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"It's our declaration of independence," Trump said at an event in the White House Rose Garden. "We will establish a minimum baseline tariff of 10%." Rates for China would be set at 34%, while the European Union and Japan would face 20% and 24%, respectively.

Luxury furniture retailer RH (NYSE:RH) missed Wall Street’s revenue expectations in Q4 CY2024, but sales rose 10% year on year to $812.4 million. Next quarter’s revenue guidance of $810.6 million underwhelmed, coming in 2.8% below analysts’ estimates. Its non-GAAP profit of $1.58 per share was 17.2% below analysts’ consensus estimates.

US stocks rebounded ahead of President Trump's tariff announcements, but stock futures fell after Trump surprised markets with larger than expected levies.

Shares of electric vehicle pioneer Tesla (NASDAQ:TSLA) jumped 5.6% in the afternoon session after Politico reported that Elon Musk may soon step down from his position at the Department of Government Efficiency, indicating a renewed focus on his business ventures, especially Tesla.

Elon Musk's past 24 hours have shown troubling signs for his political and personal fortunes.

Tesla stock fell after poor delivery data, but was getting a boost in midday trade after a report said Elon Musk is set to step back from his intensive role in the Trump administration.

Shares of Rivian fell despite the EV maker reporting first quarter data and a full-year outlook that aligned with its projections.