News'n'Clues - BUSINESS Article Summaries

As tariff sell-off deepens, here's what to know before trying to 'buy the dip,' experts say

Source: {'href': 'https://www.cnbc.com', 'title': 'CNBC'} Published: 2025-04-04 17:56:32

Trump's tariffs rattle industries, with IPOs shelved and markets rocked: Live updates

Source: {'href': 'https://www.cnbc.com', 'title': 'CNBC'} Published: 2025-04-04 17:41:00

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 coverage of how U.S. trade partners, industries and employers respond to President Donald Trump's historic tariffs. What you need to know CNBC's reporters are covering the tariffs and their effects, live on air and online from our bureaus in Washington; London; Singapore; San Francisco; and Englewood Cliffs, New Jersey. Senate Minority Leader Chuck Schumer said, "Trump is using tariffs in the dumbest way possible." "Trump slapped tariffs on penguins, but not on Putin," said Schumer, D-N.Y., from the Senate floor during Friday debate of the Republican budget resolution. "Yep, that's true. He sanctioned the Heard and McDonald islands, only inhabited by penguins, but he left Putin's evil Russia alone. That's what happens when you have no clue to what you're doing." Schumer noted that there are smart ways use tariffs but said, "Donald Trump is using tariffs in the dumbest way possible." — Dan Mangan Klarna and StubHub are delaying their long-awaited debuts on the public markets because of market turbulence, a source familiar with the matter told CNBC. Neither of the companies, which had filed their IPO prospectuses in recent weeks, have a timeline for when they will pursue an offering, the person said. The announcements are a major blow for venture capital firms, who were counting on a reinvigorated IPO market in the Trump administration after a miserable last few years for big exits. Digital physical therapy startup Hinge Health filed its IPO prospectus in March, and Circle, the company behind the USDC stablecoin, disclosed its plans to go public earlier this week. It's unclear if the companies will adjust their IPO plans as the market continues to digest the impact of Trump's tariffs plan. — Annie Palmer Hyundai Motor on Friday said it will not raise prices on its current lineup of vehicles because of potential increases in costs due to tariffs as part of a new "customer assurance" program through June 2. The South Korean automaker said during the roughly two-month "protection window," the manufacturer's suggested retail price, or MSRP, of its Hyundai and Genesis vehicles will remain as they are, despite Trump's 25% auto tariffs on imported vehicles taking effect Thursday. "We know consumers are uncertain about the potential for rising prices and we want to provide them with some stability in the coming months," Hyundai CEO José Muñoz said in a statement. — Michael Wayland Stellantis is joining its Detroit rival Ford Motor in offering employee discounts on new vehicles to all consumers in the wake of auto tariffs. The owner of brands such as Chrysler, Dodge, Ram and Jeep on Friday said the employee-pricing deal will run through April 30. "This week we launched aggressive and consistent incentive and marketing support for April, including an exciting and competitive enhancement that will allow our customers 'America's Freedom of Choice' between Employee Price or current cash incentives," Stellantis said in an emailed statement. U.S. auto sales in the first quarter came in higher than expected as consumers flocked to buy cars ahead of auto tariffs taking effect, which many expect will lead to elevated vehicle prices. The employee pricing is viewed as a way to support dealers and company sales amid potential price increases and economic uncertainty due to Trump's tariffs. — Michael Wayland The White House put out a statement saying, "President Trump's Tariffs Are Already Delivering Wins for Americans," as the benchmark S&P 500 index dropped by 4.5%. "Americans are already seeing the early results of President Donald J. Trump's bold declaration earlier this week that the days of economic surrender are over," the White House said. The statement touted moves by U.S. automakers on the heels of the tariffs announcement. "Nissan announced it will maintain two shifts at its Tennessee production facility — a reversal of the automaker's earlier plan to eliminate one of the shifts," the statement said. "General Motors announced it will increase truck production at its Indiana assembly plant." "Ford Motor Company and Stellantis both announced they will offer U.S. consumers employee pricing on their vehicles." "That's on top of the trillions in investment announced in recent weeks as companies from around the world anticipated President Trump's tariffs, ultimately benefiting the American people," the White House said. — Dan Mangan Technology stocks fell for a second session Friday and the tech-heavy Nasdaq headed for its worst week in five years after Trump's tariff policy sparked global market turmoil and trade war fears. Tesla and and Nvidia led the decline among the so-called Magnificent Seven group, dropping about 9% and 7%, respectively. Apple and Meta Platforms fell 4% each. The Nasdaq is coming off its worst trading day since 2020. During Thursday's session, the Magnificent Seven stocks lost a collective $1 trillion in market value. — Samantha Subin Nintendo said Friday that preorders for the company's hotly anticipated game console, Switch 2, would be delayed while the company assesses how Trump's tariffs will affect the market. "Pre-orders for Nintendo Switch 2 in the U.S. will not start April 9, 2025 in order to assess the potential impact of tariffs and evolving market conditions," a Nintendo representative told CNBC. "Nintendo will update timing at a later date. The launch date of June 5, 2025 is unchanged." The delay is one of the highest-profile examples of Trump's reciprocal tariffs impacting the business plans of electronics companies, which primarily manufacture in Asian countries. It's also a sign that Trump's tariffs could cause uncertainty for consumers. Nintendo did not say if it would raise the price of the console, which it announced earlier this week as $450 in the United States. IPC, a trade group focused on electronics manufacturing, estimated on Friday that game console prices could rise by 50% due to the tariffs announced on Wednesday. — Kif Leswing Former Goldman Sachs CEO Lloyd Blankfein believes Trump should let countries negotiate his newly announced "reciprocal" tariff rates. "The switchboard at the WH must be burning up with gov'ts trying to surrender in this trade war. Why not give them a chance?" Blankfein said Friday in a post on X. He added that Trump should allow the 10% baseline tariff to remain but delay the "reciprocal" tariffs by six months. "Take the win! The Prez said he'd make us tired of winning…I'm there now!" he also said. — Sean Conlon Building airplanes is going to get more expensive under Trump's new tariffs and additional reciprocal measures from other countries, industry members warned. The aerospace and defense industry, which helps soften the U.S. trade deficit to the tune of about $100 billion a year in exports, said it wants the Trump administration to uphold a 1980 agreement that has allowed for mostly duty-free trade for that sector. "The line is certainly long" for requests