US stocks dropped Wednesday as Wall Street braced for the expected rollout of President Donald Trump's tariffs.
The moves come ahead of the implementation of a raft of Trump's "reciprocal tariffs" that will "start with all countries." The White House revealed Tuesday that the levies "will be effective immediately." The administration as of Tuesday had yet to decide on the tariff levels and was still considering several options, according to a report from Bloomberg News, citing people familiar.
Tesla's first-quarter deliveries fell 13%, hurt by backlash against CEO Elon Musk's political stance, rising competition and its aging line up of electric vehicles, sending its shares down more than 5% in morning trading.
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