Raphael Stevens

The White House granted a one-month delay for tariffs on automakers whose cars comply with USMCA, which was negotiated during President Donald Trump’s first term.
Automakers have urged Trump to waive 25% tariffs on Mexico and Canada on vehicles that comply with the United States-Mexico-Canada Agreement’s rules of origin.

In an aerial view, brand new Subaru cars sit in a storage lot at Auto Warehouse Co. on March 4, 2025 in Richmond, California.
Justin Sullivan | Getty Images

The White House on Wednesday announced a one-month North American tariff exemption for automakers after President Donald Trump spoke a day earlier with heads of General Motors, Ford Motor and Stellantis.
Automakers have urged Trump to waive 25% tariffs on Mexico and Canada on vehicles that comply with the United States-Mexico-Canada Agreement’s trade rules of origin.

“Reciprocal tariffs will still go into effect on April 2, but at the request of the companies associated with USMCA, the president is giving them an exemption for one month so they are not at an economic disadvantage,” Press Secretary Karoline Leavitt said on behalf of Trump.
The American Automotive Policy Council, a trade group representing the “Big 3” Detroit automakers, applauded Trump’s decision “recognizing that vehicles and parts that meet the high US and regional USMCA content requirements should be exempt from these tariffs.”
Leavitt said the president is “open” to hearing requests from other industries seeking exemptions as well.
Leavitt also confirmed the “Big 3” Detroit automakers requested the Tuesday call with Trump, who mentioned it during his address to Congress later in the day.
Two sources on Wednesday confirmed to CNBC that GM CEO Mary Barra, Stellantis Chairman John Elkann, Ford CEO Jim Farley and Ford Chair Bill Ford participated in the call.

The White House said it granted a one-month delay for tariffs on automakers whose cars comply with USMCA, which was negotiated under Trump’s first term in office.

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GM, Ford and Stellantis stocks

Shares of GM, Ford and Stellantis were notably up following the announcement. Stellantis closed Wednesday up 9.2%, followed by GM up 7.2% and Ford higher by 5.8%.
It was not immediately clear whether just vehicles will be exempt, or if automotive parts would also be included.
It’s also unclear how much if any input Tesla CEO Elon Musk had on the tariffs or the delay. After campaigning for Trump, Musk has been one of his closest advisors and a nearly constant presence by his side.
The exemption allows for additional preparation and discussions between the White House and automotive industry on tariffs. It also more closely aligns with potential vehicle tariffs on imports from outside of North America.
Trump previously said those tariffs would be confirmed on April 2, in a push for automakers to invest more in the U.S. for vehicle production.
“We’re going to have growth in the auto industry like nobody’s ever seen,” Trump said Tuesday night before a joint session of Congress. “That’s a combination of the election win and tariffs.”
Trump erroneously touted a “new” plant investment in Indiana for Honda Motor during his speech Tuesday night. The company operates a large assembly plant in the state, but its most recent major investments have been in Ohio.

President Donald J Trump addresses a joint session of Congress as Vice President JD Vance and Speaker of the House Mike Johnson (R-LA) listen in the Capitol building’s House chamber on Tuesday, March 04, 2025 in Washington, DC. 
Jabin Botsford | The Washington Post | Getty Images

Honda on Wednesday thanked the president for acknowledging the company, but confirmed it “did not announce plans for a new plant in the U.S. at this time.”
“We have invested over $3 billion in advanced vehicle manufacturing in America in just the past three years, with a cumulative total of more than $24.7 billion,” Honda said in an emailed statement. “We look forward to continuing to invest locally and build quality products in America, as Honda has been doing for the past 45 years.”
The American Automotive Policy Council earlier this week argued that vehicles and parts that meet USMCA requirements should be exempt from the tariff increase.

There was major concern among automotive executives and experts that prolonged tariffs would quickly eat into company profits and production plans.
Executives with France-based auto supplier Forvia on Wednesday said the company and its customers, including automakers, have been planning different contingency plans for the tariffs. That has included working with customers to reach parts agreements since the 25% tariffs took effect Tuesday.
“The whole supply chain cannot swallow 25%,” Forvia CEO Martin Fischer said during a media event. “Cars will get more expensive for consumers if tariffs continue for a long time.”
S&P Global Mobility on Tuesday predicted roughly a third of vehicle production in North America could be cut by next week due to the 25% tariffs.
The data and forecasting firm reports 25 automakers on average produce 63,900 light-duty passenger vehicles in North America per day. A majority of those, roughly 65%, are assembled in the U.S., followed by 27% in Mexico and 8% in Canada. More

Novo Nordisk will offer its weight loss drug Wegovy for less than half of its usual price per month through a new direct-to-consumer online pharmacy.
The cash-pay offering is available to millions of patients without insurance coverage for the blockbuster injection.
The pharmacy, called NovoCare, will allow patients to pay $499 in cash per month for the weekly drug. 