to the White House, aid Dak Hardwick, vice president of international affairs at the Aerospace Industries Association, which represents Boeing, GE Aerospace, Airbus and dozens of other aerospace and defense companies. Read the full story here. — Leslie Josephs Klarna is reportedly holding off on its planned initial public offering following Trump's wide-sweeping tariff plan that has rattled financial markets over the last two trading sessions. The financial technology company has reportedly pushed off plans to start marketing shares Monday, according to a Wall Street Journal report, citing sources familiar with the matter. Klarna declined CNBC's request for comment. — Samantha Subin Federal Reserve Chair Jerome Powell said Friday he expects Trump's tariffs to raise inflation and lower growth, creating a "highly uncertain outlook." However, Powell indicated that the central bank won't move on interest rates until it gets a clearer picture on the ultimate impacts. His comments came shortly after Trump urged the Fed to "stop playing politics" and cut interest rates because inflation is down. "Our obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem," Powell said in prepared remarks. "We are well positioned to wait for greater clarity before considering any adjustments to our policy stance. It is too soon to say what will be the appropriate path for monetary policy." — Jeff Cox, Yun Li Streaming now: Fed Chair Jerome Powell speaking live about interest rates and tariffs. Nike shares rose after Trump said he spoke to a key Vietnamese official about a potential agreement to reduce tariffs. The footwear and apparel giant's stock climbed about 5% in late-morning trading. Nike manufactures about 25% of its footwear in Vietnam. Its shares plummeted Thursday after Trump announced a new 46% tariff on goods from the country. — Jacob Pramuk Trump said in a social media post that he spoke with the head of Vietnam's ruling Communist Party about potentially cutting stiff new U.S. tariffs on imports from that country down to "zero" if the two nations can negotiate a deal. On Wednesday, Trump slapped a new tariff of 46% on goods imported from Vietnam, which is set to take effect next week. "Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S." Trump wrote on Truth Social. "I thanked him on behalf of our Country, and said I look forward to a meeting in the near future," Trump wrote. Nike's share price rose after Trump's post. About 25% of Nike's footwear is made in Vietnam. — Dan Mangan California Gov. Gavin Newsom is trying to convince countries that announce retaliatory tariffs to exempt products that are made in California from their levies. Newsom said he's "pursuing new strategic partnerships with international trading partners." He also noted that his state has close trade ties with Mexico, Canada and China. California has a massive economy. The Trade Partnership Worldwide estimated earlier this week that the Golden State would be the hardest hit by Trump's moves. — Michele Luhn The Dow Jones Industrial Average is now 1,400 points lower as the stock market sell-off picks up speed. The Nasdaq Composite is down 4.7%. If the index closes there, it will be 21% lower than its high in December — what Wall Street considers a bear market. Read all of CNBC's market coverage here. — Josephine Rozzelle Walt Disney CEO Bob Iger said Trump's global tariffs could force the media giant to slash spending, according to a report in the newsletter Status. Iger made the assessment during an unannounced stop at a daily editorial meeting at Disney-owned ABC News, as journalists discussed the market plunge sparked by Trump's trade barriers, Status reported. Iger said tariffs on steel imports could raise the cost of two Disney cruise ships currently under construction. Iger said if prices climb too high, Disney could have to cut spending, according to the report. The account offers a rare private glimpse into a major CEO's thinking about the escalating global trade conflict. Top executives have so far been hesitant to comment publicly on the turmoil. — Jacob Pramuk Fore! Trump arrived at his golf club in West Palm Beach, Florida, as major stock indexes dropped by more than 3% on the second day of market fallout over his wide-ranging tariff plan. The president plans to attend a "candlelight dinner" later at his Mar-a-Lago Club. Trump earlier in the day boasted about "far better than expected" job numbers that were released. — Dan Mangan With stocks plunging again Friday as worries of a global trade war intensify, Jim Cramer warned it's not time to abandon stocks. "Get out now moment? There should never be one," Cramer wrote to his Investing Club on Friday morning. "Treasury yields say recession? Yes. But there are things that can help the economy, such as lower interest rates. The market now sees five Fed rate cuts this year." Another silver lining: U.S. oil prices have fallen to $61 a barrel. "Lower oil means lower gas prices, which can help bring inflation down," Cramer said. "The Fed is torn between helping economic growth or taming inflation. The market now sees five cuts this year." Read the rest of Jim's 10 things to watch in the stock market. — Jeff Nash Trump hit back at the Beijing administration following China's decision to impose 34% retaliatory tariffs on all U.S. goods in the wake of Washington's own sweeping levies. "CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!" Trump said on the Truth social media platform. This is not the U.S. president's first altercation with Beijing, after entertaining a tenuous trade relationship with China throughout his first term in the White House. — Ruxandra Iordache The Dow opened with a 900-point loss, getting crushed for a second day as fears about a global trade war heightened. Markets continued to sink in the first few minutes of trading. Read all of CNBC's market coverage here. — Elisabeth Cordova Trump touted a better-than-expected March jobs report as proof of the strength of his agenda. "GREAT JOB NUMBERS, FAR BETTER THAN EXPECTED. IT'S ALREADY WORKING. HANG TOUGH, WE CAN'T LOSE!!!" he wrote on Truth Social. The latest nonfarm payrolls report from the Bureau of Labor Statistics covers the month ending mid-March — before Trump's latest tariff announcements. Press secretary Karoline Leavitt also celebrated the strong jobs numbers. "The economy is starting to roar with a strong 228,000 jobs added in the month of March — well ahead of the market's expectation," she said in a statement. "There was also a sharp increase in transportation, construction, and warehousing employment. The President's push to onshore jobs here in the United States is working. The Golden Age of America is on its way!" — Kevin Breuninger The tariffs rolled out by President Donald Trump this week have pushed the odds of a recession this year up to 60% from 40%, according to JPMorgan. "These policies, if sustained, would likely push the US and possibly global economy into recession this year," Bruce Kasman, head of global economic research, said in a note to clients late Thursday. Economic projections related to the tariffs will be something of a moving target in the coming weeks as more details emerge about both the U.S. plan and any reaction by trading partners. For example, Kasman's note was published before China's Finance Ministry announced that it would impose