Global Trade War Updates, Warren Buffett's Retirement, and Market News

Global Trade War Developments

• ⚡ President Trump is hinting at potential trade deals with some countries this week, stating he will set terms within the next two to three weeks.
• 💬 Conversations are ongoing with Beijing, though President Trump has no current plans to speak directly with Chinese President Xi Jinping.
• 🎬 A new 100% duty on foreign-made films is being instituted, directed by President Trump to the Commerce Department.
• 📉 Trump believes current 145% duties on China have caused them to stop doing business, leading to factory closures and high unemployment in China.

Warren Buffett's Succession at Berkshire Hathaway

• 🤝 Warren Buffett announced his retirement at Berkshire Hathaway's 60th annual shareholder meeting, naming Greg Abel as his successor.
• 💼 Abel, the vice chairman, was blindsided by the announcement, though Buffett's children were aware.
• 💰 Abel will inherit a $1.2 trillion company with a vast portfolio and a significant cash pile of nearly $350 billion.
• 🌟 Luminaries like Tim Cook, Brian Moynihan, and Jamie Dimon praised Buffett's legacy and impact on business and capitalism.

Market Update and Federal Reserve

• 📈 The S&P 500 is coming off nine consecutive days of gains, with investors awaiting a Federal Reserve decision and earnings reports.
• 🏦 President Trump reiterated his belief that Fed Chair Jay Powell should lower interest rates, criticizing him for waiting too long and calling him a "total stiff."