News'n'Clues - BUSINESS Article Summaries

Trump tariffs live updates: President makes final decision on reciprocal duties

Source: {'href': 'https://www.cnbc.com', 'title': 'CNBC'} Published: 2025-04-02 19:11:00

Credit Cards Loans Banking Mortgages Insurance Credit Monitoring Personal Finance Small Business Taxes Help for Low Credit Scores Investing SELECT All Credit Cards Find the Credit Card for You Best Credit Cards Best Rewards Credit Cards Best Travel Credit Cards Best 0% APR Credit Cards Best Balance Transfer Credit Cards Best Cash Back Credit Cards Best Credit Card Welcome Bonuses Best Credit Cards to Build Credit SELECT All Loans Find the Best Personal Loan for You Best Personal Loans Best Debt Consolidation Loans Best Loans to Refinance Credit Card Debt Best Loans with Fast Funding Best Small Personal Loans Best Large Personal Loans Best Personal Loans to Apply Online Best Student Loan Refinance SELECT All Banking Find the Savings Account for You Best High Yield Savings Accounts Best Big Bank Savings Accounts Best Big Bank Checking Accounts Best No Fee Checking Accounts No Overdraft Fee Checking Accounts Best Checking Account Bonuses Best Money Market Accounts Best CDs Best Credit Unions SELECT All Mortgages Best Mortgages Best Mortgages for Small Down Payment Best Mortgages for No Down Payment Best Mortgages with No Origination Fee Best Mortgages for Average Credit Score Adjustable Rate Mortgages Affording a Mortgage SELECT All Insurance Best Life Insurance Best Homeowners Insurance Best Renters Insurance Best Car Insurance Travel Insurance SELECT All Credit Monitoring Best Credit Monitoring Services Best Identity Theft Protection How to Boost Your Credit Score Credit Repair Services SELECT All Personal Finance Best Budgeting Apps Best Expense Tracker Apps Best Money Transfer Apps Best Resale Apps and Sites Buy Now Pay Later (BNPL) Apps Best Debt Relief SELECT All Small Business Best Small Business Savings Accounts Best Small Business Checking Accounts Best Credit Cards for Small Business Best Small Business Loans Best Tax Software for Small Business SELECT All Taxes Filing For Free Best Tax Software Best Tax Software for Small Businesses Tax Refunds Tax Brackets Tax Tips Tax By State Tax Payment Plans SELECT All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score or Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score SELECT All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bonds This is CNBC's live coverage of President Donald Trump's announcement Wednesday of new tariffs targeting U.S. trade partners. What you need to know CNBC's reporters are covering the tariffs and their impact, live all day on air and online from our bureaus in Washington, London, Singapore, San Francisco, and Englewood Cliffs, New Jersey. Treasury Secretary Scott Bessent is attending Senate Republicans' weekly lunch today before Trump's expected tariff announcement. The Treasury secretary's visit to Capitol Hill comes a day after he visited with House Republicans. There, Rep. Kevin Hern, Okla., told CNBC that Bessent said the tariff rates being announced today would be the top rates, and will go down from here, not up.. — Erin Doherty Democratic Rep. Josh Gottheimer (N.J.) is warning that Trump's tariffs are "regressive" and will hit "people on things they buy every day." "I don't think people are seeing this, including a lot of Republicans, as a day of liberation, but ... a day of higher costs and a day of chaos," Gottheimer told CNBC's 'The Exchange.' "Regardless where people are on the political spectrum, what they don't like is a lot of uncertainty," said Gottheimer, who is currently running for governor of New Jersey. "I think people are hearing all this noise, they're seeing every day the news change, and they just want some certainty," he added. "They want less chaos in their lives." — Erin Doherty Major averages are trading modestly higher in the volatile session as investors await details about tariffs on key U.S. trading partners. The S&P 500 last traded up 0.2% after swinging significantly between gains and losses. At its session high, the benchmark was up 1.1%; at its session low, the S&P 500 declined 1.1%. The 30-stock Dow Jones Industrial Average rose 1just 60 points, while the Nasdaq Composite added 0.3% as Tesla shares jumped more than 4%. "Any 'relief' bounce is likely to be short-lived as the absolute effect of the trade agenda remains decidedly negative with downside pressure on growth/earnings and upside risks to inflation," Adan Crisafulli, founder of Vital Knowledge, said in a note. — Yun Li The Trump administration is adding imports of beer and empty aluminum cans to its 25% tariffs on derivative aluminum products, according to a notice posted Wednesday in the Federal Register. The notice from the Commerce Department said the adjusted tariffs would take effect after midnight Friday. One of the two product tariff codes referenced in the notice applies to "beer made from malt." The other applies to aluminum casks, drums, cans, boxes and similar containers with a capacity no greater than 20 liters. The notice does not include a separate code that would encompass beer in glass containers. The Commerce Department did not immediately respond to CNBC's request for comment. — Kevin Breuninger Uncertainty surrounding Trump's tariff policy has created panic for smaller businesses grappling with the likelihood of added operations costs and potential supply chain bottlenecks. "I'm going to run out of appliances," said Robin Liss, founder of kitchen gadget company Suvie, ahead of her two-week trip to Taiwan and Vietnam to work out a new business plan. "I've got to figure this out." Trump slapped additional tariffs on China and is threatening to strain America's relationships with other longtime trading partners. Read the full story here. — Samantha Subin Mexican President Claudia Sheinbaum says she does not plan to implement tit-for-tat tariffs on American goods in response to Trump's import duties. "It's not about tit-for-tat, but about what is best for Mexico and how to face this situation," she said during a morning press conference. "We do not believe in an eye-for-an-eye, a tooth-for-a-tooth because that always leads to a bad situation," she said. — Erin Doherty The Senate is poised to vote later today on a Democratic-led resolution to undo the "national emergency" that Trump declared in order to create a legal rationale for Trump's tariffs on Canada. Sen. Tim Kaine (D-Va.) told reporters earlier that Sen. Mitch McConnell (R-Ky.) indicated that he plans to back the resolution. At least three other Republican senators — Lisa Murkowski (Alaska), Susan Collins (Me.) and Rand Paul (Ky.) — have also signaled plans to support the measure. The resolution is largely symbolic, because it still needs to move through the Republican controlled House and would require Trump's signature to become law. Nonetheless, Senate passage with the support of some Republicans — on the same day Trump unveils his tariff plan — would mark a rebuke to Trump's tariff policy. — Erin Doherty Sen. Peter Welch, a member of the Senate Finance Committee, is slamming Trump's tariff policies, warning that his "half-baked trade war will only raise prices for consumers." "Trump's so-called 'liberation day' will throw the global economy into turmoil and leave Americans holding the bag," the Vermont Democrat Welch says in a statement hours before the unveiling of so-called reciprocal tariffs at the White House. "We should not impose sweeping tariffs on our allies and longtime partners in trade. America's close economic ties with our trading partners are based on trust," Welch says. "These on-again, off-again tariffs are extremely destructive and totally unnecessary," he says. "President Trump is sticking it to our farmers, our businesses, and everyday working people." — Kevin Breuninger Trump has made a final decision on how he wants to proceed with his sweeping reciprocal tariff plans, a White House official told CNBC's Megan Cassella. The update marks an apparent end to the internal deliberations that were reportedly ongoing in the hours before the Wednesday afternoon announcement event. — Kevin Breuninger and Megan Cassella Trump will be joined in the Rose Garden by workers from industries that are likely to be affected by his reciprocal tariffs. The guest list includes "steel workers, autoworkers, oil and gas workers, steam fitters, truck drivers, and hardworking Americans from a variety of trades," a senior White House official told NBC News. — Kevin Breuninger and Peter Alexander Trump has said tariffs on pharmaceutical products imported into the U.S. were coming soon, but it is not clear if they will be announced at the White House event. Those potential