Raphael Stevens

The Trump administration has expanded its tariffs on aluminum to include canned beer imports and empty aluminum cans.
President Donald Trump is expected to announce sweeping new levies on imported goods at a Rose Garden event Wednesday.
Industry analysts expect the tariffs to hit Modelo brewer Constellation Brands the hardest.

Aluminum cans wait to be filled with craft beer during a production run at Black Plague Brewery in Oceanside, California, U.S., March 14, 2025. 
Mike Blake | Reuters

The Trump administration will implement a 25% tariff of all imported canned beer and empty aluminum cans starting Friday, according to a notice from the Department of Commerce.
The expansion of U.S. aluminum tariffs comes shortly before President Donald Trump is expected to announce sweeping new levies on imported goods at a Rose Garden event at 4 p.m. ET.

Industry analysts expect the tariffs on canned beer imports to weigh most heavily on Constellation Brands. Constellation imports all of its beer from Mexico, including Modelo and Corona; beer accounted for 82% of the company’s sales in its most recent quarter. While Corona is best known for coming in glass bottles, Modelo — the bestselling beer in the U.S. — most commonly comes in cans.
Constellation’s shares were down less than 1% in afternoon trading on Wednesday, but concerns about tariffs have weighed on the stock for months. The company’s shares have fallen 22% since Trump’s election in November.
The updated notice for aluminum tariffs published on Wednesday does not mention levies for imported beer packaged in glass bottles. Aluminum cans accounted for 64.1% of beer distribution in 2023, compared with glass bottles’ 26.9% share, according to the Beer Institute.
For years, canned beer has been gaining market share against its bottled counterpart. Brewers can produce and transport cans more easily than glass bottles, which are heavier, leading to cheaper prices on canned beer for consumers.
The U.S. imports most of its aluminum from Canada. China and Mexico, the two other main targets of Trump’s trade ire, are also major exporters of aluminum to the U.S.

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Emma Hayes took over as head coach of the U.S. women’s national soccer team in June and quickly led the squad to an Olympic gold medal.
She’s looking to make changes to improve women’s soccer.
Hayes says we need to look at soccer through a female lens.

Emma Hayes is on a mission to reinvigorate women’s professional soccer in the United States.
Hayes was hired as head coach of the U.S. women’s national team in June after a disappointing few years for the squad as it dealt with an aging lineup, coaching instability, and increased global competition.

Less than a year in, she has led the U.S. team to an Olympic gold medal and won the 2024 Ballon d’Or as women’s soccer coach of the year — putting the world on high alert that women’s soccer in the United States is back.
Nearly eight months after the U.S. defeated Brazil in the Summer Olympics gold-medal game in Paris, the teams will go head-to-head with the two upcoming friendlies in California on April 5 and April 8.
Ahead of the team’s upcoming friendlies, CNBC Sport spoke to Hayes about how the job is going, the biggest surprises that came with it, her leadership style and the steps she is taking to make U.S. women’s soccer a powerhouse again.

Olympic-sized ambitions

Less than three months on the new job, Hayes found herself leading Team USA at the Paris Olympics, following a 12-year stint as head coach of Chelsea women, where she had established herself as one of the top coaches in women’s soccer.
It may have been a daunting challenge for many, but Hayes said she took it one day at a time.

“We all know the pressures and the expectations that are there in and around the team, but I wanted to create an environment where the players felt relaxed and calm but extremely focused,” Hayes told CNBC.
The England native said she wanted to make sure players did not have to worry about outside pressures.
“I think that by creating that safe bubble, I allowed the players to immerse themselves fully and therefore express themselves in the best way they can on the pitch,” Hayes said.
The U.S. women’s team returned to the podium for its fifth Olympic gold medal after defeating Brazil. The squad had last won gold in 2012.
“The surprise for me was considering all of the pressure, how much joy I would find in it,” Hayes said of the win.

Soccer through the female lens

United States head coach Emma Hayes along the sidelines prior to playing Australia at State Farm Stadium on February 23, 2025 in Glendale, Arizona. 
Brad Smith | ISI Photos | USSF | Getty Images

Following the Olympics, Hayes focused on rebuilding the program to sustain that success. She has turned her attention to areas like creating a stronger soccer pipeline for the future and designing training specifically for women athletes.
“Everything we have been exposed to in our sport has been through the male lens, so we aim to address that and put the sport of soccer in a situation, hopefully for so many players that can experience in the game in a much different way, and ideally through a female lens,” Hayes said.
Hayes said that mindset will apply to everything from recovery methods to strength and conditioning and even tactical information.
The 48-year old coach admitted the changes will take a lot of work and require coach education and even new programs.
“It’s a huge project but one that we’re very much excited to take part in,” she said.
Hayes also aims to use data, analytics and artificial intelligence in more productive ways.
For example, Hayes said that women traditionally have less power in their shots than men, but the data shows they actually score more goals from distance than in the men’s game.
She added that data from a smart ring like Oura, which tracks body temperature, could aid training and recovery.
“I feel like without those data insights, perhaps we won’t make the advances in our game that we would like to,” she said.

