California sues to stop tariffs as legal challenges pile up: The state is arguing that Trump lacks the authority to implement the duties, which will cause significant harm to its economy.

Albertsons struggles to fend off competition from mass merchants and club retailers: The grocer is leaning on promotions, private labels, and its pharmacy business to attract value-focused shoppers.

International boycotts of US brands and travel could cost the economy up to $90 billion: Rising anti-American sentiment caused by Trump’s policies is making it harder for companies to operate at home and abroad.

Streaming grew in March, but tariffs could threaten the CTV ecosystem: Despite upward trends, the CTV ad market could become stagnant in the year ahead.

JD plans $27.9 billion investment in Chinese manufacturers to ease tariff impact: Ecommerce peers Alibaba and Meituan will join to help export-oriented companies attract domestic customers.

2025 could be another tough year for luxury companies: LVMH’s rough Q1 reveals considerable challenges as US spending drops.

No matter when or how they land, President Donald Trump’s tariffs will shake up retail and digital media.

Novartis is the latest Big Pharma company to invest billions in US production capacity: The largest drugmakers continue moving manufacturing to the US as the industry awaits Trump’s tariff plan for pharma. Generic drugmakers—which supply 90% of US prescriptions—won’t have the same maneuverability.

Marketing hiring surge may be short lived: Listings increased 9.1% in Q1, but economic volatility raises questions about the industry’s resilience.

UK regulators approve Shein IPO in a victory for China: While it may be too late for the fast-fashion retailer, the move could put the UK in China’s good graces and protect it from the worst of the trade war.

Tariffs may reduce US social media ad spend by $10 billion in 2025, or 10% versus our existing forecast.

Tariffs will have a wide ranging impact on prices, consumer sentiment: Warehouse clubs, off-price retailers, and discount grocers could have an edge in this challenging retail environment.

Constellation Brands imports all of its beer from Mexico: That puts the Modelo parent in a challenging position in wake of US tariffs on imported canned beer and empty aluminum cans.

US tariffs could stall Germany’s economy this year: GDP is forecast to grow just 0.1% as the duties on autos and other imports curb companies’ access to an important growth market.

Core inflation rose 0.1% MoM in March, the lowest rate in four years: But that relief is likely to be short-lived as Amazon, AutoZone, Best Buy, and others warn of price hikes ahead.

Trump quadruples de minimis duties on Chinese imports as trade war escalates rapidly: The new fees will not only erase Shein’s and Temu’s price advantage, but also hit US businesses hard.

Delta expects 2025 to be a bumpy ride: Travel demand is cratering as the Trump administration’s policies create chaos and consumers brace for a recession.

Trump’s “Liberation Day” tariffs landed harder than expected. Uncertainty remains, given the pause on reciprocal tariffs for countries willing to negotiate with the US—along with an escalating trade war with China. Which markets will take the greatest hits? And how might our US forecasts change?

Walmart is upbeat despite tariff turmoil: The retailer expects to take share as shoppers grow more value-conscious.