Good morning. Very rich people are getting more vocal about those tariffs. Warren Buffett’s fortune keeps on growing. And the Gators chomp the Cougars in a thrilling end to March Madness. Listen to the day’s top stories.

More billionaires are breaking ranks with President Donald Trump, or his tariff policy at least. Ken Griffin, better known outside finance as the man who paid $45 million for a dinosaur, said the latest levies are a “huge policy mistake” and amount to a hefty tax on US families. BlackRock CEO Larry Fink was equally blunt, saying that most business leaders tell him the US is already in a recession.

Adding to the chorus of disapproval: Marko Kolanovic, one of the best-known market strategists around. Likening what’s happening in the White House to “a clown show,” he noted that, “It’s not just bad for markets and the economy, it’s actually bad for Trump, too.” For now, there are signs that US stocks are poised for a modest rebound.

China vowed to “fight to the end” in the trade war with the US, raising the risk of a long and debilitating campaign of tit-for-tat between the world’s two largest economies. US Treasury Secretary Scott Bessent said tariff rates may come down for trading partners that don’t retaliate, and that everything is negotiable.

Trade wars, tariff threats and logistics shocks are upending businesses and spreading volatility. Understand the new order of global commerce with the Supply Lines newsletter.

Warren Buffett in 2019. Photographer: Houston Cofield/Bloomberg

There’s only a handful of billionaires whose wealth has grown this year, and one of them is Warren Buffett. His net worth has climbed $11.5 billion to $153.5 billion, according to the Bloomberg Billionaires Index. The only other winner in the top 20 is L’Oreal heiress Francoise Bettencourt Meyers. Elon Musk? He’s still top dog, but his fortune has fallen below $300 billion for the first time since November.

Panic buying at the Apple Store. Employees said outlets across the US were filled with customers over the weekend—with some shoppers fretting prices will climb dramatically after tariffs are imposed. And plans by fast-fashion giant Shein to shift some production out of China have met with opposition from the Chinese government, a move that may also mean higher prices for US shoppers.

Deep Dive: The Art Market Isn’t Well

The 2024 exhibition “OBEY: The Art of Shepard Fairey” in Milan. Photographer: Emanuele Cremaschi/Getty Images

The business of buying and selling art isn’t doing great. It had a brutal 2024 (after a similar battering in 2023), with global sales declining 12% by value, according to a report by Art Basel and UBS.

• The top of the auction market was particularly bad, with only three sales of individual works clearing the $50 million mark.
• Collectors have bridled at what they perceive to be inflated prices, and buyers have turned away from many “hot” artists who just a few years ago had seemed inviolable.
• The market is “extremely confidence driven,” said the CEO of Art Base. And that’s something that doesn’t bode well for this year given what’s happening on Wall Street.

The Big Take

Opinion

Footwear stalls in the suburb of Bandra in Mumbai, India. Photographer: Karen Dias/Bloomberg

Trump's potential retreat behind tariff walls could turn America into a resentful nation cut off from global markets, Mihir Sharma writes. High import duties could lead to a rise in smuggling and black markets, as well as resentment among Americans who feel they are being left behind.

Before You Go

The Florida Gators celebrate. Photographer: Alex Slitz/Getty Images

The Gators defeated the Cougars 65-63 in a thriller to clinch the 2025 NCAA men’s title. Houston had been in control until the final few minutes. But in a stunning collapse, the Cougars turned the ball over five times in the final 3:24—including on each of their last four possessions. In the final play, Walter Clayton Jr. did enough to win it for Florida.

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