The next generation of soccer players

Emma Hayes of the United States talks to her team during USWNT training at San Diego FC Performance Center on February 25, 2025 in El Cajon, California. 
Brad Smith | ISI Photos | USSF | Getty Images

Hayes is also turning her attention to the next generation of women’s soccer players. She said she’s concerned about the number of players who have dropped out of the sport.
Studies have shown that increasing numbers of girls are dropping out of sports when they hit puberty for a variety of reasons, which include social expectations and lack of quality programs.
“I think that’s something that has to be addressed,” she said. “The dropout rates, in my honest opinion, can be avoided if we understand girls better.”
Hayes said more needs to be done to keep kids in sports because of long-term effects on their lives.
She pointed out that studies have shown that female athletes are more likely to be successful business leaders. A 2023 Deloitte survey found that 85% of women who played competitive sports say the skills they learned were important to success in their professional careers.
As she tries to overhaul the U.S. women’s program, Hayes is looking at the big picture. The career soccer coach said she hopes that she can have a lasting impact on the sport she loves.
“Winning on the field is one thing, and I absolutely enjoy doing that, but I’m all about leaving the sport in a better place and making sure that create a system and an environment where generations beyond those that maybe I represent, you know, could enjoy the sport at a high level,” Hayes added. More

Manhattan apartment sales rose 29% in the first quarter, according to real estate companies.
The total value of apartment sales in the city reached $5.7 billion, up 56% over the same quarter last year.
The strength has largely been driven by the high end of the market and luxury properties, as the wealthy sought a safe investment.

People walk by a view of residential luxury towers along nicknamed Billionaires Row, a stretch of 57th Street that holds the majority of Manhattan’s supertall luxury towers on May 16, 2022 in New York City. 
Spencer Platt | Getty Images News | Getty Images

Manhattan apartment sales jumped 29% in the first quarter from the same period a year ago, as the wealthy sought refuge from volatile stocks to buy real estate, according to new reports.
There were 2,560 closed sales in the quarter, up from 1,988 a year ago, according to a report from real estate appraiser Miller Samuel and brokerage Douglas Elliman. The total value of apartment sales increased even more, reaching $5.7 billion, up 56% over the same quarter last year.

The strength has largely been driven by the high end of the market and luxury properties. Sales of apartments priced at over $5 million soared by 49% compared with a year ago, according to brokerage Compass. The ultra-high-end, or properties priced at $20 million or more, had its best first quarter since 2019, Compass said.
“Largely insulated by mortgage-rate fluctuations and driven by portfolio diversification strategies, this highlights renewed confidence among luxury buyers and underscores the broader generational wealth underway,” Compass said.
Since the ultra-wealthy tend to buy apartments in cash, without needing a mortgage, they have been less deterred by continually high interest rates. Fully 58% of the sales in the quarter were all cash, with the more expensive apartments (over $3 million) seeing 90% of sales from all-cash buyers.
The weakest segment of the market was what brokers consider the “mid-market” of Manhattan real estate, or properties priced between $1 million and $3 million. Signed contracts for those properties declined by 10%, according to Compass, while properties at the lower end, priced between $500,000 to $1 million performed better.
Brokers say the renewed strength of Manhattan real estate is being driven by both macro and micro forces.

While Manhattan’s real estate market has long been linked to the stock market, given the city’s reliance on financial markets for jobs and wealth, apartment sales decoupled from the volatile performance of stocks in the first quarter. Brokers say the uncertain outlook for stocks makes real estate and hard assets more attractive, especially in prime wealth markets like Manhattan.
They also say back-to-office mandates from big banks and other companies are bringing affluent buyers back to the city on a more permanent basis. The emergence of the “boomerang wealthy” — those who moved to spots like Florida during the pandemic and are now moving back to New York — is also boosting sales.

