This was CNBC's live coverage on April 7, 2025 of how the White House, U.S. trade partners and employers responded to President Donald Trump's historic tariffs.

What you need to know

• The Dow Jones Industrial Average closed down Monday for a third trading session, as President Donald Trump's tariffs continued to shake global trade.
• Trump is threatening new 50% tariffs on China unless Beijing lifts its retaliatory duties on U.S. exports by tomorrow.
• European Commission President Ursula von der Leyen said the EU is willing to negotiate with the U.S. on tariffs but also said the bloc will prepare to retaliate.
• Billionaire Trump backer Bill Ackman says America is on the brink of an "economic nuclear winter" due to tariffs.
• Trump hosted Israeli Prime Minister Benjamin Netanyahu, one of his closest allies, at the White House Monday.

CNBC's reporters covered the tariffs and their effects, live on air and online from our bureaus in Washington; London; Singapore; San Francisco; and Englewood Cliffs, New Jersey.

Ken Langone blasts Trump's tariffs: 'I don't understand the goddamn formula'

Home Depot co-founder Ken Langone is blasting Trump's tariffs, calling the 46% import duties on Vietnam "bullshit" and describing the 34% tariff rate on China as "too aggressive, too soon."

"I don't understand the goddamn formula," the veteran Republican political campaign donor says in a new interview with The Financial Times.

"I believe [Trump's] been poorly advised by his advisers about this trade situation — and the formula they're applying," he adds.

Read the whole interview here.

— Erin Doherty

Bessent suggests tariff negotiations could last into June

Bessent has been surprised by the "impatience" in the stock market since the tariff announcement, he told Fox News today. He sees the sweeping new import duties as the starting point for a negotiation which could last several months.

"Maybe almost 70" countries have reached out to the White House about negotiating tariffs, Bessent told Fox, including Japan, whose Prime Minister Ishiba spoke to Trump today.

Bessent expects Japan to "get priority" in negotiations in exchange for having come to the table quickly.

"It's going to be a busy April, May, maybe into June," he said.

—Jesse Pound

Kimbal Musk slams Trump tariffs as ‘permanent tax on the American consumer’

Elon Musk's younger brother harshly criticized Trump's tariffs, calling them a "structural, permanent tax on the American consumer."

Kimbal Musk, who is a Tesla board member, also said in a tweet that Trump appears to be the "most high tax American President in generations."

"Even if he is successful in bringing jobs on shore through the tariff tax, prices will remain high and the tax on consumption will remain the form of higher prices because we are simply not as good at making things," Kimbal Musk wrote.

Tesla, in a recent letter to the U.S. Trade Representative, warned of the potential effect on its bottom line of retaliatory tariffs from countries affected by Trump's tariffs.

Elon Musk is the CEO of Tesla, as well as the de facto head of DOGE, the Trump administration's project to slash federal spending.

-- Lora Kolodny

Apple's 3-day loss in market cap swells to nearly $640 billion

Apple shares continued to get hammered, losing 3.7% as concerns mounted that the company would take a major hit from President Trump's tariffs.

Monday's selloff brings Apple's three-day rout to 19%, a downdraft that's wiped out $638 billion in market cap.

Analysts say that Apple is one of the most exposed companies to a trade war, partially due to its reliance on China for manufacturing its computers and accessories. Although Apple has production in India, Vietnam, and Thailand, those countries also face increased tariffs as part of Trump's sweeping plan.

Analysts say Apple will likely either need to raise prices or eat additional tariff costs when the new duties come into effect. UBS analysts estimated on Monday that Apple's highest-end iPhone could rise in price by about $350, or around 30%, from its current price of $1,199.

— Kif Leswing

Trump rejects EU's 'zero-for-zero' tariff offer

Trump is rejecting the European Union's offer of "zero-for-zero" tariffs with the U.S. for industrial goods.

"No, it's not," Trump said in the Oval Office when asked if the deal, which European Commission President Ursula von der Leyen floated earlier Monday, was enough.

"They're screwing us on trade," Trump said, criticizing the EU and the North Atlantic Treaty Organization, or NATO.

Two Republican senators, Mike Lee of Utah and Wisconsin's Ron Johnson, have encouraged Trump to take von der Leyen's deal.

— Kevin Breuninger

No. 1 way to help U.S. dollar burden? Don't retaliate on Trump tariffs, WH econ advisor says

A warning against retaliation tops a list of five steps countries can take to reduce the burden on the United States from the dollar being the world's reserve currency, the head of the White House's Council of Economic Advisers said.

