US financial markets experienced significant losses due to President Donald Trump's ongoing tariff war with Canada, Mexico, and China. The threat of tariffs against Canada had a profound impact on its domestic politics, boosting Prime Minister Justin Trudeau's approval ratings. Meanwhile, Mexico and China imposed selective tariffs on key US exports, targeting agricultural products and luxury goods. Elon Musk and his team of technocrats have been causing significant disruption with their erratic job cuts across federal agencies, leading to a public backlash and a drop in Tesla's stock. If consumer confidence declines and more Americans face financial hardship, it could lead to a recession later in the year, which would likely be considered a 'Trump recession.'