Berkshire Hathaway denied on Friday that its billionaire CEO Warren Buffett voiced support for the tariffs imposed this week by United States President Donald Trump. “There are reports currently circulating on social media (including Twitter, Facebook and Tik Tok) regarding comments allegedly made by Warren E. Buffett. All such reports are false,” the company stated. The statement came after Trump posted a video that claimed that Buffett said the president was “making the best economic moves he’s seen in over 50 years.”
Cruz: Trump’s tariffs could have terrible outcome
United States Senate Commerce Committee Chair Ted Cruz expressed concerns over the latest tariffs imposed by US President Donald Trump, saying that he is “not a fan.” “If we’re in a scenario 30 days from now, 60 days from now, 90 days from now, with massive American tariffs, and massive tariffs on American goods in every other country on earth, that is a terrible outcome,” Cruz stated in his podcast released on Friday, expressing concerns about other countries retaliating against Washington. Cruz, who ran against Trump in 2016 GOP primaries but then endorsed him ahead of the 2024 election, warned that Republicans could suffer in the 2026 midterms as a result of the tariffs and their impact on the economy. “If we go into a recession, particularly a bad recession, 2026 in all likelihood, politically would be a bloodbath,” he pointed out.
Nick note:
You really need to pay attention here because we are flirting with disaster. This tariff war can easily spin out of control and devastate the global economy. the last depression was caused by the world economy shutting down in 1930 because of trade wars. It was caused by he Smoot–Hawley Tariff Act. It was a protectionist trade measure signed into law in the President Herbert Hoover. the act raised tariffs on over 20,000 imported goods in an effort to shield American industries from unfair foreign competition. sound familiar? There is no discussion the US suffers the unfair trade practices. It was allowed because politicians wanted cheap consumer goods for American citizens. The cost is d-industrializing the country. destroys the US mining including oil, farming and manufacturing base including software. Wealth is created in these places. And anything that disrupts a countries ability to have these resources domestically will eventually end in disaster. And stopping the flow of manufactured goods, food, raw materials and digital products across borders is the road we are headed\down
When goods and services stop crossing border then armies willl
Trumps mistake here is abruptly stopping the flow of goods and services and materials with the entire world. He is dramatically increasing the cost of those goods. This is going to spin out of control. Let me warn you the odds are 70% that we will be in a global recession in the next 6 months. And the odds are more than 60% that that global recession will lead to a global depression. It may be too late to stop it. Calmer heads need to prevail immediately and slow escalation of tariffs which are taxes. These abrupt changes as you are seeing has led to a stock market that now is a major correction in just 3 days. An economy that’s going into a nosedive. Most important thing is the psychological effects on people as they watch their retirement accounts wipe out and their costs of food and goods increase by 25% across the board. You should be damn scared and rightly so. Here’s my warning to you this could end up in the 1929 depression and stock market wipe ou.t But hear me it’s far worse this time because there’s a huge amount of debt by citizens corporations and governments and that has a great chance of being defaulted on. That’s when it’s game set match. We have to reorganize the world out of the ashes of World War III cuz could. come from this
Oil crashes 8% as China retaliates with tariffs on US
Crude oil prices plunged over 8% on Friday after China announced sweeping new tariffs on US goods. This escalated the global trade war ignited by US President Donald Trump’s aggressive protectionist policies earlier this week. The selloff deepened after OPEC+ advanced its plan to boost production in May. Goldman Sachs cut its 2025 oil price forecasts, citing heightened recession risks and increased supply pressures in a worsening trade environment. As of 8:21 am ET, West Texas Intermediate crude oil was down 8.27% at $62 a barrel, while Brent crude fell 7.53% to $65.3. Both are on track for their lowest close since April 2021.
Oil sinks over 4% to lowest since December 2021
FOR A LAUGH SEE BULLSHIT VIDEO BELOW:
Crude oil prices extended losses on Friday as markets worry about a possible drop in demand resulting from trade tariffs imposed by the United States. Meanwhile, OPEC+ announced yesterday that it will increase output by 411,000 barrels per day in May, more than expected.
NN: FOR THE RECORD…. IT LOOKS LIKE THE BOTTOM IS IN $60.81 WTI AND $63.71
8 OPEC nations boost crude oil production by 411,000 barrels a day
Eight OPEC oil-producing nations Thursday agreed to boost crude oil production beginning in May.
OPEC said in a statement that Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman “reaffirmed their commitment” to voluntary production adjustments as they announced plans to boost production to a more-than-expected 411,000 barrels a day.
“The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability,” OPEC said in a statement.
The move sent oil prices lower with Ice Brent which at $65.50 a barrel in London trading. Nymex WTI prices are at $62.80 per barrel as I publish
The OPEC countries were expected to ramp up production by just under 140,000 barrels a day. They said this move will increase the compensation of the nations producing more oil. The added production is equivalent to three monthly increments of increases, according to OPEC. It comes as the 8 nations are ending a voluntary reduction in their crude oil output of 2.2 million barrels a day. The larger 22-member OPEC organization has a cut of 3.66 million barrels a day still in force through the end of 2026.
