Trump tariff reaction live: Dow Jones plunges at market open after overnight sell-off panics Wall Street

Stellantis, the manufacturer of Chrysler, Jeep, and Ram, among other brands, is temporarily laying 900 U.S. workers in Indiana and Michigan after it opted to idle production at two plants in Canada and Mexico after Donald Trump’s auto tariffs took effect, Reuters reports.

CNN political analyst Maggie Haberman has revealed that several Trump administration advisers are “tired” of Elon Musk’s presence in the White House.

This revelation comes amid reports that the Tesla CEO’s role at the newly created Department of Government Efficiency is rumored to be ending, something Musk has denied.

The White House previously said Musk is not technically part of the government department that has laid off thousands of workers and made huge cuts.

“I do think there are a number of Trump advisers who are tired of Musk’s presence,” Haberman said on The Source. “And I think that is going to continue as long as Musk is there.”

Steffie Banatvala has the details.

The Dow Jones drops 1,150 points as US stocks see the biggest declines in a global sell-off following President Donald Trump’s tariffs announcement.

Republicans are increasingly growing anxious that the Trump administration’s antics may hurt them come the 2026 midterms.

Tensions are reportedly mounting following liberal Judge Susan Crawford’s Wisconsin Supreme Court election win and worse-than-expected performances in the Florida special elections Tuesday. The judicial race in particular was race seen as a referendum on Trump.

Those are compounded by GOP infighting about the effects of Trump’s new tariffs announced on Wednesday.

North Carolina Senator Thom Tillis, who is up for reelection next year, told Politico that his party has to be “smart and measured” to avoid backlash at the ballot box in 2026.

The congressman said recent – and upcoming – elections “are going to be proxies, or almost like weather devices for figuring out what kind of storm we’re going to be up against next year.”

Former GOP strategist Brian Reisinger warned swing state candidates that “if tariffs spin out of control, and there’s no results on trade deals, then rural communities are really going to be hit by that.”

Donald Trump has awoken and taken to Truth Social to make an apparent reference to his global tariffs.

“THE OPERATION IS OVER! THE PATIENT LIVED, AND IS HEALING,” the president wrote about 30 minutes ago.

“THE PROGNOSIS IS THAT THE PATIENT WILL BE FAR STRONGER, BIGGER, BETTER, AND MORE RESILIENT THAN EVER BEFORE. MAKE AMERICA GREAT AGAIN!!!”

Secretary of Commerce Howard Lutnick placed his beef with the European Union center stage claiming it is refusing to buy U.S. farm goods just hours after President Donald Trump imposed a new 20 percent tariff on the trade bloc.

“European Union won’t take chicken from America. They will take lobsters from America,” Lutnick told Fox News. “They hate our beef because our beef is beautiful and theirs is weak.”

“China urges the U.S. to immediately cancel unilateral tariff measures and properly resolve differences with trade partners through equal dialogue,” China’s commerce ministry said in a statement to Agence France-Presse.

“For Australia, these tariffs are not unexpected but let me be clear — they are totally unwarranted. Trump referred to reciprocal tariffs. A reciprocal tariff would be zero not 10 percent. The admin’s tariffs have no basis in logic and they go against the basis of our two nations’ partnership,” Australian Prime Minister Anthony Albanese said during a news conference.

“Free enterprise and competition have laid the foundations of the West’s success. That’s why Americans can listen to music on Swedish Spotify and we Swedes can listen to the same music on our American iPhones. This is why I deeply regret the path the US has embarked upon, seeking to limit trade with higher tariffs,” Swedish Prime Minister Ulf Kristersson said.

“As a small country, we just want to survive. If he valued human rights and democratic principles, he would never mistreat small countries,” Cambodian People’s Party spokesperson Sok Eysan told the New York Times.

“My priority, and that of the government, is to protect Irish jobs and the Irish economy. And we will work with our companies, multinational companies and Irish companies, to navigate the period ahead,” Ireland’s Taoiseach Micheál Martin wrote on X.

Republican Senator Rand Paul said that tariffs are “bad” both politically and economically after Donald Trump unveiled his new levies on his so-called “Liberation Day.”

When (William) McKinley, most famously put tariffs on in 1890, they lost 50 percent of their seats,” Paul told reporters on Wednesday evening. “When [Smoot-Hawley] put on their tariff in the early 1930s, we lost the house and senate for 60 years. So not only bad economically, they are bad politically.”

It came as three Republican senators joined every Democratic senator in a resolution crafter by Paul to oppose Trump’s tariffs against Canada Wednesday.

Watch Paul’s remarks here: