Current Events in April 2025

In brief ...

• 🇺🇸 President Trump announces a blanket 10% tariff on all imports, with much higher rates for key trade partners like China, Europe, and Japan.

• 📊 Tariffs framed as a “reciprocal” response to what Trump says are unfair foreign trade practices.

• 💬 Trump brands the move “Liberation Day” for U.S. trade, vowing it will “make America wealthy again.”

In a fiery announcement Wednesday, President Donald Trump unveiled a sweeping new trade policy, imposing a 10% tariff on all imported goods, with even higher rates targeting specific countries. Trump dubbed the moment “Liberation Day” for U.S. trade policy and said the new tariffs would restore economic power to American industry and workers.

“It can’t get any simpler than that,” Trump said as he outlined a plan for reciprocal tariffs that would mirror—or exceed—the duties imposed on U.S. goods by other nations.

Holding up a chart, which he said was too windy to place on an easel, Trump read off a list of countries and the new tariffs his administration will enforce. Among them:

• China: 34%

• European countries: 20%

• Japan: 24%

The president described the increases as a “discounted reciprocal tariff,” saying the U.S. was showing restraint out of kindness but could go higher if provoked.

“This will make America wealthy again,” he declared, echoing themes from his prior campaigns and trade wars. The announcement signals a return to Trump's aggressive use of tariffs as a tool to reshape global commerce—a strategy that has historically sparked both praise and criticism from economists and international allies alike.

The policy is expected to trigger strong reactions from global markets and foreign governments, as well as raise questions about how it could affect inflation, supply chains, and consumer prices in the U.S.

Financial markets sank after the announcement. Shares in some of the biggest U.S. technology and consumer firms fell late. Nike slid 6%, Apple fell 5% and Amazon dropped 4%.

Further details on implementation timelines and exemptions are expected in the coming days.

In brief:

• Visa has offered Apple $100 million to become the new network behind the Apple Card, as Apple prepares to replace Goldman Sachs as its issuing bank.

• Mastercard, Visa, and American Express are in a heated competition to power the high-profile card, which has around $20 billion in balances and deep integration with Apple’s payment ecosystem.

• Apple is expected to choose a network before selecting a new bank, with the outcome potentially shaping the future of its expanding financial services.

Details

If you have an Apple Card, you may soon see a Visa or American Express logo where the MasterCard logo is right now. That's because a high-stakes battle is underway between the nation’s largest payment networks for control of one of the most coveted cards in consumer finance: the Apple Card.

With Goldman Sachs stepping away from consumer lending and looking to exit its role as the Apple Card issuer, a scramble has emerged among big-name financial institutions to take its place. But behind the scenes, a parallel and equally fierce competition is unfolding among payment networks—Visa, Mastercard, and American Express—each jockeying to power the card’s transactions.

According to sources quoted in a Wall Street Journal report, Visa has made a bold move by offering Apple a roughly $100 million upfront payment in a bid to wrest the Apple Card network partnership away from Mastercard, which currently operates the network for the sleek titanium card. That type of payment is typically reserved for the largest and most lucrative co-branded card deals.

A card worth fighting for

Launched in 2019, the Apple Card has become one of the biggest co-branded credit card programs in the U.S., with about $20 billion in balances. It has long been seen not just as a financial product, but as a key to Apple’s broader ambitions in consumer finance. Its integration with the iPhone Wallet app has made it a central part of the daily financial habits of millions of Apple users.

“Whoever wins the Apple Card deal gets more than just transaction volume — they get a front-row seat to Apple’s growing influence in payments,” said one person familiar with the negotiations.

Payment networks earn fees when purchases run over their “rails,” and Apple’s card sees high transaction volume. But more strategically, the card ties directly into Apple’s broader ecosystem of digital payments, personal finance features, and potential future banking tools.

Who’s competing?

• Visa, the world’s largest payment network, is aggressively bidding with an offer Apple hasn’t seen since Costco chose its network a decade ago.

• American Express is also making a play, reportedly aiming to become both the issuer and network for the Apple Card — a model it already uses for its own cards.

• Mastercard, the current network partner, is fighting to retain its role, and has explored leveraging its fintech platform Finicity to expand Apple’s capabilities, such as letting users view their bank account balances directly within Apple’s system.

Apple is expected to select a new network partner before choosing the next card-issuing bank. Leading contenders for the issuer role include JPMorgan Chase and Synchrony Financial, both of which have extensive experience managing large co-branded portfolios.

Goldman’s Exit

The reshuffling stems from Goldman Sachs’ decision to retreat from consumer lending, including the Apple Card and its broader “Marcus” initiative. Talks to hand off the Apple Card have been ongoing since at least early 2023.

A final decision by Apple is expected in the coming months. Whatever the outcome, the winner will gain more than a credit card — they’ll gain a strategic foothold in the evolving world of Apple-led consumer finance.

In brief ...

• 📱 AppLovin submits bid for TikTok, pitching its AI capabilities and economic potential to the Trump administration.

