President threatens new 50% China duties

Billionaire Richard Branson is warning that the U.S. “will face smash for years to come back” if the Trump administration doesn’t instantly “change course” on its tariff insurance policies.

“The US authorities can nonetheless flip issues round, however it should act within the subsequent few hours,” the Virgin Group co-founder wrote on X.

“That is the second to come clean with a colossal mistake and alter course. In any other case, America will face smash for years to come back,” he wrote.

— Kevin Breuninger

The White Home dismissed a wire headline that mentioned Trump is contemplating pausing new tariffs for 90 days.

“Faux information,” White Home Press Secretary Karoline Leavitt advised CNBC’s Eamon Javers after a headline that cited Kevin Hassett, the director of the Nationwide Financial Council.

Trump himself posted on social media a video of Fox Enterprise host Maria Bartiromo saying, “Charges are plummeting, oil costs are plummeting, deregulation is going on.”

“President Trump shouldn’t be going to bend,” Bartiromo mentioned within the video.

– Dan Mangan

Trump writes that it is “not sustainable” for the U.S. to “lose $1.9 trillion on commerce” in a post simply now on Reality Social.

Trump’s submit features a video of him speaking to reporters, through which he additionally says that the U.S. cannot lose cash on commerce “and likewise spend some huge cash on NATO to be able to shield European nations.”

— Erin Doherty

Tesla shares are buying and selling round 20% decrease than they had been when Lutnick urged folks to “Purchase Tesla” final month.

Lutnick touted Tesla, whose CEO is the Trump administration DOGE chief Elon Musk, in a March 19 interview on Fox Information.

“It is unbelievable that this man’s inventory is so low-cost,” Lutnick mentioned. “It will by no means be this low-cost once more.”

Because it seems, it could be.

— Dan Mangan

Canada filed a dispute with the the World Commerce Group regarding Trump’s 25% tariffs on vehicles and car elements imported from Canada into the U.S.

Canada requested WTO dispute consultations with the U.S. regarding the new levies, the worldwide commerce group mentioned. The WTO says the request for consultations formally initiates a dispute within the group.

Consultations will give the events a chance to debate the matter with out continuing additional with litigation. After 60 days, if consultations have didn’t resolve the dispute, the complainant could request adjudication by a panel, based on the WTO.

Canada claims the measures are inconsistent with the U.S.’ obligations underneath numerous provisions of the “Basic Settlement on Tariffs and Commerce” of 1994.

— Michael Wayland

Individuals who voted for Trump usually tend to personal inventory than those that voted for Kamala Harris in November’s election — and so they additionally are inclined to have extra money tied up available in the market.

CNBC’s All-American Economic Survey in December discovered that 51% of Trump voters have inventory market investments, in comparison with 46% of Harris voters.

And of these Trump voters, 53% had investments value greater than $50,000, whereas simply 45% of Harris voters had that a lot cash tied up in inventory.

— Dan Mangan

High White Home commerce advisor Peter Navarro is shrugging off Elon Musk’s swipe at his {qualifications}, whereas suggesting there may be daylight between the Tesla CEO’s commerce views and people of the Trump administration.

Navarro advised CNBC’s “Squawk Field” that he has not spoken to Musk since he tweeted that Navarro “ain’t constructed s—.”

Musk appeared to delete that submit.

However Musk saved up one other submit that mentioned “a PhD in Econ from Harvard is a foul factor,” a shot at Navarro’s alma mater.

“I am going to most likely see him at this time within the Oval. It is no huge deal,” Navarro advised CNBC when requested about Musk’s feedback.

Navarro praised Musk’s work with DOGE on slashing authorities spending.

Nonetheless, he then took a swipe on the billionaire.

“In terms of tariffs and commerce,” Navarro mentioned, Musk “is a automobile producer — however he is not a automobile producer, he is a automobile assembler.”

Navarro famous that elements of the Tesla automobiles assembled at its Texas plant are from abroad.

“What we wish, and the distinction in our considering and Elon’s on this, is that we wish the tires made in Akron, we wish the transmissions made in Indianapolis,” he mentioned.

— Kevin Breuninger

“Nations from all around the World are speaking to us,” Trump wrote on Reality Social, and “powerful however honest parameters are being set.”

Trump spoke to Japanese Prime Minister Shigeru Ishiba earlier within the day, and “he’s sending a prime workforce to barter.”

“They’ve handled the U.S. very poorly on Commerce. They do not take our automobiles, however we take MILLIONS of theirs,” Trump says within the submit, including, “all of it has to vary, however particularly with CHINA!!!”

— Erin Doherty

Europe will set up a brand new import surveillance job drive, because it seems to be to diversify its commerce portfolio within the wake of Trump’s sweeping tariffs.

“Additional diversifying our commerce relations may be very crucial for us, as a result of this broadens the market alternatives and is essential for our corporations,” European Fee President Ursula von der Leyen mentioned at a press briefing.

“So we’ll focus like a laser beam on the 83% of worldwide commerce that’s past the USA, huge alternatives, and because of this we’re deepening our relationships with our buying and selling companions.”

Von der Leyen talked about present offers with Mexico and Switzerland, and potential offers with India, Thailand, Malaysia and Indonesia.

Europe stands prepared to reply to Trump’s aggressive tariff agenda with counter measures if vital, she mentioned, however the area nonetheless stands “prepared to barter” with the U.S. if attainable.