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“There’s a noticeable movement of people returning from Florida and relocating from Los Angeles,” said real estate agent Charlie Attias of Compass.
The “great wealth transfer” is also driving sales. With trillions of dollars starting to pass from baby boomers to their children and relatives, brokers say a growing number of buyers are the children of wealthy parents buying with funds from a trust or family office.
“We’re seeing a notable increase in activity from family offices, many of which are acquiring real estate as long-term legacy assets,” said real estate agent Cindy Scholz of Compass.
Granted, sales that closed in the first quarter were typically signed and negotiated months earlier, so the March uncertainty around markets and the economy may not be reflected in the numbers.
The first quarter of 2024 was unusually slow, making the first quarter of 2025 by comparison look more attractive, according to Jonathan Miller, CEO of Miller Samuel. Despite the 29% increase in sales, the sales total was just 1.1% better than the historical average for the past decade, he said.
Still, signed contracts in March, which are a predictor of sales in the coming quarters, were also strong, especially for luxury. Signed contracts for apartments priced over $10 million tripled in March, according to Douglas Elliman.
“It’s clear that Manhattan’s market is not just holding steady — it’s thriving,” said Pamela Liebman, president and CEO of Corcoran. More

Boeing CEO Kelly Ortberg is set to testify before the Senate Commerce Committee on Wednesday at 10 a.m. ET.
The hearing comes as the plane maker has faced manufacturing and safety crises in its commercial and defense units.
Ortberg has said the company’s turned a corner in improving its manufacturing processes.

Kelly Ortberg, CEO of Boeing, speaking on CNBC’s Squawk Box on Jan. 28th, 2025.

Boeing CEO Kelly Ortberg on Wednesday will outline to Congress the company’s progress on improving its manufacturing and safety standards after years of crises in both its commercial and defense units, including a 2024 near-catastrophic midair door plug blowout on one of its planes that left Boeing’s factory without key bolts installed.
“Boeing has made serious missteps in recent years — and it is unacceptable. In response, we have made sweeping changes to the people, processes, and overall structure of our company,” Ortberg said in written testimony, which was seen by CNBC ahead of the Senate Commerce Committee hearing. “While there is still work ahead of us, these profound changes are underpinned by the deep commitment from all of us to the safety of our products and services.”

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Ortberg and other Boeing executives have outlined improvements across the manufacturer’s production lines in recent months, as well as wins like a contract worth more than $20 billion to build the United States’ next generation fighter jet. But lawmakers and regulators have maintained heightened scrutiny on the company, a top U.S. exporter.
“Boeing has been a great American manufacturer and all of us should want to see it thrive,” Sen. Ted Cruz, a Texas Republican and chairman of the committee, said in a statement in February announcing the hearing. “Given Boeing’s past missteps and problems, the flying public deserves to hear what changes are being made to rehabilitate the company’s tarnished reputation.”
The Federal Aviation Administration last year capped Boeing’s production of its 737 Max planes at 38 a month following the January 2024 door plug blowout. The agency plans to keep that limit in place, though Boeing is producing below that level.
Acting FAA Administrator Chris Rocheleau said at a Senate hearing last week that the agency’s oversight of the company “extends to ongoing monitoring of Boeing’s manufacturing practices, maintenance procedures, and software updates.”
Correction: Chris Rocheleau is acting FAA administrator. An earlier version misstated his title.

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QVC Group will host the first ever 24/7 live shopping streams in the U.S. on social media platform TiKTok beginning Wednesday.
The move comes as QVC, which sells products through its cable TV, streaming and online platforms, has been working to turn around its business after facing significant challenges.
CEO David Rawlinson II has been tasked with the transformation — and social media is at the forefront of QVC Group’s strategy.

FILE PHOTO: Signage is displayed at the entrance to the QVC Studio Park in West Chester, Pennsylvania, U.S., June 4, 2018. 
Brendan McDermid | Reuters

QVC Group is launching the first-ever nonstop live shopping streams on TikTok in the U.S. in a bid to revive its business and broaden its audience.
Beginning Wednesday, hosts from QVC’s TV networks will also be featured on the app in addition to TikTok creators.

QVC is best known for its live shopping TV networks QVC and HSN (formerly Home Shopping Network) that once captured a large swath of viewers and consumers. It also offers streaming and online retail options. But as the company looks to broaden its audience and turn around its business, it’s shifting its focus to social media.
While live shopping on social media, namely TikTok, has exploded in China, it’s been slow to take off in the U.S. And the partnership comes as TikTok’s future in the U.S. is uncertain.
Still, the partnership announced Wednesday builds on QVC’s earlier team up with TikTok. It also gives TikTok Shop its first constant, live stream of shoppable content. QVC products have been available through the TikTok Shop since August, nearly a year after the app introduced the live, shoppable experience to its users in the U.S.
Since launching on the TikTok Shop, the company said more than 74,000 TikTok creators have featured QVC products on their shoppable videos and livestreams. Wednesday’s announcement is sure to expand that, said David Rawlinson II, president and CEO of QVC Group Inc.
“Everybody’s been talking about this being the next big thing in retail for five or 10 years but it never quite has hit,” Rawlinson said. “I think this is the start of it really hitting. And that’s the TikTok bet. That’s our bet.”

