Good morning. Donald Trump’s tariffs on steel and aluminum kick in. Buying a house keeps getting tougher. And a big concert is coming soon to your headset. Listen to the day’s top stories.

Donald Trump’s 25% tariffs on steel and aluminum imports came into force today as the global trade war entered a new and risky phase. The latest US levies kicked in after a tumultuous day in which the president and Canada sparred yet again. The EU retaliated with plans to impose its own duties on more than $28 billion worth of American goods. One influential billionaire investor invoked 1930s Germany to illustrate his concerns about the global implications of the current trade conflict.

Trump downplayed the risk of a tariff-led recession and then told business executives to brace for more levies. Markets stabilized after yesterday’s drama left traders dazed and confused. Still, Goldman Sachs strategists lowered their target for the US equity benchmark, in a further sign of growing skepticism on the outlook for the world’s largest economy.

House Republicans passed legislation to keep the US government open past a Saturday shutdown deadline, daring moderate Democrats in the Senate to block the measure over objections it fails to constrain Elon Musk’s cost-cutting crusade. The bill will probably need the support of at least eight Democrats in the Senate to become law.

Rocky road. Musk’s fans are known for their commitment to Tesla, but the stock’s current rout has even long-term believers backing away. It’s down 52% from an all-time high and has given back all gains since the election. Trump intervened (sorta) this week, taking delivery of a shiny, red Tesla at the White House. But it may not be a cure for the company’s woes as electric-vehicle sales are stumbling.

Bird flu latest. Health and Human Services Secretary Robert F. Kennedy Jr. said therapeutic drugs should be “intensively” tested on infected US poultry flocks. He opposes mass vaccination and culling as a strategy for controlling the H5N1 avian influenza strain. Meanwhile, Americans are still shelling out more for eggs.

Deep Dive: Real Estate

Illustration: Andy Rementer

It’s a tough time to be a homebuyer in the US and it's even tougher to work out where the market is headed.

• Yes, prices are rising, but canceled contracts are running at a record clip.
• The real wild card, though, is what comes out of the White House—Trump's tariffs have the potential to lead to higher interest rates if inflation picks up. Or push them lower if the economy tips into a recession.
• It's a conundrum that isn't going away. So here are some pointers on how to win a bidding war and some money-saving tips on how to refinance without breaking the bank.
• And remember, location matters. The market in Silicon Valley, for example, shows little sign of cooling—it often takes millions of dollars just to score a fixer-upper.
  

The Big Take

Huawei rolled out a surveillance camera system across Mauritius. Photographer: Paul Choy/Bloomberg

China’s growing presence in the Indian Ocean nations like Mauritius has now sparked a geopolitical chess match over Diego Garcia, home to a military base, and at the center of efforts to counter China's influence in the region.

Opinion

Photographer: Nathan Laine/Bloomberg

Someone forgot to inform holidaymakers about fraying transatlantic relations, Chris Bryant writes. A frostier welcome for visiting Americans seems assured this year but Europe can’t afford to turn its back on these wealthy travelers.

Before You Go

Lars Ulrich and James Hetfield of Metallica perform onstage in Inglewood, California, in December 2024. Photographer: Kevin Winter/Getty Images

Metallica, once reluctant to embrace music streaming, will debut a 26-minute immersive concert film for Apple’s Vision Pro headset on March 14. The concert was filmed in Mexico City with camer