Tonight, a stress test for the economy.

The president unleashes his most sweeping tariffs yet, escalating a trade war that impacts

every U.S. trading partner and every American.

Plus, is Trump looking to cut Elon Musk loose?

Questions grow about his political future after Democrats score a decisive victory at the polls.

Then?

When I talk to Democrats right now, the thing I say to them is you're not helpless.

You have agency.

You've got power here.

My keynote conversation with Pennsylvania Governor Josh Shapiro as the 11th hour gets underway on this Wednesday night.

We got work to do tonight. Good evening. Once again, I am Stephanie Ruhl and welcome to the midweek nightcap. It is day 73 of the second Trump administration. And everybody who said he's not going to do it, it's talk,

it's positioning. You are wrong. All eyes right now are on the markets tomorrow morning to see

how they will respond to Donald Trump's tariffs on the entire globe. Futures for the Dow,

NASDAQ, and S&P absolutely cratered after Donald Trump's big announcement, which was conveniently

right after the market close. It could completely upend the economy here and in the United

States and around the globe. My colleague Gabe Boudierrez has the details.

Just minutes after the day's market closed, President Trump walking into the Rose Garden.

My fellow Americans, this is Liberation Day.

Announcing a new 10% tariff on every American trading partner.

But that's not all.

China, 67%.

That's tariffs charged to the USA. So we're going to be charging a discounted reciprocal

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