🌏 The calm before the storm?

Good morning, Quartz readers!

Here’s what you need to know

There seem to be some cracks forming in the Oval Office bromance. It took a trade war, but Elon Musk and Donald Trump have reportedly started to tiff.

Musk is also throwing punches at Peter Navarro. He called Trump’s top trade adviser “dumber than a sack of bricks.”

As for the bruised stock market, chip shares climbed back up a bit again after taking a brutal blow. Nvidia popped 8% before going back down.

And it’s not just chips getting back up. There was a fleeting Big Tech rally.

Companies across a variety of industries are adding fees explicitly tied to Trump’s tariffs. Here are eight firms adding tariff surcharges.

Billionaire CEOs have a lot to say about tariffs

Everyone is buzzing over this trade war, including America’s highest paid executives and CEOs. Big names in finance are predicting a recession — and that’s not making the top dogs in business happy.

JPMorgan Chase CEO Jamie Dimon sounded the alarm, warning that the trade policy will likely spike inflation and slow down growth. The CEO of Pershing Square Capital Management Bill Ackman said that by placing large tariffs on U.S. allies and enemies alike, “we are in the process of destroying confidence in our country as a trading partner, as a place to do business, and as a market to invest capital.”

Even Musk, the world’s most prominent Trump supporter, is displeased with the tariffs.

Ken Griffin, Bahram Akradi, Ray Dalio, Larry Fink, and many more are sounding off. Quartz’s Ben Kesslen rounded them all up for you. 

Get ready for a ‘Category 5 Price Storm’

Wedbush Securities analyst Dan Ives is not sugarcoating the upcoming economic forecast for U.S. consumers.

He flagged the “Category 5 Price Storm” that’s about to hit the U.S. and told Americans to brace for punishing price increases as the trade war heats up.

He got really bleak, saying the “economic pain that will be brought by these tariffs” is “hard to describe.” And he warned the tariffs would “essentially take the U.S. tech industry back a decade in the process while China steamrolls ahead.”

“Saying we can just make this in the USA is a statement that incredibly understates the complexity of the Asia supply chain,” Ives wrote. “It’s the foundation the U.S. tech world is built on and these tariffs are flipping a boat upside down in the ocean with no life rafts telling U.S. tech/auto companies such as Apple, Nvidia, Microsoft, GM, AMD among so many others ‘good luck!’” You can read more of his warning here. 

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