Financial markets around the world tumbled after President Trump on Wednesday announced a barrage of new tariffs, with U.S. stock futures pointing to a sharp drop when Wall Street opens for business.Roughly two hours before the start of trade at 9:30 a.m. ET, futures for the S&P 500 plunged 190 points, or 3.3%, while futures for the Dow Jones Industrial Average and the tech-heavy Nasdaq composite index sank 3% and 4%, respectively. Overseas markets also slumped in overnight trading. In Asia, Tokyo’s Nikkei 225 index briefly dipped 4%, with automakers and banks taking big hits, before closing down 2.8%, while South Korea’s benchmark Kospi fell 1.1%. In Europe, Germany’s DAX fell 1.7%, France’s CAC 40 in Paris lost 1.8% and Britain’s FTSE 100 shed 1.2%.Capital Economics said in a report that the investment advisory firm is “significantly downgrading” its forecast for the S&P 500 this year, citing Mr. Trump’s latest tariff salvo and investor concerns about underwhelming returns from AI to large U.S. tech firms.Gold prices briefly hit a record high at $3,167 before dipping as investors digested the impact of the White House’s escalating trade war.
“Stocks are sliding in all markets as the world responds to Trump’s worse-than-expected (and absurd) trade war,” equity analyst Adam Crisafulli, head of Vital Knowledge, told investors in a research note.Mr. Trump said the U.S. would impose a 10% baseline tariff on all U.S. trading partners starting April 5. Four days later, the U.S. is also set to apply reciprocal tariffs on roughly 60 countries. Although U.S. markets drifted up on Wednesday as investors hoped for more restrained trade policies from the White House, reality is now biting amid concerns that the economy could stall and possibly tip into recession.”The Trump administration adopted a shock-therapy approach to tariffs, imposing very high tariffs on all its major trading partners.” analysts with Societe Generale said in a report on Thursday.
They added, “These tariffs are undoubtedly worse than some of the worst-case scenarios envisioned earlier, both at the aggregate and economy-by-economy levels. This set of tariffs, if they persist, would very likely tip global trade into recession.”
The Associated Press
contributed to this report.
Financial markets around the world tumbled after President Trump on Wednesday announced a barrage of new tariffs, with U.S. stock futures pointing to a sharp drop when Wall Street opens for business.Roughly two hours before the start of trade at 9:30 a.m. ET, futures for the S&P 500 plunged 190 points, or 3.3%, while futures for the Dow Jones Industrial Average and the tech-heavy Nasdaq composite index sank 3% and 4%, respectively. Overseas markets also slumped in overnight trading. In Asia, Tokyo’s Nikkei 225 index briefly dipped 4%, with automakers and banks taking big hits, before closing down 2.8%, while South Korea’s benchmark Kospi fell 1.1%. In Europe, Germany’s DAX fell 1.7%, France’s CAC 40 in Paris lost 1.8% and Britain’s FTSE 100 shed 1.2%.Capital Economics said in a report that the investment advisory firm is “significantly downgrading” its forecast for the S&P 500 this year, citing Mr. Trump’s latest tariff salvo and investor concerns about underwhelming returns from AI to large U.S. tech firms.Gold prices briefly hit a record high at $3,167 before dipping as investors digested the impact of the White House’s escalating trade war.
“Stocks are sliding in all markets as the world responds to Trump’s worse-than-expected (and absurd) trade war,” equity analyst Adam Crisafulli, head of Vital Knowledge, told investors in a research note.Mr. Trump said the U.S. would impose a 10% baseline tariff on all U.S. trading partners starting April 5. Four days later, the U.S. is also set to apply reciprocal tariffs on roughly 60 countries. Although U.S. markets drifted up on Wednesday as investors hoped for more restrained trade policies from the White House, reality is now biting amid concerns that the economy could stall and possibly tip into recession.”The Trump administration adopted a shock-therapy approach to tariffs, imposing very high tariffs on all its major trading partners.” analysts with Societe Generale said in a report on Thursday.
They added, “These tariffs are undoubtedly worse than some of the worst-case scenarios envisioned earlier, both at the aggregate and economy-by-economy levels. This set of tariffs, if they persist, would very likely tip global trade into recession.”
The Associated Press
contributed to this report.
