With record levels of dry powder available for investment, find out what's in store for private markets in 2025 and beyond.

Listen to crafting capital in partnership with UBS at partners.wS.J.com slash UBS, Spotify and Apple Podcasts.

Markets were rattled after President Trump's tariffs went into effect.

Plus, Canada, Mexico, and China announced counter and retaliatory steps.

This is only the first or second salvo of this trade war.

We have a whole handful of tariffs coming up next month.

And what to watch for when Trump addresses Congress tonight.

It's Tuesday, March 4th.

I'm Alex Osala for the Wall Street Journal.

This is the PM edition of What's News,

the top headlines and business stories that move the world today.

President Trump's tariffs, a 25% duty on goods from Canada and Mexico, and an additional 10% tariffs on goods from China, went into effect at midnight. The president has blamed Canada

and Mexico for the flow of immigrants and illicit drugs like fentanyl into the U.S. and said

that tariffs are on, quote, until the crisis is alleviated.

Markets were rattled by the new levies and the countermeasures by Canada, Mexico, and China.

Markets fell sharply earlier in the day, with the NASDAQ even flirting with correction territory,

but then recovered somewhat to end the day lower. The Dow led the losses, with the NASDAQ even flirting with correction territory, but then recovered

somewhat to end the day lower. The Dow led the losses, closing down about 1.6%. The S&P 500

dropped roughly 1.2%, and the NASDAQ ended the day about 0.4% lower. Wall Street's Fear

Gage also picked up after stocks slid today. With more on the market reaction, I'm joined now by WSJ reporter David Uberti.

David, this was quite a day.

What was the sentiment in the markets?

...