🌏 Hitting pause
Good morning, Quartz readers!
Here’s what you need to know
A 90-day tariff pause sent stocks soaring. Treasury Secretary Scott Bessent insists President Trump’s pause isn’t because of the market volatility.
The bounce back is a relief. One analyst had said the tariffs would “go down as the worst U.S. policy mistake” since 1930. He called it an “Armageddon scenario” for U.S. tech.
Delta Air Lines, meanwhile, sent a warning about the economy. In its 2025 outlook, it warned that growth has largely stalled due to “uncertainties around global trade.”
Jamie Dimon also warned of a tariff-induced recession. He hopes President Trump will work towards preventing more damage.
Even MrBeast is upset about tariffs talk. If the pause is lifted, he might make Feastables somewhere else.
And how much would it cost Apple to make iPhones in America? Bank of America tried to find out.
Relief rally
Talk about whiplash! In a social media post, the president announced a 90-day pause on tariffs for most countries.
No surprise, U.S. market indexes immediately shot up after the announcement.
In the same post, Trump wrote he was raising the tariff rate on China from 104% to 125% “effective immediately.”
He said the pause is all based on the fact that more than 75 countries called U.S. Representatives to negotiate. Quartz’s Kevin Ryan and Catherine Baab have more.
All the times the ‘Oracle of Omaha’ pulled off a miracle
We think for his next venture, Warren Buffett should consider selling crystal balls.
The billionaire chairman and CEO of Berkshire Hathaway made headlines after it was revealed Berkshire sold $134 billion in equities and was sitting on a record $334 billion pile of money.
For the past two years, his company has been stockpiling cash and selling stocks, meaning Berkshire remains in strong financial shape as the rest of the market is in tumult as a result of President Donald Trump’s tariffs.
One of our favorite Buffett-isms? “Predicting rain doesn’t count. Building arks does.” And, clearly, over the course of his financial career, he’s done just that. Quartz’s Shannon Carroll rounded up eight times Buffet called the stock market right.
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