tariffs would likely drive up U.S. drug prices for patients because even if companies moved to produce those medications domestically, it would take years and cost more than producing medicines abroad, Leerink Partners analyst David Risinger said in a note last week. Predicting the potential impact of tariffs on pharmaceutical companies is difficult since they have vast and complex manufacturing networks with multiple steps, sometimes in different geographies, TD Cowen analyst Steve Scala said in a note. But Scala said Eli Lilly, Bristol Myers Squibb and AbbVie appear better positioned than others to weather tariffs because they have more major manufacturing plants in the U.S. than internationally. The majority of their sites responsible for producing the active ingredients in drugs are also in the U.S., he added. Meanwhile, Novartis and Roche "look more at risk" because they have few U.S. plants and a higher share of active ingredient sites that are international, Scala said. - Annika Kim Constantino Some tequila makers have been warning about how tariffs could hit their businesses, but Colorado-based Suerte Tequila said it won't raise prices to offset tariffs. "Tequila margins are stronger than ever," said Laurence Spiewak, Suerte Tequila CEO. Still, the industry could see a hit with tariffs on Mexico. In 2024, the U.S. imported $5.2 billion worth of tequila and $93 million worth of mezcal from Mexico, according to the Distilled Spirits Council of the U.S. — Brandon Gomez and Michele Luhn Trump is targeting Mitch McConnell and three other Republican senators in a critical Truth Social post, urging them to oppose a bill that would undo U.S. tariffs on Canada. McConnell, Rand Paul, Ky., Sen. Susan Collins, Me. and Lisa Murkowski of Alaska, "will hopefully get on the Republican bandwagon, for a change," Trump writes. He presses the senators to "fight the Democrats wild and flagrant push to not penalize Canada for the sale, into our Country, of large amounts of Fentanyl, by Tariffing the value of this horrible and deadly drug in order to make it more costly to distribute and buy." It is not immediately clear what Trump means by "tariffing the value" of fentanyl. Trump calls the Senate bill introduced by Sen. Tim Kaine, D-Va., a "ploy" intended to "show and expose the weakness of certain Republicans, namely these four." The president also calls on Kentucky, Alaska and Maine voters to call these senators' offices. "They have been extremely difficult to deal with and, unbelievably disloyal to hardworking Majority Leader John Thune, and the Republican Party itself," Trump adds — Kevin Breuninger Ontario Premier Doug Ford said he stands ready to remove retaliatory tariffs on U.S. products if Trump cancels heavy American import duties on Canadian goods. "We're willing to take these tariffs off, like in the next minute, if he said he's taking their tariffs off," Ford told CNBC's "Squawk Box." Canada has imposed 25% tariffs on more than $20 billion worth of U.S. goods in retaliation for the Trump administration's steel and aluminum duties. In addition, Ottawa has slapped 25% counter-tariffs on $30 billion worth of U.S. goods, in response to Trump's imposition of broad-based tariffs on imports from Canada. — Yun Li Trump is hyping his reciprocal tariffs in a Truth Social post declaring the day of their unveiling "LIBERATION DAY IN AMERICA!" Trump commonly refers to his tariffs in historic terms, raising expectations and concerns about how severe the duties could be. — Kevin Breuninger Slovakia, the landlocked country east of Austria, could suffer the most from the new auto tariffs that Trump said will start to take effect Thursday. "Germany's car industry is in the eye of the storm and by far most exposed in terms of value, with major players like Volkswagen, BMW, Mercedes, and Porsche likely getting hit by tariffs," economists Inga Fechner and Rico Luman of Dutch bank ING said in a recent research note. "But Slovakia — home to several car plants — is most exposed in terms of total US export volume," they said. The nation of 5.4 million people produces more cars per capita than any other country in the world. And the "Detroit of Europe" relies heavily on U.S. trade, with autos comprising a major chunk of its U.S. exports. — Kevin Breuninger and Sam Meredith The U.S. stock market was poised to open lower Wednesday as Wall Street continues to struggle in the face of the looming tariff policies from the Trump administration. The S&P 500 is now down 4.2% over the past month and is 8.4% below its record high. The tech-heavy Nasdaq Composite has dropped 7.4% over the past month and is 13.6% below its record high. Uncertainty about tariffs is not the only reason the stock market has struggled, as some tech stocks that are thought to be relatively insulated from trade war concerns have also fallen. Other stock moves seem to have a more direct line to concerns about tariffs and their economic impact, such as the 12% decline in the past month for Stellantis. On the other hand, gold and Treasury bonds have both been rallying in recent days, a sign that investors may be looking to reduce risk. Gold was trading near a record high Wednesday morning. — Jesse Pound The scope of new tariffs has yet to be finalized by the White House, the Bloomberg news service reported. "The White House has not reached a firm decision on their tariff plan," Bloomberg reported, citing people familiar with the plan. Several options are under consideration at the White House. One is a universal flat tariff rate applied to all trade partners, while another would tailor tariffs to each trade partner. A third option prepared by the U.S. Trade Representative's office would apply a flat rate to a select group of countries. — Dan Mangan Democratic Sen. Peter Welch of Vermont said the tariff disagreements between Trump and Democrats go beyond typical party differences, calling it a "very, very serious situation." "We believe what President Trump is doing is, in many cases, lawless and really beyond any norms," he said on "Squawk Box." Welch said Congress has tariff authority that can be traced back to the Constitution. Trump's actions are an "overreach" in service of a personal agenda, he said. "There's a real abdication by Congress of its own authority," he said. — Laya Neelakandan The U.S. Trade Representative's office has prepared a third option for tariffs, The Wall Street Journal reports. This tariff structure would set a rate below 20% and apply it only to a small group of trade partners. There are two other plans under consideration at the White House. Read more at The Wall Street Journal. — Erin Doherty — Christina Wilkie Trump's new tariffs will take effect "immediately" after he announces them in the Rose Garden, White House press secretary Karoline Leavitt said Tuesday. The timeline offered a morsel of clarity about the reciprocal tariff plan, which remains highly opaque just hours before it is set to be unveiled. — Kevin Breuninger Canadian Prime Minister Mark Carney and Mexican President Claudia Sheinbaum spoke on the phone in advance of looming U.S. tariffs to reaffirm their "strong trading and investment relationship," Carney's government in Ottawa said. "With challenging times ahead," the two leaders "emphasized the importance of safeguarding North American competitiveness while respecting the sovereignty of each nation," Ottawa said in a statement after Tuesday's call. Carney also laid out his "plan to fight unjustified trade actions against Canada" by the Trump administration. In separate remarks to reporters Tuesday, Carney said Canada is prepared to retaliate against whatever actions the U.S. takes Wednesday. "We have held back, but we will not disadvantage Canadian producers and Canadian workers relative to American workers," he said. — Kevin Breuninger Trump is about to drop a sweeping tariff policy on an economy that already seems to be showing cracks. Several top analysts have lowered economic growth projections in recent weeks and warned of persistent inflation, dragging the term stagflation back into the conversation. Strategists and fund managers have also recently raised the probability of a recession, a shift that stems in large part from concerns about the Trump administration's fiscal policies. These fears coincide with a highly volatile stock market and souring sentiment from consumers and businesses alike. — Kevin Breuninger Got a confidential news tip? We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox Get this delivered to your inbox, and more info about our products and services. © 2025 CNBC LLC. All Rights Reserved. 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Trump administration puts 25% tariff on all canned beer imports, empty aluminum cans