its own 34% tariff on U.S. imports in retaliation for the Trump administration's decision. — Jesse Pound The toy aisle is about to get more expensive. For decades, U.S. toy companies have worked with Chinese manufacturers to bring the hottest action figures, dolls and games to retail shelves. Vietnam became a solid secondary market for companies looking to diversify their factory locations amid growing trade tensions between Washington and Beijing. Trump slapped China with an additional 34% duty Wednesday, bringing the total tax on goods from the nation to 54%, and hit Vietnam with a 46% tariff. The levy is far higher than what toy companies expected and could lead to massive price hikes on toys, industry experts said. Around 77% of toys imported into the United States come from China, according to data from The Toy Association. Vietnam is third, just behind Mexico. "You could have anywhere from 35% to potentially even a point-for-point price increase on products depending upon what margin those products run at," Greg Ahearn, president and CEO of The Toy Association, told CNBC. "It may actually just be a 50% price increase, given it's a 54% tariff." Most toy margins are in the high single digits, he noted. So, there is very little wiggle room for companies to absorb these fees. "There's no place for it to go, but to the consumer," Ahearn said. Read the full story here. — Sarah Whitten Trump shared a social media video that defends his recent policy decisions by arguing he is deliberately crashing the stock market as a strategic play to force lower interest and mortgage rates. "Trump is crashing the stock market by 20% this month, but he's doing it on purpose," alleged the video, which Trump posted on his Truth Social account. The president shared a link to an X post from the account @AmericaPapaBear, a self-described "Trumper to the end." The X post itself appears to be a repost of a weeks-old TikTok video from user @wnnsa11. "Now here's the secret game he's playing, and it could make you rich," the video says. "So why is he doing this? To push cash into treasuries, which forces the Fed to slash interest rates in May, and those lower rates give the fed the ability to refinance trillions of debt very inexpensively," it says. "It also weakens the dollar and drops mortgage rates," the video says. "Now it's a wild chess move, but it's working." "Now you're probably wondering, what about his tariffs? Well, I'll tell you, it's a genius play. It actually forces companies to build here to dodge them. It also forces farmers to sell more of their products here in the U.S., to bring grocery prices way down." "Now, remember, 94% of all stocks are owned only by 8% of Americans. So Trump, he's taking from the rich short term and handing it to the middle class through lower prices," it says. The White House did not immediately respond to CNBC's request for comment. — Kevin Breuninger Trump in a Truth Social post encouraged more foreign spending in the U.S., assuring that investors can bet on his economic agenda long term. "TO THE MANY INVESTORS COMING INTO THE UNITED STATES AND INVESTING MASSIVE AMOUNTS OF MONEY, MY POLICIES WILL NEVER CHANGE," Trump wrote in the all-caps post. "THIS IS A GREAT TIME TO GET RICH, RICHER THAN EVER BEFORE!!!" — Kevin Breuninger Auto giants have responded to Trump's tariffs by announcing plans to raise prices, impose import fees, pause production and even layoff staff. The White House on Thursday introduced 25% tariffs on foreign auto imports, noting that it also intends to place tariffs on some auto parts no later than May 3. The measures, which were separate to Trump's sweeping new tariffs on major trading partners, have hit the global automotive industry hard. German auto giant Volkswagen is said to be planning to add import fees to the sticker prices of its vehicles shipped to the U.S. in response to Trump's tariffs. Europe's biggest carmaker has also reportedly halted all rail shipments of vehicles built in Mexico to the U.S. Stellantis, meanwhile, announced on Thursday it will pause production at two assembly plants in Canada and Mexico. The move means about 900 workers in the U.S. at supporting plants will be temporarily laid off. Read the full story here. — Sam Meredith Oil prices plunged on Friday as China struck back with 34% tariffs on imported U.S. goods in response to Washington's own duties against Beijing. The Ice Brent contract with June expiry was trading at $65.42 per barrel at 8:22 a.m. ET, down 6.73% from the Thursday close price. The front-month May Nymex WTI contract was at $62.03 per barrel, lower by 7.35% from the previous session's settlement. Oil is particularly sensitive to tensions between the two economic powerhouses, given China's status as the world's largest crude importer and the U.S. dollar's role in denominating crude commodities. Read the latest oil commodity wrap. — Ruxandra Iordache Trump's schedule for Friday is clear, save for attending a "Candlelight Dinner" for the super political action committee MAGA Inc., according to the White House. The dinner is at Trump's Palm Beach club and residence, Mar-a-Lago. Trump arrived there Thursday evening after catching another dinner for the LIV golf tour at his Doral Golf Club in Miami. — Kevin Breuninger Snap-on CEO Nick Pinchuk said Friday that the company is "resistant to the effect, not immune" to the tariffs. The manufacturing company currently has 80% of its products made in America, he said. "One of the good things about the tariffs, and I don't think there's many good things, is the fact that it puts in rather harsh perspective how hard it is to manufacture," Pinchuk said on CNBC's "Squawk Box." Pinchuk said the true problem lies in America not having the skilled labor and the weight of regulations. "The government needs to celebrate manufacturing for the special American calling it's always been, rather than say it's a consolation prize," he said. Finding the best and cheapest goods can go too far, Pinchuk added, and Americans already understood that reshoring was good. Instead, he said, the tariffs will introduce uncertainty into the grassroots economy. "I think this could've been implemented in a much more thoughtful way, and actually, we didn't need broad tariffs," he said. — Laya Neelakandan China's finance ministry on Friday said it will impose a 34% tariff on all goods imported from the U.S. The China tariffs take effect April 10. The move follows Trump's tariff announcement on April 2, where he instituted a 10% baseline tariff on all countries and much higher rates on many others. He put a 34% tariff on China, though combined with preexisting tariffs, the effective rate is 54%. "China urges the United States to immediately cancel its unilateral tariff measures and resolve trade differences through consultation in an equal, respectful and mutually beneficial manner," the ministry said, according to a Google translation. Read CNBC's full article here. — Ruxandra Iordache 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 President Donald Trump's tariff plan sent ripples through U.S. markets and baffled economists and investors alike. Click here to read CNBC's previous Day 2 coverage. — Elisabeth Cordova 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. A Division of NBCUniversal Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Data also provided by

