- Trump’s sweeping tariffs on 86 countries, including a massive 104% on China, kick in at midnight tonight.
- Markets slid sharply ahead of the deadline, while tensions flared between Elon Musk and Trump’s trade team.
- Trump says he’s working on “tailored” trade deals, but none are expected to land before the tariffs take effect.
It’s official—President Donald Trump’s latest round of tariffs is set to hit tonight at exactly 12:01 a.m. ET, and let’s just say, markets are not loving it.
According to U.S. Customs and Border Protection, they’re standing by to begin collecting fresh, country-specific tariffs from 86 trade partners, with China slapped hardest—an expected 104% tariff, yikes.
Market Jitters and Political Firestorms
As the clock ticks closer to midnight, U.S. stocks slid sharply late Tuesday, with investors spooked by what’s being called an unprecedented escalation in the ongoing trade fight. Tesla’s Elon Musk isn’t staying quiet either—he’s going in hard on Trump’s top trade guy, Peter Navarro, on X (formerly Twitter). And yes, it’s personal.
Meanwhile, Trump keeps saying China “wants to make a deal”, but adds they’re not exactly sure where to start. Sound familiar?
Global Reactions and Rising Tensions
Former Commerce Secretary Carlos Gutierrez didn’t sugarcoat it, saying the U.S. and China are now in a “full-blown trade war.” On the diplomatic front, European Commission President Ursula von der Leyen says the EU is open to talking—but also prepping to hit back.
Even Trump’s own allies are rattled. Billionaire backers Ken Langone and Ken Griffin are reportedly furious, with insiders saying they feel blindsided by how aggressive the new duties have gotten.
Greer Faces the Senate, Trump Talks ‘Tailored’ Deals
At a Senate hearing earlier today, Jamieson Greer, Trump’s newly confirmed U.S. Trade Rep, laid out the administration’s vision for 2025. Spoiler alert: more tariffs.
At the White House, Trump signed another executive order, calling his approach “tailored, not off the rack.” He says negotiations are underway with Japan and South Korea—but let’s be real, no one’s dodging tariffs before the deadline tonight.
“These are tailored, highly tailored deals,” Trump emphasized.
“They’re not ready-made, they’re custom-fitted.”
