CNBC

Elon Musk said on Tuesday that he doesn't like high or unpredictable tariffs, but any decision on what happens with them "is entirely up to the president of the United States." Speaking on his company's first-quarter earnings call, with tariff-related uncertainty swirling across the economy, Musk said Tesla is in a relatively good position, compared to other U.S. automakers, because it has "localized supply chains" in North America, Europe and China. Musk said Tesla is the "least-affected car company with respect to tariffs at least in most respects."

A growing number of wealthy Americans are opening bank accounts in Switzerland as part of the “de-Americanization” of their portfolios, according to investors and banks. Swiss banks say they have seen a surge of interest and business from high-net-worth Americans opening investment accounts in recent months. “It comes in waves,” said Pierre Gabris, CEO of Alpen Partners International, a Swiss financial consulting firm. “When [former President Barack Obama] was elected we saw a big wave. Then Covid was another wave. Now tariffs are causing a new wave.”

CNBC's Jim Cramer on Tuesday said that as stocks surged on the day, he's looking for potential signs that the bear market rally becomes a genuine recovery in stock prices. With the major indices each closing over 2.5% higher on Tuesday, Cramer said he heard plenty of skepticism that the markets would continue soaring rather than reverting back to sell-off mode in the coming days. While he acknowledged the possibility of a resumption in stock declines, he said recoveries always start as bear market rallies before becoming something more. President Donald Trump's assertion after the market close Tuesday that he won't fire Federal Reserve chair Jerome Powell is already likely to catapult stocks higher on Wednesday, Cramer said. Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest smarter.

Tesla CEO Elon Musk began his company's earnings call on Tuesday by saying that his time spent running President Donald Trump's Department of Government Efficiency will drop "significantly" starting in May. Musk, who has watched Tesla's stock tumble by more than 40% this year, said he'll continue to support the president with DOGE "to make sure that the waste and fraud that we stop does not come roaring back." After spending almost $300 million in the 2024 campaign to help return Trump to the White House, Musk created DOGE and joined the administration with a mission to drastically reduce the size and capability of the federal government.

Public schools across the United States are facing a financial reckoning in 2025 as federal pandemic relief funds expire and student enrollment continues to decline, according to data from the Georgetown Edunomics Lab. Find the full report: cnb.cx/4lIkNGq

President Donald Trump on Tuesday said he has “no intention” of firing Federal Reserve Chair Jerome Powell before his term leading the U.S. central bank expires next year. Find more: cnb.cx/3Gmm8Cz

Bill Ford, General Atlantic chairman and CEO discusses the ongoing TikTok negotiations. Watch the full interview: cnb.cx/3RwCZoK

One of America's most fragrant retailers is well-positioned in the face of tariffs. Bath & Body Works produces 80% of its products in the United States. The candle maker and personal care company has been incrementally shifting its production to the U.S. for more than a decade. Find the full report on what analysts believe is in store for Bath & Body Works: cnb.cx/3GgjcaL

The Food and Drug Administration is phasing out the use of petroleum-based synthetic dyes by the end of next year, the agency announced on Tuesday. Full details: cnb.cx/4cJukJj

Tesla and CEO Elon Musk are struggling with negative perceptions, according to the CNBC All-America Economic survey. cnb.cx/4jo0896