Trump Announces New Tariffs—and the Stock Market Quickly Plummets

President Trump’s spite for our neighbors is driving the economy to the edge of recession.

The stock market plummeted after Trump announced Tuesday the doubling of tariffs on steel and aluminum imports from Canada, from 25 percent to 50 percent, with more on the way very soon.

“Based on Ontario, Canada, placing a 25% Tariff on ‘Electricity’ coming into the United States, I have instructed my Secretary of Commerce to add an ADDITIONAL 25% Tariff, to 50%, on all STEEL and ALUMINUM COMING INTO THE UNITED STATES FROM CANADA, ONE OF THE HIGHEST TARIFFING NATIONS ANYWHERE IN THE WORLD. This will go into effect TOMORROW MORNING, March 12th,” Trump wrote on Truth Social.”

These actions have led to intense uncertainty. Monday was the worst day for Nasdaq in over two years, and on Tuesday, the Dow Jones Industrial Average fell by nearly 1 percent.

Trump has tried to get out in front of this by using language intended to ease people into the fact that the stock market (and the economy) is going to look absolutely horrendous for a very long time.

“I hate to predict things like that. There is a period of transition, because what we’re doing is very big. We’re bringing wealth back to America, that’s a big thing. And there are always periods of.… It takes a little time, it takes a little time. But I think it should be great for us,” he said on Sunday when asked if he was expecting a recession this year. “Look, what I have to do is build a strong country. You can’t really watch the stock market.”

On Truth Social, Trump again stated that the only way for this tariff war to end would be for Canada to somehow become the fifty-first state.

“We are subsidizing Canada to the tune of more than 200 Billion Dollars a year. WHY??? This cannot continue. The only thing that makes sense is for Canada to become our cherished Fifty First State. This would make all Tariffs, and everything else, totally disappear.”

Trump has also placed 25 percent tariffs on goods from Mexico and 10 percent tariffs on goods from China.

Democrats are losing trust in battleground districts and struggling to connect with independent voters.

That is what new internal polling conducted by the Democratic group Navigator Research says about the party, which doesn’t bode well for next year’s midterm elections. In contested House districts, most voters believe that Democrats in Congress are “more focused on helping other people than people like me.”

Only 27 percent of independent voters in such districts believe that Democrats are focused on helping them, versus 55 percent who say they focus on others. The full findings of the poll, one of the first of battleground congressional districts since November, will be presented to House Democrats and their staff on Wednesday at their Issues Conference in Leesburg, Virginia.

The conference is supposed to help coordinate House Democrats’ messaging heading into the 2026 midterm elections, and if the results are any indication, the party needs to figure things out—and fast.

“The Democratic brand is still not where it needs to be in terms of core trust and understanding people’s challenges,” said Molly Murphy, one of the pollsters. “Even though voters are critical about Trump and some of the things he’s doing, that criticism of Trump doesn’t translate into trust in Democrats. The trust has to be earned.”

One major area that Democrats lack trust is regarding jobs and work. Only 44 percent of polled voters think that Democrats respect work, while just 39 percent think that Democrats value work. A majority of voters, 56 percent to be exact, say that they don’t believe Democrats are looking out for working people, while just 42 percent think that Democrats share their values. And only 39 percent of voters think Democrats have the right priorities.

The party has an uphill battle over the next year, as 69 percent of voters said Democrats were “too focused on being politically correct” and 51 percent said “elitist” was a good descriptor for Democrats. The party has to put together a coherent message that can reach the working people necessary to regain control of Congress, all the more necessary with the damage Donald Trump is doing to the economy and the federal government.

The question is whether the party can come up with an effective strategy that fires up the base and brings in new voters instead of weak stunts and the out-of-touch strategies touted by centrist groups like Third Way. If they don’t, not only will they lose again, but Trump and the GOP will continue to run roughshod over the country.

Donald Trump’s 2025 inaugural entourage was noticeably flush, with several of the world’s richest people—including Elon Musk, Mark Zuckerberg, Sergey Brin, Bernard Arnault, and Jeff Bezos—standing behind the president as he was sworn in.

But seven weeks later, that cohort has lost a significant sum of cash, with the five billionaires’ collective net worths tanking by a staggering $209 billion, according to the Bloomberg Billionaires Index.

Any momentary market gains boosted by Trump’s return to the Oval Office have since vanished. The S&P 500 has lost 6.4 percent since the inauguration, largely thanks to Trump’s whiplash tariff proposals and a mass layoff sweeping the federal government under Musk’s direction.

Musk’s losses stem from a downturn on Tesla, which historically attracted a more liberal consumer base with its electric vehicles. That same base has since soured on the tech billionaire and his products, especially in some of Europe’s stronger economies, such as Germany, which has seen sales in the country fall by more than 70 percent over the last two months, reported Bloomberg. Sales in China—where Tesla has two major factories—have similarly plummeted, falling by 49 percent in February.