Buffett denies social media rumors after Trump shares wild claim that investor backs president crashing market

Source: {'href': 'https://www.cnbc.com', 'title': 'CNBC'} Published: 2025-04-04 17:32:08

Tariff live updates: Retail, tech firms pivot as recession fear weighs on markets

Source: {'href': 'https://www.cnbc.com', 'title': 'CNBC'} Published: 2025-04-04 17:25:00

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 coverage of how U.S. trade partners, industries and employers respond to President Donald Trump's historic tariffs. What you need to know CNBC's reporters are covering the tariffs and their effects, live on air and online from our bureaus in Washington; London; Singapore; San Francisco; and Englewood Cliffs, New Jersey. Klarna and StubHub are delaying their long-awaited debuts on the public markets because of market turbulence, a source familiar with the matter told CNBC. Neither of the companies, which had filed their IPO prospectuses in recent weeks, have a timeline for when they will pursue an offering, the person said. The announcements are a major blow for venture capital firms, who were counting on a reinvigorated IPO market in the Trump administration after a miserable last few years for big exits. Digital physical therapy startup Hinge Health filed its IPO prospectus in March, and Circle, the company behind the USDC stablecoin, disclosed its plans to go public earlier this week. It's unclear if the companies will adjust their IPO plans as the market continues to digest the impact of Trump's tariffs plan. — Annie Palmer Hyundai Motor on Friday said it will not raise prices on its current lineup of vehicles because of potential increases in costs due to tariffs as part of a new "customer assurance" program through June 2. The South Korean automaker said during the roughly two-month "protection window," the manufacturer's suggested retail price, or MSRP, of its Hyundai and Genesis vehicles will remain as they are, despite Trump's 25% auto tariffs on imported vehicles taking effect Thursday. "We know consumers are uncertain about the potential for rising prices and we want to provide them with some stability in the coming months," Hyundai CEO José Muñoz said in a statement. — Michael Wayland Stellantis is joining its Detroit rival Ford Motor in offering employee discounts on new vehicles to all consumers in the wake of auto tariffs. The owner of brands such as Chrysler, Dodge, Ram and Jeep on Friday said the employee-pricing deal will run through April 30. "This week we launched aggressive and consistent incentive and marketing support for April, including an exciting and competitive enhancement that will allow our customers 'America's Freedom of Choice' between Employee Price or current cash incentives," Stellantis said in an emailed statement. U.S. auto sales in the first quarter came in higher than expected as consumers flocked to buy cars ahead of auto tariffs taking effect, which many expect will lead to elevated vehicle prices. The employee pricing is viewed as a way to support dealers and company sales amid potential price increases and economic uncertainty due to Trump's tariffs. — Michael Wayland The White House put out a statement saying, "President Trump's Tariffs Are Already Delivering Wins for Americans," as the benchmark S&P 500 index dropped by 4.5%. "Americans are already seeing the early results of President Donald J. Trump's bold declaration earlier this week that the days of economic surrender are over," the White House said. The statement touted moves by U.S. automakers on the heels of the tariffs announcement. "Nissan announced it will maintain two shifts at its Tennessee production facility — a reversal of the automaker's earlier plan to eliminate one of the shifts," the statement said. "General Motors announced it will increase truck production at its Indiana assembly plant." "Ford Motor Company and Stellantis both announced they will offer U.S. consumers employee pricing on their vehicles." "That's on top of the trillions in investment announced in recent weeks as companies from around the world anticipated President Trump's tariffs, ultimately benefiting the American people," the White House said. — Dan Mangan Technology stocks fell for a second session Friday and the tech-heavy Nasdaq headed for its worst week in five years after Trump's tariff policy sparked global market turmoil and trade war fears. Tesla and and Nvidia led the decline among the so-called Magnificent Seven group, dropping about 9% and 7%, respectively. Apple and Meta Platforms fell 4% each. The Nasdaq is coming off its worst trading day since 2020. During Thursday's session, the Magnificent Seven stocks lost a collective $1 trillion in market value. — Samantha Subin Nintendo said Friday that preorders for the company's hotly anticipated game console, Switch 2, would be delayed while the company assesses how Trump's tariffs will affect the market. "Pre-orders for Nintendo Switch 2 in the U.S. will not start April 9, 2025 in order to assess the potential impact of tariffs and evolving market conditions," a Nintendo representative told CNBC. "Nintendo will update timing at a later date. The launch date of June 5, 2025 is unchanged." The delay is one of the highest-profile examples of Trump's reciprocal tariffs impacting the business plans of electronics companies, which primarily manufacture in Asian countries. It's also a sign that Trump's tariffs could cause uncertainty for consumers. Nintendo did not say if it would raise the price of the console, which it announced earlier this week as $450 in the United States. IPC, a trade group focused on electronics manufacturing, estimated on Friday that game console prices could rise by 50% due to the tariffs announced on Wednesday. — Kif Leswing Former Goldman Sachs CEO Lloyd Blankfein believes Trump should let countries negotiate his newly announced "reciprocal" tariff rates. "The switchboard at the WH must be burning up with gov'ts trying to surrender in this trade war. Why not give them a chance?" Blankfein said Friday in a post on X. He added that Trump should allow the 10% baseline tariff to remain but delay the "reciprocal" tariffs by six months. "Take the win! The Prez said he'd make us tired of winning…I'm there now!" he also said. — Sean Conlon Building airplanes is going to get more expensive under Trump's new tariffs and additional reciprocal measures from other countries, industry members warned. The aerospace and defense industry, which helps soften the U.S. trade deficit to the tune of about $100 billion a year in exports, said it wants the Trump administration to uphold a 1980 agreement that has allowed for mostly duty-free trade for that sector. "The line is certainly long" for requests to the White House, aid Dak Hardwick, vice president of international affairs at the Aerospace Industries Association, which represents Boeing, GE Aerospace, Airbus and dozens of other aerospace and defense companies. Read the full story here. — Leslie Josephs Klarna is reportedly holding off on its planned initial public offering following Trump's wide-sweeping tariff plan that has rattled financial markets