Axios

Warren Buffett's exit as CEO of Berkshire Hathaway was telegraphed for years, but investors are still in mourning after it became official.

• The stock declined 5.1% today — despite the fact that Buffett will remain as chairman.

Catch up quick: The Oracle of Omaha told investors Saturday at the investment company's annual meeting that he would ask the board to name longtime deputy Greg Abel as its next CEO at the end of the year.

"Beef is experiencing the most challenging market conditions we've ever seen."

President Trump on Sunday said he would order officials to start the process of imposing 100% tariffs on any movie produced outside the U.S.

Why it matters: Trump's trade war has thus far been mostly about industry, like steel, aluminum and cars.

More than 200 CEOs on Monday signed a letter urging state leaders to mandate artificial intelligence and computer science classes as a high school graduation requirement.

Why it matters: The letter follows President Trump's creation of an AI education task force to expand students' exposure to AI instruction, as aptitude with the technology increasingly becomes a workforce expectation.

Entertainment industry stocks retreated Monday as investors feared the impact of President Trump's threat to impose tariffs on foreign-made movies.

• But several key stocks pared their losses as the White House signaled that the plan hasn't been firmed up.

Why it matters: It was not immediately clear how or whether Trump could follow through with his 100% duties on films made outside the U.S. — but investors nonetheless winced.

President Trump is threatening to open a new front in the global trade war.

• The president will direct trade officials to investigate imposing "a 100% Tariff on any and all Movies coming into our Country that are produced in Foreign Lands," according to a late-night post on Truth Social.
• Up to this point, tariffs have been focused on physical goods.

Reality check: It is unclear how this might work. It is straightforward to slap tariffs on physical goods crossing borders, as the U.S. has done for centuries; less so for intellectual property like movies.

After the economic and market tumult of the last month, it's a reasonable time to take a deep breath. Despite it all, April jobs numbers were solid and the stock market has mostly recovered.

• But it may be a false calm.

The big picture: Seismic economic shifts — of the kind that look to have been set in motion by trade war escalation — usually ripple through the economy only over the course of months, even when the precipitating event is sudden.

Skechers, which claims to be the world's third-largest shoe brand, on Monday said it's agreed to be acquired in a roughly $9 billion deal by Brazilian private equity firm 3G Capital.

Why it matters: Skechers is the sort of consumer products maker that could get hit hard by Trump tariffs, and recently withdrew its annual guidance due to the uncertainty.

Private equity is accelerating its push into the retail investor pool, even as its relationships with institutional investors begin to fray.

Why it matters: This may be passing the buck, literally.

Since Donald Trump announced his "Liberation Day" tariffs on the afternoon of April 2, the most important markets for the U.S. economy have weakened significantly. The stock market, by contrast, has risen.

Why it matters: As the reminder often goes, The Stock Market Is Not The Economy. Still, it helps to set the broader vibe, and over the past couple of weeks, greed and optimism have had something of a resurgence.

High tariffs could outlast President Trump in a way that gradually delinks America's economy from the rest of the world for good.

Why it matters: The new risk for U.S. businesses and consumers is that Trump-era protectionism is no fleeting pain point.

Last week, President Trump disowned the U.S. economy as one still shaped by his predecessor's policies.

• Less than 48 hours later, he touted strong employment and said the administration was "just getting started!!!"

Why it matters: The economy did not change, but the data did. The tricky presidential balance of owning the economy — in the good and bad — is not new. But it has perhaps never been more on display than with Trump.