POLITICO Playbook Daily Briefing

At 12:01 this morning, President Donald Trump’s massive tariffs against China, Vietnam, Japan, and other countries took effect. The new policies are sure to impact not only the country’s economy, but also the dynamics among Republicans on Capitol Hill. White House Bureau Chief Dasha Burns joins Playbook author and managing editor Jack Blanchard to unpack what’s at stake and where things go from here.

United States Trade Representative Jamieson Greer will be in the hot seat today as he testifies in front of the Senate Finance Committee, where he's expected to defend President Donald Trump's global tariff hike. Trump has sent mixed messages about whether his new tariffs are permanent or up for negotiation, although there are some signs that Trump is entertaining offers. Meanwhile, tensions with China are flaring. Trump told Beijing to withdraw its reciprocal tariffs by today, or else he’ll hike tariffs on China by another 50 percent. POLITICO trade reporter Daniel Desrochers breaks it all down with host Steven Overly. Plus, the House is slow-marching toward its vote on a budget blueprint, which could happen as soon as tomorrow.

The stock market is already showing the impact of President Donald Trump’s tariffs — and there’s no sign the pain will stop any time soon. Wall Street banks are ratcheting up their predictions of a recession this year, global markets continue to nosedive and meanwhile, Trump administration officials fan out across media with mixed messages about what it all means. POLITICO White House reporter Megan Messerly joins host Steven Overly to unpack it all and where things go from here.

The major story today is still the economic after-effects of Trump’s globe-reshaping cascade of new tariffs. Yesterday, they sent markets tumbling head over heels with major losses — the biggest one-day wipeout in value since the early days of the Covid-19 pandemic. POLITICO economics correspondent and Capital Letter columnist Victoria Guida joins Playbook Deputy Editor Zack Stanton to break it down. Plus, Playbook London reports that President Donald Trump could hold another phone call with Russian President Vladimir Putin as soon as today, and here in Washington, Capitol Hill is intently focused on the Senate’s vote-a-rama session that’s expected this weekend ahead of final adoption of the Senate GOP’s budget resolution.

Buckle up. In a major announcement after markets closed yesterday afternoon, President Donald Trump unleashed a major wave of tariffs against America’s trading partners throughout the world. Today, as allies respond in kind with tariffs targeting the U.S., all eyes will be on the markets as investors react to the new economic reality. Even so, a whirlwind of news occupies Washington, from Elon Musk’s potential future (or not) in the Trump administration, to new revelations about national security adviser Mike Waltz’s use of Gmail and Signal for government work. POLITICO’s White House bureau chief Dasha Burns joins Playbook author and managing editor Jack Blanchard to break it all down.