Morning Business Report: Trump’s tariffs, Musk sales X, and market woes

President Donald Trump has threatened tariffs on Russian oil, expressing anger at Russian President Vladimir Putin for failing to reach a ceasefire with Ukraine.

(LLILAMAX)- President Donald Trump has threatened tariffs on Russian oil, expressing anger at Russian President Vladimir Putin for failing to reach a ceasefire with Ukraine. Trump also suggested the possibility of secondary tariffs on countries that do business with Russia. Meanwhile, The Wall Street Journal reports that broader tariffs of 20% are back on the table, with those tariffs set to take effect on Wednesday.

Elon Musk has sold X to his AI company, XAI, for $45 billion, slightly more than he paid for it in 2022. However, the new deal includes $12 billion in debt. Musk said the combination of XAI’s advanced AI capabilities and X’s massive reach will “unlock immense potential.”

The Dow closed more than 700 points lower, and the S&P 500 is on track for its worst quarter since 2022. Inflation came in higher than expected, further shaking already nervous markets.

Reports of a “white-collar recession” continue to mount, with the earnings gap between college-educated and non-college-educated workers narrowing. Fields like bookkeeping and coding are already feeling the squeeze due to cost-cutting and artificial intelligence, while cuts to university research grants and federal payrolls are shrinking career pathways for degree-holders.

The Tanner family’s home from Full House topped the list of Americans’ favorite TV homes. The mansion from The Fresh Prince of Bel-Air and the Miami home of Blanche Devereaux from The Golden Girls rounded out the top three.