Arrows pointing outwards

QVC on TikTok.
Courtesy: QVC Group Inc.

Business revamp

QVC Group — which is part of QVC Group Inc. and controlled by media mogul John Malone — is aiming to do more than bring its longstanding business of constant live shopping from TV to social media.
The deal comes as the company recently concluded a turnaround plan, known as Project Athens, after what Rawlinson referred to as a “perfect storm” of issues.
At the height of the pandemic, QVC’s businesses saw a surge in sales and viewership, like many retailers and media companies. But the drop-off was steep as stay-at-home orders lifted and consumers started spending on live events and travel rather than retail.
QVC’s problems were then amplified. More consumers cut the cord and fled the pay TV bundle, weighing on the company’s TV networks. The retail industry also had to contend with supply chain issues and heightened competition in online shopping from the rise of Temu and others.
Things worsened for the company in December 2021, months after Rawlinson took the helm of QVC Group Inc. A deadly fire ripped through the company’s North Carolina fulfillment center. QVC lost a half a billion dollars in inventory, Rawlinson said.
“I sort of felt like I was hired to transform the company, but because of this perfect storm of events, the first job turned out to be saving the company,” Rawlinson said.
Through a series of cost-cutting measures, QVC saw its profitability improve and its debt load ease. Still, the transformation is far from complete. Rawlinson noted during a February investor call that QVC has yet to “achieve stable revenue,” and that will be its main focus moving forward.
The drop-off in TV viewership has been pronounced. When comparing 2024 to 2018, QVC’s and HSN’s main channels reached 44% and 47% fewer homes, respectively, Rawlinson said on February’s call.
Last week, the company said it would lay off about 900 employees and consolidate its operations in its West Chester, Pennsylvania, headquarters.
The partnership with TikTok comes days after the company released its annual report to shareholders, which noted its focus on social media and efforts to shift the business.
“As traditional TV declines and a mix of video platforms takes a greater share of customer attention, we must hurry our expansion beyond TV to find growth. Our strategy is to transform QVC Group into a live social shopping company,” QVC Group Inc. wrote in a letter to shareholders in March.
In the letter, QVC said it would “intensify” its efforts in social media and streaming to notch $1.5 billion in run-rate revenue from these platforms in the next three years.
“Social is just the natural evolution of what we’ve always done,” Rawlinson said.
QVC’s audience and shoppers typically skew female and over 50. Last year, CNBC reported that the company signed a deal to add USA Pickleball to its platforms to capitalize on that audience and find new avenues to transform its business.

Ticking clock

TikTok has officially launched its e-commerce service TikTok Shop in the US. 
Costfoto | Nurphoto | Getty Images

TikTok has seen explosive growth in the U.S., and the company said it has 170 million users. But its fate in the country remains unclear.
The Chinese-owned social media app is once again staring down at a deadline that could see it effectively banned on April 5, stemming from a national security law originally signed by former President Joe Biden that requires parent company ByteDance to divest its American operations.
The original deadline was Jan. 19, but President Donald Trump signed an executive order that granted ByteDance 75 more days to divest the U.S. portion of its business.
Although the future remains uncertain, creators appear to be cautiously optimistic this time around that TikTok will remain in the U.S., CNBC reported Tuesday. Trump has since said he may reduce tariffs on China in order to help move forward a deal in which ByteDance exits U.S. operations.
Even with the possibility of a ban in the U.S., Rawlinson said moving forward with the partnership on TikTok Shop was the best bet for QVC’s business.
“TikTok has a very widely penetrated user base in the U.S. We know a lot of our customers, and our future customers, are there, and we know that shopping is developing and growing very quickly in really interesting ways there,” Rawlinson said.
“So we felt like that’s the right way to try to change how shopping is done in the U.S. That’s the full calculus for us. We didn’t try to guess the future of TikTok,” he added.
— CNBC’s Jonathan Vanian contributed to this article.

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United Airlines is adding service to Vietnam and Thailand in October.
The carrier is also beginning nonstop service from San Francisco to Adelaide, Australia, in December.
It’s part of the airline’s ongoing effort to add far-flung destinations not served by its rivals.

A Boeing 787 Dreamliner operated by United Airlines takes off at Los Angeles International Airport (LAX) on January 9, 2013 in Los Angeles, California.
David McNew | Getty Images

United Airlines plans to add daily flights to Vietnam and Thailand in October, further expanding the network for the U.S. carrier that already has the most Asia service.
In the expansion, United is using a tactic that’s unusual in its network: Its airplanes from Los Angeles and San Francisco that are headed for Hong Kong will then go on to the two new destinations. The Bangkok, Thailand, and Ho Chi Minh City, Vietnam, service is set to begin on Oct. 26.