Bezos’s financial woes follow his decisions to support Trump’s inauguration fund in December and his increasingly tight grip on The Washington Post, which he announced would now prioritize personal liberties and free markets in its Opinions section. Amazon shares have fallen 14 percent since January 17, according to Bloomberg, which noted that Bezos dined with the president as recently as last month.

On Monday, Trump floated that the “little disruption” caused by his aggressive trade policies could go on for quite a bit longer, urging Americans to come up with a totally new calendar to measure how long they’ll be affected.

“Look, what I have to do is build a strong country,” the president told Fox Business, responding to criticism about the recent stock market drop. “You can’t really watch the stock market. If you look at China, they have a 100-year perspective. We have a quarter. We go by quarters. And you can’t go by that.”

Trump is scheduled to address U.S. business leaders Tuesday at a Business Roundtable meeting at 5 p.m.

A Justice Department official says she was fired for not letting convicted domestic abuser Mel Gibson have a gun, according to The New York Times.

Pardon attorney Liz Oyer told the Times that two weeks ago she was placed on a team working to restore gun rights to individuals with criminal convictions, as many on the right argue that the ban is too restrictive and not specific enough toward each case. Oyer did the work, culling 95 eligible candidates down to nine, and turned her list in. Deputy Attorney General Todd Blanche told her to add one more name to the list: Mel Gibson. 

“They sent it back to me saying, ‘We would like you to add Mel Gibson to this memo,’” she said. She also noted a letter from Gibson’s lawyer to acting Deputy Attorney General Emil Bove that noted Donald Trump’s recent appointment of Gibson as a “Hollywood ambassador,” as well as his general fame.  

Federal law prohibits people convicted of crimes like misdemeanor state domestic violence from buying or owning a handgun.

“Giving guns back to domestic abusers is a serious matter that, in my view, is not something that I could recommend lightly, because there are real consequences that flow from people who have a history of domestic violence being in possession of firearms,” Oyer said.

Oyer was also aware of the antisemitic outburst Gibson allegedly spewed toward a cop who pulled him over for a suspected DUI in 2006. Gibson denies he used any discriminatory language. 

Oyer refused to add Gibson to the list, and was then asked if her position was “flexible.” She said it was not. 

“He then essentially explained to me that Mel Gibson has a personal relationship with President Trump and that should be sufficient basis for me to make a recommendation and that I would be wise to make the recommendation,” she said. “I literally did not sleep a wink that night because I understood that the position I was in was one that was going to either require me to compromise my strongly held views and ethics or would likely result in me losing my ability to participate in these conversations going forward.”

The next morning, Oyer was called to her office and met with security guards instructing her to leave the premises. She was fired for upholding her principles instead of doing a skeevy favor for one of the president’s buddies. 

There has been no update from the Justice Department on the gun rights restoration list.

Elon Musk took such a massive financial hit Monday that his friend President Donald Trump is now moonlighting as a car salesman.

Tesla stock plummeted 15 percent, drying up the very last drops of Musk’s postelection gains and costing him a whopping $29 billion. In a post on Truth Social within the first hour of Tuesday, the president rushed to defend the bouncing billionaire head of the so-called Department of Government Efficiency, claiming that he was the victim of an illegal “boycott.”

“To Republicans, Conservatives, and all great Americans, Elon Musk is ‘putting it on the line’ in order to help our Nation, and he is doing a FANTASTIC JOB!” Trump gushed.  

“But the Radical Left Lunatics, as they often do, are trying to illegally and collusively boycott Tesla, one of the World’s great automakers, and Elon’s ‘baby,’ in order to attack and do harm to Elon, and everything he stands for. They tried to do it to me at the 2024 Presidential Ballot Box, but how did that work out?” Trump wrote, pivoting back to his favorite subject: himself.  

“In any event, I’m going to buy a brand new Tesla tomorrow morning as a show of confidence and support for Elon Musk, a truly great American. Why should he be punished for putting his tremendous skills to work in order to help MAKE AMERICA GREAT AGAIN???”

Of course, Musk’s money troubles are in part Trump’s fault in the first place. While he is certainly experiencing some brand erosion from his cartoonishly far-right turn, Musk’s Tesla is part of the same market that Trump is actively kneecapping with his plan to enact steep tariffs on America’s closest trading partners and his inability to say whether or not the U.S. is headed for another recession. 

While Tesla’s stock flailed Monday, the Dow Jones Industrial Average plunged 890 points, the broader S&P 500 dropped by 2.7 percent, and the Nasdaq Composite dropped by 4 percent.

