After mortgage rate increases and soaring home prices, many are now wondering how Trump's tariffs will affect interest rates and housing costs.

Will Donald Trump’s ‘liberation day’ tariffs drag US into recession? The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner,

Roughly $2.5 trillion was erased from the S&P 500 Index on Thursday amid worries that President Donald Trump’s sweeping new round of tariffs could plunge the economy into a recession.

China said on Saturday "the market has spoken" in rejecting U.S. President Donald Trump's tariffs, and called on Washington for "equal-footed consultation" after global markets' dramatic reaction to the trade levies,

The Trump administration imposed a 10% minimum tariff on all imports coming into the country and even higher tariffs on other top trading partners.

Economist Wojtek Kopczuk asked ChatGPT to calculate tariffs to balance out the U.S. trade deficit. He received a similar answer to the White House’s documentation, showing the AI used “a basic approach” that divided the trade deficit by the total trade. Entrepreneur Amy Hoy ran a similar experiment, yielding identical results from AI models.

President Donald Trump claimed Wednesday that sky-high new taxes on imported goods would be “reciprocal,” meaning they were payback for tariffs other countries have slapped on U.S. exports. But the reciprocal tariffs turned out not to be based on actual levies imposed by other countries.