Donald Trump has said “tariffs” is the most beautiful word in the dictionary.The US president is expected to unveil his latest round of these border taxes on Wednesday at 4pm ET. In what he is calling “liberation day”, Trump has argued the step is needed to raise money and to encourage domestic manufacturing. But it is also rattling the global economy.What is a tariff?Tariffs are border taxes charged on the import of goods from foreign countries. Importers pay them upon entry to the customs agency of the country or bloc which levies them.The taxes are typically charged as a percentage of a product’s value. For example, a tariff of 10% on a £100 product would carry a £10 charge at the point it is brought into the country.As well as finished goods, tariffs are levied on components and raw materials, pushing up the costs to manufacturers significantly; particularly in a world of complex supply chains where borders are crossed many times. According to the Center for Strategic and International Studies, parts such as engines, transmissions, and other car components can cross the US-Canada and US-Mexico borders up to seven or eight times.Serving as a barrier to trade, tariffs raise the price of an imported product for businesses and consumers. The US bank JP Morgan has estimated that tariffs of 25% would raise new car prices by $4,000 (£3,092).They provide an incentive to buy a domestic tariff-free equivalent, where possible. Countries can also use non-tariff barriers to trade; including import quotas, licences and permits, regulations, safety standards and border checks.The introduction of tariffs by one country can often collapse into a cycle of retaliation, or even a full-blown trade war. They are often used alongside other policy tools as a means of negotiation between nations, influencing far more than just economic outcomes.What is Trump’s strategy?The US is the largest goods importer in the world – buying products worth $3tn in 2023. It also has the largest trade in goods deficit – when imports exceed exports – worth $1tn.Trump has long complained the deficit reflects “unfair” practices from US trading partners, and sees it as a sign of weakness in the US economy after decades of factory production shifting overseas. He has used them as a negotiation tool to extract concessions from US trading partners.The president is also considering the potential revenue tariffs could raise for the federal budget, which would be important to offset the impact of his tax-cutting proposals. However, both cannot be true. To reliably raise revenue, a tariff would need to be permanent, rather than used as a bargaining chip.What could the impact be?Additional costs from tariffs are typically borne by the end consumer, meaning Trump’s plans are likely to push up US living costs. The big fear is that throwing grit in the wheels of trade will knock global economic growth and stoke inflation.Even before the introduction of new US tariffs, the threat of them has rattled global financial markets and dented business and consumer confidence. This has a chilling impact on household spending and business investment.Borrowing costs have risen sharply for governments around the world. For nations with already high levels of debt after the succession of shocks since the 2008 financial crisis, this has added to pressure to balance the books, and prompted political challenges.The Organisation for Economic Co-operation and Development (OECD) warned last month that a scenario in which tariff rates are permanently raised by the US and all of its trading partners by an additional 10 percentage points, global output could fall by about 0.3% by the third year after their introduction. Global inflation could rise by 0.4 percentage points per annum on average over the first three years, the OECD said.Is this a new tactic?Trade barriers, taxes and tariffs have been a feature of the world economy for centuries, including as a catalyst for wars and revolutions, including the Boston tea party and the second world war. The barriers have been steadily dismantled over recent decades, amid the rise of globalisation. Trump – who also imposed tariffs in his first term as president – is not the first US president to shock the UK on trade.Most economists agree trade liberalisation has helped to lift more than a billion people out of poverty worldwide, while supporting living standards in rich countries. But there are also tensions; from the hollowing out of manufacturing, to environmental and social challenges associated with complex, resource intensive, and sometimes exploitative global supply chains.Which countries could be hit hardest? The US would take a “significant hit”, with a 0.7% fall in output. The US’s largest trading partners, Canada and Mexico, would also be deeply affected.Washington has a particular grievance with what the US treasury secretary Scott Bessent has called the “Dirty 15” countries, which make up about three-quarters of the US trade deficit.The US’s largest trade in goods deficit with a single country is with China, worth $295bn in 2024. This was followed by the EU, at $235bn.Trump also wants the tariffs to be “fair and reciprocal” to correct what he sees as longstanding imbalances in international trade arising from non-tariff barriers and taxes used by other countries. This includes value-added taxes (VAT), used in European nations in particular.The president sees VAT as problematic because it is paid by customers of US-manufactured goods, while Washington does not have a similar federal tax levied on imports from overseas. However, many experts counter that VAT is paid on locally made goods as well as imports.
SOFIA, Bulgaria — Bulgaria’s government on Thursday survived a parliamentary vote of no-confidence brought by a pro-Russia political party over what it called a failure in the nation’s foreign policy.The motion by the Vazrazhdane party, backed by two small nationalist groups, criticized the government’s pro-Western stance, its support for Ukraine and the ongoing sanctions on Moscow.The move was defeated in a 150-54 vote against the motion in the 240-seat parliament. The government’s coalition Cabinet is led by the center-right GERB party.Before the vote, analysts predicted the outcome, citing that a majority supports Bulgaria’s pro-European orientation. The country has been a member of the European Union since 2007.“For Vazrazhdane, the vote is a tool to amplify Russian narratives in the hybrid war against Bulgaria — a war Moscow wages with disinformation and subversive political tactics,” political analyst Ilian Vassilev said.GERB condemned the no-confidence motion as an attempt to derail Bulgaria’s desire to adopt the euro currency at the beginning of 2026, which would consolidate its European integration.Speaking to the media after the vote, Prime Minister Rosen Zhelyazkov said that it has “confirmed Bulgaria’s European perspective and democratic development, which is what most of the Bulgarian people want.”
