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April 6, 2025

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The previous week was short; the Indian markets traded for four days owing to one trading holiday on account of Ramadan Id. However, while staying largely bearish, the markets weathered the storm inflicted by the US announcing reciprocal tariffs on almost everyone and kicking off a serious trade war. The Indian markets stayed extremely resilient but ended the week on a negative note. The Index moved in the range of 707.70 points over the past four sessions. The volatility also rose; the India VIX surged 8.16% on a weekly basis to 13.76. The Indian benchmark Index closed with a net weekly loss of 614.90 points (-2.61%).

The equity markets across the world are likely to stay under pressure and in a bit of turmoil. However, the Indian markets are likely to remain relatively resilient. We live in an interconnected world; it is not surprising if we see the markets staying under pressure along with the other equity markets. However, what is expected to stand out will be the Indian market’s expected relative outperformance. This was evident over the previous week as while the Nifty and Nifty 500 lost 2.61% and 2.50%, the US key indices SPX, Nasdaq, and the Dow lost 9.08%, 10.02%, and 7.86%, respectively. While India’s VIX spiked just over 8%, the CBOE VIX has spiked 109.14% on a weekly basis. While the Indian markets may also show jitters and stay under pressure, this relative outperformance is likely to persist.

The coming week is again short, with Thursday being a trading holiday for Shri Mahavir Jayanti. The markets are expected to start lower on Monday following global weakness. Over the coming week, we can expect the levels of 23050 and 23300 to act as potential resistance points. Importantly, the supports are expected to come in at 22600 and 22450.

The weekly RSI is at 44.93; it stays neutral and does not show any divergence against the price. The weekly MACD is bearish; however, the sharply narrowing Histogram hints at a likely positive crossover in the future. A strong black-bodied candle showed the sustained downward pressure on the markets.

The pattern analysis of the weekly chart shows that after rebounding off the 100-week MA, the Nifty staged a strong rally that halted at the 50-week MA. This MA is placed at 23849; this was the support that the Index had violated on its way down, and now acts as a resistance. The previous week also saw the Nifty slipping below the 20-week MA positioned at 23412. While the Index stays in a secondary trend, it remains in a large but well-defined trading range that is created between 23400 on the upper side and 22100 on the lower side.

Despite being short, the coming week is expected to see a wider trading range and some more volatility staying ingrained in it. It is strongly recommended that while the valuations look tempting enough to initiate buying, all fresh buying should be done in a staggered manner. One must not go out and buy everything all at once, but one should do it in a staggered way while allowing the prices to stabilize and indicate a potential reversal point. Leveraged positions must be kept at modest levels, and fresh purchases must be kept limited to the places where there is emerging relative strength. A cautious approach is advised for the coming week.


Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed.

Relative Rotation Graphs (RRG) show the Nifty Bank and Financial Services indices are rolling strongly inside the leading quadrant. Besides these two indices, the Nifty Commodities, Metal, Infrastructure, and Services Sector Indices are also inside the leading quadrant.

The Nifty Pharma Index is the only one inside the weakening quadrant.

The Nifty IT Index has rolled inside the lagging quadrant and is languishing inside that quadrant along with the Nifty Midcap 100 index. The Nifty Realty and the Media Index are also in the lagging quadrant; however, they are improving relative momentum against the broader markets.

The Nifty PSE and Energy Indices are inside the improving quadrant along with the PSU Bank index, which is seen as strongly improving its relative momentum. The FMCG, Auto, and Consumption Indexes are also inside the improving quadrant but are seen rolling towards the lagging quadrant again while giving up on their relative momentum against the broader markets.


Important Note: RRG charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  


Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae

How low can the S&P and the Nasdaq fall? More importantly, how can an investor navigate this volatile environment?

In this eye-opening video, Mary Ellen McGonagle delves into the stock market’s fall, identifies key support levels, and compares them to past bear markets. She also discusses inverse ETFs and their past price action. Don’t miss out on these key technical points. They will help you identify when the market is getting ready to reverse.

The video was originally published on April 4, 2025. You can watch it on our dedicated page for Mary Ellen’s videos.

New videos from Mary Ellen premiere weekly on Fridays. You can view all previously recorded episodes at this link.

If you’re looking for stocks to invest in, be sure to check out the MEM Edge Report! This report gives you detailed information on the top sectors, industries and stocks so you can make informed investment decisions.

