US stocks pare steep losses after Ontario halts 25% tax on electricity to avert trade war. US says it won't proceed with its retailiatory levy now.

And can Elon Musk afford a tumble in Tesla's share price? The world is bracing itself as Donald Trump enacts his global tariffs. As the president begins to enforce them upon the rest of the world, the Americast team assemble to ask whether Trump’s bet on tariffs might be a bad deal for the US.

The action immediately shook global markets, plummeted stocks and will likely raise prices on everyday products – from gas to produce – for consumers. Canada, Mexico and China quickly retaliated, with Canadian Prime Minister Justin Trudeau saying Ottawa is setting 25% tariffs on $20.7 billion worth of U.S. imports, from orange juice to cosmetics.