over the last two trading sessions. The financial technology company has reportedly pushed off plans to start marketing shares Monday, according to a Wall Street Journal report, citing sources familiar with the matter. Klarna declined CNBC's request for comment. — Samantha Subin Federal Reserve Chair Jerome Powell said Friday he expects Trump's tariffs to raise inflation and lower growth, creating a "highly uncertain outlook." However, Powell indicated that the central bank won't move on interest rates until it gets a clearer picture on the ultimate impacts. His comments came shortly after Trump urged the Fed to "stop playing politics" and cut interest rates because inflation is down. "Our obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem," Powell said in prepared remarks. "We are well positioned to wait for greater clarity before considering any adjustments to our policy stance. It is too soon to say what will be the appropriate path for monetary policy." — Jeff Cox, Yun Li Streaming now: Fed Chair Jerome Powell speaking live about interest rates and tariffs. Nike shares rose after Trump said he spoke to a key Vietnamese official about a potential agreement to reduce tariffs. The footwear and apparel giant's stock climbed about 5% in late-morning trading. Nike manufactures about 25% of its footwear in Vietnam. Its shares plummeted Thursday after Trump announced a new 46% tariff on goods from the country. — Jacob Pramuk Trump said in a social media post that he spoke with the head of Vietnam's ruling Communist Party about potentially cutting stiff new U.S. tariffs on imports from that country down to "zero" if the two nations can negotiate a deal. On Wednesday, Trump slapped a new tariff of 46% on goods imported from Vietnam, which is set to take effect next week. "Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S." Trump wrote on Truth Social. "I thanked him on behalf of our Country, and said I look forward to a meeting in the near future," Trump wrote. Nike's share price rose after Trump's post. About 25% of Nike's footwear is made in Vietnam. — Dan Mangan California Gov. Gavin Newsom is trying to convince countries that announce retaliatory tariffs to exempt products that are made in California from their levies. Newsom said he's "pursuing new strategic partnerships with international trading partners." He also noted that his state has close trade ties with Mexico, Canada and China. California has a massive economy. The Trade Partnership Worldwide estimated earlier this week that the Golden State would be the hardest hit by Trump's moves. — Michele Luhn The Dow Jones Industrial Average is now 1,400 points lower as the stock market sell-off picks up speed. The Nasdaq Composite is down 4.7%. If the index closes there, it will be 21% lower than its high in December — what Wall Street considers a bear market. Read all of CNBC's market coverage here. — Josephine Rozzelle Walt Disney CEO Bob Iger said Trump's global tariffs could force the media giant to slash spending, according to a report in the newsletter Status. Iger made the assessment during an unannounced stop at a daily editorial meeting at Disney-owned ABC News, as journalists discussed the market plunge sparked by Trump's trade barriers, Status reported. Iger said tariffs on steel imports could raise the cost of two Disney cruise ships currently under construction. Iger said if prices climb too high, Disney could have to cut spending, according to the report. The account offers a rare private glimpse into a major CEO's thinking about the escalating global trade conflict. Top executives have so far been hesitant to comment publicly on the turmoil. — Jacob Pramuk Fore! Trump arrived at his golf club in West Palm Beach, Florida, as major stock indexes dropped by more than 3% on the second day of market fallout over his wide-ranging tariff plan. The president plans to attend a "candlelight dinner" later at his Mar-a-Lago Club. Trump earlier in the day boasted about "far better than expected" job numbers that were released. — Dan Mangan With stocks plunging again Friday as worries of a global trade war intensify, Jim Cramer warned it's not time to abandon stocks. "Get out now moment? There should never be one," Cramer wrote to his Investing Club on Friday morning. "Treasury yields say recession? Yes. But there are things that can help the economy, such as lower interest rates. The market now sees five Fed rate cuts this year." Another silver lining: U.S. oil prices have fallen to $61 a barrel. "Lower oil means lower gas prices, which can help bring inflation down," Cramer said. "The Fed is torn between helping economic growth or taming inflation. The market now sees five cuts this year." Read the rest of Jim's 10 things to watch in the stock market. — Jeff Nash Trump hit back at the Beijing administration following China's decision to impose 34% retaliatory tariffs on all U.S. goods in the wake of Washington's own sweeping levies. "CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!" Trump said on the Truth social media platform. This is not the U.S. president's first altercation with Beijing, after entertaining a tenuous trade relationship with China throughout his first term in the White House. — Ruxandra Iordache The Dow opened with a 900-point loss, getting crushed for a second day as fears about a global trade war heightened. Markets continued to sink in the first few minutes of trading. Read all of CNBC's market coverage here. — Elisabeth Cordova Trump touted a better-than-expected March jobs report as proof of the strength of his agenda. "GREAT JOB NUMBERS, FAR BETTER THAN EXPECTED. IT'S ALREADY WORKING. HANG TOUGH, WE CAN'T LOSE!!!" he wrote on Truth Social. The latest nonfarm payrolls report from the Bureau of Labor Statistics covers the month ending mid-March — before Trump's latest tariff announcements. Press secretary Karoline Leavitt also celebrated the strong jobs numbers. "The economy is starting to roar with a strong 228,000 jobs added in the month of March — well ahead of the market's expectation," she said in a statement. "There was also a sharp increase in transportation, construction, and warehousing employment. The President's push to onshore jobs here in the United States is working. The Golden Age of America is on its way!" — Kevin Breuninger The tariffs rolled out by President Donald Trump this week have pushed the odds of a recession this year up to 60% from 40%, according to JPMorgan. "These policies, if sustained, would likely push the US and possibly global economy into recession this year," Bruce Kasman, head of global economic research, said in a note to clients late Thursday. Economic projections related to the tariffs will be something of a moving target in the coming weeks as more details emerge about both the U.S. plan and any reaction by trading partners. For example, Kasman's note was published before China's Finance Ministry announced that it would impose its own 34% tariff on U.S. imports in retaliation for the Trump administration's decision. — Jesse Pound The toy aisle is about to get more expensive. For decades, U.S. toy companies have worked with Chinese