• President Donald Trump’s much higher-than-anticipated tariffs have crushed stocks but could raise a substantial amount of revenue, while shrinking the economy in the process. The import taxes could generate $700 billion a year in revenue. That could help clear the way in Congress for bigger income tax cuts, though the tariffs would also be the equivalent of a massive tax hike on consumers.

Wall Street suffered a massive case of sticker shock when President Donald Trump unveiled his latest round of tariffs on “Liberation Day,” wiping out $6 trillion in market cap.

But the flip side of the much higher-than-anticipated duties is a potential revenue windfall that could help clear the way for getting bigger tax cuts passed in Congress.

Lawmakers have already taken a key step toward that end. Early Saturday morning, Senate Republicans approved a framework to extend Trump’s tax cuts from his first term, add new cuts like ending taxes on Social Security income, and slash spending.

Some fiscal conservatives in the GOP have balked at the massive deficits and debt more tax cuts could bring. But economists at Citi Research said in a note on Thursday that the aggressive tariffs “may now become a justification for larger tax cuts.”

It’s unclear if tariffs will remain as high as announced (Chinese imports face a 54% levy) or for how long, as Trump has suggested he is open to negotiating rates lower while his authority for imposing them could also face legal challenges.

But for now, they could provide political cover for lawmakers to push through tax cuts on Capitol Hill.

“So long as tariffs remain in place, the administration can also point to the around $700bln in annualized revenue they would raise assuming unchanged trade deficits,” Citi said. “Treasury Secretary Bessent suggested yesterday that that could be used to offset new individual tax cuts. That might be an argument used to win over fiscal conservatives and is also consistent with prior administration statements that the tariff revenue will be redistributed to the American people.”

Tax cuts could help ease the impact that tariffs will have on the economy, which is increasingly seen slipping into recession.

On Friday, JPMorgan analysts said they expect GDP to shrink by 0.3% this year, reversing a prior view for an expansion of 1.3%. The unemployment rate is also seen climbing to 5.3% from the current level of 4.2%.

A separate analysis from the Tax Foundation also estimated the costs and benefits of Trump’s tariffs.

It found that when the new duties are added to the already-announced ones, the tariffs will reduce GDP by 0.7% and raise nearly $2.9 trillion in revenue over the next decade. Foreign retaliation will shrink GDP by another 0.1%.

The tariffs will also reduce after-tax income by an average of 1.9% and equate to an average tax increase of more than $1,900 per US household in 2025, according to the Tax Foundation.

Meanwhile, estimates vary on the effective tariff rate. The Tax Foundation put it at 16.5% and said tariffs will increase federal tax revenues by $258.4 billion in 2025, or 0.85% of GDP, representing the largest tax hike since 1982.

But Fitch Ratings estimated that the overall effective tariff rate will be about 25%—the highest since 1909—up from its prior estimate of an 18% rate and more than 10 times last year’s rate of 2.3%. Citi said it’s above 25%.

In a note on Thursday, JPMorgan chief economist Bruce Kasman called the tariffs the biggest tax increase since the Revenue Act of 1968, which preceded the 1969-70 recession, and sounded doubtful that they could be sufficiently offset by income tax cuts.

“The effect of this tax hike is likely to be magnified—through retaliation, a slide in US business sentiment, and supply chain disruptions,” he wrote. “The shock is likely to be only modestly dampened by the flexibility tariff hikes afford for further fiscal policy easing.”

This story was originally featured on Fortune.com

There may be no Cinderella stories in 2025’s March Madness tournament, but you can’t argue that the strongest schools aren’t in the semifinals.

Regardless of who wins Saturday’s games, a No. 1 seeded school will walk away with the NCAA Championship this year. All four teams in the Final Four are top seeds of their division.

Does that take away some of the drama? Perhaps. But does it guarantee hard-fought games? Absolutely.

Here’s when and where the Final Four games will be airing and ways to watch for free, without a cable subscription.

When and where do Final Four games of March Madness 2025 air?

Here’s when and where you can catch this year’s semifinal games- as well as the final.

Final Four

April 5

Florida vs. Auburn, 6:09 p.m. on CBS

Houston vs. Duke, 8:49 p.m. on CBS

NCAA championship game

April 7 – The champion will be decided on Monday at 9:20 p.m. ET on CBS.

How can I watch March Madness games for free?

Since CBS is the host for the Final Four, you can watch without a cable subscription. All you need is a good HD antenna. To ensure you’re getting the most reliable signal for the CBS-carried games, you’ll want to test the antenna in multiple locations in your home.

Can I stream the Final Four online?

Absolutely!  And there are plenty of options.