Still, the unelected bureaucrat thanked Trump for his show of support, in a post on X, which experienced severe outages Monday (that Musk managed to somehow blame on Ukraine). 

It’s not clear why Trump’s spotlight would lend any help to Musk now—the two are already publicly linked, and isn’t that part of the problem? 

The richest man in the world is trying to convince the American people that they all deserve less.

In an interview with Fox News on Monday, Elon Musk spread debunked lies about Social Security and Medicare to justify eliminating them.

“The waste and fraud in entitlement spending … that’s the big one to eliminate, that’s the sort of half trillion, maybe six or seven hundred billion a year,” Musk said.

“That is also a mechanism by which the Democrats attract and retain illegal immigrants, by essentially paying them to come here, and they’re turning them into voters. This is why the Democrats are so upset about the situation,” he added, unsubtly echoing a white nationalist, Great Replacement theory talking point while Larry Kudlow nodded along. “If we turn off this gigantic money magnet for illegal immigrants, then they will leave. And they will lose voters.”

Trump has said he won’t touch Social Security or Medicare, but Musk’s entitlement math makes it clear that both those programs, as well as Medicaid, are on the chopping block. Millions of older Americans—many of them red-state Republicans—will lose the vital benefits they rely on. And the millions of younger Americans who’ve been having those benefits taken out of their paychecks for years will never see the fruits of that.

Musk’s lies continued. “Why are there 20 million people who are definitely dead marked as alive in the Social Security database?” he asked. “Why were hundreds of millions of dollars of Small Business Administration loans given out to people aged 11 and under? We have an enormous number of people marked alive who are 160.”

This has been long debunked.

“The reported data are people in our records with a Social Security number who do not have a date of death associated with their record. These individuals are not necessarily receiving benefits,” acting Social Security commissioner Lee Dudek said in February.

A federal judge ruled Monday night that Elon Musk’s Department of Government Efficiency must open its records to the public under federal law.

U.S. District Judge Christopher Cooper said the DOGE office has so much power and “unusual secrecy” that its internal documents should be urgently released under the Freedom of Information Act.

“The authority exercised by USDS across the federal government and the dramatic cuts it has apparently made with no congressional input appear to be unprecedented,” Cooper wrote in his 37-page ruling, taking direct aim at Musk’s claim that the pseudo-agency is running transparently.

Cooper cited evidence that has come out in previous court cases as well as media reports about DOGE’s vast authority, contradicting the White House’s assertions that Musk is merely an adviser to the president. The office is moving quickly and giving shifting explanations on its leadership, Cooper said, demanding that DOGE release its records on a “rolling” basis within weeks.

“The rapid pace of [DOGE’s] actions, in turn, requires the quick release of information about its structure and activities,” Cooper wrote. “That is especially so given the secrecy with which DOGE has operated.”

The ruling is a big blow for Musk and DOGE, which has engaged in a mass purge of federal employees across multiple agencies without regard to their critical jobs. These include bird flu experts and people who work on the country’s nuclear arsenal, and the government has scrambled to rehire some of them. Monday night’s ruling will undoubtedly be challenged by the Trump administration, but for now, at least, Musk and Trump are being held to some measure of accountability.

Things have gotten so bad, Fox News is finally blaming Donald Trump for the economy.

After the Dow Jones Industrial Average plunged 890 points Monday, pulling back from a drop of 1,100 points at one point, Fox News hosts openly blamed the disorganization of the Trump administration.

“The commerce secretary and the president are having different messages on the same day,” said guest Jonathan Kott, a former adviser to ex-Senator Joe Manchin. “That’s not giving the market any sort of ease or certainty for investors. So, I wouldn’t be surprised if we have an even greater crash.”

“The Dow is 1,500 points below where it was when Trump took office—that’s not a good look,” host John Roberts noted.

The broader S&P 500 also plummeted Monday, dropping by 2.7 percent. The Nasdaq Composite dropped by 4 percent.

Last week, Trump’s steep tariffs on some of America’s closest trading partners, Canada, Mexico, and China, led to a major sell-off in the stock market and a volley of new forecasts predicting a recession on the horizon. Washington Post economic columnist Heather Long said on MSNBC that it was “hard to envision” prices coming down amid the ensuing trade war.

In the wake of the harsh reality check about tariffs, the Trump administration’s messaging on this massive sell-off has been confusing.

During an interview on Fox News Sunday, Trump refused to answer easy questions about whether the U.S. economy was headed for another recession, saying, “I hate to predict things like that. There is a period of transition because what we’re doing is very big.” It seems that Trump’s inability to say whether there would be a recession has only sowed more doubt in the market this week.