Source: {'href': 'https://www.cnbc.com', 'title': 'CNBC'} Published: 2025-04-02 18:28:18

Investing around the trade war: These defensive, stable stocks should be immune

Source: {'href': 'https://www.cnbc.com', 'title': 'CNBC'} Published: 2025-04-02 18:14:44

Trump's tariff ambiguity leaves gadget makers in limbo: 'I'm going to run out of appliances'

Source: {'href': 'https://www.cnbc.com', 'title': 'CNBC'} Published: 2025-04-02 17:55:39

A voter sued Elon Musk, alleging the billionaire never paid up after promising cash for petition signatures

Source: {'href': 'https://www.businessinsider.com', 'title': 'Business Insider'} Published: 2025-04-02 17:40:00

A canvasser says Elon Musk and the billionaire's super PAC never paid up after promising Pennsylvania voters cash for their efforts around the 2024 presidential campaign. The Bucks County, Pennsylvania, voter, who is using the pseudonym John Doe for what he said in court papers was for his "safety and security," filed a class-action lawsuit Tuesday in the US District Court for the Eastern District of Pennsylvania. The man says in the lawsuit he's owed at least $20,000 for signatures he collected as part of Musk's massive push to help the then-Republican candidate — and now president — Donald Trump get elected to a second term in the White House. In the lead-up to the November election, Musk and his America PAC offered to pay registered voters in the swing state of Pennsylvania $100 for signing a petition backing free speech and gun rights — and an additional $100 for each referral of a registered voter who signed the petition. The offer, which initially started at $47, was also made to registered voters in the other six battleground states. "Plaintiff and Class Members accepted Defendants' offers by signing or successfully referring Pennsylvania registered voters to the America PAC petition," the lawsuit against Musk and his political action committee says. It adds that Musk and the PAC "have since failed to pay Plaintiff and Class Members in full for their signatures and referrals." The lawsuit says the plaintiff worked as a canvasser for Musk's America PAC ahead of the 2024 election and got many voters to sign the petition along the way. The canvasser alleges that while he was paid his hourly rate for the work and for some referrals for the petition signatures he obtained, he says hasn't been paid at least $20,000 he's owed for his referrals. "This case is about a broken promise: Elon Musk promised supporters that they would be paid for signing a petition and referring others to do the same," the man's attorney, Shannon Liss-Riordan, told Business Insider. "Our client relied on that promise because he believed in Elon, but unfortunately, that promise was not kept. It appears the promise was broken for many others as well." The Pennsylvania man has repeatedly contacted Musk's super PAC, the lawsuit says, "making multiple attempts to receive full payment for his referrals, but to no avail." The complaint says this lack of payment has caused the man "significant emotional and physical distress." "He relied on these payments to pay his bills and suffered damage to his credit and health when the payments did not arrive as expected," the court papers say. The suit, which alleges breach of contract and seeks a jury trial, says more than 100 others could be owed money and that the amount at issue may be over $5 million. "Plaintiff is in communication with numerous others who referred voters to sign the America PAC petition, who are likewise frustrated that they did not receive full payments for their referrals," the lawsuit says. Musk did not immediately respond to a request for comment. An America PAC spokesperson, Andrew Romeo, told BI in a statement that the super PAC "is committed to paying for every legitimate petition signature, which is evidenced by the fact that we have paid tens of millions of dollars to canvassers for their hard work in support of our mission." "While we don't yet know who this 'John Doe' plaintiff is and can't speak to their specific circumstances, we can say that we are also committed to rooting out fraud and have the right to withhold payments to fraudsters," Romeo said. During the 2024 campaign, Musk also launched a $1 million-a-day giveaway to encourage voter registration and push swing-state residents to the polls. The move raised legal questions. At the time, the Department of Justice sent Musk a letter saying that the contest could violate federal law, and Philadelphia's district attorney filed a lawsuit, calling the petition an "unlawful lottery." A Philadelphia judge ultimately allowed the program to move forward, saying it did not meet the criteria for a lottery. Meanwhile, on Sunday, ahead of a high-stakes state Supreme Court race in Wisconsin, Musk doled out $1 million checks to two voters who had signed his super PAC's petition against "activist judges." Jump to

Newsmax stock plummets over 45% after wild post-IPO rally pushed company value north of $20 billion

Source: {'href': 'https://finance.yahoo.com', 'title': 'Yahoo Finance'} Published: 2025-04-02 17:00:42