I am attending and speaking at the CMTA West Coast Regional Summit in San Francisco from Friday, 4/4, to Sunday, 4/6, so I don’t have enough time to write a full blog article updating the best five sectors.

So, instead, I have added the graphs and the new ranking to this article for review, and I will update the text and the positions in the portfolio on Monday.

  1. (1) Financials – (XLF)
  2. (3) Communication Services – (XLC)*
  3. (2) Energy – (XLE)*
  4. (7) Consumer Staples – (XLP)*
  5. (4) Utilities – (XLU)*
  6. (5) Healthcare – (XLV)
  7. (6) Industrials – (XLI)*
  8. (9) Consumer Discretionary – (XLY)*
  9. (8) Real-Estate – (XLRE)*
  10. (10) Materials – (XLB)
  11. (11) Technology – (XLK)

Tech stocks led a week-long decline as US President Donald Trump’s global retaliatory tariffs were announced on Wednesday (April 2).

The announcement led to a market-wide sell-off that erased over US$6 trillion in market value and drove the Nasdaq Composite (INDEXNASDAQ:.IXIC) into a confirmed bear market.

This week’s pullback was the worst day in the stock market since the early days of the COVID-19 pandemic in March 2020.

New developments may arise unexpectedly as this situation unfolds.

1. Agility Robotics secures US$400 million

On Tuesday (April 1), the Information reported on a US$400 million funding round led by private equity firm WP Global for humanoid robot maker Agility Robotics.

The report cites an individual who claims to have seen the term sheet, noting that the new funding will give Agility Robotics, whose CEO is former Microsoft (NASADQ:MSFT) executive Peggy Johnson, a valuation of US$1.75 billion.

Prior to the report, the company unveiled advancements to its Digit robotic system on Monday (March 31), including extended battery, more efficient power usage, autonomous docking for charging, enhanced safety features and new, robust limbs and end effectors. The company says these structural changes will allow for a wider range of grasping angles and expanded manipulation capabilities.

Digit’s target applications include warehouse automation and last-mile delivery.

2. OpenAI finalizes US$40 billion funding in record-breaking deal

OpenAI finalized a US$40 billion funding deal on Monday, closing the largest private tech deal ever recorded.

The company received US$40 billion from SoftBank (3AG1.BE) and US$10 billion from a syndicate of additional investors that included long-time major investor Microsoft. This round increased OpenAI’s valuation to US$300 billion.

OpenAI will initially receive US$10 billion, with the remainder to be paid out by the end of the year. Anonymous sources for CNBC note that US$18 billion is reserved for the company’s US$500 billion Stargate project commitment.

The funding may also be reduced to US$30 billion if OpenAI doesn’t restructure into a for-profit entity by December 31, 2025. Restructuring would require approval by Microsoft and California’s AG.

In an announcement, OpenAI said it would deploy the funds to “push the frontiers of AI research even further, scale our compute infrastructure, and deliver increasingly powerful tools.’

Meanwhile, in a subsequently released report from Bloomberg, Japan Credit Rating Agency and S&P Global Ratings lowered their ratings for SoftBank as the company sought a bridge loan of up to US$16.5 billion to help fund its US AI investment commitments, according to sources who claim to know of early-stage discussions the company has had with lenders.

3. TikTok deal deadline extended amid negotiations

Earlier this week, the Information reported on a proposal from the Trump administration that would form a US-based TikTok subsidiary called TikTok America in an attempt to prevent a national ban of the popular social media app.

According to reports, the deal would see new US investors take a 50 percent stake in the company, licensing the algorithm from ByteDance, which would retain a 19 percent stake. Additional current investors would own about one-third.

The deal would put ByteDance in compliance with the Protecting Americans from Foreign Adversary Controlled Applications Act, which came into effect in January 2025. The law states that TikTok must be divested in a way that it is no longer considered to be controlled by a foreign adversary.

However, according to a Friday (April 4) Bloomberg report, representatives for ByteDance told the administration that the deal was off until Chinese officials could negotiate tariffs — which reached as high as 54 percent on several Chinese imports — announced by the Trump administration on Wednesday.

On Friday, Trump said he would extend the deadline to reach a deal by another 75 days.

“China has always respected and protected the legitimate rights and interests of enterprises and opposed practices that violate the basic principles of the market economy and harm the legitimate interests of enterprises,” spokesperson Liu Pengyu said. “China’s opposition to the imposition of additional tariffs has always been consistent and clear.”

