As Trump announces tariffs, auto jobs at Stellantis vanish, Restoration Hardware stock crashes mid-call, Jim Cramer has an existential crisis—meanwhile, Warren Buffett just shrugs.

Trump Tariffs - Markets Tank, Wall Street Panics

It’s official: the trade war reboot is on. On April 3rd, Donald Trump slapped a new round of tariffs on Chinese goods, reigniting investor fears and kicking off a stock market nosedive that left traders, CEOs, and TV pundits scrambling for Xanax. The Dow plummeted over 800 points by midday, and by the end of trading, nearly $3.1 trillion in market value had evaporated.

Wall Street’s reaction? Think less “measured recalibration” and more “stampede out the door.” Yesterday the news painted a picture of utter chaos, with red everywhere and traders trying to price in what Trump might do next—which, let’s face it, is basically impossible. While Trump insists the tariffs are a strategic move to “level the playing field,” investors are calling it what it is: a gut punch to the markets.

Stellantis Slashes Jobs as Auto Industry Takes the First Hit

A real-world example of how fast this escalates? Look no further than the U.S. auto industry. According to CNN, five plants across the Midwest and South—three owned by Stellantis and two by suppliers—have already announced layoffs tied directly to the new tariffs. Around 4,000 workers will be affected, many of whom just survived the last round of supply chain chaos. Why? The plants supply factories in Mexico and Canada.

The layoffs may be the first sign that this trade war isn't just paper losses and Wall Street angst—it's real people out of work. And it’s only the beginning.

“Oh, Sh*t”: Restoration Hardware’s CEO Says What We’re All Thinking

Speaking of CEOs losing their minds, the most viral moment of the day came courtesy of Restoration Hardware (known as RH). During a live earnings call, CEO Gary Friedman watched in real time as his company's stock nosedived—dropping more than 15% in the first 20 minutes. His reaction?

“Oh, sh*t.”

That wasn’t leaked audio. That was live, on the call, immortalized forever in financial journalism. The Fox Business report noted that RH’s luxury home furnishings are heavily reliant on Chinese imports, making them especially vulnerable to Trump’s new tariffs. Investors bailed out faster than a tech bro hearing “interest rate hike.”

You can hear the slip at around 20 seconds.

Friedman tried to recover, offering reassurances that RH had “diversified suppliers,” but the damage was done. But, let’s face it, he’s only saying what we’re all thinking.

Meanwhile, Warren Buffett Is Just... Fine?

While everyone else was sweating through their Patagonia vests, one man stayed chill: Warren Buffett. According to Bloomberg, Berkshire Hathaway weathered the storm like a rock in a hurricane, its famously conservative portfolio giving it just enough insulation from the worst of the selloff.

Buffett’s mix of utilities, insurance, and Coca-Cola isn’t sexy, but when volatility hits, boring can be beautiful. Berkshire’s Class A shares dipped slightly but rebounded by day’s end, making it one of the only big-name firms to escape the bloodbath mostly intact. If anyone was looking for a grown-up in the room during the chaos, it wasn’t in Washington—it was in Omaha.

Jim Cramer Has Entered Full Meltdown Mode

And finally, let’s check in with everyone’s favorite financial hype-man turned Cassandra: Jim Cramer. The CNN video of Cramer’s reaction to Trump’s tariffs is part financial analysis, part Shakespearean tragedy, “I feel like a sucker” he said.

“They assured us over and over again that they’d do the thing that’d ensure that the tariffs would come down and the countries that were bad actors would change their ways. So, Israel gets rid of their tariff, Vietnam cuts theirs and they still got them, it was such a shame,” he said with the air of a disappointed teacher at parent’s night.

I’d almost feel sorry for him.

Final Thoughts: Trump Moves and Markets Pay the Price

Whether you think Trump’s tariffs are brilliant negotiation tools or economic napalm, the short-term market reaction is undeniable—and brutal. Auto layoffs, CEO meltdowns, and stock plunges show how fragile investor confidence remains. The tech sector’s especially jittery, the S&P is on shaky ground, and even the Fed seems spooked.

But maybe the real takeaway here is this: when you’ve got CEOs cursing on a live call, and Jim Cramer of all people is upset with Trump, you know something’s gone badly wrong.

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