CEA Chair Stephen Miran, speaking at a Hudson Institute event, said that the U.S. dollar and Treasury securities "make possible the global trading and financial system which has supported the greatest era of prosperity mankind has ever known."

But that, and the U.S. security umbrella, "are costly for us to provide," Miran said. 

"The best outcome is one in which America continues to create global peace and prosperity and remain the reserve provider, and other countries not only participate in reaping the benefits, but they also participate in bearing the costs," he said.

Here are the five options for burden sharing Miran suggests:

• First, other countries can accept tariffs on their exports to the United States without retaliation, providing revenue to the U.S. Treasury to finance public goods provision.  Critically, retaliation will exacerbate rather than improve the distribution of burdens and make it even more difficult for us to finance global public goods.
• Second, they can stop unfair and harmful trading practices by opening their markets and buying more from America;
• Third, they can boost defense spending and procurement from the U.S., buying more U.S.-made goods, and taking strain off our servicemembers and creating jobs here;
• Fourth, they can invest in and install factories in America.  They won't face tariffs if they make their stuff in this country;
• Fifth, they could simply write checks to Treasury that help us finance global public goods.

Netanyahu: Israel will eliminate trade deficit with U.S.

Israel Prime Minister Benjamin Netanyahu said his country will "eliminate the trade deficit with the United States."

"We're going to also eliminate trade barriers, a variety of trade barriers, that have been put up unnecessarily," Netanyahu said in the Oval Office.

Trump last week announced a 17% tariff on Israel, even after the Middle East ally said it would scrap its own tariffs on U.S. goods.

— Kevin Breuninger

White House open to negotiations with countries that respond 'positively' to tariffs

The White House is prepared to hold "meaningful negotiations" in the coming weeks with some of the more than 50 countries that have responded "positively" to Trump's tariffs, Bessent says in an X post.

The treasury secretary draws a contrast between these countries and China, which he claims has "chosen to isolate itself by retaliating and doubling down on previous negative behavior."

— Erin Doherty

U.S. crude oil losses deepen on recession fears

U.S. oil prices fell about 2% on Monday, adding to last week's steep losses on fears President Donald Trump's global tariffs would push the U.S., and maybe the world, into a recession.

U.S .crude oil fell $1.29, or 2.08%, to close at $60.70 per barrel, while Brent lost $1.37, or 2.09%, to settle at $64.21. The latest price action comes after U.S. crude and Brent closed down more than 10% last week.

Futures tied to U.S. West Texas intermediate crude hit a session low of $58.95 per barrel, the lowest level since 2021. Global benchmark Brent fell to an intraday low of $62.51.

— Spencer Kimball

Bessent to open tariff negotiations with Japan

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer will negotiate with Japan on Trump's tariffs, Bessent says in a new X post.

"Japan remains among America's closest allies, and I look forward to our upcoming productive engagement regarding tariffs, non-tariff trade barriers, currency issues, and government subsidies," Bessent writes.

The Japanese government's "outreach and measured approach" are appreciated, he adds.

— Erin Doherty

Auto prices expected to rise with tariffs in effect

Prices of cars and trucks are expected to rise as a result of Trump's tariffs, according to a new analysis from industry experts at Cox Automotive.

The firm expects the already implemented 25% tariffs on imported vehicles and upcoming 25% levies on auto parts will add thousands of dollars to the costs of imported and domestic vehicles.

"We expect to see declining discounting and then accelerated price increases as the tariffs are passed through and supply tightens, leading to price increases on all types of most new vehicles," Cox Automotive Chief Economist Jonathan Smoke said. "Over the longer term, we expect production sales to fall, newly used prices to increase, and some models to be eliminated."

While the tariffs do not directly impact used car sales, changes in new vehicle prices, production and demand affect the used car market, which is how the majority of Americans purchase a vehicle.

Read the full story here.

— Michael Wayland and Michele Luhn

Trump and Netanyahu press conference canceled, White House says

The White House canceled a press conference with Trump and Israeli Prime Minister Benjamin Netanyahu

The event had been scheduled for 2:30 p.m. ET.

A meeting between Trump and Netanyahu at 2 p.m. will proceed as planned, the White House said. Reporters will be admitted into the Oval Office for that event.

— Kevin Breuninger

Most CEOs believe 'we are probably in a recession right now,' Fink says

BlackRock CEO Larry Fink says that most other chief executives he speaks with "would say we are probably in a recession right now."

