potentially slower economic growth.

While many business leaders have long argued that the U.S. must do more to prevent some low-cost goods from flooding its markets, the sweeping nature of the president’s plan came as a shock. And despite market downturns, Trump has shown little appetite for altering his agenda.

Wells Fargo analysts warned of higher prices and eroding income growth, which will cause spending and overall economic activity to contract. Analysts also predicted the unemployment rate would rise from 4% to 5%.

Read the full story here.

More tariffs news:

• Interviews with 20 swing-state Trump voters saw mixed reaction to the new tariffs. Some said this is exactly what they signed up for, while others said they were “expecting a more reasoned and logical rollout.” Here’s exactly what they had to say.

Turmoil within the IRS over deal to share immigrants’ tax info

The acting commissioner of the Internal Revenue Service is resigning over a deal to share immigrants’ tax data with Immigration and Customs Enforcement for the purpose of identifying and deporting people illegally in the U.S., according to two people familiar with the decision. Melanie Krause has served as the acting head since February.

She replaced former Acting Commissioner Douglas O’Donnell, who announced his retirement from the agency after roughly 40 years in service as furor spread over Elon Musk’s DOGE gaining access to IRS taxpayer data.

The agreement between the IRS and ICE to share undocumented taxpayers’ information for the purpose of assisting the Trump administration with its deportation efforts was announced in a court filing late Monday.

The IRS has long refused to share identities of undocumented taxpayers with other agencies, and it is illegal to release personal tax information. But the law provides some specific exceptions, including claims that a person is in violation of or suspected of being in violation of federal criminal law, which the Trump administration seems to be taking advantage of.

More politics news:

• The Supreme Court halted a judge’s ruling requiring several federal agencies to reinstate around 16,000 workers the Trump administration sought to fire.

• Trump signed executive orders relaxing restrictions on coal mining, leasing and exports in what the White House said was an effort to meet the needs of AI data centers but undermines climate change initiatives.

• House Republicans blocked a bipartisan push to allow lawmakers who are new parents to vote remotely rather than in person after Rep. Anna Paulina Luna, who led the initiative, struck a deal with Speaker Mike Johnson.

• A growing rebellion from conservative hard-liners in the House poses a threat to the Republican Senate’s budget blueprint to advance Trump’s agenda. Of issue is the $4 billion in spending cuts the Senate called for, as opposed to the $1.5 trillion to $2 trillion in spending cuts the House’s spending bill seeks.

• A former Facebook employee who alleged misconduct and sexual harassment at the company will testify today before Congress that Meta executives undermined national security and “lied about what they were doing with the Chinese Communist Party.”

More than 100 killed in roof collapse at Dominican Republic nightclub

At least 113 people are known to have died when the roof of a Dominican Republica nightclub collapsed on Tuesday morning, and 155 people have been taken to local hospitals, officials said early Wednesday.

It’s not clear yet what caused the roof of the JetSet, a club in the National District, to collapse. The owners said that they are cooperating with authorities “to assist the victims and clarify what happened.”

The disaster happened during a performance by merengue singer Rubby Pérez, who died after being hospitalized for injuries he sustained in the collapse. Other victims included former MLB pitcher Octavio Dotel, who was also taken to a hospital but did not survive; former MLB left fielder Tony Blanco; and Nelsy Cruz, governor of the Montecristi province. Here’s what else we know.

Read All About It

Staff Pick: An old Fort Knox rumor is revived

Fort Knox means a lot of different things to Americans: a shorthand phrase for a place that’s impregnable, a setting for an early James Bond film and, in real life, a Kentucky fortress where the U.S. stores its gold reserves.

But President Donald Trump and his billionaire adviser Elon Musk are casting doubt on that symbol of confidence in reviving an old conspiracy theory from the 1970s and speculating that the gold isn’t really there. They’ve also teased the idea of a presidential visit but haven’t followed through. To make sense of the unfounded rumor and why Musk and Trump are spreading it, I spoke with people who’ve been to Fort Knox and other experts who explained what’s at stake. — David Ingram, tech reporter

NBC Select: Online Shopping, Simplified

Curious about all of the benefits of composting? The NBC Select team spoke with experts about the process and the best at-home compost bins. Plus, if you’re looking to upgrade the lighting in your home, our team recommends more attractive alternatives to an infamous type of ceiling light.

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This article was originally published on NBCNews.com