4. Meta reportedly making billion-dollar data center investment

An anonymous source for Bloomberg claims that Meta Platforms (NASDAQ:META) is the unnamed company named in a previously reported US$837 million deal to develop a data center in Wisconsin.

According to the source, Meta will invest up to US$1 billion to build the center in Wisconsin, which offers an incentive deal to companies meeting investment thresholds across different counties.

Meta already has data centers in Iowa and Illinois and previously announced plans to build one in Louisiana.

During the company’s fourth quarter earnings call in January, CEO Mark Zuckerberg said his company intends to invest up to US$65 billion in AI infrastructure this year.

5. Microsoft announces personalized Copilot features

During an event commemorating Microsoft’s 50th anniversary, the company announced upcoming changes to its Copilot digital assistant that will allow users to tailor it to their own needs.

“You can now let Copilot live up to its name,” Mustafa Suleyman, who leads Microsoft’s consumer AI work, said during the event, which was held at its headquarters in Redmond, Washington.

Microsoft says users will have the ability to choose information Copilot can retain, such as preferences or past life events. Copilot will then be able to recall that information in future conversations. Users also have the option to opt out of personalization. The new features will roll out in the coming months.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

A cohort of Democratic representatives and senators are proposing legislation aimed at stalling President Donald Trump’s efforts to relocate federal agencies outside of Washington, D.C., something the president has taken steps to start doing. 

Guidance issued in February from the Trump administration instructed federal agencies to submit any proposed relocation of agency bureaus and offices by April 14, instructions that were tied to the president’s broader efforts to eliminate waste, fraud and abuse within the federal government. 

The pair of companion bills from Democrats in the House and Senate seeks to require agencies to conduct and share a comprehensive cost-benefit analysis with Congress and the public prior to any relocations.

‘Everyone standing here, every one of my colleagues, wants to get rid of fraud, waste and abuse… but that rhetoric [from the administration] is a cover for an agenda that is perverse and contrary to the interests of the United States of America,’ Rep. Steny Hoyer, D-Md., said during a press conference held at the Capitol announcing the new legislative effort.

‘All of this is targeted at depleting the federal workforce and nullifying the government of the United States,’ Rep. Jamie Raskin, D-Md., added. ‘That is the philosophy that is driving this entire thing.’ 

Maryland Democratic Sen. Chris Van Hollen previously introduced ‘The COST of Relocations Act’ in 2020, and again in 2023.

‘We hoped [the bill] wouldn’t be necessary again, but it is,’ Van Hollen stated at the press conference. ‘It’s necessary in order to stop Donald Trump and Elon Musk from wasting American taxpayer dollars by sabotaging services that the American public depends on.’

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President Donald Trump marked the week by unveiling an unprecedented wave of tariffs on imports to the U.S., aligning with his long-held position that other countries have taken advantage of the U.S. in trade. 

Trump disclosed the historic tariffs in a ceremony at the White House’s Rose Garden for a ‘Make America Wealthy Again’ event, asserting these new duties would generate new jobs for U.S. workers. 

‘For nations that treat us badly, we will calculate the combined rate of all their tariffs, nonmonetary barriers and other forms of cheating,’ Trump said Wednesday.

‘And because we are being very kind, we will charge them approximately half of what they are and have been charging us,’ he said. ‘So, the tariffs will be not a full reciprocal. I could have done that. Yes. But it would have been tough for a lot of countries.’

The tariff plan establishes a baseline tax of 10% on all imports to the U.S., along with customized tariffs for countries that place higher tariffs on American goods. The baseline tariffs of 10% will take effect Saturday, while the others will take effect Wednesday. 

The Trump administration previously imposed a 25% tariff on imported vehicles, up to 25% tariffs on certain goods from Mexico and Canada and a 20% tariff on shipments from China. The tariffs already imposed on Canada and Mexico remain unaffected, but the new tariffs on China will be added on top of the previous duties on Beijing, according to the White House. 

The tariffs have faced backlash from both parties in Congress, and allies, including Canada and Australia. A bipartisan group of senators introduced legislation Friday called the Trade Review Act of 2025 that would require the executive branch to provide Congress a 48-hour notice before imposing tariffs. Likewise, the measure would permit tariffs to expire after 60 days, unless Congress moves to approve a joint resolution codifying the duties. 

Treasury Secretary Scott Bessent urged countries against imposing retaliatory tariffs against the U.S. in response. 