NN: NO WAY IN HELL WILL OPEC BE INCREASING PRODUCTION
Oil Drops, Markets Rattle as Trump Unleashes Tariffs
Oil prices slipped on Wednesday afternoon after initially climbing more than $1 as markets digested a sweeping new round of global tariffs announced by an aggrieved U.S. President Donald Trump from the Rose Garden. The announcement rattled equity markets and fueled uncertainty across commodities, despite initial gains. Both Brent and WTI crude futures lost ground on Wednesday afternoon, reversing gains made after Trump revealed that a minimum 10% tariff would be imposed on all countries exporting goods to the United States. Additionally, 60 countries with the largest trade imbalances — including China, the European Union, and Vietnam — now face even steeper levies. China, for example, will see its total tariff level soar to 54%, according to the White House.
Despite the broad reach of the new tariffs, the energy sector was largely spared. A White House official confirmed that imports of oil, gas, and refined products are exempt from the measures. Canada — a key U.S. trade partner — was formally exempted from Wednesday’s reciprocal tariff action.
However, the White House noted that non-compliant CUSMA (Canada–U.S.–Mexico Agreement) goods would still be subject to a 25% tariff, and non-compliant CUSMA energy and potash exports would face a 10% duty. While oil markets digested the news with a slight downward turn, broader equity markets saw a sharper reaction. S&P 500 futures dropped 3.5%, while Nasdaq 100 futures tumbled 4.2%, falling below their March 13 intraday lows to levels not seen since last September. Still, U.S. Treasury Secretary Scott Bessent, speaking on Bloomberg TV, attempted to calm jittery investors, calling the move “the certainty on tariffs markets have long craved.” Bessent urged investors to “embrace the clarity” brought by the administration’s trade position. For now, while energy markets appear buffered by the exemption, traders remain cautious amid fears that retaliatory measures and a potential global trade slowdown could ultimately weigh on crude demand.
NN: see BlackMask Maket Update:
BOOM BOOM TRADE
Trump places counter duties on countries around the world
United States President Donald Trump hailed on Wednesday this day as the day of “economic independence,” announcing reciprocal tariffs on countries “throughout” the world.
Trump said the reciprocal tariffs would help the US economy, while denouncing trade practices by other countries.
“We can’t pay the deficits of Canada, Mexico, and so many other countries, we used to do it, we can’t do it anymore … We have to take care of our people and we’re gonna take care of our people first and I’m sorry to say that,” Trump said.
Netanyahu: Israel ‘dissecting’ Gaza to return hostages
Israeli Prime Minister Benjamin Netanyahu said on Wednesday that the military is currently “dissecting” the Gaza Strip in order to return hostages held by Hamas. “We are now dissecting the Strip and we are increasing the pressure step by step… so they will give us our hostages,” Netanyahu stated. “The longer they refuse to give them up, the more the pressure will increase until they do,” he added. The prime minister further said that the Israel Defense Forces (IDF) is “shifting gears” in Gaza and creating a “second Philadelphi” route, referring to the corridor on the border between Egypt and Gaza. Israel is “seizing territory, striking terrorists, and destroying infrastructure,” he stressed.
US boosts Middle East presence amid Trump’s Iran threats
The United States is significantly increasing its military presence in the Middle East as the Trump administration ramps up pressure on Iran to reach a nuclear deal. US President Donald Trump threatened Iran with “bombing the likes of which they have never seen before,” giving the country a two-month deadline, according to reports. The US announced it is boosting the regional deterrence capabilities of its Central Command (CENTCOM), ordering the Harry S. Truman Carrier Strike Group to remain in place and assigning USS Carl Vinson to the area, fielding squadrons of Super Hornet strike fighters, F-35, and electronic warfare aircraft Growlers. USS Carl Vinson is currently in the Philippine Sea and is expected in Bahrain around April 10. In addition, the US has brought as many as six B-2 nuclear bombers to the Middle East and deployed a squadron of Thunderbolt subsonic attack aircraft. Meanwhile, Iran has continued producing 60% enriched uranium, with the International Atomic Energy Agency saying it now has enough stockpiles for six atomic bombs, if they are further enriched to 90%. Tehran possesses the largest number of ballistic missiles in the Middle East, according to US intelligence, including cruise and anti-ship missiles, with a range of up to 2,000 km (1,200 miles). Iran has built up a vast amount of long-range drones, some of which can allegedly carry 300 kg payloads. The regime also arms various militant groups in the region, including the Houthis. While both Tehran and Washington remain focused on deterrence for the moment, the volatile geopolitical situation and large military force on both sides cause serious concern.
US to deploy second aircraft carrier to Middle East
The United States will deploy a second aircraft carrier to the Middle East and keep the one that is already positioned there in place, the Pentagon said on Tuesday. The Harry S. Truman carrier strike group, which is already stationed in the region, will be joined by the Carl Vinson carrier strike group, “to continue promoting regional stability, deter aggression, and protect the free flow of commerce in the region,” the Pentagon said in a statement. The Carl Vinson group will be on its way as soon as it completes a scheduled exercise in the Indo-Pacific. US President Donald Trump stressed on Monday that US air strikes against the Yemen-based Houthis will continue until they are no longer a threat to “Freedom of Navigation.” “To complement the CENTCOM maritime posture, the [Defense] Secretary [Pete Hegseth] also ordered the deployment of additional squadrons and other air assets that will further reinforce our defensive air-support capabilities,” the Pentagon statement reads.