Good morning. It's Saturday, April 5th. I'm Melissa Murray filling in today for Ali Velshi.

We begin this morning with Donald Trump's trade war. At midnight last night, a baseline 10%

tariff took effect on nearly all imports coming into the United

States. Additional tariffs on a select number of countries, including some of the United States

top trading partners like the European Union and China, will take effect on Wednesday. Global

markets began to tank soon after Trump made his initial announcement. Stocks continued to slide yesterday after China

said it will impose tariffs against the United States. As a result, the S&P 500, NASDAQ and Dow Jones

all closed about 6% lower on Friday alone. Thursday was the single worst day for the S&P 500

since June 2020 when the country was in the

middle of the pandemic. The NASDAQ has entered bare territory, meaning that it has fallen by

20% or more since its most recent peak in December. And the Dow Jones has slid by nearly

4,000 points since Wednesday afternoon. Meanwhile, J.P. Morgan

said that the chances of a recession happening in the next year have increased. And Jerome Powell,

the chair of the Federal Reserve, also remarked yesterday that the Trump tariffs will likely lead

to higher inflation and slower economic growth. In addition to the latest so-called reciprocal

tariffs, the Trump administration has previously imposed tariffs on steel, aluminum, and foreign-made

cars and automotive parts. And altogether, these new policies are already causing major

companies to recalibrate their business plans. Due to the 25% tariff on imported cars, Stalantis, which owns Jeep, said that it will temporarily

pause production at some of its assembly plants. As a result, 900 American employees will be, quote,

temporarily laid off. The German automaker Volkswagen said that it will soon add an

import fee to all cars sold in America. And even gamers won't be spared the consequences of the

Trump tariffs. Yesterday, the video game manufacturer Nintendo said that it will postpone pre-orders

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