Fink also says that he could see stock markets falling by another 20%.

"One CEO specifically said the airline industry is a proverbial bird in a coal mine — canary in the coal mine — and I was told that the canary is sick already," Fink said during an event at the Economic Club of New York.

— Jesse Pound and Dan Mangan

Trump will veto bill to give Congress power over tariff plans, administration says

Trump plans to veto a bipartisan bill that would give Congress a say on his tariffs if it lands on his desk.

The White House's Office of Management and Budget, in a statement, said it strongly opposes the bill because it would "severely constrain" Trump's power to "respond to national emergencies and foreign threats."

The legislation, dubbed the Trade Review Act of 2025, would empower Congress to either approve Trump's new tariffs or let them expire. Sens. Chuck Grassley, R-Iowa, and Maria Cantwell, D-Wash., sponsored the bill.

If the act passes both chambers of Congress, Trump "would veto the bill," OMB said.

Trump previously vowed to veto a different bill that would effectively undo the tariffs he imposed on Canadian imports. The Senate approved that bill with the help of four Republican votes.

— Kevin Breuninger

Trump orders new review of U.S. Steel deal

Trump ordered the proposed acquisition of U.S. Steel by Japan's Nippon Steel to undergo a new review after the deal was blocked by President Joe Biden.

Trump directed the Committee on Foreign Investment in the United States to review the acquisition again to assist "in determining whether further action in this matter may be appropriate," according to a presidential action issued by the White House.

U.S. Steel shares spiked about 9% in reaction to the decision.

— Spencer Kimball

Restaurant stocks fall, Starbucks downgraded as consumer spending pullback fear looms

Restaurant stocks fell in afternoon trading as investors worry that the Trump tariffs will weigh on consumer spending.

Investors pulled back across restaurant segments, from fast food to full-service dining.

Shares of Starbucks fell more than 3%, following a downgrade to neutral from Baird, citing near-term economic headwinds. The coffee chain, which is already attempting to turn around its U.S. business, has seen its shares sink nearly 20% since Trump unveiled the new tariffs.

"Explanations for the drawdown we heard included higher coffee costs from tariffs, anti-American sentiment, and recession risk," Bank of America Securities analyst Sara Senatore wrote in a research note on Saturday.

Read the full story.

— Amelia Lucas

Tariffs add to concerns for airline industry

U.S. airlines are expected to cut their outlooks for the year when they report earnings starting this week, analysts say.

The industry is seeing cracks in demand for travel. And airline stocks have fallen as investor concerns have grown about Trump's tariff policies, among other things.

"The level of sell-off is worse than the reality right now, but it doesn't necessarily mean it won't be the reality six months from now," Raymond James analyst Savanthi Syth said.

TD Cowen, in a note Friday wrote, "We expect a world of slower growth, higher inflation, and a more
isolationist U.S. to significantly disrupt the competitive environment for airlines."

"We are concerned that the new economic paradigm causes another structural leg down in corporate travel while the negative wealth effect further dampens consumption, especially by Baby Boomers," TD Cowen said.

— Leslie Josephs and Michele Luhn

'This is the Trump recession': CEOs forecast recession fears, uncertainty

A large majority of CEOs surveyed by CNBC — 69% — said they expect a recession on the heels of Trump's sweeping, market-rupturing tariff plans announced last week.

And more than half of them said they expect that the downturn will come this year.

"This is the Trump recession," said one of the 22 CEOs who received the flash survey.

"Disappointingly stupid and illogical," another CEO said of the tariffs.

— Kevin Breuninger

Vietnam offer of 0% tariffs 'not enough' for Trump admin, Navarro says

White House trade advisor Peter Navarro said that countries would have to do more than just reduce their tariffs on U.S. imports to zero for the Trump administration to back off its trade policy.

"Let's take Vietnam. When they come to us and say 'we'll go to zero tariffs,' that means nothing to us because it's the nontariff cheating that matters," Navarro said on CNBC's "Squawk Box."

Those nontariff policies include a value-added tax and the routing of Chinese products through Vietnam, Navarro said.

Trump said in a Truth Social post on Friday that To Lam, general secretary of the Communist Party of Vietnam, had offered to cut tariffs on U.S. products to zero. Later in the interview, Navarro described that offer as a "small first start."

— Jesse Pound

Magnificent Seven stocks split as market wrestles with tariff uncertainty

Tech stocks wobbled after Trump stood by his sweeping global tariff plans.

