This is NBC Nightly News with Jose Diaz Ballard.

Good evening. Today marks the beginning of a new era for the global economy. President Donald

Trump's reliance on tariffs to bring wealth into the United States and manufacturing jobs

to the American people kicked in this morning with 10% baseline levies on just about every import coming into the

U.S. far steeper tariffs on trading partners like China, Vietnam, India, and the European Union are set

to begin next week. The market's reaction, clear and jarring, the S&P 500 plunging 10% in two days.

Major banks like J.P. Morgan now forecasting a recession this year, even as the president

today posted encouragement, saying this is an economic revolution.

We begin tonight with senior business correspondent Christine Romans.

At ports across America tonight, a new reality for the more than $3 trillion worth of goods imported into the country each year.

President Trump's baseline tariff of 10% for nearly all U.S. trading partners now in effect.

Far higher tariffs, like 46% on Vietnam, 26% on India, and 20% on the

European Union are set to begin on Wednesday. The president's senior counselor for trade and

manufacturing today insisting, we're going to have a bullish boom, and the Dow's going to hit

50,000 during Trump's term.

But U.S. markets this week had a decidedly different interpretation.

The Dow plunging nearly 4,000 points since President Trump's Rose Garden announcement Wednesday.

It's a declaration of economic independence.

The market sell-off triggered Thursday, deepening Friday, after China-examination. It's our declaration of economic independence.

The market sell-off triggered Thursday, deepening Friday, after China announced it would match the new U.S. tariffs on its goods with 34% tariffs of its own on imports from the U.S.

Warning signs of a recession now flashing, J.P. Morgan forecasting a downturn in U.S. GDP for the year that will increase U.S. unemployment to 5.3 percent. And Fed Chair Jerome Powell, warning of rising

prices to come. Tariff increases will be significantly larger than expected. And the same is likely to

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