Oops, something went wrong Newsmax (NMAX) stock dropped 45.7% midday Wednesday after a massive post-IPO surge saw shares soar from $10 to $233. Newsmax is a conservative cable news outlet and Fox News alternative that was founded in 1998 by CEO Christopher Ruddy, a media mogul and friend of US President Trump. The company — which also owns subsidiaries that sell nutritional supplements and insurance advertised in Newsmax's newsletters — raised $75 million in its IPO Friday, with shares priced at $10. Newsmax had previously raised $225 million in a private offering in February. Read more about Newsmax's stock moves and today's market action. The stock surged a staggering 735% Monday and another 180% Tuesday, rocketing its market cap from $1.2 billion upon its market debut to more than $20.8 billion at Tuesday's close. It showed the Trump trade still has room to run in some cases, just as the president's tariff policies slam the market at large. Newsmax's market cap at Tuesday's close was higher than those of Wall Street Journal parent News Corp (NWSA) and AI server maker Super Micro Computer (SMCI). Newsmax is unprofitable. While the company's revenue jumped more than 26% to $171 million in 2024 from the prior year's $135 million, its loss increased nearly 73% to $72 million from the prior year's loss, according to Newsmax's 10-K SEC filing. The company also said in its filing that it has identified "material weaknesses" in its financial reporting controls such that there may be "a material misstatement" in its financial statements that it may not detect "on a timely basis." Newsmax's massive upswing has prompted various media outlets to draw comparisons to the meme stock craze of 2020 as well as the notoriously volatile stock of Trump Media & Technology Group (DJT). On Monday, trading of Newsmax stock was halted at various points due to volatility. Newsmax's drop Wednesday sent its market cap down to $11.3 billion, with shares trading around $127. Meanwhile, DJT stock fell more than 5%. Newsmax is facing an ongoing lawsuit from Dominion Voting Systems seeking $1.6 billion in damages related to false claims it made in its coverage of the 2020 election, which Newsmax cited among risk factors to its business in its latest 10-K filing to the SEC. Newsmax settled another lawsuit with another election tech company, Smartmatic, in 2024 for similar claims and has paid $20 million of the $40 million settlement thus far, according to the filing. Laura Bratton is a reporter for Yahoo Finance. Follow her on Bluesky @laurabratton.bsky.social. Email her at laura.bratton@yahooinc.com. Click here for the latest stock market news and in-depth analysis, including events that move stocks Read the latest financial and business news from Yahoo Finance

Trump's first 50 days mark one of the worst starts for the S&P 500 under any presidency

Source: {'href': 'https://finance.yahoo.com', 'title': 'Yahoo Finance'} Published: 2025-04-02 16:15:38

Oops, something went wrong The Trump 2.0 stock market is off to one of the worst starts of any presidency since 1950. New data crunched by SunDial Capital Research strategist Jason Goepfert on Wednesday shows the market's response to President Trump since the inauguration is among the bottom of all presidents since 1950. In the first 50 trading sessions since Inauguration Day, the S&P 500 (^GSPC) has dropped about 6.4%. The only two worse starts were Richard Nixon's first 50 days (-7.2%) and George W. Bush's (-13.6%). The best 50-day starts are held by John F. Kennedy (+9.4%), Barack Obama (+5.7%), and Bill Clinton (+4.2%). Rough starts are a "bad open" for stocks when zooming out, warns Goepfert. The S&P 500's median return six months after negative returns in the first 50 days was -1.9%. Even a year later, it was flat. Only four of the 10 instances showed a larger maximum gain than loss over the following year. "While it is generally foolhardy to assign political motives to stock movements, the correlation seems pretty clear in this case. The new administration's take on tariffs has not impressed the stock market, which overshadows what is perceived as a bevy of more business-friendly policies. Whether the tariffs will take effect in announced form is guesswork," said Goepfert. Trump is expected to unveil his new tariffs on what he calls "Liberation Day" after the market closes today around 4:00 p.m. ET. How tariffs shake out is anyone's guess. The administration has floated everything from a 20% universal tariff to ones that are more sector-based. Administration officials said Tuesday the tariffs would take effect immediately but hinted Trump would be open to negotiating them lower. Watch: AMD CEO warns about impact of tariffs on semis A 25% US tariff on imports of steel and aluminum from all countries already took effect on March 12. Fresh tariffs would arrive as other countries have fired back. China has implemented a 15% tariff on US chicken, wheat, corn, and cotton products and an additional 10% tariff on sorghum, soybeans, pork, beef, seafood, fruits, vegetables, and dairy products. Canada has announced a 25% tariff on 30 billion Canadian dollars of US imports. Market pros think tariffs could squeeze the economy and send stock prices even lower. "I don't think the effect of tariffs is fully priced into markets," BCA Research chief strategist Peter Berezin told me on Yahoo Finance's Opening Bid podcast (clip above). "If you look at what's happened to stocks this year, they have gone down, but they've gone down primarily because of the Magnificent Seven stocks. If you look at the other 493 companies, they're basically flat for the year. That's not what you would expect from a market that has priced in a recession." Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com. Click here for the latest stock market news and in-depth analysis, including events that move stocks Read the latest financial and business news from Yahoo Finance

Tesla shares rise on report Elon Musk could be leaving DOGE post soon

Source: {'href': 'https://www.cnbc.com', 'title': 'CNBC'} Published: 2025-04-02 15:34:32

'I begin spying for Deel': An ex-Rippling employee details his days of corporate espionage in Ireland court filing

Source: {'href': 'https://www.businessinsider.com', 'title': 'Business Insider'} Published: 2025-04-02 15:14:00

