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Good morning. If you should ever meet Nvidia CEO Jensen Huang, never compare him to Elon Musk. Huang’s biographer learned this the hard way.
In today’s big story, US President Donald Trump’s tariffs have gone into effect — we’re looking at when you can expect prices to rise, and how severe they may be.
What’s on deck
Markets: Why “The Big Short” investor Steve Eisman thinks the US would prevail in a global trade war.
Tech: How grassroots rage at Elon Musk snowballed into global protests.
Business: Zillow might not be the place to look for your dream home anymore, thanks to new rules.
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The big story
The cost of tariffs
$1,549 for an iPhone.
After Trump’s latest round of tariffs — which went into effect today — UBS’s chief investment officer said the Mainland China-assembled iPhone 16 Pro Max with 256 GB would likely see a price hike of $350.
The White House’s total tariff rate for China now stands at 104%. BI spoke to seven analysts about rising consumer prices and found they expect costs to go up roughly 30% to 50%.
It’s not just Apple, either. A slew of companies have talked about raising prices due to Trump’s tariffs, including Walmart and Target — BI has a running list of them here.
Prices on everything from pantry staples like coffee and sugar to larger purchases like cars and appliances are expected to rise. A Yale economist estimated that the cost to the average household could be about $3,800 this year.
“Shark Tank” investor Mark Cuban has suggested Americans begin stockpiling goods before prices go up:
“From toothpaste to soap, anything you can find storage space for, buy before they have to replenish inventory,” Cuban wrote.
So, should you take Cuban’s advice and stockpile essentials?
Some Americans are. BI spoke with people who say they’re buying makeup, skincare goods, pet food, spices, meat … the list goes on.
Prices might not rise immediately. Companies may think twice before passing on the cost to consumers. Take Apple: Increasing prices could give competitors like Samsung — who are less affected by tariffs — a competitive edge, analyst Thomas Monteiro said.
That said, if you know you’ll need a new iPhone soon, it’s not a bad idea to act now, BI’s Ana Altchek writes.
3 things in markets
1. “The Big Short” investor is bullish on Trump and the trade war. Steve Eisman thinks the US would win if tariff escalation develops into a full-on trade war. He’s also confident President Trump could get everything he wants from negotiations “if reasonable heads prevail.”
2. To buy — or not buy — the dip. There might be a glimmer of hope for the investors suffering through the brutal market sell-off. History suggests stocks could very well shake off these losses, and Truist’s chief market strategist agrees: “This is not the time to be selling into panic.”
3. History lessons about a looming bear market. The S&P 500 briefly entered bear market territory on Monday amid a three-day skid triggered by Trump’s tariffs. Goldman Sachs strategists argue the market is now flirting with an event-driven bear market. Here’s what to expect if the stock market decisively enters one.
3 things in tech
1. Rage against the (Elon Musk) machine. Tesla Takedown protests began sprouting up in February and by the end of March, they had reached more than 250 cities and 13 countries. Here’s how anti-Tesla momentum evolved.
2. The angel investors shaking up Silicon Valley. There’s a strong correlation between the rising number of women in angel investor markets and more female entrepreneurs receiving angel investing capital. It might be the best way for them to take on tech’s billionaire boys club.
3. Microsoft middle managers, beware. The tech giant is considering another round of job cuts that could come as soon as May, BI exclusively reports. This time, it’s not just shedding low performers. Leaders on some teams are discussing ousting middle managers, people familiar with the matter told BI.
3 things in business
1. The golden age of Zillow is coming to an end. Thanks to new rules for real estate agents, sites like Zillow and Redfin are about to lose a lot of listings. Your dream home could be for sale — but you may never see it.
2. Top Trump donors are seeing their stock prices plunge. Billionaire CEOs of tech and finance companies shelled out donations to President Trump. Now they’re watching their companies’ stocks plunge after his tariff announcement. Here’s how much they’ve lost in share value.
3. Trump threatened TSMC with a “big tax.” The president said on Tuesday he’d slap Taiwan’s chipmaker with a tax of up to 100% if it didn’t build its plants in America. TSMC had already announced in March it will invest $100 billion to build five new chip factories in the US.
In other news
What’s happening today
- Federal Open Market Committee meeting minutes published.
- Delta Airlines reports Q1 earnings.
- Treasury Secretary Scott Bessent delivers keynote speech at ABA summit in Washington, DC.
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York (on parental leave). Hallam Bullock, senior editor, in London. Nathan Rennolds, editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Ella Hopkins, associate editor, in London. Elizabeth Casolo, fellow, in Chicago.