• 🎰 Casino mogul Steve Wynn was approached to help back the bid, as Washington pushes for a U.S.-led acquisition.

• 🇨🇳 Beijing’s approval remains a key hurdle, amid escalating U.S.-China tensions and looming tariff announcements.

With the U.S. government’s April 5 deadline to either sell or shut down TikTok rapidly approaching, a new suitor has entered the fray: mobile tech powerhouse AppLovin, the Wall Street Journal reports.

The $100 billion company has reportedly made a bid for the video-sharing giant and held discussions with casino magnate Steve Wynn about providing financial backing, according to people familiar with the matter.

AppLovin, known for its powerful artificial intelligence that helps tailor ads and analyze user behavior, is positioning itself as a domestic solution to national security concerns over TikTok’s Chinese ownership. The company claims it could not only protect user data but also spur economic growth by creating jobs in the U.S.

Meanwhile, President Trump is expected to be briefed Wednesday on a framework to keep TikTok operational under American oversight.

Growing list of bidders

AppLovin joins a growing list of bidders. Oracle, in partnership with U.S. investors such as Silver Lake and Blackstone, is preparing a competing offer. Amazon also submitted a last-minute bid, according to sources, though insiders suggest the White House doesn’t see it as likely to move forward. An Amazon spokesperson declined to comment.

While the White House seeks a resolution to its TikTok standoff, Chinese officials have signaled conditional openness to a deal. However, sources say Beijing views TikTok’s fate as one of several issues to negotiate with Washington—alongside Trump’s upcoming tariff proposals, also expected to be announced Wednesday.

Details of how TikTok would operate under a new ownership structure remain unclear, but sources say those decisions will likely follow once a deal framework is finalized.

In brief ...

• 🚗 Consumer Reports names top 10 used vehicles under $20,000 offering safety, reliability, and fuel savings.

• 💰 Picks span sedans, SUVs, hybrids, and trucks, based on performance, owner satisfaction, and crash safety.

• 🛑 List aims to guide budget-conscious buyers who don’t want to sacrifice quality for affordability.

Details

Nonprofit Consumer Reports has released its 10 Top Picks for used cars in April 2025, highlighting reliable and safe pre-owned vehicles that offer strong performance without breaking the bank. With new car prices still historically high, and likely to go higher thanks to stiff new tariffs on imports, the report offers smart alternatives across various categories—from sedans to hybrids to pickups.

To qualify, each vehicle had to perform well in CR’s road tests when new, show multiple years of above-average reliability, and include electronic stability control. The picks focus on the newest model year available under each price cap.

Highlights:

• Under $10K: 2016 Mazda6 – sporty, efficient, and updated for better ride comfort.

• Under $15K: 2018 Toyota Corolla – roomy, reliable, and packed with standard safety tech.

• Hybrid under $20K: 2019 Toyota Camry Hybrid – an ultra-efficient sedan with 52 mpg and advanced safety features.

• SUVs under $20K: 2021 Kia Sportage, 2018 Mazda CX-5, and 2018 Toyota RAV4 Hybrid offer style, space, and value.

• Pickup: 2015 Toyota Tacoma – known for its off-road ability and rugged reliability.

• Sports Car: 2019 Mazda MX-5 Miata – fun to drive and newly boosted to 181 horsepower.

The full list offers something for every type of driver—without compromising on safety, longevity, or affordability.

In brief ...

• 🚗 New law mandates speed-limiting technology for drivers convicted of reckless speeding—specifically those caught going over 100 mph.

• ⚖️ Starting July 2026, judges will order enrollment in “intelligent speed assistance” (ISA) programs; repeat offenders may be offered the program in lieu of license suspension or jail.

• 📉 Advocates say the tech could help reduce speeding-related fatalities, which accounted for over 12,500 U.S. deaths in 2022.

Details

A new Virginia law aimed at cracking down on reckless driving will require some convicted speeders to install intelligent speed assistance (ISA) technology in their vehicles—a move hailed by road safety advocates as a potential life-saver.

Signed into law as HB2096, the policy applies to drivers convicted of reckless driving at speeds exceeding 100 miles per hour. Starting in July 2026, courts will be required to enroll those individuals in an ISA program, which uses GPS and speed-limit databases—or cameras that detect road signs—to either alert drivers when they're speeding or actively limit the vehicle’s speed.

“This will make our streets safer,” said Del. Patrick A. Hope (D-Arlington), a lead sponsor of the bill.

Better than jail ...

The law also offers ISA as an alternative to license suspension or jail time for repeat traffic offenders who have accumulated enough demerit points. Under the program, drivers will be barred from operating any vehicle not equipped with ISA and will be required to pay for installation themselves.

An emotional push for the bill came from Tammy McGee, whose teenage son, Conner Guido, was killed by a reckless driver. “I hope that by installing speed-limiting technology on the vehicles of those who choose to repeatedly speed, we can save lives,” she said.