Novo Nordisk’s Wegovy weight loss drug has seen a meteoric rise in popularity. 
Nurphoto | Getty Images

Novo Nordisk on Wednesday said it will offer its weight loss drug Wegovy for less than half of its usual price per month through a new direct-to-consumer online pharmacy.
The cash-pay offering is available to millions of patients without insurance coverage for the blockbuster injection. It aims to make Wegovy available to more people, while also ensuring that patients use the branded medication instead of cheaper compounded copycats that exploded in popularity during a recently resolved U.S. shortage of Novo Nordisk’s drug.

The pharmacy, called NovoCare, will allow patients to pay $499 in cash per month for the weekly drug. Wegovy’s list price before insurance and other rebates is almost $1,350 per month.
The site can also ship Wegovy prescriptions directly to patients’ homes through a specialty pharmacy partner. NovoCare will also offer refill reminders and access to live support from a case manager at the company, among other patient support services.
“Patients and prescribers alike have another option that provides convenient access to all doses of real, FDA-approved Wegovy at a reduced cost in our high-quality pen,” Dave Moore, executive vice president of U.S. operations and global business development, said in a statement.
Notably, the company said in the “near future” it will extend the new savings offer for Wegovy to cash-paying patients who use traditional retail pharmacies so they can also pay a lower price.
The Danish drugmaker’s move follows a similar strategy from its main rival Eli Lilly. The two companies are fighting to dominate the market for so-called GLP-1s, which mimic certain gut hormones to suppress appetite and regulate blood sugar.

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Eli Lilly in January 2024 launched its own direct-to-consumer online pharmacy, LillyDirect, to help patients access its weight loss drug Zepbound.
The website allows eligible patients to get a prescription through a telehealth provider and can provide home delivery. More recently, LillyDirect also started offering Zepbound in single-dose vials that are half or even less than its usual $1,000 monthly list price.
In recent months, the Food and Drug Administration has declared the U.S. shortages of both Zepbound and Wegovy over. That decision will prevent certain compounding pharmacies from creating unapproved versions of the injections.
NovoCare helps patients “avoid the significant risks that can be posed by the compounding marketplace, as warned by respected organizations, experts in the medical community, and the FDA,” Novo Nordisk said in a statement.

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Last year, developers completed close to 600,000 multifamily units, according to the U.S. Census.
Lease renewal rates rose to 63.1% in the early part of this year, compared with 61.5% in the early part of last year.
Apartment occupancy is also holding firm at 93.3%, slightly higher than at the beginning of last year.

Residential apartment buildings in the Brooklyn borough of New York, US, on Wednesday, July 17, 2024. 
Yuki Iwamura | Bloomberg | Getty Images

New apartment construction hit a record high last year, but all that new supply is apparently not enough to cool the competition in the market. Getting a rental is actually becoming even more difficult, according to a new report from RentCafe, an apartment search site.
Last year, developers completed close to 600,000 multifamily units, according to the U.S. Census. That is the highest level since 1974 and a 34% increase from 2023. New York City, Dallas and Austin, Texas, led in the number of new rentals.

Despite that, on a national level, rental competitiveness rose at the start of this year, according to RentCafe’s Rental Competitiveness Index. That’s in large part because a growing number of renters are not moving.
Lease renewal rates rose to 63.1% in the early part of this year, compared with 61.5% in the early part of last year, according to RentCafe. Much of that is likely due to higher mortgage rates and elevated prices in the for-sale housing market.
Apartment occupancy is also holding firm at 93.3%, slightly higher than at the beginning of last year. In addition, landlords are offering longer lease periods, which then lead to extended renewal periods, according to the report. As a result, each available apartment has an average of seven applicants.
Looking locally, Miami has the highest occupancy rate. It is the most competitive, with an average 14 applicants for each unit.
“Throughout the last few years, Miami has established itself as ‘Wall Street South,’ attracting major banking institutions and investment firms, while existing industries like tech and healthcare continue to grow, bringing in more workers,” wrote Veronica Grecu, senior creative writer and researcher for RentCafe, in the report. “Plus, Miami’s lack of income tax and its location at the crossroads of the Americas remain major draws for professionals and businesses.” 

The Midwest, however, leads in overall rental competitiveness. Ten of the top 20 hottest rental markets are in the region, with suburban Chicago coming in second behind Miami. Others include Detroit, Lansing and Grand Rapids in Michigan, as well as Cincinnati; Milwaukee; and Minneapolis-St. Paul in Minnesota.
Rents, which had been easing, are now on the rise again. Nationwide, rents increased 0.3% in February, the first monthly advance in rents following six consecutive months of declines, according to ApartmentList. February is the start of the historically busy season in the rental market, and rents are expected to rise throughout the summer. Rents are still 0.4% lower than they were in February of last year, however. 
Following a period of record-setting rent growth in 2021 and the first half of 2022, the national median rent has now fallen below its August 2022 peak by a total of 4.6%, or $67 per month, according to ApartmentList. The typical rent price, however, is still 20% higher than it was in January 2021.
“Year-over-year rent growth has now been negative since June 2023, but in recent months, there are signs that a return to positive growth is on the horizon,” according to the ApartmentList report’s authors.

