The stock market has gotten off to a very different start to the year than most investors might have imagined. The broader benchmark S&P 500 (SNPINDEX: ^GSPC) is down close to 5%, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) has entered correction territory (as of March 11).

President Donald Trump officially increased tariffs on all steel and aluminum imports to 25% on Wednesday, promising that the taxes would help create U.S. factory jobs at a time when his seesawing tariff threats are jolting the stock market and raising fears of an economic slowdown.

Of course, Trump was once a sharp critic of Musk, too, which is especially notable given how tight the pair are now. A look at some of Trump's comments on EVs — and Musk: Trump marked Christmas 2023 with a social media post lumping “All Electric Car Lunacy” in with a number of political enemies that he said “are looking to destroy our once great USA.

President Donald Trump said on Truth Social early Tuesday morning he is buying a Tesla in support of Elon Musk.