‘My advice to every country right now: Do not retaliate,’ Bessent said in an interview Wednesday with Fox News. ‘If you retaliate, there will be escalation.’

Here’s what also happened this week: 

National Security Council firings 

Trumpalso disclosed that several members of the National Security Council, headed by National Security Advisor Mike Waltz, were fired Thursday. Trump said the firings affected a small number of employees, and he still had a high level of confidence in his national security team. 

‘Always, we’re going to let go of people we don’t like or people we don’t think can do the job or people who may have loyalties to somebody else,’ Trump told reporters on Air Force One when asked about media reports on the firings.

The firings come amid scrutiny over Waltz’s use of a Signal group chat to discuss strikes in Yemen after a journalist was accidentally added to the group. 

Waltz created the group chat that included White House leaders like Vice President JD Vance and Secretary of Defense Pete Hegseth. The chat also included Atlantic editor-in-chief Jeffrey Goldberg.

The White House said classified information was not shared via the encrypted messaging service. However, The Atlantic published the full exchange of messages March 26. The messages included certain attack details, including specific aircraft and times of the strikes. 

Still, the White House has defended Waltz and said the White House is no longer looking into the incident. 

‘As the president has made it very clear, Mike Waltz continues to be an important part of his national security team,’ White House press secretary Karoline Leavitt told reporters Monday. ‘And this case has been closed here at the White House as far as we are concerned.’

Musk’s DOGE status 

The White House confirmed that SpaceX and Tesla CEO Elon Musk would depart his position spearheading the Department of Government Efficiency (DOGE) later this spring in response to reports from Politico that Trump was disclosing to those close to him that Musk would ‘step back’ from his role with DOGE in the forthcoming weeks. 

‘This ‘scoop’ is garbage,’ Leavitt posted on X Wednesday. ‘Elon Musk and President Trump have both *publicly* stated that Elon will depart from public service as a special government employee when his incredible work at DOGE is complete.’

Musk is a ‘special government employee.’ The executive or legislative branches are permitted to take on temporary employees to address short-term projects for up to 130 days in a single 365-day period. For Musk, that period of time will expire at the end of May.

Musk and Trump have previously said they anticipate Musk will complete the work necessary for DOGE within that window of time. 

Fox News’ Emma Colton contributed to this report. 

This post appeared first on FOX NEWS

House Republican leaders are rallying GOP lawmakers around a plan to enact a broad swath of President Donald Trump’s agenda, after the legislation was passed by the Senate in the early hours of Saturday morning.

‘More than a year ago, the House began discussing the components of a reconciliation package that will reduce the deficit, secure our border, keep taxes low for families and job creators, reestablish American energy dominance, restore peace through strength, and make government more efficient and accountable to the American people. We are now one step closer to achieving those goals,’ Speaker Mike Johnson, R-La., and his top lieutenants wrote to House Republicans.

‘Today, the Senate passed its version of the budget resolution. Next week, the House will consider the Senate amendment.’

Congressional Republicans are pushing a conservative policy overhaul via the budget reconciliation process. Traditionally used when one party holds all three branches of government, reconciliation lowers the Senate’s threshold for passage on certain fiscal measures from 60 votes to 51.

As a result, it’s been used to pass sweeping policy changes in one or two massive pieces of legislation.

Senate Republicans passed a framework for a reconciliation bill just after 2 a.m. ET on Saturday, after hours of debate and votes on amendments to the measure.

It’s similar to the version House Republicans passed in late February; but mechanisms the Senate used to avoid factoring in the cost of extending Trump’s 2017-era tax cuts as well as a lower baseline for required federal spending cuts has some House conservatives warning they could oppose the bill.

The Senate’s version calls for at least $4 billion in spending cuts, while the House’s version mandates a floor of $1.5 trillion to $2 trillion.

Both bills also include Trump priorities on border security, energy, and new tax policies like eliminating penalties on tipped and overtime wages.

‘If the Senate’s ‘Jekyll and Hyde’ budget is put on the House floor, I will vote no,’ Rep. Chip Roy, R-Texas, wrote on X.

‘In the classic ways of Washington, the Senate’s budget presents a fantastic top-line message – that we should return spending back to the pre-COVID trajectory (modified for higher interest, Medicare, and Social Security) of $6.5 Trillion, rather than the current trajectory of over $7 Trillion – but has ZERO enforcement to achieve it, and plenty of signals it is designed purposefully NOT to achieve it.’