Miller Gardner, the youngest son of former New York Yankees outfielder Brett Gardner, died on March 21 at the age of 14 while on vacation with his family in Costa Rica.Carbon monoxide poisoning was the cause of death, authorities in Costa Rica confirmed on April 2. High levels of the toxic gas had been detected in testing of the family’s hotel room.Here is what we know about Miller Gardner’s death.What happened to Miller Gardner?Miller Gardner’s parents said in a statement that he died in his sleep after he and several other family members fell ill while vacationing. They did not elaborate on who else had gotten sick, what specific illness they were dealing with or what symptoms they had experienced.Where were the Gardners staying?The Gardners were vacationing at the Arenas Del Mar Beachfront & Rainforest Resort, which is along Costa Rica’s Pacific coast, some 50 miles south of San José.
“We are deeply saddened by this loss, and our hearts go out to the family during this incredibly difficult time,” the resort said in a statement on Tuesday, March 25. “The factors that led to this tragic incident are unknown, and we are fully cooperating with authorities as they investigate. We remain committed to supporting our guests and staff, prioritizing their well-being and safety, while respecting the privacy of those affected.”The resort also told CBS News that hotel staff responded to the incident according to protocol, saying: “The hotel staff dispatched a medical team immediately, including a licensed doctor, which arrived to handle the emergency situation. Any medical attention to the family was done by medical professionals. Our staff did not administer any medical treatment.”What are officials saying about the cause of death?Randall Zúñiga, director of the Judicial Investigation Agency, or OIJ, said on March 31 that investigators conducted testing in the hotel room where Gardner was staying and found high levels of carbon monoxide, which he said may have been caused by machinery in the room next door. The contamination they found led investigators to believe Gardner “may have died from inhaling these highly dangerous gases,” Zúñiga said.The cause of death was confirmed after Gardner was tested for carboxyhemoglobin, a compound generated when carbon monoxide binds to hemoglobin in the blood, according to Zúñiga. The test showed a carboxyhemoglobin saturation of 64%. Saturation is considered lethal when it exceeds 50%.
The head of Costa Rica’s judicial police also said that a “layer” was detected during the autopsy on Gardner’s organs. That layer forms due to a high presence of carbon monoxide.Carbon monoxide is an odorless gas produced by the burning of fossil fuels in equipment such as cars, furnaces, stoves, certain heaters and generators. Symptoms of carbon monoxide poisoning may include headache, dizziness, nausea, vomiting and confusion.Zúñiga said the investigation was “closely coordinated” with the FBI.The hotel told CBS News in a statement on March 31 that it was diligently cooperating with the Costa Rican judicial authorities, who have taken over the investigation.””We trust that the forensic process will objectively, clearly, and conclusively clarify the causes of this unfortunate incident,” the hotel said.The OIJ director had said it was conducting three types of analyses, including a toxicology report, at its forensic science laboratories.Why did early reports say the cause was food poisoning or “food intoxication”?Asphyxiation was initially thought to be the cause of death, although that theory was ruled out after an autopsy performed by the Forensic Pathology Section. An initial statement had said: “Preliminary reports indicate the cause of death is asphyxiation following possible food poisoning.”
Some news outlets quoted a local official who cited possible “food intoxication,” but there is no condition by that name, and it appears in this context to have meant the same thing as food poisoning. Following the reports of possible food poisoning, Hotel La Mariposa, located less than a mile from where the Gardners were staying, released a statement to address what it called “misinformation circulating on social media.””The Gardner family dined at our restaurant, Le Papillon, on the afternoon of Tuesday, March 18, 2025—three days before Miller’s tragic passing. Any claims suggesting a link between our restaurant and this heartbreaking event are entirely false and unfounded,” the restaurant said. “Any news, statements, or claims to the contrary do not reflect the reality of the situation. Furthermore, we do not have any additional information, as the Gardner family did not stay at our hotel.” The hotel also extended its “heartfelt condolences to the Gardner family.”The Arenas Del Mar resort, where the Gardners were staying, said in a statement, “The family did not eat at any of Arenas Del Mar’s restaurants for lunch or dinner the previous day. Additionally, on March 14th, we had an inspection by the Health Ministry in which the hotel passed with a 98.5 out of 100.”What has the Gardner family said?In a statement before the cause of death was confirmed, Miller Gardner’s parents, Brett and Jessica Gardner, said they had “so many questions and so few answers.””Miller was a beloved son and brother and we cannot yet comprehend our life without his infectious smile,” they said. “He loved football, baseball, golf, hunting, fishing, his family and his friends. He lived life to the fullest every single day.””We are so thankful to all who have reached out to offer support and encouragement during this difficult time and we are confident our faith, family, and friends will help us navigate this unimaginable loss,” their statement continued. “Our prayers go out to Miller’s teammates and friends, as well as to all other families who have lost a child far too soon as we share their grief.”
