Dow Jones Plummets 500 Points as Trump’s Tariff Deadline Sparks Market Panic

Markets reel as Trump's trade war timer ticks down—classic volatility theater.

Wall Street's paper hands fold fast when tariffs enter the chat. Meanwhile, crypto traders shrug—decentralization doesn't do trade wars.

Another day, another 500-point swing. Traders now betting whether the Fed or Twitter fingers move markets faster.

Tesla shares sink as Musk breaks with Trump again

At the same time, shares of Tesla were sinking 7.2% as the feud between Donald Trump and Elon Musk escalated. The tech CEO announced the creation of the “America Party,” a new political party to take on Trump and the Republicans.

The stated reason for Musk’s split with Trump is the recently passed budget bill. Significantly expanding the U.S. deficit, the bill undid all of the savings made by Musk’s Doge department. What is more, Tesla’s shares have also been hurt by the loss of the electric vehicle tax credits in Trump’s budget. The change will effectively make Teslas and other EVs more expensive for U.S. customers.