Your browser does not support the video element. A man accused of being a corporate spy for a rival HR software company admitted to secretly working for Deel while he was an employee at Rippling. The now-former employee, Keith O'Brien, wrote in an affidavit made public in an Irish court Wednesday that he was recruited as a corporate spy by Alex Bouaziz, Deel's founder and CEO. "Alex told me he 'had an idea.' He suggested that I remain at Rippling and become a 'spy' for Deel, and I recall him specifically mentioning James Bond," O'Brien wrote in the affidavit. "About thirty minutes later, I called Alex back over WhatsApp and told him that I was onboard with the plan," O'Brien added. The affidavit is part of legal proceedings in Ireland, where O'Brien worked in one of Rippling's satellite offices. The San Francisco-based workforce management software company has a long and bitter rivalry with Deel. Each company has been valued at north of $10 billion. In March, Rippling sued Deel in San Francisco federal court, alleging Deel turned O'Brien — who was not named in the lawsuit — into a corporate spy. Rippling said O'Brien had collected company secrets on the company's Slack, Salesforce, and Google Drive networks and then passed them on to Deel, giving the rival a competitive edge. O'Brien said in the newly filed affidavit that he collected the information at Bouaziz's direction. His first conversations with Bouaziz are recounted in a section titled "I Begin Spying for Deel." "Alex was particularly interested in Rippling's strategies around global payroll and expansion efforts, as well as reviewing specific sales, marketing information, and customer details," O'Brien wrote. "Alex would give me direction for what terms to search on Rippling's Slack system in order to yield the information he wanted." O'Brien, who was hired in Rippling's Dublin office to oversee payroll issues in Europe, wrote that he first met Bouaziz after he created a payroll consulting company as a side job. O'Brien, while offering to consult for Deel, told Bouaziz he was considering quitting his day job and consulting full time, he wrote. O'Brien says Bouaziz suggested he continue working for Rippling and "spy" for Deel. For his work, O'Brien received a monthly payment of $6,000, mostly in cryptocurrency, he wrote. He also communicated with Philippe Bouaziz, Alex's father and Deel's CFO, he wrote in the affidavit. O'Brien's attorneys at the Irish law firm Fenecas Law attached 47 pages of exhibits to the affidavit, showing records of crypto transactions, notifications of deleted messages, and examples of documents O'Brien says he stole from Rippling on Deel's behalf. Representatives for Deel didn't immediately respond to a request for comment. The company previously said it denies "all legal wrongdoing" and would file a counterclaim against Rippling. Rippling said in its lawsuit last month that O'Brien was caught after the company devised an elaborate honeypot operation that led him to search for information in a phony Slack channel called "#d-defectors," where Rippling employees purportedly discussed information Deel would find embarrassing. In the new affidavit, O'Brien wrote his handlers at Deel realized Rippling had set the trap — but not until it was too late. "I ran the search immediately and began to look at the results," O'Brien wrote. "Within minutes, Alex messaged me again and told me not to run the search because he believed it was a 'trap.'" "I told Alex that by the time I got his message, I had already done the search and he said 'oh shit,'" O'Brien continued. Rippling said in its lawsuit that it brought O'Brien's spying to the attention of an Irish court, which appointed a lawyer to Rippling's office to seize his electronic devices for preservation in potential future litigation. O'Brien's affidavit, dated April 1 and made public Wednesday, came in a court case related to those proceedings. When O'Brien was confronted by the court-appointed lawyer, he hid in the bathroom and appeared to try to flush his phone down the toilet, Rippling alleged. In O'Brien's affidavit, he said the lawyer's appearance made him realize "how serious this was" and he "panicked." He performed a factory reset on his phone while in the bathroom and "flushed the toilet a couple of times," he wrote. O'Brien left the Rippling office and contacted Alex Bouaziz, he wrote. A Deel lawyer instructed him to get rid of his phone, he wrote. "He told me to destroy my old phone by breaking it up and throwing it in the canal," he wrote. The next day, O'Brien "smashed my old phone with an axe and put it down the drain at my mother-in-law's house, as Deel's lawyer Asif had advised," he wrote. Deel also offered to move O'Brien's entire family to another country, he wrote. "Deel's lawyer Asif said they would move me and my family to Dubai, and would figure out a mechanism to cover my legal costs," O'Brien wrote. O'Brien said he became frustrated with the people at Deel, who he said wanted to promote a false story accusing Rippling of violating Russian sanctions to "shift the narrative." Deel's attorneys also deleted their messages and made it hard to reach them, he wrote. After a few days, O'Brien agreed to cooperate with Rippling, he said. "I was getting sick concealing this lie," he wrote. "I realised that I was harming myself and my family to protect Deel." "I was concerned, and I am still concerned, about how wealthy and powerful Alex and Philippe are, but I know that what I was doing was wrong," he continued. April 2, 2025: This story has been updated with more details from the court documents. Jump to

Trump Media shares drop after warning the president's trust and other insiders could sell stock

Source: {'href': 'https://www.cnbc.com', 'title': 'CNBC'} Published: 2025-04-02 14:18:59

Economist: Trump tariffs could send the S&P 500 to 4,450 and the economy into recession

Source: {'href': 'https://finance.yahoo.com', 'title': 'Yahoo Finance'} Published: 2025-04-02 14:08:35

Oops, something went wrong Listen and subscribe to Opening Bid on Apple Podcasts, Spotify, Amazon Music, YouTube or wherever you find your favorite podcasts. Investors should brace for a leaner stock market and economy as Trump tariffs and retaliations from trading partners like Canada, Europe, and China take hold. Those are the gloomy calls from BCA Research chief strategist Peter Berezin. BCA Research is an independent research firm that has been in business since 1942 and is among the largest independent macroeconomic forecasters to institutions. And Berezin has been an economist for more than 30 years, with stints at the International Monetary Fund (IMF), Goldman Sachs, and now BCA Research. Berezin gained attention this year for being the lone bear on Wall Street coming into 2025. Further, he correctly called that in 2022 there would be no US recession — despite most on the Street bracing for one. In a new episode of Yahoo Finance's Opening Bid podcast (see video above), Berezin doubled down on his recent call that there is a 75% chance of a US recession this year. In a new wrinkle shared with me, Berezin believes the US may already be in a mild recession. He forecasts slight negative economic growth for the year as consumers pull back amid a more inflationary environment, thanks to a global trade war. Read more: What Trump's tariffs mean for the economy and your wallet Assuming his economic call holds true, Berezin thinks the S&P 500 (^GSPC) is destined for 4,450 — down about 21% from current levels. The best places for investors to hide out this year may continue to be gold and consumer staples and soon, bonds. "I don't think the effect of tariffs is fully priced into markets," Berezin said. "If you look at what's happened to stocks this year, they have gone down, but they've gone down primarily because of the Magnificent 7 stocks. If you look at the other 493 companies, they're basically flat for the year. That's not what you would expect from a market that has priced in a recession." Others on the Street have become more cautious about stocks and the economy as Trump tariffs come into focus. Goldman Sachs chief economist Jan Hatzius said Monday he now sees US gross domestic product (GDP) growth averaging 1.5% in 2025. That's down from previous expectations for growth to average 1.9%. In addition, he sees a 35% chance of a US recession in the next 12 months, compared with 20% previously. Meanwhile, Hatzius's colleague David Kostin slashed his 2025 S&P 500 target to 5,700 from 6,200. He cited a higher recession risk and tariff-related uncertainty. Kostin joins the likes of SocGen and Yardeni Research in lowering S&P 500 targets within the last few weeks. Berezin explained, "I don't expect a very deep recession because the imbalances in the economy are not as severe as they were in say, 2008. Nevertheless, I think we'll probably get a fairly nasty recession, especially as financial markets are concerned. You think about the 2001 recession, that was a very mild recession. We didn't even have two consecutive quarters of negative growth, and yet stocks still fell 49% peak to trough because they were so expensive going into that recession." The full Opening Bid episode with Berezin will air at 8:30 a.m. ET on April 7. Three times each week, I field insight-filled conversations and chats with the biggest names in business and markets on Opening Bid. You can find more episodes on our video hub or watch on your preferred streaming service. Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com. Click here for the latest stock market news and in-depth analysis, including events that move stocks Read the latest financial and business news from Yahoo Finance Sign in to access your portfolio

