China will impose an 84% tariff on US goods starting Thursday, a significant escalation of the global trade war sparked by US President Donald Trump’s decision to impose tariffs on imports from almost all nations. Trump's tariffs, which include a 104% effective levy on Chinese goods, have caused global financial markets to tank, with the FTSE 100 dropping 3.6%, Germany's DAX falling 4%, and France's CAC 40 declining 4%. US index funds are also expected to fall when they open at 2:30pm UK time. Trump appeared unrepentant about the economic damage caused by his decisions, boasting that countries are "kissing my ass" in an attempt to negotiate with him.

Elon Musk escalated his disagreement with Peter Navarro, Trump’s senior adviser for trade and manufacturing, over international tariffs. Musk shared comments from conservative pundit Scott Jennings, who praised Musk and criticized Navarro's attacks on Tesla. Musk suggested that his business expertise should be taken more seriously than Navarro's, implying a clash between their opposing views on global trade.

President Donald Trump has stepped back from imposing tariffs on dozens of countries, instead pausing higher tariff rates for 90 days. The White House had previously insisted that the tariffs would go ahead as planned, but ultimately implemented a pause with some notable exceptions. The move was met with relief from investors and international partners, who had been concerned about the potential economic disruptions caused by the tariffs. Trump's aides celebrated the decision, saying it was part of the president's "art of the deal" negotiating strategy, while Democrats criticized the move as an example of "governing by chaos."

Dozens of high-profile investors and tech founders initially supported President Donald Trump, hoping for tax breaks, fewer regulations, and lowered inflation. However, after Trump's 10 percent tariff policy was implemented, some billionaires who backed him began to speak out against it, considering it an "act of war" that threatens America's financial and security dominance. They were shocked by the scale and rollout of the tariffs, which had a significant impact on their personal portfolios, including one Trump ally who lost $130 billion.