manufacturers to bring the hottest action figures, dolls and games to retail shelves. Vietnam became a solid secondary market for companies looking to diversify their factory locations amid growing trade tensions between Washington and Beijing. Trump slapped China with an additional 34% duty Wednesday, bringing the total tax on goods from the nation to 54%, and hit Vietnam with a 46% tariff. The levy is far higher than what toy companies expected and could lead to massive price hikes on toys, industry experts said. Around 77% of toys imported into the United States come from China, according to data from The Toy Association. Vietnam is third, just behind Mexico. "You could have anywhere from 35% to potentially even a point-for-point price increase on products depending upon what margin those products run at," Greg Ahearn, president and CEO of The Toy Association, told CNBC. "It may actually just be a 50% price increase, given it's a 54% tariff." Most toy margins are in the high single digits, he noted. So, there is very little wiggle room for companies to absorb these fees. "There's no place for it to go, but to the consumer," Ahearn said. Read the full story here. — Sarah Whitten Trump shared a social media video that defends his recent policy decisions by arguing he is deliberately crashing the stock market as a strategic play to force lower interest and mortgage rates. "Trump is crashing the stock market by 20% this month, but he's doing it on purpose," alleged the video, which Trump posted on his Truth Social account. The president shared a link to an X post from the account @AmericaPapaBear, a self-described "Trumper to the end." The X post itself appears to be a repost of a weeks-old TikTok video from user @wnnsa11. "Now here's the secret game he's playing, and it could make you rich," the video says. "So why is he doing this? To push cash into treasuries, which forces the Fed to slash interest rates in May, and those lower rates give the fed the ability to refinance trillions of debt very inexpensively," it says. "It also weakens the dollar and drops mortgage rates," the video says. "Now it's a wild chess move, but it's working." "Now you're probably wondering, what about his tariffs? Well, I'll tell you, it's a genius play. It actually forces companies to build here to dodge them. It also forces farmers to sell more of their products here in the U.S., to bring grocery prices way down." "Now, remember, 94% of all stocks are owned only by 8% of Americans. So Trump, he's taking from the rich short term and handing it to the middle class through lower prices," it says. The White House did not immediately respond to CNBC's request for comment. — Kevin Breuninger Trump in a Truth Social post encouraged more foreign spending in the U.S., assuring that investors can bet on his economic agenda long term. "TO THE MANY INVESTORS COMING INTO THE UNITED STATES AND INVESTING MASSIVE AMOUNTS OF MONEY, MY POLICIES WILL NEVER CHANGE," Trump wrote in the all-caps post. "THIS IS A GREAT TIME TO GET RICH, RICHER THAN EVER BEFORE!!!" — Kevin Breuninger Auto giants have responded to Trump's tariffs by announcing plans to raise prices, impose import fees, pause production and even layoff staff. The White House on Thursday introduced 25% tariffs on foreign auto imports, noting that it also intends to place tariffs on some auto parts no later than May 3. The measures, which were separate to Trump's sweeping new tariffs on major trading partners, have hit the global automotive industry hard. German auto giant Volkswagen is said to be planning to add import fees to the sticker prices of its vehicles shipped to the U.S. in response to Trump's tariffs. Europe's biggest carmaker has also reportedly halted all rail shipments of vehicles built in Mexico to the U.S. Stellantis, meanwhile, announced on Thursday it will pause production at two assembly plants in Canada and Mexico. The move means about 900 workers in the U.S. at supporting plants will be temporarily laid off. Read the full story here. — Sam Meredith Oil prices plunged on Friday as China struck back with 34% tariffs on imported U.S. goods in response to Washington's own duties against Beijing. The Ice Brent contract with June expiry was trading at $65.42 per barrel at 8:22 a.m. ET, down 6.73% from the Thursday close price. The front-month May Nymex WTI contract was at $62.03 per barrel, lower by 7.35% from the previous session's settlement. Oil is particularly sensitive to tensions between the two economic powerhouses, given China's status as the world's largest crude importer and the U.S. dollar's role in denominating crude commodities. Read the latest oil commodity wrap. — Ruxandra Iordache Trump's schedule for Friday is clear, save for attending a "Candlelight Dinner" for the super political action committee MAGA Inc., according to the White House. The dinner is at Trump's Palm Beach club and residence, Mar-a-Lago. Trump arrived there Thursday evening after catching another dinner for the LIV golf tour at his Doral Golf Club in Miami. — Kevin Breuninger Snap-on CEO Nick Pinchuk said Friday that the company is "resistant to the effect, not immune" to the tariffs. The manufacturing company currently has 80% of its products made in America, he said. "One of the good things about the tariffs, and I don't think there's many good things, is the fact that it puts in rather harsh perspective how hard it is to manufacture," Pinchuk said on CNBC's "Squawk Box." Pinchuk said the true problem lies in America not having the skilled labor and the weight of regulations. "The government needs to celebrate manufacturing for the special American calling it's always been, rather than say it's a consolation prize," he said. Finding the best and cheapest goods can go too far, Pinchuk added, and Americans already understood that reshoring was good. Instead, he said, the tariffs will introduce uncertainty into the grassroots economy. "I think this could've been implemented in a much more thoughtful way, and actually, we didn't need broad tariffs," he said. — Laya Neelakandan China's finance ministry on Friday said it will impose a 34% tariff on all goods imported from the U.S. The China tariffs take effect April 10. The move follows Trump's tariff announcement on April 2, where he instituted a 10% baseline tariff on all countries and much higher rates on many others. He put a 34% tariff on China, though combined with preexisting tariffs, the effective rate is 54%. "China urges the United States to immediately cancel its unilateral tariff measures and resolve trade differences through consultation in an equal, respectful and mutually beneficial manner," the ministry said, according to a Google translation. Read CNBC's full article here. — Ruxandra Iordache 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 President Donald Trump's tariff plan sent ripples through U.S. markets and baffled economists and investors alike. Click here to read CNBC's previous Day 2 coverage. — Elisabeth Cordova 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. A Division of NBCUniversal Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Data also provided by

