Ken Langone Calls Trump’s Tariffs ‘Bullshit’!

Ken Langone, co-founder of Home Depot, has expressed strong disapproval of former President Trump’s tariffs, branding the 46% import duty on goods from Vietnam as “bullshit,” and deeming the 34% tariff on Chinese imports as “too aggressive, too soon.”

In a recent interview with The Financial Times, Langone stated, “I don’t understand the goddamn formula.” He further indicated that he believes Trump has received poor advice regarding the trade situation and the applicable formula.

For further insights, access the entire interview here.

— Erin Doherty

Scott Bessent, U.S. Treasury Secretary, expressed surprise at the stock market’s “impatience” following the announcement of new tariffs, remarking that these import duties signal the beginning of a negotiation that may last several months.

Bessent noted that roughly 70 countries, including Japan, have contacted the White House to discuss tariff negotiations. He anticipates that Japan will be given “priority” due to their prompt engagement with the U.S.

“April, May, and possibly June will be busy months for negotiations,” he stated.

—Jesse Pound

Kimbal Musk, the brother of Elon Musk, recently criticized Trump’s tariff policy, labeling it a “structural, permanent tax on the American consumer.”

In a tweet, Kimbal Musk claimed Trump is “the most high tax American President in generations.” He elaborated that regardless of any success in domestic job creation through tariff policies, the inflated prices will persist due to America’s inefficiencies in production.

Tesla has also issued warnings regarding potential impacts on its financial performance due to retaliatory tariffs resulting from Trump’s policies.

Elon Musk, who leads Tesla, also oversees initiatives related to the administration’s focus on reducing federal spending.

— Lora Kolodny

Shares of Apple have plummeted 3.7% as fears grow regarding the impact of President Trump’s tariffs on the company’s bottom line.

This latest selloff, which contributes to a significant 19% decline over three days, has erased approximately $638 billion from Apple’s market value.

Industry analysts caution that Apple is highly vulnerable to trade tensions, owing to its heavy reliance on China for manufacturing. Even with production scattered to countries such as India and Vietnam, these nations, too, face tariff hikes due to Trump’s policies.

It is anticipated that Apple may need to raise product prices or absorb the increased costs resulting from the new tariffs. UBS analysts predict a potential price surge of around 30% for its highest-end iPhone model, currently retailing at $1,199.

— Kif Leswing

Former President Trump has rejected the European Union’s proposition of “zero-for-zero” tariffs on industrial goods.

“No, it’s not,” Trump responded during an Oval Office press briefing when asked about the proposal raised by von der Leyen earlier that day.

He expressed dissatisfaction with the EU’s trade practices, stating, “They’re screwing us on trade,” while also criticizing NATO.

Two Republican senators, Mike Lee from Utah and Ron Johnson of Wisconsin, have both encouraged Trump to consider von der Leyen’s offer.

— Kevin Breuninger

Stephen Miran, the head of the White House’s Council of Economic Advisers, recommended against retaliating against Trump’s tariffs in a bid to alleviate the financial burden on the U.S. from the dollar’s status as the global reserve currency.

Miran articulated that the U.S. security framework and currency stability underlie a system that has fostered unprecedented global economic prosperity, yet this comes at a significant cost to the U.S.

He proposed several strategies for burden-sharing among nations, including accepting tariffs without retaliation, stopping unfair trade practices, increasing defense spending, investing in U.S. manufacturing, and offering financial support to the U.S. Treasury.

Israeli Prime Minister Benjamin Netanyahu stated that Israel is committed to eliminating its trade deficit with the United States.

He confirmed intentions to dismantle unnecessary trade barriers during a meeting in the Oval Office, following Trump’s announcement of a 17% tariff on Israel, despite Israel’s pledge to remove its tariffs on U.S. imports.

— Kevin Breuninger

The White House is ready to engage in “meaningful negotiations” with the more than 50 countries that have reacted positively to Trump’s tariffs, according to Bessent.

He made a distinction between these nations and China, which he accused of “choosing to isolate itself” through retaliatory actions.

— Erin Doherty

U.S. crude oil prices fell approximately 2% as market concerns about a potential recession intensified following Trump’s global tariff policies.

West Texas Intermediate crude dropped $1.29, or 2.08%, closing at $60.70 per barrel, and Brent crude lost $1.37, or 2.09%, settling at $64.21. The latest losses follow a cumulative decline of over 10% last week.

During the session, futures for U.S. crude hit a low of $58.95 per barrel, the lowest level since 2021. Global benchmark Brent crude slipped to an intraday low of $62.51.

— Spencer Kimball

Scott Bessent and U.S. Trade Representative Jamieson Greer are set to negotiate tariffs with Japan, as announced in an X post by Bessent.

