By declaring a trade war on the rest of the world, President Donald Trump has panicked global financial markets and raised the risk of a recession.

Economists warn the U.S. economy may suffer most—but a range of knock-on effects will ripple across the world.

White House National Economic Council Director Kevin Hassett defended President Trump’s tariffs on Sunday, refuting the idea they will cost American consumers more.

John Kennedy (R-La.) said Monday that President Donald Trump will have to shoulder the blame for economic hardship if his tariff strategy fails. (Watch the video below.) “Do you think it’s Donald Trump’s economy now?

Trump views tariffs as an all-purpose economic fix that will protect American industries, encourage companies to open factories in America, raise money for the U.S. Treasury and give him leverage to bend other countries to his will.

As a result of the Trump administration’s new tariffs, U.S. job losses “could be in the millions,” says Harry Holzer, senior fellow at Brookings.

Two of President Donald Trump's richest supporters have broken with him over his tariff hikes. Billionaire hedge fund manager Bill Ackman, who endorsed Trump last summer, warned of an "economic nuclear winter" if Trump doesn't immediately pause his sweeping tariffs.

MSNBC’s Lawrence O’Donnell details how Elon Musk is turning on Donald Trump over his tariffs without attacking Trump directly, asking “How many more billions is Elon Musk willing to lose before he does something more than just telling Donald Trump privately that zero tariffs are the way to go?

Elon Musk has called one of Donald Trump’s top advisers “truly a moron” amid a deepening split in the White House over the tariff regime.

Billionaire investor and Trump advisor Elon Musk has urged President Trump to relax reciprocal tariffs and allow free trade between nations.

A top adviser to President Donald Trump and world’s richest man Elon Musk has seen his electric vehicle company’s stock continue to fall. It comes as U.S. stocks ended another tumultuous day lower as markets reel from Trump’s latest threats to crank his tariffs higher.

Elon Musk may have bought himself influence over President Donald Trump’s administration, but public criticism of the president remains out of his budget. Instead — as the world braces for Trump’s tariff regime to go into effect at midnight on Tuesday — Musk is picking fights with a fellow presidential adviser: Senior Counselor for Trade and Manufacturing Peter Navarro.