At the Berkshire Hathaway annual meeting, Warren Buffett, after a six-decade run, announced his retirement at year’s end, recommending Vice Chairman Greg Abel as his successor. Abel, already managing Berkshire’s non-insurance businesses, will assume full CEO duties. Buffett, pledging to maintain his full Berkshire Hathaway investment, expressed confidence in Abel’s leadership, believing Berkshire’s prospects will improve under his management. The news was met with a standing ovation from thousands of attendees, marking the end of an era for the influential investor and his company.
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President Trump’s steep tariffs on Chinese imports, reaching 145 percent, have significantly disrupted US-China trade, mirroring the impact of the Covid-19 pandemic’s factory shutdowns. This has resulted in a sharp decrease in container ship traffic between the two countries, foreshadowing future product shortages. While consumer prices haven’t drastically changed yet, some companies are increasing prices, and experts predict widespread effects in the coming weeks as canceled orders ripple through the global supply chain. The number of container ships leaving China for the US plummeted by approximately one-third in April alone.
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United Airlines is proactively canceling 35 daily Newark flights due to ongoing FAA issues, stemming from equipment failures and subsequent air traffic controller call-outs. These issues, including telecommunications line outages and runway construction, have caused widespread delays and cancellations at Newark Liberty International Airport. The FAA attributes the problems to equipment malfunctions, construction, and staffing shortages, while Secretary Duffy announced plans for a comprehensive overhaul of air traffic control systems. These disruptions have left travelers scrambling to rebook flights and facing significant delays, impacting travel plans and causing considerable inconvenience.
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Wisconsin Governor Tony Evers issued guidance advising state employees to seek legal counsel before interacting with federal immigration agents; this guidance was met with criticism and accusations from Republicans, including the creation of a false image depicting the governor’s arrest. Following thinly veiled threats from President Trump’s border czar, Tom Homan, suggesting potential arrests, Governor Evers defended his actions, asserting his innocence and condemning the Trump administration’s actions as an abuse of power. He emphasized that neither he nor his employees broke any laws. Evers framed the situation as a threat to the rule of law and American values.
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Judge Beryl Howell issued a 102-page ruling declaring President Trump’s executive order targeting Perkins Coie unconstitutional. The order, which sought to penalize the firm for representing Hillary Clinton, included actions such as stripping security clearances and terminating contracts. Howell deemed the actions retaliatory, violating the First Amendment and potentially undermining the independence of the legal profession. The judge’s decision affirms the importance of independent legal counsel and free speech, while the White House and Justice Department have yet to comment.
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New tariffs on auto parts, effective Saturday, will impose a 25% import tax on most imported parts, significantly impacting the US auto industry. Unlike previous tariffs, these levies affect all US-made vehicles, as they utilize a substantial number of imported components. This could lead to tens of billions of dollars in added costs for automakers, ultimately increasing prices for consumers, even with a temporary government refund partially offsetting the tariffs. The impact will be felt not only in new car prices but also in higher repair and maintenance costs.
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Following Ukrainian President Zelenskyy’s rejection of a Russian-proposed ceasefire for Victory Day, Dmitry Medvedev and Maria Zakharova issued stark warnings. Medvedev dismissed Zelenskyy’s statement regarding the safety of those attending Moscow’s Victory Day parade as a provocation, implying retaliatory action. Zakharova accused Zelenskyy of threatening the safety of veterans and condemned his refusal to guarantee security in Russia. Zelenskyy’s rejection of the ceasefire was the catalyst for these threats. The statements highlight escalating tensions between Russia and Ukraine.
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In response to the April 22nd Pahalgam terror attack, India has completely banned all imports from Pakistan, citing national security concerns. This action, formalized through an amendment to the 2023 Foreign Trade Policy, prohibits both direct and indirect imports or transit of Pakistani goods. The decision follows India’s already significantly reduced trade with Pakistan, further strained by prior events such as the 2019 Pulwama attack. While India’s exports to Pakistan were considerably higher than imports, this ban effectively halts all remaining trade between the two nations.
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John Q. Hosedrinker