Elon Musk said yesterday he predicts a recession for later this year, a call many executives have made since President Donald Trump implemented his tariff regime. The threat to business activity has also caused concern about a potential recession.

The Trump Liberation Day tariffs refer to a sweeping set of trade restrictions and import taxes proposed by Donald Trump after returning to office in 2025. They were part of his broader economic agenda announced on what his supporters dubbed “Trump Liberation Day” — the day marking his re-entry into the White House.