Jim Cramer identifies 4 stocks to consider buying as market plummets

Source: {'href': 'https://www.cnbc.com', 'title': 'CNBC'} Published: 2025-04-04 16:41:14

China announced retaliation so quickly to purposely damage U.S. stock market, says Evercore ISI

Source: {'href': 'https://www.cnbc.com', 'title': 'CNBC'} Published: 2025-04-04 16:13:54

Nintendo is blaming Trump's tariffs for a delay to Switch 2 preorders

Source: {'href': 'https://www.businessinsider.com', 'title': 'Business Insider'} Published: 2025-04-04 15:37:00

Powell sees tariffs raising inflation and says Fed will wait before further rate moves

Source: {'href': 'https://www.cnbc.com', 'title': 'CNBC'} Published: 2025-04-04 15:25:36

President Donald Trump says Fed Chair Powell should cut interest rates and 'stop playing politics'

Source: {'href': 'https://www.cnbc.com', 'title': 'CNBC'} Published: 2025-04-04 15:15:43

China's retaliatory tariffs will encourage & give other countries cover to retaliate: Michael Froman

Source: {'href': 'https://www.cnbc.com', 'title': 'CNBC'} Published: 2025-04-04 12:18:38

Stocks making the biggest moves premarket: Apple, Boeing, JPMorgan Chase and more

Source: {'href': 'https://www.cnbc.com', 'title': 'CNBC'} Published: 2025-04-04 12:16:17

Americans are taking Mark Cuban's advice and stockpiling essentials — but cutting back on luxury items

Source: {'href': 'https://www.businessinsider.com', 'title': 'Business Insider'} Published: 2025-04-04 08:12:00

Melanie Moroz now has enough makeup, skincare, and hair care products to last two years. Moroz told Business Insider that while she's been stocking up for a couple of months, efforts by the White House to dismantle the Department of Education put her into "hyper-gear stockpiling mode" because she's fearful she could lose a teaching job she's held for about 25 years. "I'm not purchasing anything that's not an absolute necessity," she said. Moroz, who lives in Morgantown, West Virginia, said she's now saving funds that once went to DoorDash, shopping, and dining out. With the US edging closer to what could amount to a widening trade war, Moroz plans to work through a list of things she expects she'll need. That includes buying meat to freeze and upgrading her aging iPhone 11 to a newer model sometime this month so she can stay ahead of what she expects will amount to "major price hikes." Moroz isn't alone in thinking about what she might alternatively accumulate or cut back on amid fears that tariffs will make much of what Americans buy more expensive. (If you're interested in what BI reporters and editors are choosing to spend on and why, you can read about that here.) While President Donald Trump has repeatedly flip-flopped in his tariff announcements, he signed an executive order Wednesday to impose a 10% baseline tariff on all countries that would go into effect on Saturday. Following the news, Mark Cuban advised Americans to "buy lots of consumables now." Some US consumers, worried about the economy's prospects and experiencing flashbacks to pandemic-era supply-chain kinks, are wasting no time. For months, Elizabeth Blackstock and her husband have been "keeping an eye on" price changes resulting from tariffs. Following Wednesday's announcement, though, their priority is stocking up on food and medication for their six rescue cats, some of whom, Blackstock said, require special diets because of illnesses. Beyond that, the couple is looking to grab extras of everyday items like hair products and meat they could store in their deep freezer. Blackstock, who lives in San Antonio, said that even though they're doubling down on essentials, she still feels unsettled because of seesawing tariff announcements. "We've prepared, but it's impossible to feel prepared," she said. She said the couple is now considering other potentially big-ticket purchases, like a new transmission for the Mazda she drives. "It was like, 'Is that going to be heavily tariffed now?' because we have to get that." Felix Tintelnot, an associate professor of economics at Duke University, told BI that if you're in a secure position, it doesn't hurt to stock up on goods likely to become more expensive. Moroz did this with beauty products she knows she'll use. In 2024, the US imported $7.59 billion worth of beauty goods, including makeup and skincare products, according to government figures. Tintelnot said worries that the economy will falter under the new trade rules might prompt more people to focus on saving. "The risk of a recession in the US has increased," he said. Tintelnot said that's one reason some people might want to consider setting aside funds instead to prepare for potential shocks. He also said if a recession does happen, not everyone would be hit equally, in part because job security differs across industries. So, Tintelnot said, people who are new in a role might want to take extra precautions because those are often the jobs that are the first to go in a downturn. Some people are already preparing for bumps and discussing their moves online in forums such as Reddit. One Reddit user who said he lives in Illinois told BI that much of his spending would come to "a complete standstill" for things that aren't essential. Items the US imports, like fruit, avocados, and tea, "are all a luxury now," he said, adding that he plans to switch to canned fruits to satisfy his "sweet cravings" or buy fresh fruit when it's in season from local vendors. A tea lover who plans to take the train to Chicago to attend the city's tea festival in mid-April, he said he might stop buying tea in bulk to replenish his supplies. Ordinarily, he said, he spends between $100 and $300 every few months on a new batch of tea. But now, tariffs combined with international shipping rates could stop that. "I just can't afford an additional $100 in fees," he said. Another Reddit poster, who said they live in Florida, messaged BI that they plan to buy a variety of spices, basmati and jasmine rice, dry beans, and olive oil "to ride this out and have a buffer." The user pointed to a jump in the price of chlorine for swimming pools during the depth of pandemic lockdowns. Too often, they said, price increases stick. That's another reason to collect what they can, the person said. "If prices are going to jump 10-30%, that's a better ROI than the stock market," they wrote. Global markets tumbled on Thursday, with the S&P 500 losing 4.8% and the Dow Jones Industrial Average tumbling 1,679 points, or 4%. A Reddit user who said they live in Arkansas told BI that between the tariffs and what could happen with gas prices, they're stocking up on shelf-stable goods like freeze-dried fruit to have snacks their kids will eat on hand. The person said they've often heard that companies will stop raising prices when customers can't afford to pay them. "That has never been my experience as an Arkansan," they wrote. "People just learn to live without." Do you have a story to share about your reaction to tariffs? Contact these reporters at aaltchek@businessinsider.com or tparadis@businessinsider.com. Jump to

iPhones, makeup, and pet food: Americans stock up on items considered essential — and cut back on others

Source: {'href': 'https://www.businessinsider.com', 'title': 'Business Insider'} Published: 2025-04-04 08:12:00