Bessent emphasized Japan’s status as a key ally, expressing optimism for productive discussions regarding tariffs, non-tariff barriers, currency matters, and government subsidies.

He acknowledged Japan’s “outreach and measured approach” in this process.

— Erin Doherty

Industry analysts at Cox Automotive predict that the prices of both cars and trucks are likely to rise as a result of Trump’s tariffs.

They estimate that the current 25% tariffs on imported vehicles, along with upcoming levies on auto parts, will significantly inflate the costs of both imported and domestic vehicles.

“We anticipate a reduction in discounts and subsequent price increases as the tariffs take effect and supply tightens,” stated Chief Economist Jonathan Smoke. He indicated that this may lead to decreased production sales, rising prices for used cars, and the elimination of certain models.

While used car sales are not directly impacted by the tariffs, fluctuations in new vehicle pricing and supply will likely affect the used car market, which is a primary source for most American vehicle purchases.

Read the full story here.

— Michael Wayland and Michele Luhn

The White House has called off a scheduled press conference between Trump and Israeli Prime Minister Benjamin Netanyahu.

Though the press conference slated for 2:30 p.m. ET has been canceled, the private meeting at 2 p.m. will still proceed, allowing journalists access to the Oval Office during that time.

— Kevin Breuninger

BlackRock CEO Larry Fink stated that the majority of chief executives he interacts with believe “we are probably in a recession right now.”

Fink also mentioned that he foresees the stock markets potentially falling an additional 20% due to current economic indicators.

“One CEO described the airline sector as a ‘canary in the coal mine,’ suggesting that its current struggles are indicative of broader economic challenges,” Fink noted during an event at the Economic Club of New York.

— Jesse Pound and Dan Mangan

President Trump is preparing to veto a bipartisan bill that would empower Congress to oversee the imposition of tariffs.

In an official statement, the White House’s Office of Management and Budget argued that the bill would “severely constrain” Trump’s ability to respond to national security emergencies and foreign threats.

The proposed legislation, dubbed the Trade Review Act of 2025, would allow Congress to approve or reject Trump’s new tariffs. Should the act secure passage through both chambers, Trump has indicated he will veto it.

Trump had previously stated he would use veto power against another bill aimed at reversing tariffs on Canadian imports, which had also gained traction in the Senate thanks to bipartisan support.

— Kevin Breuninger

Trump has mandated a fresh review of the proposed acquisition of U.S. Steel by Nippon Steel after the deal faced opposition from President Biden.

The White House has tasked the Committee on Foreign Investment in the United States with reevaluating the acquisition to assess its implications and further actions, as per a presidential directive released recently.

In response, shares of U.S. Steel rose nearly 9% following the announcement.

— Spencer Kimball

Concerns regarding consumer spending prompted a downturn in restaurant stocks as investors react to the implications of Trump’s tariffs.

From fast food chains to full-service restaurants, shares have seen significant declines, with Starbucks experiencing a greater than 3% drop following a downgrade to neutral by Baird due to near-term economic challenges.

The coffee giant has witnessed its stock fall nearly 20% since the announcement of the tariffs.

According to Bank of America analyst Sara Senatore, various factors like higher coffee costs from tariffs, anti-American sentiments, and recession risks are contributing to recent declines in the sector.

Read the full story here.

— Amelia Lucas

Analysts anticipate that U.S. airlines will lower their financial forecasts in response to diminishing travel demand as a result of tariff-related uncertainty.

The industry’s stock prices have suffered as investors express concerns regarding Trump’s tariff policies, among other factors.

Analyst Savanthi Syth of Raymond James noted that the level of sell-off might be overstated but cautioned that it could reflect future realities.

TD Cowen stated that the prevailing economic conditions could disrupt the competitive landscape for airlines significantly.

They expressed concerns that these challenges could dampen travel consumption particularly among Baby Boomers, likely creating a structural decline in corporate travel.

— Leslie Josephs and Michele Luhn

An overwhelming 69% of CEOs surveyed by Finance Newso reported they anticipate a recession following Trump’s sweeping tariff initiatives.

More than half predict that the downturn could occur within the year.

“This is the Trump recession,” remarked one CEO in the group of 22 who participated in the survey.

Another executive criticized the tariffs as “disappointingly stupid and illogical.”

— Kevin Breuninger

White House trade advisor Peter Navarro indicated that Vietnam’s proposal to decrease tariffs to zero is inadequate to satisfy the Trump administration’s trade agenda.

During an appearance on Finance Newso’s “Squawk Box,” Navarro stated that the emphasis should be on correcting issues surrounding nontariff barriers and other forms of trade deceit beyond mere tariff adjustments.