An obituary posted online described Miller Gardner as an Honor Roll student who played football and baseball and loved traveling with his family.”The void Miller’s passing leaves in the hearts of his family, friends, teammates, teachers, coaches and others will be felt for years,” it said. “Miller’s time here with them was brief but his spirit will carry on forever through those who were impacted by the way he lived.” What have the New York Yankees said?The New York Yankees, where Brett Gardner played for 14 years, released the following statement after news of Miller Gardner’s death became public.”Our hearts are heavy, and the Yankees family is filled with grief after learning of the passing of Miller Gardner. Words feel insignificant and insufficient in trying to describe such an unimaginable loss. It wasn’t just Brett who literally grew up in this organization for more than 17 years — so did his wife, Jessica, and their two boys, Hunter and Miller. We grieve with Brett, Jessica, Hunter, and their community of family and friends in mourning the loss of Miller, who had a spark in his eyes, an outgoing and feisty personality, and a warm and loving nature.Our love for the Gardner family is unconditional and absolute, and we will offer our enduring support while understanding their desire for privacy at this time.May Miller rest in peace.”Who is Brett Gardner?Brett Gardner is a former baseball player who spent his entire professional career with the New York Yankees. Originally from North Carolina, he was initially drafted by the Yankees in 2005 and was first called up in 2008 before becoming a regular starter the following season. During his 14 MLB seasons, the outfielder won one World Series in 2009, earned an All-Star appearance in 2015 and a Gold Glove Award in 2016.As a rookie, Gardner scored the final run in the old Yankee Stadium in 2008, which was replaced the following year.His final season was in 2021.
The Associated Press
contributed to this report.
Sports
An Atlanta Hawks fan appeared to suffer a knee injury during an intermission game as the team took on the Portland Trail Blazers Tuesday night.The fan participated in a tic-tac-toe shooting challenge, and as he went up for a lay-up, he slipped and crashed to the ground. He was seen holding his left knee as his opponent continued the challenge on the other side of the court. A video showed the fan getting placed on a stretcher and carried off the court.CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM Atlanta Hawks guard Trae Young, #11, chases a loose ball against the Portland Trail Blazers during the first half of an NBA basketball game on Tuesday, April 1, 2025 in Atlanta. (AP Photo/Mike Stewart)Shamea Morton, the hostess at the State Farm Arena in Atlanta, had to get the other competitor to stop.”Can you just wait? Can you just be kind and come over here with me and check on James,” Morton asked. “We know you won, but OK.”The incident was not an April Fools’ Day joke, according to the team’s website. An injury update on the fan was not immediately available.NBA HANDS DOWN SUSPENSIONS TO MULTIPLE PLAYERS FOR ROLE IN BRAWL Portland Trail Blazers guard Shaedon Sharpe, #17, shoots against the Atlanta Hawks during the second half of an NBA basketball game on Tuesday, April 1, 2025 in Atlanta. (AP Photo/Mike Stewart)The Trail Blazers ended up getting the 127-113 win behind Shaedon Sharpe’s 33 points and 10 rebounds and Deni Avdija’s 32 points, 15 rebounds and 10 assists.Hawks star Trae Young added 29 points and 15 assists. Young’s teammate Dyson Daniels added 22 points and 10 rebounds while Vit Krejci scored 13 and Onyeka Okongwu had 12.Atlanta is in contention for the play-in tournament; it will just be a matter of seeding once the regular season is over. The Hawks are 36-39 this season. Portland Trail Blazers forward Deni Avdija, #8, and Atlanta Hawks forward Mouhamed Gueye, #18, fight for the ball on the court during the first half at State Farm Arena on April 1, 2025 in Atlanta. (Dale Zanine-Imagn Images)CLICK HERE TO GET THE FOX NEWS APPThe Trail Blazers improved to 33-43 on the year. They are 3.5 games behind the Sacramento Kings for the final spot in the play-in tournament.The Associated Press contributed to this report.Follow Fox News Digital’s sports coverage on X, and subscribe to the Fox News Sports Huddle newsletter.