Paramount+

CBS’s streaming service will give you a one-week free trial, followed by a $8 or $13 monthly charge.

Hulu with Live TV

The free trial on this service lasts three days. Afterward, it will cost you $77 per month.

YouTubeTV

After a free trial, you can expect monthly charges of $73.

DirecTV Stream

Formerly known as DirecTV Now, AT&T TVNow and AT&T TV, this oft-renamed streaming service will run you $80 per month and up after the free trial option.

Fubo TV

This sports-focused cord-cutting service carries broadcast networks in most markets. There’s a seven-day free trial, followed by monthly charges of $80 and up, depending on the channels you choose.

Does the NCAA offer any service for me to watch the Final Four?

It does. March Madness Live has streamed every game on the NCAA Website, as well as Apple, Android, Amazon and Roku devices and will continue to do so with the Final Four. You’ll need to log in with your username and password from your TV provider.

Can I watch any March Madness games on Amazon?

No. NCAA Tournament games do not stream on Amazon.

This story was originally featured on Fortune.com

• The stock market crash triggered by President Donald Trump’s global tariffs brought Warren Buffett’s investment moves over the past year into a fresh light, underscoring his prudence amid the once-raging bull market. His decision last year to shed most of Berkshire Hathaway’s Apple stock now looks especially well timed.

Berkshire Hathaway Chairman and CEO Warren Buffett’s investment moves over the past year now seem uncannily well timed in the wake of the stock market meltdown caused by President Donald Trump’s global tariffs.

In the last two trading sessions alone, the S&P 500 crashed 10%, and the broad market index is down 17% from its mid-February peak. Meanwhile, the tech-heavy Nasdaq and the small-cap Russell 2000 are in bear market territory, having tumbled more than 20% from their recent highs.

Since Trump’s “Liberation Day” announcement on Wednesday, US stocks have lost more than $6 trillion in market cap in the worst selloff since the early days of the COVID-19 pandemic in 2020, as Wall Street prices in a tariff-induced US recession.

But Buffett appeared to anticipate a market downturn coming. Berkshire sold $134 billion in equities in 2024—when the bull market was still raging—and was sitting on a record $334 billion cash pile at year’s end. That’s nearly double from a year earlier and more than its shrinking stock portfolio of $272 billion.

The famously value-oriented investor has also been complaining for years that valuations were too high and has held off on using his cash on major acquisitions due to a lack of bargains.

Most of Berkshire’s cash is in short-term Treasury bills, which not only offer shelter from the storm but also provide the conglomerate a tidy gain that Buffett noted in his most recent letter to shareholders.

“We were aided by a predictable large gain in investment income as Treasury Bill yields improved and we substantially increased our holdings of these highly-liquid short-term securities,” he wrote in February.

In addition to what he bought, what he sold also stands out, given the market crash.

Last year, Berkshire slashed its Apple stake by about two-thirds, representing the bulk of the company’s equity sales, though the iPhone maker remains its largest stock holding.

Those stock sales, which came in the first three quarters of the year, also occurred while Apple was still on the rise, with shares peaking in late December.

But since that peak, Apple has collapsed 28% as US tariffs on China are expected to hit especially hard. That’s because Apple, like many tech companies, relies on China for parts and manufacturing.

With Trump’s latest round of tariffs, imports from China now face a 54% duty. And if the administration follows through on its threat to impost a “secondary tariff” on countries that buy oil from Venezuela, the rate could hit 79%.

Meanwhile, Berkshire has also been offloading shares of Bank of America and Citigroup. Shares of both banking giants are down about 22% so far this year.

By contrast, Berkshire’s class B shares are up 9% this year, though they have taken a modest hit this past week. The wide array of its businesses, such as insurance, rail, and energy, are mostly focused on the US and less exposed to imports.

As a result, Buffett’s personal fortune has grown this year, unlike those of his peers. According to the Bloomberg Billionaires Index, his net worth has expanded by $12.7 billion this year to give him a total of $155 billion, putting him at No. 6 on the list and essentially tying him with Bill Gates, whose own fortune shrank by $3.38 billion.

Elon Musk remains No. 1 with $302 billion, though that’s down by $130 billion in 2025, followed by Jeff Bezos with $193 billion, down by $45.2 billion.

As Buffett watchers wait to see if the recent market crash will finally induce him to make a big acquisition or stock purchase, his February letter may offer a clue.

“Berkshire shareholders can rest assured that we will forever deploy a substantial majority of their money in equities—mostly American equities although many of these will have international operations of significance,” he wrote. “Berkshire will never prefer ownership of cash-equivalent assets over the ownership of good businesses, whether controlled or only partially owned.”

This story was originally featured on Fortune.com