Trump's 'Liberation Day' tariffs may send prices for these 3 common household products higher

Source: {'href': 'https://finance.yahoo.com', 'title': 'Yahoo Finance'} Published: 2025-04-02 13:01:46

Oops, something went wrong Take it easy on your kitchen's 20-year-old tile floors. New ones likely won't come cheap if the Trump administration imposes new tariffs today. New research from Bank of America analyst Rafe Jadrosich found that 40% of the ceramic tile market is imported. About 80% of the luxury vinyl tile market is imported. Roughly 35% of ceramic imports come from Italy and Spain, followed by 14% each from Mexico and India. China accounts for 50% of the imports of luxury vinyl tile. Those tile floors, along with bathroom fixtures and dishwashers, were highlighted as three common household items that could see higher prices with new tariffs. Read more: What Trump's tariffs mean for the economy and your wallet Jadrosich added that plumbing fixtures, valves, and rough plumbing are manufactured in China, in addition to upstream components imported from Asia. Plumbing supplier play Fortune Brands Innovations (FBIN) has disclosed that 50% to 60% of its input costs come from outside the US, per Jadrosich. Home improvement products supplier Masco (MAS) has said a 10% tariff on China would have an annualized impact of $45 million on profits before any mitigating actions like price hikes. Jadrosich estimated that about 40% of the US appliance industry's sales are imported. About 43% of the industry's products are sourced from China, 20% from Mexico, and 11% from South Korea. Whirlpool (WHR) leans on Mexico and China for 20% of its cost of goods sold. The most exposed building materials stocks to new tariffs include Whirlpool, Fortune Brands Innovations, Masco, and flooring player Mohawk Industries (MHK), Jadrosich said. All four stocks are down for the year and trailing the S&P 500 (^GSPC), with Whirlpool leading the way with a 20% tumble. "The impact to housing stocks will depend on the details," Jadrosich warned. Markets are on edge as worries about Trump's tariffs ripple through corporate America, with the threat of retaliation by trading partners adding to the potential impact of hiked duties. Trump is expected to unveil his new tariffs on what he calls "Liberation Day" after the market closes today around 4:00 p.m. ET. How tariffs shake out is anyone's guess. The administration has floated everything from a 20% universal tariff to ones that are more sector-based. Administration officials said Tuesday the tariffs would take effect immediately but hinted Trump would be open to negotiating them lower. Watch: AMD CEO warns about impact of tariffs on semis A 25% US tariff on imports of steel and aluminum from all countries already took effect on March 12. Fresh tariffs would arrive as other countries have fired back. China has implemented a 15% tariff on US chicken, wheat, corn, and cotton products, and an additional 10% tariff on sorghum, soybeans, pork, beef, seafood, fruits, vegetables, and dairy products. Canada has announced a 25% tariff on 30 billion Canadian dollars of US imports. "The bigger picture is U.S. economic growth [GDP] revisions are being revised lower for the first time in years. Our view is there are downside risks to earnings given the lowering in economic growth estimates alongside risks to profit margins posed by tariffs," Truist co-chief investment officer Keith Lerner warned. Brian Sozzi is Yahoo Finance's Executive Editor. Interact with Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Want to share your views on stocks and leaders? Email brian.sozzi@yahoofinance.com. Click here for the latest stock market news and in-depth analysis, including events that move stocks Read the latest financial and business news from Yahoo Finance Sign in to access your portfolio

Rebecca Minkoff on Trump tariffs: Made in the USA will come with a heftier price tag

Source: {'href': 'https://finance.yahoo.com', 'title': 'Yahoo Finance'} Published: 2025-04-02 12:37:11

Oops, something went wrong Listen and subscribe to Opening Bid on Apple Podcasts, Spotify, YouTube or wherever you find your favorite podcasts. The fashion industry is gearing back up to navigate Trump tariffs that could hit profits for the crucial spring and holiday shopping seasons. “It's impossible [to deal with], so we're not dealing with it this time around,” said noted handbag and accessories designer Rebecca Minkoff to Yahoo Finance Executive Editor Brian Sozzi during an episode of the Opening Bid podcast (see the video above; listen below). “We dealt with it the last time tariffs were instituted. I think that year we thought we were going to make $3 million. We lost $3 million.” Minkoff has had a robust career designing everything from handbag color pallets to supply chains. She is the founder of the Female Founder Collective, as well as her namesake fashion company, and recently published a book called "Fearless: The New Rules for Unlocking Creativity, Courage, and Success." Her fashion business is still rebounding from losses suffered during COVID-19, a time she estimates hampered the company's sales by 70%. Although she sold the company three years ago, she remains a “very happily paid employee.” Watch: How Build-a-Bear's CEO is navigating Trump tariffs Minkoff said she went to testify on behalf of the fashion industry during the first Trump administration. Those efforts didn't help sway policymakers on tariffs, which can leave companies with a slew of matters to solve. “It was impossible with the timeline set forth to change [the] supply chain,” said Minkoff, who noted that fashion runs on a nine-month life cycle from concept to hitting the floor. To stay in business back then, Minkoff relocated operations out of China, a move that “saved us a lot of money in the long run, but it's pain we didn't need." The company has been manufacturing out of Vietnam and Indonesia for the past three years, which has helped keep costs under control. Tariffs have proven to be more than a buzzword for the consumer lately. Read more: What Trump's tariffs mean for the economy and your wallet Since Trump took office, he has announced a 25% tariff on Mexico and Canada, though goods under the United States-Mexico-Canada Agreement (USMCA) were exempt until April 2. In March, another 10% duty on Chinese goods was levied on top of the previous 10%. To put it into context, China's 2024 foreign textiles and apparel trade reached $322.4 billion, with $301.1 billion in exports and $21.27 billion in imports. This is before Trump's "Liberation Day" today when he is expected to unwrap fresh tariffs on individual countries. “We're going to have to spend more on everything,” said Minkoff of the new tariffs. “Everything is going to be more expensive.” In fashion, one move to offset costs can be to adjust the quality of materials, such as zippers or buttons. “I think a lot of brands are going to do that, and it's going to hurt them in the end,” said Minkoff. “It might be a quick fix for now, but the customer sees it.” An outsider might think the easiest way to avoid tariff-based fees is to move operations back to the US full-time. But US-made goods will sport heftier price tags, Minkoff warned. Just the cost to make one T-shirt varies greatly by region based on rules and regulations. According to the website successfulfashiondesigner.com, one shirt made in New Jersey costs an average sample fee of $250 plus $7 for shipping, while the same shirt made in China costs $50 to make and $30 to ship. Minkoff, who started designing out of a shop on 38th Street in New York City, has fielded this advice before. “I would love manufacturing to come back, but it has to come back on a scale that is not just the make,” she said. Three times each week, Yahoo Finance Executive Editor Brian Sozzi fields insight-filled conversations and chats with the biggest names in business and markets on Opening Bid. You can find more episodes on our video hub or watch on your preferred streaming service. Grace Williams is a writer for Yahoo Finance. Click here for the latest stock market news and in-depth analysis, including events that move stocks Read the latest financial and business news from Yahoo Finance Sign in to access your portfolio

