Justice Dept. says it's committed to sharing info about foreign election threats with tech companies

WASHINGTON (AP) — The Justice Department remains committed to sharing with social media companies information that it picks up about efforts by foreign governments to influence this year's elections, Deputy Attorney General Lisa Monaco told a lawyers' conference on Friday.

Speaking at the American Bar Association's annual meeting, Monaco, the department's No. 2 official, said that though it's ultimately up to technology companies to decide what if any action to take, “We will provide companies with actionable intelligence so they can make decisions regarding abuse on their platforms by adversaries conducting foreign malign influence operations, including targeting our elections.”

The comments were part of a wide-ranging speech on election security in which Monaco also warned that Russia remains the primary foreign threat to elections, with Moscow targeting specific voting demographics and using encrypted direct-messaging apps to reach Americans, and sound an alarm about a rising threat of violence to public officials — including election workers.

The Justice Department in the last two years has prosecuted nearly 700 threat cases, more than half of which involved public officials.

“These threats are unacceptable. No one — no one — should endure threats of violence simply for doing their job,” Monaco said. “For the right to vote to be real for every American, election workers — who are often, after all, volunteers — must be able to do their jobs free from improper influence, physical threats, or any other conduct designed to intimidate.”

The speech was given at the ABA's Democracy Summit in Chicago, with Monaco reminding the audience of lawyers of their obligation to uphold the rule of law and promote faith in election integrity.

“Our republic depends on the operation of a free and fair electoral process — with results that are respected and with elections that are free from violence and free from foreign interference,” Monaco said.

Monaco's remarks come weeks after a Supreme Court ruling that permitted the federal government to interact with social media companies, with the justices ruling against Republican-led states who claimed federal officials leaned on the platforms to unconstitutionally squelch conservative points of view. The court said the states and other parties did not have the legal right, or standing, to sue.

The department this week also made public for the first time a series of procedures the FBI uses for deciding when to share information with social media companies about threats to their platforms. That step was encouraged in a recent report by the Justice Department inspector general.

“As we carry out this work, we will continue to keep the public updated not only about why we are doing it but also how” Monaco said.

Under the procedures, the FBI may be in touch with companies when it identifies activities on a platform being conducted by, or on behalf of, a foreign government to support an influence operation or if there are specific and credible facts showing the activity can be attributed to a foreign government.

The procedures state that the FBI must make clear that it is not asking the social media company to take any action and that the company is under no obligation to do so.

FILE - An iPhone displays the Facebook app, Aug. 11, 2019, in New Orleans. Russia, China and Iran are continuing to target voters in the U.S. with disinformation and propaganda related to the upcoming presidential election, top intelligence officials told reporters on Monday, July 29, 2024. Groups linked to the Kremlin are increasingly using private public relations firms or unwitting social media users to spread their false claims as a way to hide their tracks. (AP Photo/Jenny Kane, File)

FILE - Deputy Attorney General Lisa Monaco testifies during a hearing, April 19, 2023, on Capitol Hill in Washington. The Justice Department is committed to sharing with social media companies information that it picks up about efforts by foreign governments to influence this year's elections, according to a speech being given by Monaco, Friday, August. 2, 2024. Monaco will say that though it's up to companies to decide what if any action to take, the department will continue to provide them with “actionable intelligence” so they can make decisions about foreign threats on their platforms. (AP Photo/Manuel Balce Ceneta, File)

U.S. companies had trillions of dollars in value wiped out Thursday after President Donald Trump slapped sweeping tariffs on foreign imports.

Virtually every sector suffered big losses as U.S. financial markets closed with their biggest one-day drop since COVID-19 flattened the global economy five years ago.

Banks, retailers, clothing, airlines and technology companies were among the hardest hit, with consumers expected to cut spending if tariffs lead to higher prices for goods and services.

Many economists called the tariffs much worse than expected, and investors dumped shares in companies they predict will suffer most from what is effectively a business tax.

In many cases that tax will be passed on to consumers. If consumers pull back their spending because of higher prices, businesses will produce fewer goods and economic growth could stall or contract. Consumer spending makes up about 70% of economic activity in the U.S.

“This is a game changer, not only for the U.S. economy but for the global economy," Olu Sonola, Fitch Ratings’ head of U.S. Economic Research, said in a report. "Many countries will likely end up in a recession.”

With a drop of 4.8% in the S&P 500, more than $2 trillion in value vanished, according to Howard Silverblatt, a senior index analyst at S&P Dow Jones Indices.

Here's a breakdown of some of the market's worst performing sectors and companies on Thursday.

Airlines had been projecting a strong year for profits. However, if Americans are faced with higher prices for essentials, economists say that could put a crimp in their travel budgets.

United Airlines, down 15.6%

American Airlines, down 10.2%

Delta Air Lines, down 10.7%

Most major shoe and clothing makers have their products made outside of the U.S., meaning they will have to pay a tariff, or import tax, on all the goods that are shipped back into the country for sale here.

Nike, down 14.4%

Under Armour, down 18.8%

Lululemon, down 9.6%

Ralph Lauren, down 16.3%

Levi Strauss, down 13.7%

Big box and online retailers also import a massive amount of their inventory from outside the U.S.

Amazon, down 9%

Target, down 10.9%

Best Buy, down 17.8%

Dollar Tree, down 13.3%

Kohl's, down 22.8%

Companies that make and sell computers, smartphones and other technology source many of their parts from abroad. Some manufacture their entire products overseas, meaning they will have to pay a tariff when those products are shipped back for sale to consumers.

Apple, down 9.2%

HP, down 14.7%

Dell, down 19%

Nvidia, down 7.8%

If the economy slips into a recession, households and businesses will be less likely to borrow money as demand for products and services decline.

Wells Fargo, down 9.1%

Bank of America, down 11.1%

JPMorgan Chase, down 7%

American consumers, feeling less confident about their financial futures this year, have already been pulling back on spending at restaurants as they tighten their budgets and prioritize only essential goods and services.

Starbucks, down 11.2%

Cracker Barrel, down 12.7%

Cheesecake Factory, down 9.4%

Somewhat surprisingly, automakers didn't get hit as hard most other sectors did on Thursday. That could be because most of Ford, GM and Stellantis’ steel and aluminum — which Trump previously announced tariffs on — already comes from the United States, reducing the direct impact the companies would feel from higher duties.

General Motors, down 4.3%

Ford, down 6%

Tesla, down 5.5%

Stellantis, down 9.4%

A screen displays financial news as traders work on the floor at the New York Stock Exchange in New York, Thursday, April 3, 2025. (AP Photo/Seth Wenig)