But House GOP leaders insist that the Senate’s passage of its framework simply allows the House to begin working on its version of the bill passed in February – and that it does not impede their process in any way.

‘The Senate amendment as passed makes NO CHANGES to the House reconciliation instructions that we voted for just weeks ago. Although the Senate chose to take a different approach on its instructions, the amended resolution in NO WAY prevents us from achieving our goals in the final reconciliation bill,’ the letter said.

‘We have and will continue to make it clear in all discussions with the Senate and the White House that—in order to secure House passage—the final reconciliation bill must include historic spending reductions while protecting essential programs.’

House GOP leaders have pointed out that passing a framework is just the first step in a long process, one that just lays out broad instructions for how money should be spent.

Now that similar frameworks have passed the House and Senate, the relevant congressional committees will work out how to achieve the final reconciliation policy goals under their given jurisdictions.

‘We have made it clear the House will NOT accept nor participate in an ‘us versus them’ process resulting in a take it or leave it proposition from the Senate,’ House leaders warned.

‘Immediately following House adoption of the budget resolution, our House and Senate committees will begin preparing together their respective titles of the reconciliation bill to be marked up in the next work period.’

The letter reiterated Johnson’s earlier goal of having a bill on Trump’s desk by the end of May.

House Budget Committee Chairman Jodey Arrington, R-Texas, called the Senate’s resolution ‘unserious and disappointing,’ noting it only mandated $4 billion in ‘enforceable cuts.’

He vowed to work with congressional leaders to find the best path forward, however.

‘I am committed to working with President Trump, House leadership, and my Senate counterparts to address these concerns and ensure the final reconciliation bill makes America safe, prosperous, and fiscally responsible again,’ Arrington said.

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A man from Malibu has been convicted of scamming investors and Hollywood stars out of more than $20 million through false claims about his celebrity app’s business performance.

Bernhard Eugen Fritsch, the founder and CEO of StarClub Inc., a Santa Monica-based tech company, was held accountable for an elaborate fraud that fueled his lavish lifestyle, Fox News Digital has learned.

Fritsch, 63, was found guilty by a jury on Thursday of one count of wire fraud after it was revealed that he lied to investors about the financial success and future potential of his tech company, according to the Department of Justice. 

He falsely promised that the company’s app, StarSite, would help celebrities and social media influencers monetize their brand endorsements. 

Instead of using the funds for the app’s development, Fritsch spent millions on luxury cars, yachts, and a multimillion-dollar Malibu mansion, the press release stated. 

From 2014 to 2017, Fritsch raised over $20 million, pitching StarClub as a game-changer for the entertainment industry. He claimed the app would allow celebrities to easily post branded content on social media, generate revenue from advertising and share profits with influencers.

As Fritsch pitched the StarClub offering to investors, he made several false and fraudulent claims, including that his company was on the verge of entering commercial deals with, or obtaining investments and buyout offers from major media companies such as Disney – that StarClub earned $15 million in revenue in 2015.

Instead of using the funds to expand the company or improve its technology, Fritsch purchased luxury cars like a McLaren and a Rolls-Royce, renovated his multimillion-dollar Malibu home and even made costly upgrades to his yacht.

Law enforcement seized the yacht, McLaren and the Rolls-Royce, and they are subject to forfeiture proceedings.

One victim invested more than $20 million in StarClub over the course of two years, based on Fritsch’s false statements, according to the Department of Justice. 

This victim also introduced Fritsch to other victims who invested millions of additional funds in the company. Prosecutors estimate that Fritsch caused at least approximately $25 million in victim losses because of his scheme.

Sources close to Fox News Digital have learned that Hollywood celebrities, including Enrique Iglesias and Tyrese Gibson, may be involved in this high-profile scheme. 

In 2014, singer and actor Tyrese hosted a private party for StarClub Inc. Actresses including Caitlin O’Connor, Elise Neal, rapper Trinidad James and model Khadija Neumann attended the star-studded event.

Meanwhile, Fritsch has been sued in Los Angeles County Superior Court three times over allegations of fraudulent financial schemes. 

Music executive Haqq Islam and his company sued StarClub and Fritsch in 2013, claiming breach of contract and fraud, according to The Los Angeles Times. 

Islam alleged that Fritsch owed him $750,000 for luring Hollywood stars such as Jessica Simpson to meet with Fritsch and consider participating in StarClub’s business ventures, according to reporting by Courthouse News Service.