The U.S. Department of Agriculture announced on Wednesday a pause and an ongoing review of federal funding to Maine after the state refused to provide equal opportunities to women and girls in educational programs. The state has refused to comply with President Donald Trump’s February executive order to ban trans athletes from girls and women’s sports, prompting immense federal pressure. Trump initially vowed to cut federal funding to the state if it refused to comply with the order during a Feb. 20 speech. Now, Trump has made good on that promise.CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM USDA secretary Brooks Rollins said the state must agree to protect female athletes from trans inclusion before funding is restored. “In order to continue to receive taxpayer dollars from USDA, the state of Maine must demonstrate compliance with Title IX which protects female student athletes from having to compete with or against or having to appear unclothed before males,” Rollins wrote in a letter to the state. “In addition, USDA has launched a full review of grants awarded by the Biden Administration to the Maine Department of Education. Many of these grants appear to be wasteful, redundant, or otherwise against the priorities of the Trump Administration. USDA will not stand for the Biden Administration’s bloated bureaucracy and will instead focus on a Department that is farmer-first and without a leftist social agenda.”Maine GOP state Rep. Laurel Libby was one of the key figures in bringing attention to the state’s trans inclusion issue, when she made a social media post identifying a transgender track and field athlete at Greely High School had taken first place at a Maine girls pole vault competition after competing as a boy just one year earlier.Libby’s revelation of the trans athlete ignited national conversation and coverage of the state’s policy on trans inclusion. Libby was censured by the Maine House Democrat majority for her post on the premise that she identified a minor, but she has since filed a lawsuit to have the censure lifted. MAINE GIRL INVOLVED IN TRANS ATHLETE BATTLE REVEALS HOW STATE’S POLICIES HURT HER CHILDHOOD AND SPORTS CAREER”Governor Janet Mills and Maine Democrats have chosen to dig their heels in and embrace radical left-wing ideology over the safety and rights of Maine women and girls. Despite repeated warnings from President Trump, Maine Democrats continued to defy federal law, forcing Maine girls to unfairly compete against biological males,” Libby told Fox News Digital on Wednesday. “As a result, Maine’s Democrat majority has poised Maine students to lose hundreds of millions in federal funding, starting with our USDA funding, instead of championing Maine girls by adhering to federal law. I continue to stand firmly with Maine girls and President Trump in the pursuit of sanity and fairness. I implore Maine Democrats to abandon this incredibly harmful and radical gender ideology for the sake of our students.”More potential sanctions could be coming to the state in the next week. The U.S. Department of Education sent a letter to the Maine Department of Education (MDOE) on Monday advising a final deadline of April 11 to address the issue or risk a second referral to the Department of Justice. The Department of Health and Human Services already referred Maine to the DOJ last week. Wednesday’s announcement is not the first funding freeze USDA announced regarding Maine. The department paused funding to the University of Maine System (UMS), a network of eight public universities in the state, on March 11 while it conducted a review of the system’s compliance with Title IX. Funding was restored to UMS just days later and the USDA announced the system was in full compliance. But the major issue involving trans athlete inclusion in Maine is at the high school level. In addition to the incident involving the pole vaulter at Greely High School, other instances have impacted multiple girls across the state who have had to compete with and share locker rooms with biological males. Maine teen Cassidy Carlisle previously told Fox News Digital about how she had to share a locker room with a trans student while in middle school, then had to compete with another trans athlete in Nordic skiing last year. “The defeat that comes with that in that moment is heartbreaking,” Carlisle said. “I’m just in shock in a way. I didn’t believe it. … I didn’t think it was happening to me.”CLICK HERE TO GET THE FOX NEWS APP”I stayed silent for a while,” Carlisle said. “It’s very hard to speak up if you don’t have a platform to do it on. … Backlash is a huge thing. I’m a high school student. No high school student wants to be hurt or yelled at or said mean comments by people. And the reality of it, with the state that I live in, that could very much happen.” A survey by the American Parents Coalition found that out of about 600 registered Maine voters, 63% said school sports participation should be based on biological sex, and 66% agreed it’s “only fair to restrict women’s sports to biological women.”The poll also found that 60% of residents would support a ballot measure limiting participation in women’s and girls sports to biological females. This included 64% of independents and 66% of parents with kids under age 18.Follow Fox News Digital’s sports coverage on X, and subscribe to the Fox News Sports Huddle newsletter.