Germany is permanently stationing troops in another country for the first time since World War II

Source: {'href': 'https://www.businessinsider.com', 'title': 'Business Insider'} Published: 2025-04-02 12:02:00

Germany's armed forces, the Bundeswehr, announced on Tuesday that they'd created a new brigade, the 45th Armored Brigade, to be stationed in Lithuania. It will be the first long-term deployment of German soldiers to another country since World War II, the Associated Press reported. Brig. Gen. Christoph Huber, the commander of the 45th Armored Brigade, said that with its creation, "we're not only moving toward operational readiness, we're taking responsibility." "For the alliance, for Lithuania, for Europe's security," he said. "As a sign of our determination to defend peace and freedom with our partners." Russia's invasion of Ukraine has sparked a surge of defense agreements and spending among European countries. When plans were first made for the 45th Armored Brigade in 2023, Germany described it as part of growing efforts by NATO members to boost both their own security and the security of NATO's eastern borders. Germany's defense minister, Boris Pistorius, previously said, "With this war-ready brigade, we're taking on leadership responsibility on NATO's eastern flank." The new brigade is made up of several battalions and will have about 5,000 soldiers and civilian staff, the Bundeswehr said this week. It added that the brigade's command facility was already fully operational and that the aim was to have it at full wartime readiness by 2027. Lithuania — which borders the Russian enclave of Kaliningrad and the close Russian ally Belarus — is one of the countries that has sounded the alarm the loudest that Russia could move beyond Ukraine to attack elsewhere in Europe. It's also one of NATO's biggest defense spenders by proportion of GDP and one of Ukraine's biggest allies, describing Ukrainian troops as the ones who are protecting all of Europe. There are already NATO troops in Lithuania, on a rotating basis, with a multinational battle group led by Germany. NATO countries have also deployed assets such as fighter jets and air defenses there. US troops are among those stationed in Lithuania, though their long-term future is less clear, with President Donald Trump critical of US allies, of NATO, and of assistance to Ukraine. Dovilė Šakalienė, Lithuania's defense minister, told Business Insider in February that her country wanted US troops to stay and that she expected the US could see "eye to eye" with countries who pay their part when it comes to defense. "We do our part," she said, adding that she expected the US to do its part, too. Lithuania has also been strengthening its border with Russia. Germany's new brigade is the latest in a series of measures introduced by the country since Russia's full-scale invasion of Ukraine in February 2022. It spent 1.51% of its GDP on defense in 2022, which jumped to an estimated 2.12% in 2024, according to NATO. The rise in defense purchases by Germany, and Europe more broadly, has been a boon for the continent's defense industries. The German arms manufacturer Rheinmetall said in March that it expected sales this year to rise by 25% to 30%. Germany's defense spending has increased less than some of its allies: It ranked 15th out of 31 NATO members for defense spending as a proportion of GDP in 2024, according to NATO estimates. But it has vowed to do more. After grappling with its World War I and World War II legacies, which led to an avoidance of heavy militarism, Germany has committed to major military moves. Lawmakers this month voted to alter the German constitution in a way that would unlock billions of dollars that could be used for defense spending. Šakalienė, Lithuania's defense minister, told BI in February that Europe "needs to up our defense spending very fast and very significantly." She said Europe needed to be able to match the US and to match Russia, which was escalating its own defense production: "We need to catch up to the speed of Russia," she said. Jump to

Deloitte Is the Biggest Loser so Far in DOGE's Consulting Crackdown

Source: {'href': 'https://www.businessinsider.com', 'title': 'Business Insider'} Published: 2025-04-02 10:41:00

Ten major firms are under the spotlight as the Trump administration continues its consulting crackdown — but one is taking the most heat. At least 127 of Deloitte's government contracts have been cut or modified since January, about double the total for the second-hardest-hit consultancy on the Trump administration's list, a Business Insider analysis of data on the White House DOGE office's website found. The Big Four firm is one of the federal government's 10 highest-paid consultancies, which have come under scrutiny amid the White House's push to cut waste and improve efficiency. The list includes Accenture, Booz Allen Hamilton, IBM, and General Dynamics. DOGE estimates the Deloitte cuts will save taxpayers about $371.8 million. This includes $51.4 million in savings from a contract providing IT services to the Centers for Disease Control and Prevention and $1.1 million in savings from a contract for training on diversity, equity, inclusion, and accessibility that has been running since 2020. Deloitte US contracts with federal agencies were worth $3.3 billion a year, or almost 10% of its most recent annual revenues, the firm said in a recent earnings report. Booz Allen Hamilton, which generates almost all of its $11 billion in annual revenue from the public sector, is the second most affected firm on the list, with 61 contracts cut, BI's analysis found. At least 30 Accenture contracts have been cut, saving $240.2 million, per DOGE's data. In an annual earnings call last month, Accenture CEO Julie Sweet said that DOGE's cost-cutting efforts had already hit the firm's revenues, and staffers have told BI they're worried about layoffs. CGI Federal declined to comment and Leidos said it would continue discussions with the administration. The other firms on DOGE's list did not respond to requests for comment about their government contracts. The General Services Administration, the government's largest procurement arm, is leading the effort to reevaluate federal consulting spend. The agency, which operates separately from DOGE, said that consulting contracts with the 10 firms were set to generate more than $65 billion in fees in 2025 and beyond. In March, the GSA asked the consultancies to submit a scorecard containing a detailed breakdown of their pricing and suggestions for where they could reduce costs. It told the firms to identify which contracts were "mission critical" and to use simple terms to do it: "A 15-year-old should be able to understand what service you provide and why it is important." Responses were due by Monday. A person at the agency told BI that the GSA and federal bodies were now reviewing the scorecards and would decide on further cuts. The goal was to cut waste and move toward a more outcome-based approach instead of open-ended contracts, they said. CEOs and senior executives at the consultancies appeared aligned with the administration's priorities, the person added. Here's the list of contracts cut and savings made, according to the DOGE website: Science Applications International Corp.: five contracts, $7.5 million. Have a tip? Contact this reporter via email at pthompson@businessinsider.com or Signal at Polly_Thompson.89. Use a personal email address and a nonwork device; here's our guide to sharing information securely. Jump to

AOC wants to cap your credit card interest at 10%. A chart shows how current rates dwarf that amount.