Reps for Tyrese, Iglesias and Simpson did not immediately respond to Fox News Digital’s request for comment. 

The jury found Fritsch not guilty of a second wire fraud count. He remains free on bond.

A sentencing hearing is scheduled for Fritsch in the upcoming months. Fritsch faces a statutory maximum sentence of 20 years in federal prison.

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Billionaire Elon Musk says he hopes the U.S. and Europe can develop their economic relationship toward eliminating the need for tariffs.

Musk made the statement during a video interview with Italian Deputy Prime Minister Matteo Salvini on Saturday.The billionaire says he has advised President Donald Trump to bolster the relationship with European countries.

‘At the end of the day, I hope it’s agreed that both Europe and the United States should move ideally, in my view, to a zero-tariff situation, effectively creating a free trade zone between Europe and North America,’ Musk said.

He went on to say he would like to see greater freedom of movement between Europe and the U.S. as well.

‘If people wish to work in Europe or wish to work in North America, they should be allowed to do so in my view,’ Musk said, adding that this ‘has certainly been my advice to the president.’

Musk’s statement comes less than a week after Trump unveiled sweeping tariffs against virtually every major country on earth.

The initial 10% ‘baseline’ tariff took effect at U.S. seaports, airports and customs warehouses on Thursday. Higher taxes on goods from 57 larger trading partners are set to start later this week.

European Union imports will face a 20% tariff, while Chinese goods will be hit with a 34% tariff, bringing Trump’s total new taxes on China up to 54%.

World leaders in Europe and elsewhere have vowed to retaliate against the tariffs. China, hit harder than any other nation, promised to ‘take countermeasures to safeguard its own rights and interests’ last week.

European Commission President Ursula von der Leyen says Europeans ‘feel let down by our oldest ally.’

‘Uncertainty will spiral and trigger the rise of further protectionism. The consequences will be dire for millions of people around the globe,’ she said.

Fox News’ Landon Mion and Reuters contributed to this report.

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Warren Buffett went on the record Friday to deny social media posts after President Donald Trump shared on Truth Social a fan video that claimed the president is tanking the stock market on purpose with the endorsement of the legendary investor.

Trump on Friday shared an outlandish social media video that defends his recent policy decisions by arguing he is deliberately taking down the market as a strategic play to force lower interest and mortgage rates.

“Trump is crashing the stock market by 20% this month, but he’s doing it on purpose,” alleged the video, which Trump posted on his Truth Social account.

The video’s narrator then falsely states, “And this is why Warren Buffett just said, ‘Trump is making the best economic moves he’s seen in over 50 years.’”

The president shared a link to an X post from the account @AmericaPapaBear, a self-described “Trumper to the end.” The X post itself appears to be a repost of a weeks-old TikTok video from user @wnnsa11. The video has been shared more than 2,000 times on Truth Social and nearly 10,000 times on X.

Buffett, 94, didn’t single out any specific posts, but his conglomerate Berkshire Hathaway outright rejected all comments claimed to be made by him.

“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 said in a statement Friday.

CNBC’s Becky Quick spoke to Buffett Friday about this statement and he said he wanted to knock down misinformation in an age where false rumors can be blasted around instantaneously. Buffett told Quick that he won’t make any commentary related to the markets, the economy or tariffs between now and Berkshire’s annual meeting on May 3.

While Buffett hasn’t spoken about this week’s imposition of sweeping tariffs from the Trump administration, his view on such things has pretty much always been negative. Just in March, the Berkshire CEO and chairman called tariffs “an act of war, to some degree.”

“Over time, they are a tax on goods. I mean, the tooth fairy doesn’t pay ’em!” Buffett said in the news interview with a laugh. “And then what? You always have to ask that question in economics. You always say, ‘And then what?’”

During Trump’s first term, Buffett opined at length in 2018 and 2019 about the trade conflicts that erupted, warning that the Republican’s aggressive moves could cause negative consequences globally.

“If we actually have a trade war, it will be bad for the whole world … everything intersects in the world,” Buffett said in a CNBC interview in 2019. “A world that adjusts to something very close to free trade … more people will live better than in a world with significant tariffs and shifting tariffs over time.”

Buffett has been in a defensive mode over the past year as he rapidly dumped stocks and raised a record amount of cash exceeding $300 billion. His conglomerate has a big U.S. focus and has large businesses in insurance, railroads, manufacturing, energy and retail.

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