Meanwhile, Secretary of Commerce Howard Lutnick insisted on NBC News’s Meet the Press Sunday that Americans should “absolutely not” brace for a recession, and that the country was headed for a period of “transition.” And last week, Treasury Secretary Scott Bessent warned that the U.S. economy might enter a “detox period.”

This story has been updated.

Elon Musk’s social media company couldn’t stay online Monday.

X, the social media platform formerly known as Twitter, was down for the better part of the day, leaving users and critics to question how involved Musk should be in paring down the federal government when his own history of trimming X had effectively rendered the site unusable.

Hours after the site first crashed, Musk took to his account to vaguely blame an outside force for the failure.

“There was (still is) a massive cyberattack against 𝕏,” Musk posted when the site momentarily came back online. “We get attacked every day, but this was done with a lot of resources. Either a large, coordinated group and/or a country is involved.”

But even if a large group coordinated the attack, Musk’s decision to clear house at Twitter in 2022 would have been enough to hamper the site’s functionality. Shortly after acquiring the site that year, Musk chose to lay off thousands of the site’s employees in order to cut spending. That included staff in departments focusing on ethical AI, marketing and communication, search, public policy, wellness, and other teams, CNN reported at the time.

By January 2023, the company had shed roughly 80 percent of its employees, leaving it with fewer than 550 full-time engineers, according to internal records obtained by MSNBC. One anonymous outbound employee told the network that the massive slashes would leave the remaining staff spread incredibly thin, making it “harder to maintain the service reliably.”

By Musk’s own admission, the $44 billion investment lost 90 percent of its value in the months after he acquired it in October 2022.

Two groups immediately tried to take responsibility for taking down X Monday.

Users on Reddit shared screenshots of a site that they claimed X’s web address temporarily redirected to. That page called itself “Operation DreadNought,” and labeled itself as a part of Anonymous, the decentralized international hacking group.

“We are here to fight against the fascism that has taken root in America,” the page read. “The Republican party, MAGA, Trump, and Musk are imbeciles who are drunk on power and get off on trampling down others. The American people are suffering for it. The World is suffering for it.”

Simultaneously, the pro-Palestine hacking group Dark Storm Team also claimed the DDoS attack, in a public Telegram post.

But in an interview with Fox Business on Monday, Musk claimed—without providing proof—that the attack stemmed from a third entity.

“We’re not sure exactly what happened, but there was a massive cyberattack that tried to bring down the X system with IP addresses originating in the Ukraine area,” he said.

Voters in North Carolina voted for Donald Trump by a nearly four-point margin in November, believing that the MAGA leader would help state residents recover from storm damage in the wake of Hurricanes Helene and Milton. Then he didn’t.

Trump supporters in the Tar Heel State are still waiting for the president to direct disaster relief funds to rebuild and restore local infrastructure. Five months on since the hurricanes battered 27 counties across North Carolina, approximately “300 privately owned bridges in this county have yet to be fixed.” Those reminders are dressed with red banners, urging Trump to make the bridges “great again,” reported The Washington Post.

The residual desperation has left even Trump’s biggest champions questioning their support.

“There was a lot of desperation here and a lot of hurt at the time when he came and when the signs went up,” Robin Ollis, a local who runs a horseback riding company, told the Post. “The people that have been suffering from this storm, really, there was so much anticipation for Trump to come in.”

Trump and his allies scorched the Federal Emergency Management Agency in the midst of the disaster, spreading unfounded conspiracies that the lead response agency was out of money, and that the Biden administration had diverted funds from FEMA to assist undocumented immigrants in entering the country. (FEMA administrators have fervently and repeatedly denied this.) Conservatives, at the time, claimed that working with the White House to expedite disaster relief “seemed political,” and even conspiratorially suggested that the hurricanes were a government manipulation.

Days after his inauguration, Trump visited the damage, spouting that FEMA had failed to help the region while pitching an idea to do away with the agency altogether in favor of handing the money directly to the states. But none of that has come to fruition.

Since then, Trump has actively worked to dismantle FEMA. The administration is blocking states across the nation, including California and Michigan, from accessing preapproved relief. A coalition of Democratic-led states has sued the federal government, claiming that “hundreds of millions of dollars in FEMA grants” are still inaccessible.

“I have found myself questioning this new administration,” Gary Hicks, a North Carolina Trump voter, told the Post. “What are they going to do? … I know he’s only been in office for a month. But let’s start seeing some results.”

But North Carolinians aren’t the only ones upset with the Trump administration’s direction. Conservative voters across the country have raised their voices against Trump’s agenda, lamenting the administration’s decision to nix thousands of civil servant jobs.

“Nobody that I’ve talked to understood the devastation that having this administration in office would do to our lives,” Jennifer Piggott, a recently dismissed Treasury Department employee, told Reuters. Piggott told the newswire that she would not have supported Trump in the election if she knew then what she knows now.