Oil and gas barons who donated millions of dollars to the Trump campaign are on the cusp of cashing in on the administration’s support for energy-guzzling data centers – and a slew of unprecedented environmental rollbacks.Energy Transfer, the oil and gas transport company behind the Dakota Access Pipeline, has received requests to power 70 new data centers – a 75% rise since Trump took office, according to a new investigation by the advocacy nonprofit Oil Change International (OCI) and the Guardian.The fossil-fuel gold rush threatens to unleash massive amounts of pollution and greenhouse gases while undermining the renewable energy industry.“Given Energy Transfer’s extensive natural gas infrastructure, we continue to believe that we are in the best position to capitalize on the anticipated rise in natural gas demand,” the company told investors in February.The positive shareholder forecast came as Energy Transfer’s legal team were in a North Dakota court suing Greenpeace, claiming the environmental group had orchestrated the Standing Rock Indigenous-led protests – in what has been widely condemned as an attack on free speech by advocates and experts.Energy Transfer, among the largest pipeline companies in the US, was the 13th-biggest corporate funder of Trump’s Make America Great Again Super Pac last year, according to OpenSecrets, donating $5m, while executive chair Kelcy Warren has been a major Republican donor since 2016.View image in fullscreenThe firm is part of the powerful fracked-gas industry set to use its influence on Trump and the Republican party to make billions in profits from cryptocurrency mining, AI and other data centers – which look likely to proliferate rapidly amid a slew of new incentives and regulatory rollbacks.Data centers may have expanded regardless of last year’s election winner, but Trump’s victory means a much bigger and faster expansion – and a prioritization of fossil fuel over cleaner types of energy.“The words that have replaced ‘energy transition’ are ‘AI’ and ‘data centers’,” Mike Sommers, from the powerful lobby group the American Petroleum Institute (API), recently said. “We’re transitioning from the energy transition to the energy reality … we’re going to need a lot more oil and gas.”Energy Transfer’s first AI deal was announced the day before its investor meeting in February – a long-term agreement with CloudBurst to provide up to 450,000 cubic feet per day of fossil gas to their flagship AI-focused data center development in San Marcos, Texas. Burning this gas for electricity will generate 25,000 metric tons of greenhouse gases per day – the equivalent of 2.4 average US coal plants, according to the EPA greenhouse calculator, or 2.1m cars driven for one year.“This project represents our first commercial arrangement to supply natural gas directly to a data center site, and it will not be the last,” the company told investors, who reacted favourably to the deal, with Energy Transfer’s share price rising 2.1% after it was announced.“In aggregate, we have now received requests for potential connections to approximately 62 power plants that we do not currently serve in 13 states … In addition, we have now received requests from over 70 prospective data centers in 12 states,” investors were told by executives, outlining how the company is benefiting from the Trump data center and AI boom.Energy Transfer slide shown to investorsView image in fullscreenEarlier this month, a jury with known ties to the fossil-fuel industry found in favor of Energy Transfer and ordered Greenpeace to pay the $65bn oil and gas company $660m in damages – an unprecedented figure that could bankrupt Greenpeace US and chill environmental activism. Greenpeace has said it will appeal.Energy Transfer is not the only fossil-fuel firm ready to benefit from the expected boom in AI and cryptocurrencies. The Guardian/OCI investigation illustrates how the US fracked-gas industry in particular looks set to use its influence on Trump and the GOP to expand operations and make billions in profits from powering data centers – while dumping huge amounts of additional planet-warming gases and other toxins into the atmosphere.The expected gas bonanza comes amid growing climate breakdown, including a slew of deadly and costly disasters in the US in recent months, such as the Los Angeles wildfires and Hurricane Helene in southern Appalachia. More than 150 “unprecedented” climate disasters struck around the world in 2024 – the hottest-ever year on record.The crypto industry was last year’s biggest corporate campaign donor for the White House and Congress – and the candidates it backed won big, including Trump. But even before the latest push, US authorities believed that crypto mining was responsible for up to 2.3% of the nation’s total electricity demand – roughly equivalent to the state of West Virginia.According to investment bank Goldman Sachs, the data-center-and-AI boom means that US power demand is “likely to experience growth not seen in a generation”. And this demand for energy, largely fuelled by fracked gas, is set to soar under Trump, who embraced cryptocurrencies during the campaign, posting on his Truth Social platform last summer that Bitcoin mining would “help us be ENERGY DOMINANT!!!”View image in fullscreenTrump is now betting big on AI, too, signing several executive orders since taking office to slash regulation. This includes one on his first day to roll back safety-testing rules for AI used by the government, followed by another order three days later revoking existing policies “that act as barriers to American AI innovation”. Trump also announced private-sector investment of up to $500bn to fund infrastructure for artificial intelligence, aiming to outpace