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Musk slams top Trump adviser Navarro as tariffs bite
Elon Musk blasted top Trump administration trade adviser Peter Navarro overnight, calling out his education and lack of corporate credentials.
Why it matters: The two-day rout in the stock market this week, after Trump announced sweeping new tariffs backed by Navarro, cost Musk nearly $18 billion just on his Tesla stock.
Catch up quick: Friday morning, a user on Musk's social media platform X defended the controversial Navarro as a skilled voice on tariffs, citing his Ph.D. in economics from Harvard.
- Musk, in a reply in the early hours of Saturday morning, disagreed.
- "A PhD in Econ from Harvard is a bad thing, not a good thing," he wrote, suggesting it resulted in having more ego than brains.
- Another user stepped in to defend Navarro as right on trade, to which Musk replied "He ain't built s--t."
For the record: The White House did not immediately reply to requests for comment on Musk's posts.
- Besides Navarro, other top Trump officials with Harvard Ph.D.'s in economics include Council of Economic Advisers chair Stephen Miran.
Zoom out: Navarro has been ubiquitous on TV in recent days, defending Trump's tariff program and touting a possible $600 billion in new annual revenue.
- Trump calls the tariffs an "economic revolution" and says big businesses will do well in the end because of pending tax cuts.
Zoom in: Musk, who has wielded significant influence in the Trump administration, may be stepping back in coming months, the president said Thursday.
- The DOGE head recently said most of his work cutting $1 trillion from the deficit could be done soon.
Trump touts "economic revolution" as economists warn of recession
President Trump on Saturday touted his tariff regime as an "economic revolution" and told businesses to "hang tough" in the face of widespread market panic.
Why it matters: Economists say a recession is highly likely, potentially even a dire stagflation scenario, as Trump fundamentally re-orders the global economy.
Catch up quick: Trump took to social media early Saturday to defend his tariffs, after one of the worst two-day routs in stock market history.
- "THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH, it won't be easy, but the end result will be historic," the president wrote.
- That followed a post Friday night in which he said big businesses were "not worried about the tariffs" because of the sweeping budget and tax bill being negotiated.
Yes, but: Investors lost more than $6 trillion the last two days, just in the U.S. stock market, because of fears about the impact of those tariffs.
What they're saying: "What these tariffs are going to do is make the cost of production much more expensive," University of Rhode Island economist Nina Eichacker wrote in a Saturday blog post.
- "Workers are going to take this on the chin as their employers try to cut costs."
Between the lines: The full reciprocal tariffs don't start until April 9, but the economic impacts are already kicking in.
- Reuters reported a key supplier to both Airbus and Boeing may stop shipping parts if they are hit by tariffs.
- Some car makers have already started suspending shipments to the U.S.
- Economists warn certain grocery prices could rise in a matter of days, especially things like coffee, chocolate and perishable produce.
The bottom line: The tariffs Trump unveiled Wednesday were far more severe than the market expected. Now, the question is whether they stick or not.
- "Whether we will have a recession or not depends on the duration of this shock," Apollo chief economist Torsten Slok wrote Friday. "If these levels of tariffs stay in place for several months and other countries retaliate, it will cause a recession in the US and the rest of the world."
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My husband works at Trader Joe's, and we both swear by these 12 purchases
Jennifer Krosche Moreno
- We started buying a lot of our groceries at Trader Joe's once my husband began working there.
- The chain's frozen mac and cheese and fried rice are perfect for our busy lifestyle.
- We find Trader Joe's meats, produce, and wines are high quality but not too pricey.
Ever since my husband started working at Trader Joe's, our grocery hauls have completely changed.
The chain has so many convenient, high-quality, and affordable options that we find ourselves stocking up on the same must-haves week after week.
From frozen favorites to pantry staples, here are the Trader Joe's products we can't live without right now.
Jennifer Krosche Moreno
These fluffy griddle cakes are the secret to our homemade version of popular fast-food breakfast sandwiches.
Add an egg and some Trader Joe's chicken breakfast sausage, and you've got a protein-packed breakfast in minutes. The cakes are also good on their own and easy to heat up in a toaster or microwave.
Jennifer Krosche Moreno
Forget the boxed stuff you have to cook on the stove β Joe's Diner frozen mac and cheese is creamy, rich, and indulgent.
It heats up in minutes, making it a perfect lunch for busy days or side dish with dinner. This is one of my favorite things to buy at Trader Joe's.
Jennifer Krosche Moreno
The centerpiece of most meals my husband cooks is some sort of meat, so we buy it regularly. Fortunately, Trader Joe's offers an impressive selection of it at competitive prices.
I've been impressed by the quality of the meat we've gotten at the chain, so we grab beef, poultry, or pork on each shopping trip.
Jennifer Krosche Moreno
Trader Joe's plantain chips deliver when the craving hits for something salty, sweet, and crunchy.
Made with just three ingredients β plantains, sunflower oil, and saltβ these chips are my guilt-free, go-to snack.
We always keep a few bags on hand for road trips, late-night cravings, and afternoon desk snacks. If you prefer a little kick, try Trader Joe's jerk-style plantain chips.
Jennifer Krosche Moreno
We always have ice cream in our freezer, and Trader Joe's ice-cream sandwiches are some of our favorite buys.
They're the perfect portion-controlled treat for when we're watching TV after dinner.
Some of our top picks are the Mini Mint Mouthfuls, brownie-coffee crisp ice-cream sandwiches, and classic Sublime cookie ice-cream sandwiches.
Jennifer Krosche Moreno
We've been so impressed by Trader Joe's frozen foods inspired by other countries that we rarely order takeout these days.
Trader Joe's soup dumplings and fried rice are some of our favorite buys. Both dishes deliver on flavor and cost far less than if we'd ordered them from a restaurant.
For us, these heat-and-eat options are a game changer for busy nights when cooking from scratch isn't an option.
Jennifer Krosche Moreno
Eating clean is important to us, so fresh produce is always in our kitchen.
We regularly stock up on bananas, berries, and mini carrots for easy snacking for us and our dogs. Plus, the chain's seasonal fruits and vegetables can be great for trying new recipes.
My husband also swears by Trader Joe's salad kits for quick, no-fuss lunches.
Jennifer Krosche Moreno
Open our fridge, and you'll always find a half-gallon of Trader Joe's chocolate milk. It's so creamy and delicious.
We like to drink it as a coffee alternative, after-dinner sweet treat, or post-workout pick-me-up.
Jennifer Krosche Moreno
Trader Joe's Goddess dressing is a staple for us. It's fantastic on salads or as a veggie dip. We also like using it to upgrade pasta or tuna salad.
It's one of the most versatile condiments we own and a great value, as a little goes a long way in terms of flavor.
Jennifer Krosche Moreno
Trader Joe's breaded chicken tenderloins are a lifesaver when I'm trying to make a quick, stress-free meal.
I like pairing them with Trader Joe's mac and cheese and some veggies for a dinner that's ready in minutes. The tenders are also great for adding protein to salads.
Jennifer Krosche Moreno
Infused with eucalyptus and other botanicals, Trader Joe's Tea Tree Tingle products leave our hair feeling soft and clean. I like how they make our hair smell, too.
A little bit of these goes a long way, which makes them a great value for us.
Jennifer Krosche Moreno
I think Trader Joe's wine selection is unbeatable in terms of value and quality.
Whether we need a bottle for a special occasion, a hostess gift, or something to pair with dinner, there's always an affordable option that tastes like it cost way more than it actually did.
There are a lot of bottles available for under $20, and many cost less than $10.