Washington, DC

1. Bondi out
2. WH levies drug tariffs
3. DHS deal inches closer
4. Strait talk
5. Sell the speech

Tesla shares ▼ 6% in deepening car sales slump.

Bondi got a personal warning before her firing

President Donald Trump’s ouster of Pam Bondi today caps a tumultuous 14 months for her at the Justice Department, with her handling of the Jeffrey Epstein files sparking long-simmering Republican frustration. But Trump at least told Bondi personally that her time was up, Semafor’s Shelby Talcott scooped in the hours before her firing. Now she’s headed for a private-sector job, per Trump — not the alternate administration post that now-former Homeland Security Secretary Kristi Noem got. And Bondi may still face demands for a deposition from the House Oversight Committee, where Democrats want to keep a bipartisan subpoena requiring her to talk about Epstein. She’s also leaving unanswered questions about whether, as Trump believes is possible, she alerted Rep. Eric Swalwell, D-Calif., to an effort to release files from an investigation into his relationship with an alleged Chinese spy (Swalwell denied getting a heads-up).

Trump places new tariffs on drugs, metals

The Trump administration is marking the anniversary of “Liberation Day” by placing new tariffs on certain drugs and revamping its tariffs on key metals. Makers of brand-name drugs who refuse the US’ demands to lower prices and relocate manufacturing to the US will face tariffs of 100%, while those who have met both will not be tariffed. Those who have agreed only to relocate manufacturing will be tariffed at 20%. “We’ve gotten the big deals done,” a senior administration official said. While unprocessed steel, aluminum and copper will still be tariffed at 50%, products made with those metals will be tariffed between 10% and 25%. Those made with less than 15% by weight won’t be tariffed. Officials imposed the tariffs under Section 232 of the Trade Expansion Act, which allows the president to stand up levies related to national security after conducting investigations.

— Eleanor Mueller

Congress inches towards ending DHS shutdown

The Senate took the first step this morning to end the Department of Homeland Security shutdown by again unanimously sending a bill to fund most of the department to the House. But GOP leaders still face a difficult path to passing it. The House didn’t act on the bill during its pro forma session. And House GOP leadership got an earful from enraged conservatives on a conference call later. Dissenters want to add other provisions to the bill, which could be the last significant piece of legislation of this Congress, like the president’s voter ID legislation. That idea flopped in the Senate last week. Senate Majority Leader John Thune told reporters the plan was for a “narrow and focused” bill, with other provisions like voter ID or Iran funding “creating jurisdictional challenges and germaneness issues on the floor.”

— Nicholas Wu

Semafor is expanding its presence in the Gulf, accelerating investment in one of the world’s most consequential economic and geopolitical regions. Beginning this spring Semafor Gulf will publish every weekday, alongside expanded reporting and a growing slate of live convenings for regional decision-makers.

Since launching in 2024, Semafor Gulf has delivered essential, independent journalism in a region at the center of the global economy. This next phase will expand Semafor Gulf’s independent reporting and analysis as the region’s business and economic news platform of record.

Oman and Iran draft agreement to reopen Strait of Hormuz

The world is rallying to reopen the Strait of Hormuz. Oman and Iran are crafting an agreement to “monitor transit” through the strait, according to a report in Iranian state media this afternoon. News of the draft protocol boosted markets and steadied oil prices. Earlier in the day, the UK hosted dozens of countries, but not the US, for a private virtual meeting on the issue. Yvette Cooper, foreign secretary of the UK, told attendees that Britain has invited military planners from 30 countries to a gathering next week, during which they will assess how to demine the strait. But the ongoing conflict could complicate the fragile efforts: Trump posted a video on Truth Social of the B1 bridge, which connects Tehran to Karaj, crumbling under a missile attack, warning Iran to “make a deal before it is too late.”

View: Expectations mismatch rattles markets

Whatever the market was hoping to hear from Trump last night, it didn’t. Trump said the war was “nearing completion” without sharpening the aims of the fighting, the minimum needed to declare victory, or the expected timeline, writes Semafor’s Liz Hoffman. Brief market rallies reversed as he spoke, and this morning oil is higher, stocks slid, and bonds sold off. Markets can digest signals but they abhor noise. “Buy the rumor, sell the news” is a shopworn but true investment thesis: Here, investors bought the national-prime-time-address calendar invite, then sold the speech. Expectations mismatch is always a risk — companies are, to executives’ annoyance, judged not on whether they grow profits, but whether that growth exceeds Wall Street’s to-the-penny forecast — but the mismatch hits harder in today’s extra-twitchy market. Investors desperate for clarity don’t know what to do with Trump’s shifting goal posts.

Christopher Nassetta, President & CEO, Hilton; Valdis Dombrovskis, Commissioner for Economy & Productivity, Implementation & Simplification, European Commission; Kyriakos Pierrakakis, Minister of Economy & Finance, Greece, President of the Eurogroup; Amy Howe, CEO, FanDuel; Joseph Dominguez, President & CEO, Constellation; and more will join the The Next Era of Global Growth session at Semafor World Economy. This session will examine how CEOs are increasingly shifting their focus to opportunities for growth – M&A, innovation, and, of course, AI.

April 14, 2026 | Washington, DC | Apply to Attend

White House

• President Trump said on Truth Social today he would sign an order to require that all DHS workers receive pay.
• The White House budget proposal is expected to cut domestic spending and boost defense. — Bloomberg
• White House chief of staff Susie Wiles believed aides were giving Trump too rosy of an assessment of the war in Iran and encouraged them to be “more forthright with the boss.” — Time

Iran War

• The State Department warned Americans in Baghdad of potential attacks by Iran-aligned terrorist groups in the next two days.
• Iran has charged oil tankers $1 per barrel, paid in yuan or stablecoins, to travel safely through the Strait of Hormuz. — Bloomberg

Health

• The Environmental Protection Agency announced it would attempt to curb microplastics and pharmaceuticals in drinking water, a victory for MAHA activists.

Politics

• House Democratic fundraising broke early-season records.
• Senate Majority Leader John Thune says he gave President Trump a “dosage of reality” on the shutdown and warned about the fallout for Republicans if the Iran war does not end soon. — NOTUS
• Trump won final approval from the National Capital Planning Commission for his White House ballroom.

East Wing

• First lady Melania Trump assisted six Ukrainian children in reuniting with their families after being held in Russia, according to a statement from her office.

Energy

• Amazon will begin adding a 3.5% fuel surcharge on April 17 to fees it collects from sellers who use its fulfillment services in the US and Canada.
• Wartime energy shortages are leading to violence and crime in Asia. — WaPo

Business

• The Commodity Futures Trading Commission sued Illinois in federal court, claiming the state’s governor is infringing on the commission’s sole authority to regulate prediction markets. — Bloomberg
• Investors requested withdrawals worth $5.4 billion from Blue Owl’s biggest private credit funds.

— South Korean President Lee Jae Myung in a parliamentary address.

Laura McGann, editor

With help from Elana Schor, senior Washington editor, and Morgan Chalfant, Washington briefing editor

Graph Massara and Lauren Morganbesser, copy editors

Contact our reporters:

Burgess Everett, Eleanor Mueller, Shelby Talcott, Nicholas Wu, David Weigel