rivals.In recent weeks, Meta, Google, OpenAI and other tech companies have lobbied the Trump administration for more AI tax breaks and incentives, to block state laws and for access to federal data to develop the technology – as well as for easier access to energy sources for their computing demands.Tech companies “are really emboldened by the Trump administration, and even issues like safety and responsible AI have disappeared completely from their concerns”, Laura Caroli, a senior fellow at the Wadhwani AI Center at the Center for Strategic and International Studies, a non-profit thinktank, told the New York Times.Rachel Rose Jackson, director of climate research and policy at Corporate Accountability, said: “This investigation is a harrowing illustration of just how out of touch with reality this government is with the facts of climate science – and highlights the treacherous relationship between big tech and fossil fuels.“Not only are fossil-fuel corporations literally fueling the ramp-up of AI data centers, but big tech works with fossil-fuel corporations to use AI to discover and extract oil that should never see the light of day.”The gas industry – like the tech and crypto industries – is now set to reap the benefits of the data-center expansion.EQT Corporation, a leading fracked-gas producer and pipeline company and another major Trump donor, recently told investors that data centers are becoming the “cornerstone of natural gas bull case” – in other words, the cornerstone of fossil gas expansion and shareholder profits.In February, EQT, which is worth $32bn, told investors that the company was ideally placed to take advantage of a forecasted 10-18bn-cubic-feet increase in gas demand from AI, crypto, EVs and other data centers by 2030. This is a huge amount of extra fossil gas, which even at EQT’s lower forecast would generate as much carbon dioxide as 52 coal plants or 46.5m passenger cars over a year, according to the EPA calculator.Said EQT: “We’ll see those opportunities across the country – but we’ll also see those largely in our backyard as well, especially given the proximity to the data center demand that’s taking place.”Slide shown to EQT investorsView image in fullscreenThe Mountain Valley pipeline (MVP), a joint venture in which the gas giant is the controlling shareholder and operator, provides “unique access” to the US south-east region, which is home to “burgeoning data center demand”, investors were also told.The MVP, which stretches 300 miles (482km) from north-western West Virginia to southern Virginia and was pushed through by the Biden administration in 2023 despite court orders and environmental regulators blocking construction, looks set to boost the data-center boom – and EQT profits. “MVP capacity and long-term sales to the region’s largest utilities mean EQT’s natural gas can underpin power generation to support data-center build-out,” investors were told.A couple of days after the investor call, CEO Toby Rice told CNBC’s influential investor-focused Mad Money TV show, “we firmly believe that natural gas is going to take the lion’s share of power demand to meet this growing AI demand need”.View image in fullscreen“We need to unleash American energy,” added Rice, who has been lobbying politicians in Washington about the need to expand American fracked gas. “Build, baby, build. Thank goodness this administration will let this happen. It could not have happened at a more critical time in the face of this AI boom that is taking place.”There are already almost 5,400 data centers in the US, 70% more than the next 10 largest markets combined, including China. They not only guzzle electricity, but also water. One large data center can consume as much as 5 million gallons of water per day, the equivalent to a town of up to 50,000 people.EQT made a $250,000 donation to the Republican Senate Leadership Fund just days after Biden announced he would pause liquefied natural gas (LNG) export permits in January 2024. The Super Pac’s one stated goal is to build a Republican majority that will “defend America from Chuck Schumer and Senate Democrats’ destructive far-left agenda”.EQT boss Rice personally donated more than $100,000 to Republican Pacs and candidates in the last election cycle, according to OpenSecrets.Rice was also among a crew of 20 oil and gas executives at the infamous meeting with Trump at his Mar-a-Lago resort in Florida last April, in which he asked for donations of $1bn, which included fossil fuel giants ExxonMobil and Chevron and the influential lobby group the API.But the meeting also included smaller but increasingly powerful fracking companies drilling and/or exporting gas, which have revitalized the American fossil energy scene over the last two decades. It was organized by the fracking boss Harold Hamm, who for years has helped craft Republican energy policies. Hamm, who picked cotton barefoot as a child before making billions from fracking, runs Continental Resources, among the US’s largest fracked-gas companies.Also in attendance was longtime oil industry ally Doug Burgum, then governor of North Dakota, who was appointed secretary of the interior in Trump’s new administration. After the meeting, it was reported by the Washington Post that the oil and gas executives discussed how to try to meet Trump’s request for $1bn to help fund his election campaign. In return, Trump promised to roll back environmental regulations, auction off more oil and gas leases on federal lands and waters, reverse pollution standards for new cars, and end drilling restrictions in the Alaskan Arctic, among other vows.The alleged “quid pro quo” event was later investigated by a group of high-ranking Democratic lawmakers including Sheldon Whitehouse, then