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President Trump's newly imposed tariffs, ranging from 10% to 34% on imports from China, Taiwan, and South Korea, threaten to disrupt Big Tech's AI expansion plans. The tariffs could delay significant projects like OpenAI's $500 billion Stargate initiative and may lead to reduced spending by major cloud service providers such as Microsoft, Alphabet, and Amazon, which are already facing financial pressures.
Warren Buffett's Berkshire Hathaway Inc. experienced only a slight decline during a global market selloff triggered by US tariffs, largely due to its strong insurance sector earnings. In contrast, competitor Progressive Corp. saw a 2% increase, becoming a top performer in the index.
World cocoa and coffee prices have dropped following President Trump's announcement of significant tariffs on US imports, raising concerns about demand in the largest consumer market. Key coffee producers like Vietnam and Indonesia face steep tariffs, while Brazil and cocoa-producing nations also see increased costs. The tariffs are expected to create inflationary pressures in the US and complicate import processes for roasters and traders.
The DAX 40 has fallen over 5% in two weeks due to heightened risk aversion and new U.S. tariffs, which threaten the European economy and corporate margins. A "head-and-shoulders" pattern suggests a potential correction to 20,000 points if trade tensions escalate, while a rebound hinges on a shift in U.S. trade policy or central bank support.
The European Union is set to impose significant penalties on Elon Musk's social media platform X for violating the Digital Services Act, with fines potentially exceeding $1 billion. The investigation, which began in 2023, highlights X's failure to provide necessary data for assessing disinformation and its lack of transparency regarding advertisers. Musk has vowed to contest the penalties, framing them as an attack on free speech, while the EU maintains its commitment to enforce regulations fairly across all tech companies.
Donald Trump expressed his desire for Elon Musk to remain involved with the Department of Government Efficiency (DOGE) for as long as possible, despite acknowledging Musk's need to return to his businesses. Musk, who is under a 130-day limit in his role, is expected to step down by May 30, with Trump indicating he would offer Musk another government position if desired. Meanwhile, Musk faces pressure as Tesla's sales dropped 13% in Q1 2025, contributing to a decline in his favorability among voters.
Oil prices continued to decline in early Asian trade, heading for their worst week in months due to President Trump's new tariffs, which raised fears of a global trade war impacting oil demand. Brent futures dropped to $69.54 a barrel, while US West Texas Intermediate crude fell to $66.34. The bearish outlook was compounded by OPEC+ advancing its oil output increase plan, aiming to return 411,000 barrels per day to the market in May, which analysts believe will lead to a surplus in the oil market this year.
Banco Santander SA has reaffirmed its financial targets for the year despite the market turmoil triggered by President Donald Trump's recent tariff announcements. Chairman Ana Botin emphasized the importance of the bank's diversification during challenging times, highlighting its resilience in the face of economic uncertainty.
President Trump's new tariffs, including a 24% levy on Japan and a 25% on South Korea, could lead to significant price increases for consumers and risk igniting inflation and recession. The measures have sparked global market turmoil and prompted threats of retaliation from various countries, raising concerns over the future of international trade. Analysts warn that these tariffs may alienate allies and disrupt supply chains, while the administration claims they will bolster domestic manufacturing and create jobs.
UBS has downgraded its outlook for the US stock market, lowering its S&P 500 target from 6400 to 5800 points due to Donald Trump's unexpected "reciprocal" tariffs. Earnings expectations for the index have also been cut, with a forecast of just $250 per share, indicating minimal growth. In a more optimistic scenario, the S&P 500 could reach 6500 points, while a downturn could see it fall to 4500 points amid geopolitical tensions and economic slowdown.
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