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CBSN Business News
Latest Business Updates from CBSN - Read Today's All Business News
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."