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NHL Commissioner Gary Bettman said the league might be affected by tariffs and relations between the U.S. and Canada because players in both countries are paid in U.S. dollars.
Bettman joined CNBC’s “Squawk Box” to discuss the league’s 2024-25 season, geopolitical effects and more.

National Hockey League Commissioner Gary Bettman said Wednesday that the league could be affected by the current tensions between the U.S. and Canada.
Bettman said 25% of the league’s revenue comes from its Canadian clubs. Though he said the Canadian teams perform well, Bettman added that there could be ramifications for the league depending on the state of Canadian tariffs.

“All players, no matter which country they play in, get paid in U.S. dollars,” Bettman told CNBC’s Becky Quick on “Squawk Box.” “So if the impact of the tariffs is to see the Canadian dollar drop relative to the U.S. dollar, it will make it more difficult and more painful.”
Bettman said he has not yet engaged in any conversations with the Trump administration, but he believes the core of the tension between the two countries is a “policy issue,” with Canadians and Americans getting “caught in the middle.”
“I’m hoping that this is a moment in time and both countries find a way to work through this,” Bettman said, adding that the uncertainty and tariffs may also cause difficulties with the NHL’s sponsors.
The league currently has seven Canadian teams, including the Toronto Maple Leafs and Vancouver Canucks.
Despite the uncertainty, Bettman said the league is expecting to exceed revenue of $7 billion in mixed currency for the current 2024-25 season. The NHL has also seen record ratings and strong attendance, he noted, with teams playing at 96.7% capacity season to date.

According to CNBC’s 2024 Official NHL Team Valuations, the average NHL franchise value was $1.92 billion.
“Our ratings are strong and we have great media partners in Canada and the United States,” Bettman said. “And we’re in a good place because the game has never been better.” More

Amgen said it has started two critical late-stage trials for its experimental weight loss injection, MariTide, another step in its bid to enter the booming obesity drug market. 
MariTide is a monthly injection that investors hope could compete against existing weight loss drugs from Novo Nordisk and Eli Lilly, which are weekly injectables. 
One phase three trial is examining Amgen’s drug in around 3,500 people with obesity or who are overweight without Type 2 diabetes, while a second studies MariTide in 999 patients who are obese or overweight and have Type 2 diabetes 

The Amgen logo is displayed outside Amgen headquarters in Thousand Oaks, California, on May 17, 2023.
Mario Tama | Getty Images

Amgen on Wednesday said it has started two critical late-stage trials for its experimental weight loss injection MariTide, another step in its bid to enter the booming obesity drug market. 
“We’re delighted to share that these trials have now been initiated, and really, the progression of the MARITIME program is going very, very well,” Dr. Jay Bradner, Amgen’s executive vice president of research and development, said during a TD Cowen conference, using the name of the drug’s phase three development program. 

MariTide is a monthly injection that investors hope could compete against existing weight loss drugs from Novo Nordisk and Eli Lilly, which are weekly injectables. They are part of a class of drugs called GLP-1s, which mimic certain hormones produced in the gut to tamp down appetite and regulate blood sugar.
About 6% of U.S. adults, or more than 15 million people, were using a prescription for GLP-1s as of May, according to a survey from health policy organization KFF. Some analysts expect the market for GLP-1s to be worth more than $150 billion annually by the early 2030s.
One of the new phase three trials is examining Amgen’s drug in around 3,500 people with obesity or who are overweight without Type 2 diabetes, Bradner said. The second study examines MariTide in 999 patients who are obese or overweight and have Type 2 diabetes 
The main goal of both studies is to measure the percentage of weight loss at 72 weeks. Amgen will study three target doses of MariTide and plans to use dose escalation, or starting patients at a lower dose of the drug and increasing that amount over time. The company did not share a specific regimen for dosing in the trials. 
Amgen in November said MariTide helped patients with obesity lose up to 20% of their weight on average after a year in a phase two trial, with no weight loss plateau. The drug also helped patients with obesity and Type 2 diabetes lose up to 17% of their weight after a year with no plateau. But the results were on the lower end of Wall Street’s lofty expectations for the drug. 

Amgen will report more data on MariTide this year. The full results of the phase two trial will be presented at the American Diabetes Association conference in June. The company is also continuing to study patients in an extension of that trial that will read out in the second half of this year.
MariTide brings a new approach to weight loss compared with the existing drugs on the market because it is a so-called peptide antibody conjugate, which refers to a monoclonal antibody linked to two peptides. The peptides activate receptors of a gut hormone called GLP-1, while the antibody blocks receptors of another hormone called GIP.
That’s unlike Eli Lilly’s obesity drug, Zepbound, which activates both GIP and GLP-1. Novo Nordisk’s Wegovy activates GLP-1 but does not target GIP, which may also affect how the body breaks down sugar and fat.

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