This is CNBC’s live coverage of how the White House, U.S. trade partners and employers are responding to President Donald Trump’s historic tariffs.

By Dan Mangan & Kevin Breuninger & John Melloy & Ruxandra Iordache & Christina Wilkie & Erin Doherty

What you need to know

• President Donald Trump’s tariffs will go into effect at midnight tonight, including an expected 104% tariff on China.
• U.S. Customs and Border Protection says it is prepared to begin collecting country-specific tariffs from 86 U.S. trade partners starting at 12:01 a.m. ET.
• U.S. markets sold off sharply this afternoon, heading into the midnight tariff deadline.
• Tesla CEO Elon Musk is escalating his attacks on top Trump trade advisor Peter Navarro.
• The president says China “wants to make a deal, badly, but they don’t know how to get it started.”
• Former Commerce Secretary Carlos Gutierrez says the U.S. and China are in a full blown trade war.
• Newly confirmed U.S. Trade Representative Jamieson Greer, testified before the Senate Finance Committee at a hearing on the president’s 2025 trade policy agenda.
• European Commission President Ursula von der Leyen says the EU is willing to negotiate with the U.S. on tariffs, yet is also preparing to retaliate.
• Two billionaire Trump backers, Ken Langone and Ken Griffin, are furious about the tariffs.

Source: Cnbc.com