Apple shares have tumbled more than 5%, Tesla shares are down about 4% and Microsoft shares have slipped more than 1%. Shares of Google are mostly flat, but Amazon, Nvidia and Meta are all up around 1%.

The Magnificent Seven stocks collectively shed more than $1.8 trillion in market value during a two-day market selloff last week. The Nasdaq Composite recorded its worst week since the onset of the pandemic and entered a bear market.

--Ashley Capoot and Samantha Subin

Trump not worried about golfing optics, White House official says

Trump is not concerned about the optics of him golfing over the weekend as stock markets fall on his tariff strategy, a White House official told NBC News.

Trump's golf rounds in Florida are like "going to a birthday party after a friend has had surgery," the official said.

"The economy will be fine," the official said.

— Dan Mangan

Trump gives Beijing one day to lift retaliatory tariffs or face 50% duties on Chinese exports

Trump is threatening to jack up tariffs on China by an additional 50% unless Beijing abandons its retaliatory duties on U.S. imports.

Trump in a Truth Social post gave China until Tuesday to undo its 34% tariffs, imposed in response to the "reciprocal" duties unveiled at the White House last week.

Trump also wrote that he will cancel all planned talks with China if they do not comply with his demand.

China's action came "despite my warning" that any country retaliating against the new U.S. tariffs "will be immediately met with new and substantially higher Tariffs, over and above those initially set," Trump wrote.

"Additionally, all talks with China concerning their requested meetings with us will be terminated! Negotiations with other countries, which have also requested meetings, will begin taking place immediately. Thank you for your attention to this matter!"

— Kevin Breuninger

GOP senators urge Trump to accept EU 'zero-for-zero' tariff offer

Two Republican senators urged Trump to accept an offer by European Commission President Ursula von der Leyen for zero percent tariffs on industrial goods imported from the U.S. in exchange for the same rate on imports from the EU.

"Let's take that deal," Sen. Mike Lee, R-Utah, said in a tweet replying to a video of von der Leyen's offer. "Much to gain."

Sen. Ron Johnson, R-Wis., replied in a tweet, writing, "Totally agree with @BasedMikeLee."

"At some point you have to take YES for an answer," Johnson wrote.

- Dan Mangan

Correction: Ursula von der Leyen is president of the European Commission. An earlier version misstated her title.

Tariffs on China will total 104% if Trump threat takes effect, White House confirms

U.S. tariffs on China will total 104% if Trump's latest threat takes effect, a White House official confirmed to CNBC's Megan Cassella.

Trump announced blanket 34% tariffs on Beijing last week, which come on top of existing 20% duties on Chinese imports.

Trump's latest tariff action would slap an additional 50% tariff on Chinese goods, unless China drops its 34% retaliatory tariff on the U.S.

— Kevin Breuninger and Megan Cassella

Richard Branson: Reverse 'colossal mistake' of tariffs or face 'ruin'

Billionaire Richard Branson is warning that the U.S. "will face ruin for years to come" if the Trump administration does not immediately "change course" on its tariff policies.

"The US government can still turn things around, but it must act in the next few hours," the Virgin Group co-founder wrote on X.

"This is the moment to own up to a colossal mistake and change course. Otherwise, America will face ruin for years to come," he wrote.

— Kevin Breuninger

'Fake news': White House dismisses report of Trump considering 90-day pause

The White House dismissed a wire headline that said Trump is considering pausing new tariffs for 90 days.

"Fake news," White House Press Secretary Karoline Leavitt told CNBC's Eamon Javers after a headline that cited Kevin Hassett, the director of the National Economic Council.

Trump himself posted on social media a video of Fox Business host Maria Bartiromo saying, "Rates are plummeting, oil prices are plummeting, deregulation is happening."

"President Trump is not going to bend," Bartiromo said in the video.

- Dan Mangan

Trump: 'Not sustainable' for U.S. to lose $1.9 trillion on trade

Trump writes that it's "not sustainable" for the U.S. to "lose $1.9 trillion on trade" in a post just now on Truth Social.

Trump's post includes a video of him talking to reporters, in which he also says that the U.S. can't lose money on trade "and also spend a lot of money on NATO in order to protect European nations."

— Erin Doherty

Tesla shares are down 20% since Lutnick urged 'Buy Tesla'

Tesla shares are trading around 20% lower than they were when Lutnick urged people to "Buy Tesla" last month.

