Is Elon Musk gave Trump open to tariff negotiations, contradicting White House aides?

The weekend is looking like a breeze for Trump — if not for stock market investors hammered by the fallout from his new tariffs.

The White House posted a tweet showing Trump walking with his hair, tie and suit jacket blown back from the wind, with the italicized message, “Almost Friday.”

The tweet’s jaunty vibe contrasted with a metaphorical bloodbath on Wall Street, where the major stock indices all suffered big drops.

— Dan Mangan

Nissan Motor’s luxury Infiniti brand has indefinitely paused production of two Mexico-built crossovers for the U.S. in response to the newly imposed 25% tariffs on imported vehicles by Trump.

In a memo to the brand’s retailers, Infiniti Americas Vice President Tiago Castro said QX50 and QX55 output for the U.S. is halted “until further notice” due to the tariffs, Automotive News reported Thursday.

A company spokesman confirmed the actions Thursday afternoon to CNBC and said the Japanese automaker is reviewing its “production and supply chain operations to identify optimal solutions for efficiency and sustainability.”

“We will continue to evaluate the impact, as well as market needs, to make any additional adjustments to production,” Nissan said in an emailed statement.

Separately, Nissan on Thursday confirmed it will maintain two shifts of production of the Nissan Rogue crossover at its Smyrna, Tennessee, plant that is free of the new auto tariffs.

Nissan had planned to scale back Rogue production in Smyrna to a single shift starting this month.

— Michael Wayland

The European Union and Switzerland, two crucial markets for luxury goods, were hit with tariffs of 20% and 31%, respectively.

Compared with their luxury peers, Swiss watchmakers stand to be most affected, JPMorgan analysts said in a note.

Analysts highlighted Swiss conglomerates Swatch Group, which counts Omega among its brands, and Richemont, owner of Piaget, noting their thin margins. The Swatch Group fell nearly 4% and shares of Compagnie Financière Richemont SA dropped 6.3% in trading.

Gucci owner Kering and Burberry are also vulnerable, according to the analysts, citing weak profits and “less pricing power to mitigate some of the impact given their currently softer brand momentum.” Kering and Burberry shares fell 7.5% and 9.2%, respectively.

As for luxury powerhouse LVMH, analysts estimated its wine and spirits division, which includes cognac brand Hennessy, would be most negatively affected.

Hermès faces the least damage before mitigation, estimated at roughly 3% to 5% by JPMorgan. Analysts said Hermès has less reliance on U.S. sales, high profitability and strong pricing power.

LVMH ended down more than 3%.

— Hayley Cuccinello

Correction: This post has been updated to reflect that Hermes is a separate, publicly traded company.