— April Roach

High White Home commerce advisor Peter Navarro is pushing again on issues that Trump’s plan to revive U.S. manufacturing via tariffs will take years to bear fruit, if it really works in any respect.

“Funding can made in auto elements factories which might be nonetheless there, and it will not take lengthy,” Navarro mentioned on CNBC’s “Squawk Field.”

He then pointed to the primary Trump administration securing protecting gear sooner than anticipated firstly of the Covid-19 pandemic.

“So do not inform me that America does not have the wherewithal to maneuver issues and we will do stuff,” he mentioned.

A CNBC flash survey of CEOs contacted within the wake of Trump’s sweeping tariff rollout final week was far much less optimistic: 45% of respondents mentioned that any reshoring would take minimal two years, and extra possible three years or extra.

— Kevin Breuninger

JPMorgan Chase CEO Jamie Dimon says Trump’s tariffs will possible enhance costs on each home and imported items, weighing down a U.S. economic system that had already been slowing.

Dimon addresses the tariff policy in his annual shareholder letter, which has grow to be intently learn.

“No matter you consider the reputable causes for the newly introduced tariffs – and, after all, there are some – or the long-term impact, good or unhealthy, there are prone to be vital short-term results,” Dimon writes.

“We’re prone to see inflationary outcomes, not solely on imported items however on home costs, as enter prices rise and demand will increase on home merchandise.”

“Whether or not or not the menu of tariffs causes a recession stays in query, however it can decelerate development,” he provides.

Dimon is the primary CEO of a significant Wall Avenue financial institution to publicly handle Trump’s sweeping tariff coverage as international markets crash.

His remarks seem to backtrack from earlier feedback he made in January, when Dimon mentioned that folks ought to “get over” tariff issues as a result of they had been good for nationwide safety. On the time, tariff ranges being mentioned had been far decrease than what was unveiled final week.

— Hugh Son

Elon Musk posted a video on X of Milton Friedman advocating totally free commerce, in one of many strongest examples but of the billionaire SpaceX founder’s break with Trump on tariffs.

Over the weekend, Musk publicly criticized Trump’s prime commerce advisor, Peter Navarro.

He additionally mentioned mentioned he hopes Europe and the U.S. can transfer “to a zero-tariff state of affairs, successfully making a free-trade zone,” throughout a digital look at a gathering of Italy’s far-right League get together.

Musk’s feedback had been at odds with Trump’s hostility in direction of the European Union, which Trump has focused with a 20% tariff on exports.

Musk is Trump’s largest marketing campaign donor and the chief of DOGE, Trump’s huge effort to slash the federal workforce.

Trump lately advised Cupboard members that Musk can be leaving his submit at DOGE within the coming months.

— Erin Doherty

Markets throughout the globe proceed to crash for a 3rd day on account of Trump’s tariffs.

Taiwan:

Ackman is apologizing for accusing Lutnick of being “detached” to a inventory market crash as a result of he stands to revenue from it.

“It was unfair of me to lash out at @howardlutnick,” writes Ackman.

“I do not suppose he’s pursuing his self curiosity. I’m certain he’s doing the very best he can for the nation whereas representing the President as Commerce Secretary. It isn’t a straightforward job and we do not know the way the sausage was made.”

The brand new submit comes 9 hours after Ackman slung the accusation at Lutnick and his funding banking agency, Cantor Fitzgerald.

“I simply found out why @howardlutnick is detached to the inventory market and the economic system crashing. He and Cantor are lengthy bonds. He income when our economic system implodes,” Ackman wrote Sunday evening.

“It is a unhealthy concept to select a Secretary of Commerce whose agency is levered lengthy mounted earnings. It is an irreconcilable battle of curiosity.”

— Kevin Breuninger

Trump is touting the steep drop in oil costs — pushed by fears of lowered demand within the more and more possible occasion of a recession — as a coverage win.

“Oil costs are down, rates of interest are down (the gradual shifting Fed ought to minimize charges!), meals costs are down, there may be NO INFLATION, and the very long time abused USA is bringing in Billions of {Dollars} per week from the abusing nations on Tariffs which might be already in place,” Trump writes in his latest Truth Social post.

“That is even though the most important abuser of all of them, China, whose markets are crashing, simply raised its Tariffs by 34%, on prime of its long run ridiculously excessive Tariffs (Plus!), not acknowledging my warning for abusing nations to not retaliate,” he writes. “They’ve made sufficient, for many years, making the most of the Good OL’ USA!”

Trump additionally blames America’s previous leaders for “permitting this” to occur.

— Christina Wilkie

Trump has two vital public occasions on his schedule at this time.

11:00 a.m. ET: Trump will host the World Collection-winning Los Angeles Dodgers on the White Home, based on his official schedule.

2:30 p.m. ET: Netanyahu, one in all Trump’s closest allies, will take part in a joint press convention with the president on the White Home.

The final time Netanyahu visited the White Home was in February, because the U.S. labored to finalize the second section of a stop fireplace deal in Gaza. It didn’t maintain, nonetheless, and Israeli forces have since resumed floor operations in Gaza.

CNBC’s newest CEO survey finds {that a} majority of the CEOs polled say they now count on a recession earlier than the tip of the yr. Of these, round half say {that a} recession, if it occurs, will possible be average.

One in three of the CEOs say they count on that their corporations shall be compelled to chop jobs in 2025 on account of Trump’s tariff insurance policies.

— CNBC Employees