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.

China turns to stimulus, charm offensive to blunt Trump’s tariffs: But US duties of 104% could deal a severe blow to an economy struggling with depressed consumer and business confidence.

41% of US advertisers expecting budget cuts due to tariffs plan to cut from social media, while 24% plan cuts to linear TV and gaming, per February 2025 from the Interactive Advertising Bureau (IAB).

Levi Strauss excludes tariff impact from forecast: The uncertainty and upheaval from the latest duties are making it impossible for the retailer to nail down a mitigation strategy.

Consumers became more cautious with their spending, a trend that could worsen with Trump’s reciprocal tariffs

Bringing manufacturing back to the US is easier said than done: Tariff uncertainty makes it hard for companies to take on large-scale projects.

With iPhone prices poised to spike, Apple’s supply chain edge offers a short reprieve, but panic buying reveals deeper economic fears taking hold

Prada’s Versace deal comes at a difficult time for the luxury industry: Tariffs are threatening brands’ access to US consumers, while recession fears could trigger more conservative tastes.

China’s retaliation rattles markets, but Big Tech could offset losses by leaning into AI, services, and subscriptions—if consumers still bite.