CBSN Business News

The Trump administration's barrage of "Liberation Day" tariffs on countries around the world this year has rattled consumers, businesses and investors. Although President Trump on Wednesday announced a 90-day pause on most of his new tariffs, he upped import duties on Chinese goods to 125% — escalating a conflict between the world's two largest economies. 

Overseas shares and U.S. futures advanced Tuesday, led by gains in Tokyo where the Nikkei 225 shot up just over 6% as markets calmed somewhat after the shocks from President Trump 's tariff hikes.

The Dow Jones Industrial Average plunged 1,581 points, or 3.8%, to 40,634, in morning trade Thursday as spooked investors tried to assess the impact of the latest round of Trump administration tariffs.

A core element of the protectionist trade policies President Trump is scheduled to announce on Wednesday — a planned import tax blitz he has referred to as "Liberation Day" — are so-called reciprocal tariffs. Mr. Trump has touted such levies as a way to level the playing field with other countries that impose higher tariffs on U.S. imports, as well as to boost domestic manufacturers. 

CBS News is tracking the already sharply rising cost of products most impacted by tariffs imposed and soon-to-be-imposed by President Trump, from the cost of common grocery items to the the purchase and operation of cars and trucks.

Stocks skidded Tuesday morning as Wall Street braces for President Trump's rollout of a fresh round of tariffs on April 2, with some economists warning that the new import duties could crimp economic growth and reignite inflation. 

Tesla CEO Elon Musk acknowledged that his role in the Trump Administration with the Department of Government Efficiency, or DOGE, is weighing on the electric vehicle maker's stock, calling his advisory role "a very expensive job."