A proposed amendment by Gov. Glenn Youngkin would give judges discretion over how long a driver remains in the program—pending approval from the state legislature.

The law applies only to private passenger vehicles, not commercial ones, but it reflects growing national momentum for ISA. New York City, for example, has reported a 64% drop in high-speed driving in areas where ISA-equipped fleet vehicles are in use. Other cities, including Ventura County (CA), Somerville (MA), and Washington, D.C., have already launched pilot programs.

With speeding involved in nearly 30% of U.S. traffic fatalities, according to the National Highway Traffic Safety Administration, safety groups like the Insurance Institute for Highway Safety and Families for Safe Streets are calling for broader adoption of the tech—including federal mandates.

In January, the National Transportation Safety Board (NTSB) recommended ISA be required in all new vehicles—either as a passive alert system or one that actively limits speed.

A new study conducted by researchers at USC’s Keck School of Medicine explored a popular artificial sweetener – sucralose. 

Sucralose is a calorie-free sweetener that’s commonly found in many diet drinks. The researchers learned that the sweetening agent can actually impact our brain activity and subsequently increase our appetite levels. 

According to researcher Kathleen Page in a news release, the basis of the study was centered around two questions: “Are these substances actually helpful for regulating body weight?” And, “what happens in the body and brain when we consume them, and do the effects differ from one person to the next?”

The study

To better understand how calorie-free sweeteners affect the body and the brain, the researchers had 75 participants involved in the study. 

Each participant completed three different trials – one where they consumed sucralose, one where they consumed sugar, and one where they consumed water. Both before and after each trial, the researchers conducted brain scans and took blood samples. The participants also completed questionnaires on how hungry they were both before and after the experiments. 

The effect of sucralose

Here’s what the study revealed: 

• Compared to regular sugar, sucralose increased activity in the hypothalamus – the part of the brain responsible for regulating hunger. It also led to the participants feeling more hungry. 

• Sucralose also increased activity in the hypothalamus compared to drinking water, but had no impact on participants’ hunger. 

• Compared to sugar and water, consuming sucralose increases connections in the brain between the hypothalamus and other areas that are related to decision-making and motivation. This leads the researchers to believe that it could impact eating behaviors or cravings. 

• Drinking sucralose had no impact on hormones that regulate blood sugar, while consuming traditional sugar increased insulin and glucagon-like peptide 1 (GLP-1). 

• Women and people with obesity were the most impacted by these outcomes. 

“The body uses these hormones to tell the brain you’ve consumed calories, in order to decrease hunger,” Page said. “Sucralose did not have that effect.

“If your body is expecting a calorie because of the sweetness, but doesn’t get the calorie it’s expecting, that could change the way the brain is primed to crave those substances over time,” she said.

Further research

Moving forward, the researchers hope to do more work in this area, specifically on the ways that sucralose affects children and teens. 

“Are these substances leading to changes in the developing brains of children who are at risk for obesity? The brain is vulnerable during this time, so it could be a critical opportunity to intervene,” Page said. 

The Federal Trade Commission (FTC) has issued warning letters to operators of websites selling Employer Identification Number (EIN) filing services, cautioning that some of their business practices may be illegal under the FTC Act and the agency’s Impersonation Rule.

The letters alert companies that they may be misleading consumers by falsely implying an affiliation with the Internal Revenue Service (IRS) — a violation that can result in steep civil penalties.

“Impersonating the government is unlawful, period,” said Chris Mufarrige, Director of the FTC’s Bureau of Consumer Protection. “The FTC is warning businesses that sell services the government provides to review their websites and advertisements for symbols and words that mislead consumers.”

Services charging for free government tools

The websites in question are reportedly charging consumers up to $300 for EINs — even though EINs can be obtained for free directly through the IRS’s official website.

An EIN is a federal identifier used by businesses, estates, nonprofits, and households that employ workers. It functions similarly to a Social Security Number but is used for organizational tax purposes.

According to complaints received by the FTC, some websites:

• Use IRS-like logos, fonts, and layouts to imitate government websites

• Include “IRS” in their domain names or ads

• Use terms like “EIN Assistant”, mimicking the IRS’s free tool

• Fail to clearly disclose that their site is not affiliated with the IRS

• Do not make it obvious that the fee they charge is for optional third-party services

Legal consequences loom

The FTC's letters serve as a warning: any violation of the Impersonation Rule could result in civil penalties of up to $53,088 per violation, along with possible requirements to refund consumers.

While the Commission is not yet accusing the companies of wrongdoing, the letters urge them to review all marketing and advertising, including paid ads, websites, social media, and promotional materials, to ensure full compliance with the law.

The crackdown is part of the FTC’s broader effort to protect consumers from scams involving government impersonation. In recent years, the agency has filed several lawsuits against similar deceptive practices, including cases against Superior Servicing LLC, Panda Benefit Services, and DOTAuthority.com, Inc.

Consumers are advised to obtain EINs directly through the IRS at irs.gov to avoid unnecessary fees and possible deception.