Trump's Tariff Plan Triggers Global Market Turmoil, Musk Loses $11 Billion

President Donald Trump's recent announcement of a sweeping tariff program has led to significant turmoil in the U.S. stock market, resulting in a loss of $2.4 trillion in value, the largest single-day decline since March 2020. The tariffs, which impose a baseline 10% levy on imports, are aimed at encouraging domestic manufacturing, but economists fear they could trigger a recession and increase consumer prices. Elon Musk, who has generally supported Trump's policies, notably remained silent on the tariff announcement, instead focusing on unrelated social media activities during the event. The mixed reactions from Republicans reflect a broader struggle between loyalty to Trump's agenda and concerns about its economic implications. Late-night hosts have seized on the situation, humorously critiquing both Trump’s tariffs and Musk’s political missteps, particularly in light of Musk's financial backing of a failed conservative candidate in Wisconsin. As global markets react, countries are considering counter tariffs or waiting to see how the situation unfolds, with the UK publishing a list of potential products for reciprocal tariffs.