the Senate finance committee chair, and Jamie Raskin from the congressional committee on oversight and accountability. “Such an obvious policies-for-money transaction reeks of cronyism and corruption,” they found.A second fossil-fuel fundraiser for Trump was organised the following month, in May 2024, by Warren of Energy Transfer, Vicki Hollub from Occidental Petroleum, and Hamm, who has been called Trump’s energy whisperer. The event, which took place at a luxurious hotel in Houston where guests had to hand over their phones, was sponsored by Trump’s Make America Great Again Pac.Hamm’s company, Continental Resources, donated $1m to the Maga Super Pac in April last year, the month after Hamm donated $614,000 to the Trump 47 Committee.Many of those present at Trump’s fundraising events last April and May already had long-term funding relationships with the Republicans. Continental Resources and Energy Transfer are in the top 20 funders of Maga, according to OpenSecrets.According to one analysis, big oil spent $445m throughout the last election cycle to influence Donald Trump and Congress – including pouring $96m into Trump’s re-election campaign and affiliated political action committees.Big oil winsDoug Burgum and Harold Hamm were back at Mar-a-Lago to celebrate Trump’s November election victory. Shortly after Trump declared an energy emergency on his first day back in the White House in January, Mike Sommers, head of the API, said: “American energy was on the ballot and American energy won.”The API spent just over $13m in campaign donations and lobbying during the 2024 election cycle, according to OpenSecrets.Speaking at Davos just days after Trump’s inauguration, EQT’s Rice said: “Our lives are going to get easier. Donald Trump is a very welcome change.”The following month, during an Energy Transfer investor call, co-chief executive officer Thomas E Long, said: “My goodness, how wonderful is life after this election. When we have a president and an administration that love this country, that fully recognizes how blessed we are … and we have a businessman that built his career on trading, doing deals, negotiating, employing, creating numerous jobs throughout all the businesses that he’s been associated with.“What an incredible excitement we have around this administration and what it’s going to do to mitigate just overwhelming regulation on all these assets, to streamline regulations.”So far, dozens of environmental regulations have been slashed, either by executive order or EPA rollbacks, including the end to Biden’s 2024 pause on LNG exports and new rules for cleaner exhausts from tailpipes – industry requests shared by Hamm with the New York Times last May.This includes plans to roll back 31 key environmental rules – on everything from clean air to clean water and climate change – announced on a single day in March by Trump’s EPA administrator, Lee Zeldin, who has been accused of endangering the lives of millions of Americans.Trump’s funders and backers are especially going to benefit from Trump’s policies to restrict regulations in the AI sector as part of an attempt to outpace China to become the global leader. The US is currently home to just more than half the mega data centers in the world. And with Goldman Sachs suggesting $1tn will be spent on AI data centers in the next few years, a lot is up for grabs.Artificial intelligence and the data centers used to feed the computing power will require huge amounts of energy, with the US government projecting that data-center demand will triple the domestic electricity demand within the next three years. A recent paper by Harvard Law School notes that utilities are now prioritising supplying data centers at the expense of American consumers, who face price rises.View image in fullscreenDays after the election, it was reported that oil giants ExxonMobil and Chevron were jumping into the race to power AI data centers. Yet the fracking industry, including Energy Transfer and EQT, appear to consider themselves best placed to benefit from Trump’s pro-AI-and-data-center growth strategy.When Trump announced last November that Burgum would be the new secretary of the interior and chair of the newly formed National Energy Dominance Council, he said Burgum’s work would be key to winning “the battle for AI superiority, which is key to national security and our nation’s prosperity”.At his confirmation hearing, Burgum repeated the same message, claiming that without more fossil fuels, “we’re going to lose the AI arms race to China”.“In his first term, President Trump unleashed American energy while reducing carbon emissions to historic lows, proving that we can both restore American greatness and advance environmental stewardship. President Trump is committed to replacing unclean foreign energy with the liquid gold under our feet while ridding our environment of dangerous toxins,” said Taylor Rogers, a White House spokesperson.EQT, Energy Transfer, Continental Resources and the API were contacted for comment but did not respond.“The most absurd part of this whole saga is that everyone who looks at it without a vested interest concludes that if we have to build data centers fast, it makes far, far more sense – economic and environmental – to use renewable energy,” said environmentalist Bill McKibben, founder of the non-profits 350.org and Third Act.“But just as they shamelessly used the war in Ukraine, the gas industry is now using this moment to try and lock in their climate-killing business. And they’ve purchased enough friends in high places to make it a real possibility.”Andy Rowell is a UK-based investigative reporter and contributing editor to Oil Change International
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