Lutnick touted Tesla, whose CEO is the Trump administration DOGE chief Elon Musk, in a March 19 interview on Fox News.

"It's unbelievable that this guy's stock is so cheap," Lutnick said. "It'll never be this cheap again."

As it turns out, it would be.

— Dan Mangan

Canada initiates WTO dispute over auto tariffs

Canada filed a dispute with the the World Trade Organization concerning Trump's 25% tariffs on automobiles and automobile parts imported from Canada into the U.S.

Canada requested WTO dispute consultations with the U.S. concerning the new levies, the global trade organization said. The WTO says the request for consultations formally initiates a dispute in the organization.

Consultations will give the parties an opportunity to discuss the matter without proceeding further with litigation. After 60 days, if consultations have failed to resolve the dispute, the complainant may request adjudication by a panel, according to the WTO.

Canada claims the measures are inconsistent with the U.S.' obligations under various provisions of the "General Agreement on Tariffs and Trade" of 1994.

— Michael Wayland

Trump voters more likely to have stock investments than Harris voters

People who voted for Trump are more likely to own stock than those who voted for Kamala Harris in November's election — and they also tend to have more money tied up in the market.

CNBC's All-American Economic Survey in December found that 51% of Trump voters have stock market investments, compared to 46% of Harris voters.

And of those Trump voters, 53% had investments worth more than $50,000, while just 45% of Harris voters had that much money tied up in stock.

— Dan Mangan

Navarro dismisses Musk criticism: 'No big deal'

Top White House trade advisor Peter Navarro is shrugging off Elon Musk's swipe at his qualifications, while suggesting there is daylight between the Tesla CEO's trade views and those of the Trump administration.

Navarro told CNBC's "Squawk Box" that he has not spoken to Musk since he tweeted that Navarro "ain't built s---."

Musk appeared to delete that post.

But Musk kept up another post that said "a PhD in Econ from Harvard is a bad thing," a shot at Navarro's alma mater.

"I'll probably see him today in the Oval. It's no big deal," Navarro told CNBC when asked about Musk's comments.

Navarro praised Musk's work with DOGE on slashing government spending.

However, he then took a swipe at the billionaire.

"When it comes to tariffs and trade," Navarro said, Musk "is a car manufacturer — but he's not a car manufacturer, he's a car assembler."

Navarro noted that parts of the Tesla cars assembled at its Texas plant are from overseas.

"What we want, and the difference in our thinking and Elon's on this, is that we want the tires made in Akron, we want the transmissions made in Indianapolis," he said.

— Kevin Breuninger

'Countries from all over the world are talking to us' says Trump

"Countries from all over the World are talking to us," Trump wrote on Truth Social, and "tough but fair parameters are being set."

Trump spoke to Japanese Prime Minister Shigeru Ishiba earlier in the day, and "he is sending a top team to negotiate."

"They have treated the U.S. very poorly on Trade. They don't take our cars, but we take MILLIONS of theirs," Trump says in the post, adding, "it all has to change, but especially with CHINA!!!"

— Erin Doherty

EU to create import surveillance task force, diversify trade portfolio

Europe will establish a new import surveillance task force, as it looks to diversify its trade portfolio in the wake of Trump's sweeping tariffs.

"Further diversifying our trade relations is very critical for us, because this broadens the market opportunities and is crucial for our companies," European Commission President Ursula von der Leyen said at a press briefing.

"So we will focus like a laser beam on the 83% of global trade that is beyond the United States, vast opportunities, and this is why we're deepening our relations with our trading partners."

Von der Leyen mentioned existing deals with Mexico and Switzerland, and potential deals with India, Thailand, Malaysia and Indonesia.

Europe stands ready to respond to Trump's aggressive tariff agenda with counter measures if necessary, she said, but the region still stands "ready to negotiate" with the U.S. if possible.

— April Roach

Navarro insists 'it won't take long' to bring domestic manufacturing back

Top White House trade advisor Peter Navarro is pushing back on concerns that Trump's plan to restore U.S. manufacturing through tariffs will take years to bear fruit, if it works at all.

"Investment can made in auto parts factories that are still there, and it won't take long," Navarro said on CNBC's "Squawk Box."

He then pointed to the first Trump administration securing protective equipment faster than expected at the start of the Covid-19 pandemic.

"So don't tell me that America doesn't have the wherewithal to move things and we can do stuff," he said.