Trump’s comments about Vietnam’s offer as “a small first start” highlight the administration’s unsatisfied stance on broader trade practices.

— Jesse Pound

Amid ongoing uncertainty surrounding Trump’s tariff plans, tech stocks have experienced volatility, particularly Apple, which has seen its shares slide over 5%.

A notable downturn was also seen in Tesla shares, which fell approximately 4%, while Microsoft experienced a slight dip of over 1%. Conversely, stocks for Google, Amazon, Nvidia, and Meta saw increases around 1%.

In total, the so-called Magnificent Seven stocks collectively lost over $1.8 trillion in market value during a recent market downturn, leading the Nasdaq Composite to experience its worst week since the pandemic’s onset and enter a bear market.

–Ashley Capoot and Samantha Subin

A White House official noted that President Trump is unfazed by perceptions surrounding his golfing activities during declining stock markets attributed to his tariff strategy.

The official characterized Trump’s weekend golf as akin to “attending a birthday party after a friend has had surgery,” implying that the president remains confident in the economy’s resilience.

— Dan Mangan

Trump has threatened to impose an additional 50% tariff on Chinese goods unless China retracts its retaliatory tariffs on U.S. imports.

He announced a deadline of Tuesday for Beijing to comply with this demand, alongside a statement that all diplomatic talks with China would be halted if they fail to meet the ultimatum.

In a recent Truth Social post, Trump reiterated that retaliatory measures by China came “despite my warning” of severe repercussions for retaliatory actions against U.S. tariffs.

— Kevin Breuninger

Senators Mike Lee of Utah and Ron Johnson of Wisconsin have urged Trump to accept the European Commission President Ursula von der Leyen’s proposal for zero tariffs on industrial goods.

Lee took to social media to advocate for the deal, suggesting that there are significant benefits to be gained from it. Johnson echoed that sentiment, highlighting the importance of accepting favorable terms when offered.

– Dan Mangan

Correction: Ursula von der Leyen is president of the European Commission. An earlier version misstated her title.

The White House confirmed that tariffs on Chinese imports could reach a total of 104% due to Trump’s proposed actions.

Billionaire entrepreneur Richard Branson has cautioned that the U.S. could face long-term “ruin” if the Trump administration does not urgently reconsider its tariff strategies.

He emphasized the impending risk of economic decline if corrective measures are not taken swiftly, asserting, “This is the moment to own up to a colossal mistake and change course.” Branson advocates for immediate action to prevent further economic deterioration.

— Kevin Breuninger

The White House rejected a report suggesting Trump is contemplating a 90-day pause on new tariffs.

Press Secretary Karoline Leavitt labeled the story “fake news” during her interview with Finance Newso. Meanwhile, Trump took to social media, sharing a clip from a Finance Newso Business segment emphasizing unwavering support for his tariff policies.

— Dan Mangan

Trump stated via social media that it is “not sustainable” for the U.S. to “lose $1.9 trillion on trade,” emphasizing the need for accountability regarding trade practices and financial management.

In his remarks captured on video, Trump also addressed the financial contribution of the U.S. to NATO and its necessity to balance trade and protective responsibilities.

— Erin Doherty

Tesla’s stock has tumbled approximately 20% since Commerce Secretary Howard Lutnick’s earlier recommendation to “Buy Tesla,” which he made in a televised interview.

Lutnick praised Tesla on March 19, suggesting that its shares were undervalued at the time. Contrary to his optimistic outlook, the stock has significantly dipped since then.

— Dan Mangan

Canada has initiated a dispute with the World Trade Organization regarding Trump’s introduction of 25% tariffs on automobiles and auto parts imported from Canada.

The request for consultations formalizes the dispute within the WTO framework, providing an opportunity for both countries to engage in dialogue before any further legal actions. After a period of 60 days, if the dispute remains unresolved, Canada may seek adjudication by a WTO panel.

Canada argues that the imposed tariffs violate several sections of the General Agreement on Tariffs and Trade established in 1994.

— Michael Wayland

Recent survey results reveal that Trump voters are more likely to hold stock investments than those who voted for Kamala Harris in the previous election—51% of Trump voters versus 46% of Harris voters.

Furthermore, among Trump voters, 53% possess stock investments exceeding $50,000, compared to 45% of Harris voters with similar investment amounts.

— Dan Mangan

Peter Navarro, a key trade advisor to the White House, dismissed recent remarks from Elon Musk regarding his qualifications, suggesting that there was not a significant divide in trade opinions between the two.

Navarro told Finance Newso that Musk’s comments were of little concern, mentioning he anticipated speaking with Musk later in the day. Navarro acknowledged Musk’s contributions to fiscal policy while commenting on the role of domestic manufacturing in U.S. economic strategies.