Melanie Moroz now has enough makeup, skincare, and hair care products to last two years. Moroz told Business Insider that while she's been stocking up for a couple of months, efforts by the White House to dismantle the Department of Education put her into "hyper-gear stockpiling mode" because she's fearful she could lose a teaching job she's held for about 25 years. "I'm not purchasing anything that's not an absolute necessity," she said. Moroz, who lives in Morgantown, West Virginia, said she's now saving funds that once went to DoorDash, shopping, and dining out. With the US edging closer to what could amount to a widening trade war, Moroz plans to work through a list of things she expects she'll need. That includes buying meat to freeze and upgrading her aging iPhone 11 to a newer model sometime this month so she can stay ahead of what she expects will amount to "major price hikes." Moroz isn't alone in thinking about what she might alternatively accumulate or cut back on amid fears that tariffs will make much of what Americans buy more expensive. While President Donald Trump has repeatedly flip-flopped in his tariff announcements, he signed an executive order Wednesday to impose a 10% baseline tariff on all countries that would go into effect on Saturday. Following the news, Mark Cuban advised Americans to "buy lots of consumables now." Some US consumers, worried about the economy's prospects and experiencing flashbacks to pandemic-era supply-chain kinks, are wasting no time. For months, Elizabeth Blackstock and her husband have been "keeping an eye on" price changes resulting from tariffs. Following Wednesday's announcement, though, their priority is stocking up on food and medication for their six rescue cats, some of whom, Blackstock said, require special diets because of illnesses. Beyond that, the couple is looking to grab extras of everyday items like hair products and meat they could store in their deep freezer. Blackstock, who lives in San Antonio, said that even though they're doubling down on essentials, she still feels unsettled because of seesawing tariff announcements. "We've prepared, but it's impossible to feel prepared," she said. She said the couple is now considering other potentially big-ticket purchases, like a new transmission for the Mazda she drives. "It was like, 'Is that going to be heavily tariffed now?' because we have to get that." Felix Tintelnot, an associate professor of economics at Duke University, told BI that if you're in a secure position, it doesn't hurt to stock up on goods likely to become more expensive. Moroz did this with beauty products she knows she'll use. In 2024, the US imported $7.59 billion worth of beauty goods, including makeup and skincare products, according to government figures. Tintelnot said worries that the economy will falter under the new trade rules might prompt more people to focus on saving. "The risk of a recession in the US has increased," he said. Tintelnot said that's one reason some people might want to consider setting aside funds instead to prepare for potential shocks. He also said if a recession does happen, not everyone would be hit equally, in part because job security differs across industries. So, Tintelnot said, people who are new in a role might want to take extra precautions because those are often the jobs that are the first to go in a downturn. Some people are already preparing for bumps and discussing their moves online in forums such as Reddit. One Reddit user who said he lives in Illinois told BI that much of his spending would come to "a complete standstill" for things that aren't essential. Items the US imports, like fruit, avocados, and tea, "are all a luxury now," he said, adding that he plans to switch to canned fruits to satisfy his "sweet cravings" or buy fresh fruit when it's in season from local vendors. A tea lover who plans to take the train to Chicago to attend the city's tea festival in mid-April, he said he might stop buying tea in bulk to replenish his supplies. Ordinarily, he said, he spends between $100 and $300 every few months on a new batch of tea. But now, tariffs combined with international shipping rates could stop that. "I just can't afford an additional $100 in fees," he said. Another Reddit poster, who said they live in Florida, messaged BI that they plan to buy a variety of spices, basmati and jasmine rice, dry beans, and olive oil "to ride this out and have a buffer." The user pointed to a jump in the price of chlorine for swimming pools during the depth of pandemic lockdowns. Too often, they said, price increases stick. That's another reason to collect what they can, the person said. "If prices are going to jump 10-30%, that's a better ROI than the stock market," they wrote. Global markets tumbled on Thursday, with the S&P 500 losing 4.8% and the Dow Jones Industrial Average tumbling 1,679 points, or 4%. A Reddit user who said they live in Arkansas told BI that between the tariffs and what could happen with gas prices, they're stocking up on shelf-stable goods like freeze-dried fruit to have snacks their kids will eat on hand. The person said they've often heard that companies will stop raising prices when customers can't afford to pay them. "That has never been my experience as an Arkansan," they wrote. "People just learn to live without." Do you have a story to share about your reaction to tariffs? Contact these reporters at aaltchek@businessinsider.com or tparadis@businessinsider.com. Jump to

JPMorgan analysts say recession risk increased to 60% since Trump announced tariffs: 'There will be blood'

Source: {'href': 'https://www.businessinsider.com', 'title': 'Business Insider'} Published: 2025-04-04 01:42:00

JPMorgan's chief global economist has a bleak outlook on President Donald Trump's aggressive tariff policy: "There will be blood." In a research note to clients published on Thursday, JPMorgan's Bruce Kasman, along with several other company economists, warned that the risk of the global economy falling into a recession has increased from 40% to 60% in response to Wednesday's "Liberation Day" tariff announcement. Trump on Wednesday announced sweeping 10% tariffs on goods from any country imported into the United States, and even higher tariffs for 60 trading partners with a persistent trade deficit with the US. The wide-reaching "Liberation Day" tariffs impact countries including China and Japan, as well as the European Union, and territories near Antarctica inhabited only by penguins. They are in addition to existing tariffs against the United States' top trade partners, Canada and Mexico. "Disruptive US policies has been recognized as the biggest risk to the global outlook all year," JPMorgan's research note reads. "The latest news reinforces our fears as US trade policy has turned decisively less business-friendly than we had anticipated." The banking giant's economists describe tariffs "at a basic level" as a functional tax increase on US household and business purchases of imported goods. Economists and supply chain experts previously told Business Insider the increased import costs caused by Trump's tariff plan are expected to result in higher prices for everything from pantry staples like coffee and sugar to apparel and larger purchases like cars and appliances. JPMorgan's analysts found that this week's announcement, on the heels of earlier tariff increases, raises the US average tax rate "by roughly 22%-pts to an estimated 24%," equivalent to roughly 2.4% of the total value of all goods and services produced within the country, or GDP. "A hike of this size would be on par with the largest tax hike since WWII," the JPMorgan research note reads. Its effects could be magnified "through retaliation, a slide in US business sentiment, and supply chain disruptions." "We thus emphasize that these policies, if sustained, would likely push the US and possibly global economy into recession this year. An update of our probability scenario tree makes this point, raising the risk of a recession this year to 60%," the note continues. But a nationwide or global recession "is not a foregone conclusion," JPMorgan's economists offered as a potential silver lining. "Beyond the obvious point that policy actions may be changed in the coming weeks, we continue to emphasize that the US and global expansions stand on solid ground and should be able to withstand a modest-sized shock." For now, though, the note indicates JPMorgan's economists "view the full implementation of announced policies as a substantial macroeconomic shock" — one not easily recovered from, should Trump's policies persist. Jump to