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Here’s what you need to know
The U.S. labor market added more jobs than expected in March. Employers added 228,000 jobs.
But that was before sweeping tariffs, and JPMorgan Chase analysts have a gloomy outlook. They’re saying the risk of a recession has reached 60%.
The stock market bloodbath continued Friday, with the Dow plunging more than 2,200 points and the S&P 500 losing almost 6%.
President Donal Trump is digging in his heels when it comes to his trade war policies. He says they will “never change.”
Walmart is worried about tariffs affecting shoppers. Grocery experts say there’s a possibility of consumers “getting ripped off”.
Trump’s tariffs will also “cause an economic Armageddon” that could “take the U.S. tech industry back a decade,” analysts say. Here’s how much your new gadgets might cost.
And as tariffs rattle markets, Warren Buffet offers a bit of 19th century-inspired advice. Here’s a poem the legendary investor has shared for times like these.
Federal Reserve Chairman Jerome Powell’s new warning
Powell said Friday that he expects Trump’s tariffs to raise inflation, but that the central bank won’t move to change interest rates until it has a better picture of the impact.
“It is now becoming clear that tariff increases will be significantly larger than expected, and the same is likely to be true of the economic effects, which will include higher inflation and slower growth,” Powell said at the Society for Advancing Business Editing and Writing conference. “The size and duration of these effects remain uncertain.”
In a statement posted to his Truth Social ahead of Powell’s appearance, Trump wrote, “CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!”
The Fed won’t make any changes to interest rates at least until early in May, when the next Federal Open Market Committee meeting is scheduled. Quartz’s William Gavin has more.
Your next iPhone might get really expensive
Trump slammed China with an average tariff rate of 54%, along with 32% for Taiwan. Then retaliatory measures started trickling in, creating a rough (and expensive) horizon for all things tech.
Taiwan and particularly China are both crucial to the tech supply chain, and the tariffs could turn the supply chain into a “Rubik’s Cube rivaling Covid days,” a Wedbush analyst wrote, adding that they will “essentially cause a shut-off valve from the U.S. tech landscape.”
Wedbush analyst Dan Ives estimates the price of electronics will go up 40% to 50% for consumers, and iPhone models that cost roughly $1,000 now could cost as much as $3,500 when made in the U.S.
Ives warned that Trump’s widespread tariffs will “cause an economic Armageddon” that could “take the U.S. tech industry back a decade” while “China steamrolls ahead.” Quartz’s Ece Yildirim has more intel on how much future gadgets might cost.
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