A CNBC flash survey of CEOs contacted in the wake of Trump's sweeping tariff rollout last week was far less optimistic: 45% of respondents said that any reshoring would take minimum two years, and more likely three years or more.

— Kevin Breuninger

Jamie Dimon: Tariffs will result in higher inflation and recession risk

JPMorgan Chase CEO Jamie Dimon says Trump's tariffs will likely boost prices on both domestic and imported goods, weighing down a U.S. economy that had already been slowing.

Dimon addresses the tariff policy in his annual shareholder letter, which has become closely read.

"Whatever you think of the legitimate reasons for the newly announced tariffs – and, of course, there are some – or the long-term effect, good or bad, there are likely to be important short-term effects," Dimon writes.

"We are likely to see inflationary outcomes, not only on imported goods but on domestic prices, as input costs rise and demand increases on domestic products."

"Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth," he adds.

Dimon is the first CEO of a major Wall Street bank to publicly address Trump's sweeping tariff policy as global markets crash.

His remarks appear to backtrack from earlier comments he made in January, when Dimon said that people should "get over" tariff concerns because they were good for national security. At the time, tariff levels being discussed were far lower than what was unveiled last week.

— Hugh Son

Musk posts video of Milton Friedman making the case for free trade

Elon Musk posted a video on X of Milton Friedman advocating for free trade, in one of the strongest examples yet of the billionaire SpaceX founder's break with Trump on tariffs.

Over the weekend, Musk publicly criticized Trump's top trade advisor, Peter Navarro.

He also said said he hopes Europe and the U.S. can move "to a zero-tariff situation, effectively creating a free-trade zone," during a virtual appearance at a meeting of Italy's far-right League party.

Musk's comments were at odds with Trump's hostility towards the European Union, which Trump has targeted with a 20% tariff on exports.

Musk is Trump's biggest campaign donor and the leader of DOGE, Trump's massive effort to slash the federal workforce.

Trump recently told Cabinet members that Musk would be leaving his post at DOGE in the coming months.

— Erin Doherty

PHOTOS: Global markets plummet for a third trading day

Markets across the globe continue to crash for a third day as a result of Trump's tariffs.

Taiwan:

Japan:

China:

Kuwait:

Norway:

— Adam Jeffrey

Ackman walks back accusation Lutnick 'profits when our economy implodes'

Ackman is apologizing for accusing Lutnick of being "indifferent" to a stock market crash because he stands to profit from it.

"It was unfair of me to lash out at @howardlutnick," writes Ackman.

"I don't think he is pursuing his self interest. I am sure he is doing the best he can for the country while representing the President as Commerce Secretary. It is not an easy job and we don't know how the sausage was made."

The new post comes nine hours after Ackman slung the accusation at Lutnick and his investment banking firm, Cantor Fitzgerald.

"I just figured out why @howardlutnick is indifferent to the stock market and the economy crashing. He and Cantor are long bonds. He profits when our economy implodes," Ackman wrote Sunday night.

"It's a bad idea to pick a Secretary of Commerce whose firm is levered long fixed income. It's an irreconcilable conflict of interest."

— Kevin Breuninger

Trump touts drop in oil prices, driven by recession fears, as a victory

Trump is touting the steep drop in oil prices — driven by fears of reduced demand in the increasingly likely event of a recession — as a policy win.

"Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place," Trump writes in his latest Truth Social post.

"This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate," he writes. "They've made enough, for decades, taking advantage of the Good OL' USA!"

Trump also blames America's past leaders for "allowing this" to happen.

— Christina Wilkie

Trump's schedule today: Hosting L.A. Dodgers, then Israeli prime minister

Trump has two significant public events on his schedule today.

11:00 a.m. ET: Trump will host the World Series-winning Los Angeles Dodgers at the White House, according to his official schedule.

2:30 p.m. ET: Netanyahu, one of Trump's closest allies, will participate in a joint press conference with the president at the White House.

The last time Netanyahu visited the White House was in February, as the U.S. worked to finalize the second phase of a cease fire deal in Gaza. It did not hold, however, and Israeli forces have since resumed ground operations in Gaza.

CNBC CEO survey: One-third expect job cuts this year due to tariffs

CNBC's latest CEO survey finds that a majority of the CEOs polled say they now expect a recession before the end of the year. Of those, around half say that a recession, if it happens, will likely be moderate.

One in three of the CEOs say they expect that their companies will be forced to cut jobs in 2025 due to Trump's tariff policies.

— CNBC Staff