Source: {'href': 'https://www.businessinsider.com', 'title': 'Business Insider'} Published: 2025-04-02 08:01:00

Americans' credit card debt is at an all-time high. Soaring interest rates on credit cards coupled with other economic factors could make the situation worse. In March, Representatives Alexandria Ocasio-Cortez and Anna Paulina Luna introduced a bipartisan House bill that aims to cap annual credit card interest rates at 10% a year. "Credit cards with high interest rates regularly trap working people in endless cycles of debt," Ocasio-Cortez said in a press statement. "At a time when families are struggling to make ends meet, we cannot allow big banks to shake down our communities for profit." The average annual percentage rate on credit balances has nearly doubled in the past decade to 21% in 2024 from 12% in 2003, per the Consumer Financial Protection Bureau. Credit card interest rates can fluctuate with an individual's credit score, but they are ultimately determined by market conditions. As credit card interest rates have risen, so has the amount of consumer debt, as well as delinquencies on payments. The total amount of credit card debt has ballooned to $1.2 trillion in Q4 of 2024 up from $720 billion in the same quarter of 2004, per the Federal Reserve Bank of New York. More people are falling behind on their monthly payments and the number of active credit card users only making the minimum payment on their monthly credit card statement has reached a record high, "showing signs of consumer stress," per the Federal Reserve Bank of Philadelphia's 2024 Q3 report. President Donald Trump ran on campaign promises last year that he would temporarily cap credit card interest rates at 10%, to allow Americans to "catch up" on their balances, but he hasn't taken executive action or spoken about interest rate caps since entering office. The bill is now referred to the House Committee on Financial Services, but has yet to be put on the calendar for a vote in the House of Representatives. Ocasio-Cortez and Luna did not respond to requests for comment. Do you have a story to share about being delinquent on a student loan or credit card payment? Contact this reporter via email at jdeng@businessinsider.com. Jump to

Trump's new tariffs are poised to hit an already-battered economy

Source: {'href': 'https://www.businessinsider.com', 'title': 'Business Insider'} Published: 2025-04-02 07:21:00

Companies have warned of rising prices. Markets have plunged. Bad vibes are back. President Donald Trump's tariff plans might not be in full force yet — but Americans are feeling the strain. Trump's so-called "Liberation Day" is here. It's the name he gave April 2, when he's expected to unveil a range of broad tariffs on key trading partners. Leading up to the announcements, the University of Michigan's consumer survey in late March found that Americans' outlook on the economy took a dive — consumer sentiment was down 11.9% from February and 28.2% from one year ago. Inflation fears largely drove the downturn, and consumers are worried about "the potential for pain amid ongoing economic policy developments," the survey said. One of those developments is Trump's tariff plans; Trump has maintained that his trade policies would bring in revenue and restore jobs but acknowledged in February that Americans would feel "some pain" as a result. That pain has already started taking shape. Federal Reserve Chair Jerome Powell said during a March press conference that American consumers' gloomy outlook — particularly around high grocery prices — "probably has to do with turmoil at the beginning of an administration that's making big changes in policy." Powell also said that "a good part" of the Federal Open Market Committee's latest inflation projections, which showed higher inflation than its December forecast, was a response to Trump's shifting tariff announcements. "I do think with the arrival of the tariff inflation, further progress may be delayed," Powell said. Trade policy experts have said companies might absorb some of the cost of Trump's planned tariffs, but Americans are likely to see higher prices on goods like groceries and cars. While Trump has also said that his plans would promote production in the US, the uncertainty is leaving markets, businesses, and Americans on edge. Alex Jacquez, an advisor on the National Economic Council under former President Joe Biden, told reporters on a Tuesday press call that uncertainty around Trump's trade policy makes it "hard for the American people to see that they are going to have a strategy long term for how they should be spending their money and investing." "When the president doesn't have a clear strategy or direction, it is extremely difficult for businesses in particular and consumers as well, to plan for the future, and that's why you're seeing so much uncertainty in the consumer market right now and so much uncertainty in the business community," Jacquez said. Kush Desai, a White House spokesperson, told Business Insider that "fearmongering by the media and Democrats about President Trump's America First economic agenda isn't going to change the fact that industry leaders have already made trillions in investment commitments to make in America." "President Trump used tariffs to deliver historic job, wage, and economic growth with no inflation in his first term, and he's set to restore American Greatness in his second term," Desai said. Joseph Dennis, 73, voted for Trump but previously told BI he was concerned about the administration's decisions on tariffs and federal job cuts and wished they were less extreme. He's one of many retirees watching their investments fluctuate in value under Trump. "I hope he knows what he's doing, but I'm not so sure," Dennis said. Stock markets worldwide have swung wildly in anticipation of Trump's Liberation Day. Major US stock indexes dropped sharply to start the week before staging a rebound and ended Tuesday's session mostly higher as investors braced for the tariff announcement. It's not just Liberation Day — markets have been fluctuating for weeks in response to Trump's shifting tariff announcements. Additionally, some companies have been preparing to raise prices in anticipation of Trump's tariff plans. Target CEO Brian Cornell told CNBC in early March that Trump's tariff policy could lead the company to raise prices on produce. Trump has previously said a range of tariffs would go into effect on April 2, including levies on goods from Canada and Mexico, automobiles, and reciprocal tariffs on the countries that have imposed tariffs on US goods. However, the president told reporters on March 23 that he "may give a lot of countries a break." "I don't change. But the word flexibility is an important word," Trump said. That "flexibility" is making it difficult for businesses and consumers to prepare for the future, Heather Boushey, an economist who served on former President Joe Biden's Council of Economic Advisors, told reporters. "Both businesses and consumers are getting shaken by this approach," Boushey said. "They see it as chaotic. They don't see what the plan is, but there's a concept of a plan, and that expectations are falling and falling rapidly." Have a tip or story to share? Contact this reporter via Signal at asheffey.97 or via email at asheffey@businessinsider.com. Use a personal email address and a nonwork device; here's our guide to sharing information securely. Jump to