President Donald Trump’s wave of tariffs went into effect at 12:01 a.m. Wednesday as the vast majority of U.S. trading partners look to head off the barrier taxes with last-minute deals with the White House.

As the trade wars launched by U.S. President Donald Trump continue to escalate, all eyes are on Wednesday.Trump has repeatedly called April 2 “Liberation Day,” with promises to roll out a set of tariffs,

President Donald Trump says “Liberation Day” is coming. On Wednesday, he plans to roll out a set of tariffs that he promises will free the United States from foreign goods.

In a stunning reversal, U.S. President Donald Trump said he would temporarily lower the hefty duties he had just imposed on dozens of countries while further ramping up pressure on China, sending global stocks rocketing higher.

A number of import taxes are still in place, and with many back-and-forth tariff actions and threats, it can be tough to keep track of where things stand.

From the daily newsletter: how turbulence in the bond market likely inspired the Administration’s change of course.

After attacking Donald Trump’s trade adviser, Elon Musk was silent when Trump paused some tariffs. MSNBC’s Lawrence O’Donnell asks, “When did Elon Musk know that his stock price was going to start climbing back up because Donald Trump was going to announce that he was backing down?

President Donald Trump shared on Truth Social that he has “ authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%.” Trump also raised the tax rate on Chinese imports to 125%.

Facing a global market meltdown, Trump abruptly backed off his tariffs on most nations for 90 days, but raised his tax rate on Chinese imports to 125%.