On Oct. 25, United plans to add a second daily nonstop flight from San Francisco to Manila, Philippines, and on Dec. 11, it will launch nonstops from San Francisco to Adelaide, Australia, which will operate three days a week.

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The carrier has aggressively been adding far-flung destinations not served by rivals to its routes, like Nuuk, Greenland, and Bilbao, Spain, which start later this year. Getting the mix right is especially important as carriers seek to grow their lucrative loyalty programs and need attractive destinations to keep customers spending.
Bangkok, in particular, “is in even more demand now given the popularity of ‘White Lotus,'” Patrick Quayle, United’s senior vice president of network and global alliances, said of the HBO show.
He said the carrier isn’t planning on cutting any international routes for its upcoming winter schedule. More

Mixed martial arts league UFC has reached a multimillion-dollar, multiple-year sponsorship deal with technology company Meta, UFC told CNBC.
The deal is wide ranging and will integrate UFC with Meta across its products and platforms.
UFC CEO Dana White is on the board of Meta.

UFC CEO Dana White, left, and Meta CEO Mark Zuckerberg attend the UFC 300 event at T-Mobile Arena in Las Vegas, Nevada, April 13, 2024.
Jeff Bottari | Ufc | Getty Images

TKO Group’s UFC has struck a multimillion-dollar, multiple-year partnership deal with Meta that will bring the mixed martial arts league closer to Mark Zuckerberg’s technology company, UFC told CNBC.
UFC’s integration with Meta will span the company’s portfolio, including Meta AI, Meta Glasses, Meta Quest, Facebook, Instagram, WhatsApp and Threads. Specific financial terms weren’t disclosed.

Meta will become the “official fan technology partner” of UFC and will have its branding featured in UFC’s Octagon ring for pay-per-view and “Fight Night” events.
“Mark and his team at Meta are going to do things that will blow away UFC fans,” UFC President and CEO Dana White said in a statement to CNBC.
The partnership with Meta is separate from the UFC’s media rights discussions, which are set to kick off later in April. UFC’s exclusive negotiating window with its current partner ESPN ends April 15. ESPN doesn’t plan to renew its deal before the window’s expiration, CNBC has previously reported.
The companies first started working on a sponsorship deal in the second half of 2024, according to Grant Norris-Jones, TKO’s head of global partnerships. UFC held discussions with a number of potential partners in different business units and realized Meta could provide the league with much of what it wanted, Norris-Jones said in an interview.
“Meta will be our official marketing partner, our official AI glasses partner, our official wearable partner, an official social media partner,” said Norris-Jones. “They’re making a significant investment into our ecosystem.”

Meta’s Threads will feature exclusive UFC content and will be referenced in live UFC broadcasts, Norris-Jones said. Both companies are already working on a series of follow-on announcements to come in the next three to nine months, including more details around a new UFC fighter rankings system that will draw on Meta technology, he said.

Zuckerberg’s MMA love

While White and Zuckerberg, Meta’s founder and CEO, didn’t personally hammer out terms of the deal, it’s “nice to have the air cover” of the executives’ close relationship, Norris-Jones said. White joined the Meta board in January.
“I love this sport and I’m looking forward to working with UFC to let fans experience it in new ways,” Zuckerberg said in the statement to CNBC.
The Meta CEO has attended a number of UFC events and personally participates in mixed martial arts.

U.S. President Donald Trump and Meta CEO Mark Zuckerberg.
Cheney Orr | Manuel Orbegozo | Reuters

Zuckerberg said on Joe Rogan’s podcast in January that corporate culture would benefit from more “masculine energy.” The Meta CEO said in July that President Donald Trump’s reaction after getting shot in the ear was “badass.” Trump is also friendly with White, who endorsed Trump and spoke at the 2024 Republican National Convention.
“Having a culture that celebrates the aggression a bit more has its own merits,” Zuckerberg said on the Rogan podcast.
Meta noted Zuckerberg’s love of combat sports in its annual report as a potential risk factor.
“We currently depend on the continued services and performance of our key personnel, including Mark Zuckerberg,” the company said in a corporate filing. “Mr. Zuckerberg and certain other members of management participate in various high-risk activities, such as combat sports, extreme sports, and recreational aviation, which carry the risk of serious injury and death. If Mr. Zuckerberg were to become unavailable for any reason, there could be a material adverse impact on our operations.” More