However, he contrasted Musk’s perspective, stating that while Musk identifies as a car manufacturer, he may be more accurately described as a car assembler, given Tesla’s reliance on imported components.

— Kevin Breuninger

Trump announced via social media that nations globally are communicating with the U.S. regarding trade matters, asserting, “tough but fair parameters are being set.” He cited a recent conversation with Japanese Prime Minister Shigeru Ishiba, mentioning that a delegation is being organized for negotiations.

Trump criticized Japan for the perceived imbalance in trade, asserting the need for change in trade practices, particularly emphasizing the relationship with China.

— Erin Doherty

The European Union plans to establish an import surveillance task force aimed at broadening its trade portfolio in response to Trump’s tariffs.

European Commission President Ursula von der Leyen highlighted the critical need for such diversification to enhance market opportunities and strengthen trade relations.

She mentioned ongoing agreements with Mexico and Switzerland, and future projects with nations like India, Thailand, Malaysia, and Indonesia as part of their strategy to mitigate reliance on U.S. trade.

While the EU is prepared to consider countermeasures against U.S. tariffs, they remain open to negotiations with the U.S. where feasible.

— April Roach

Peter Navarro is attempting to alleviate concerns surrounding the lengthy timeline for restoring U.S. manufacturing through tariff policies. He contended that investments could be rapidly deployed to resurrect auto parts production without undue delay.

Navarro referenced previous successes in acquiring necessary materials at the onset of the COVID-19 pandemic as evidence of America’s capacity for swift adaptation.

Nevertheless, a recent Finance Newso survey indicates a more cautious stance from CEOs, with 45% believing that restructuring manufacturing could take at least two years, or even longer.

Kevin Breuninger

In his annual letter to shareholders, JPMorgan Chase CEO Jamie Dimon addressed potential inflationary impacts stemming from Trump’s tariffs. He suggested that rising costs associated with both domestic and imported goods could further constrain an already slowing U.S. economy.

Dimon noted the likely inflationary effects from increased input costs and the resultant strain on domestic prices, which could ultimately affect economic growth.

This marked a significant shift in Dimon’s stance, contrasting earlier assertions he made about the tariffs’ contributions to national security.

— Hugh Son

Elon Musk recently posted a video of economist Milton Friedman advocating for free trade principles, signaling a divergence from Trump’s tariff-centric policy approach.

Musk criticized Trump’s trade advisor Peter Navarro while expressing a desire for the U.S. and Europe to progress toward a zero-tariff system, effectively establishing a free trade zone.

Musk’s remarks contrast sharply with Trump’s adversarial stance towards the EU amidst imposed tariffs.

As a significant contributor to Trump’s campaigns, Musk’s comments highlight the evolving dynamics within the administration.

— Erin Doherty

Global markets have witnessed continuous declines for three consecutive days, primarily attributed to the fallout from Trump’s tariff policies.

Markets in Taiwan, Japan, China, Kuwait, and Norway are all experiencing turmoil as investor concerns mount regarding the prolonged impact of the tariff disputes.

— Adam Jeffrey

Bill Ackman publicly retracted his accusation against Howard Lutnick, claiming that Lutnick’s financial interests may coincide with a stock market downturn.

Ackman apologized to Lutnick on social media, clarifying that he did not believe Lutnick was acting purely out of self-interest in his role as Commerce Secretary.

Previously, Ackman had criticized Lutnick’s financial standing in relation to a looming economic crisis, but he later adjusted his viewpoint, acknowledging the complexity of the situation.

— Kevin Breuninger

Trump emphasized the decline in oil prices driven by recession anxieties, framing it as a success of his administration’s policies.

He claimed in a social media post that falling prices for oil, interest rates, and food demonstrate a favorable economic environment despite global competition practices.

Trump reiterated the narrative that the U.S. is emerging stronger from a challenging trade landscape and highlighted the perceived inconsistency in Chinese practices.

— Christina Wilkie

On his official itinerary, Trump has two significant engagements planned for the day.

11:00 a.m. ET: Trump will host the Los Angeles Dodgers, 2025 World Series champions, at the White House.

2:30 p.m. ET: A meeting with Benjamin Netanyahu is scheduled, which was initially to conclude with a press conference.

Netanyahu’s previous White House visit occurred in February during tense discussions concerning a ceasefire deal in Gaza, which has since unraveled, leading to renewed military action.

The latest Finance Newso CEO survey reveals that a significant number of executives expect a recession before year-end, with one-third indicating potential job cuts within their own companies as a result of tariffs.

The findings reflect the growing concerns among business leaders about the economic implications of the tariffs introduced by the Trump administration.

— Finance Newso Staff