Finance

Top Business and Finance Titans, from Bill Ackman to Howard Marks, Weigh In on Tariffs

Tariffs imposed by President Trump on April 2 have sparked a significant market reaction, with the Dow Jones and S&P 500 both dropping over 9% and 10%, respectively. Business leaders, who had largely remained silent amid previous policy changes, are now speaking out. Bill Ackman warns that the tariffs could lead to a “self-induced, economic nuclear winter,” while Howard Marks highlights the shift from global trade to a more isolated U.S. economy. Economists and analysts are raising concerns that these moves could trigger inflation and a potential recession.

TECH

The Fallout: Tech’s Relationship with Trump Begins to Sizzle

Tech companies that once supported Trump are now feeling the sting of his tariffs. Since the announcement of sweeping tariffs, the US stock market has lost more value than all US equities were worth in 1990, with tech stocks, including Apple and Nvidia, suffering significant losses. Apple, reliant on a global supply chain for iPhone production, and Nvidia, heavily dependent on Asian manufacturing, have been hit hard by the tariffs, especially as many of their key production partners are in the countries targeted by Trump’s trade policies. Similarly, Tesla has seen a decline in stock value, exacerbated by its dependence on China for sales and manufacturing. Despite some exceptions for the semiconductor industry, the tariffs are expected to drive up costs and hurt industries like AI. Tech leaders, who once backed Trump, may now be looking for ways to persuade him to grant exemptions, particularly for products like the iPhone, to avoid price hikes. Apple’s Tim Cook, who has navigated tricky political waters before, might be at the forefront of these efforts, seeking a solution that prevents further harm to the tech sector.

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CRYPTO

US Justice Dept Shuts Down Crypto Enforcement Team Due to Trump Order

The U.S. Justice Department is dissolving its National Cryptocurrency Enforcement Team and instructing prosecutors to focus crypto investigations primarily on drug cartels and terrorist organizations, according to a memo obtained by Reuters. The memo, issued by Deputy Attorney General Todd Blanche late Monday, criticized the previous administration under Democratic President Joe Biden for what it described as a "reckless strategy of regulation by prosecution" within the digital asset sector.