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A major footwear trade group sent a letter to President Donald Trump this week asking him to exempt shoes from his so-called reciprocal tariffs.
Brands such as Nike, Adidas and Skechers co-signed the letter.
The letter claimed the tariffs pose an “existential threat” to footwear businesses and families, and that under the scheme, inventories would soon run low.

A man shops for shoes at a Nike outlet store in Los Angeles on April 10, 2025.
Frederic J. Brown | Afp | Getty Images

America’s largest shoe brands are asking President Donald Trump for a tariff reprieve.
The Footwear Distributors and Retailers of America trade group sent a letter to the White House this week asking for an exemption to Trump’s so-called reciprocal tariffs, which the association said pose an “existential threat” to the footwear industry. The letter is signed by 76 footwear brands, including Nike, Adidas, Skechers and Under Armour.

“Many companies making affordable footwear for hardworking lower and middle-income families cannot absorb tariff rates this high, nor can they pass along these costs. Without immediate relief from the reciprocal tariffs they will simply shutter,” reads the letter, which is dated April 29.
“Many orders have been placed on hold, and footwear inventory for U.S. consumers may soon run low,” the trade group said.
Trump’s wide-sweeping tariffs, announced on April 2, included levies on several countries that are important sources for footwear suppliers, including China, Vietnam and Cambodia. While the initial tariff rates of more than 45% for Vietnam and Cambodia were lowered to 10% for a 90-day period, the Trump administration has only ratcheted up duties on Chinese imports, which are now subject to an effective tariff rate of 145%.
Trump’s higher tariffs on dozens of trade partners are set to resume in early July.
Adidas previously warned this week that tariffs would lead to higher prices for American consumers. In late March, before the specific reciprocal tariff rates were announced, Nike’s finance chief said global levies and economic uncertainty would result in lower current-quarter sales.

The footwear association’s letter said the industry had already been facing significant duties on products such as children’s shoes before Trump announced his broad tariffs. In total, U.S. footwear companies will face tariffs ranging between 150% and about 220%, the trade group said.
“This is an emergency that requires immediate action and attention. The American footwear industry does not have months to adjust business models and supply chains while absorbing this unprecedented and unforeseen tariff regime,” the association wrote.
The group further warned that the tariffs will not result in bringing manufacturing back to the U.S., as Trump has promised, because they erase the certainty that businesses require in order to invest in sourcing changes.
The White House did not immediately respond to CNBC’s request for comment.

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American Airlines is doing away with long-haul first class on many planes in favor of a larger single cabin with new suites.
The seats, which enter service next month, feature sliding “privacy doors,” a trend in airplane cabin design.
The carrier is competing with Delta and United for high-paying travelers.

American Airlines seat for its new Flagship Suite.
Courtesy: American Airlines

American Airlines’ new suites with sliding doors are set to start flying on some of its planes in June, a key part of its strategy to compete against more profitable rivals for high-spending customers.
American first unveiled the new design in September 2022 and expected to start flying the new seats in 2024 but, like other carriers, faced delays from suppliers. First- and business-class airplane seats throughout the industry have become so elaborate that they’ve held up deliveries of new aircraft.

American’s new suites on the Boeing 787-9 will debut for regularly scheduled service on June 5 between its hub at Chicago O’Hare International Airport and London Heathrow Airport, followed by Philadelphia to London on Aug. 6 and Philadelphia to Zurich on Sept. 3. Another flight, outfitted with the new seats, between Dallas Fort Worth International Airport and Brisbane, Australia, is set to start Oct. 26.

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A roundtrip leaving Aug. 11 and returning Aug. 18 between Philadelphia and London in the “Flagship business class” costs $5,342 on American’s website.
The 787-9 cabin will feature 51 of the “Flagship Suites,” which will be the new international business class. The carrier’s 787-9s currently have 30 Flagship business-class seats, 21 premium economy, 34 extra-legroom seats and 200 in standard economy.
American said in 2022 that it plans to get rid of its international first class on many of its planes in favor of the larger single premium cabin at the front of the plane. It’s retrofitting older 777-300ER jets and will have a similar, but smaller, layout on its Airbus A321XLRs.

JetBlue new Mint suites for their Airbus A321LRs.
Courtesy: JetBlue

The craze of offering sliding doors has rippled through the industry. Rivals like JetBlue Airways have upgraded their highest-end cabins to feature the doors, while Santiago, Chile-based Latam Airlines said Thursday that it started operating its new business class with sliding doors on some of its aircraft, part of a $360 million fleet refresh.

Delta Air Lines’ Delta One suites offer the feature and United Airlines is rumored to soon unveil upgraded premium seating that could feature sliding doors as well. United didn’t immediately comment.
American is also upgrading other amenities, like offering free Wi-Fi to its loyalty program members, which Delta already does and United is set to provide this year.

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Churchill Downs has paused a $900 million capital improvement project due to global uncertainty.
CEO Bill Carstanjen said this year’s Kentucky Derby on Saturday is on pace to match last year’s in terms of demand.
Famed horse trainer Bob Baffert returns to the Kentucky Derby after a three-year ban.

The 151st running of the Kentucky Derby is set for Saturday amid a backdrop of global economic uncertainty, waning consumer confidence and tariffs that could cause construction costs to rise.
Churchill Downs has paused a $900 million capital improvement project at its storied race track in Louisville, Kentucky, the site of the world’s most famous horse race.

CEO Bill Carstanjen blamed tariffs for putting construction on hold.
“We weren’t sure what things were going to cost. Whenever you build something, you got to be very careful on the cost side, because you need to get a return on your capital,” Carstanjen told CNBC.
But where demand and fan enthusiasm is concerned, Carstanjen said it’s on pace to match that of last year. International participation at the Derby has never been higher, he said, with the race set to be broadcast in a record 170 territories.
This year also marks a return for famed horse trainer Bob Baffert, following a three-year-suspension from Churchill Downs properties after his horse Medina Spirit won the Derby in 2021 but failed a drug test.
This year Baffert’s horses are Rodriguez (12-1) and the juvenile champion, Citizen Bull.

It’s a new chapter for the two-time Triple Crown-winning trainer and for the Churchill Downs CEO, who oversaw Baffert’s temporary banishment.
“Bob earned his way into this event. He earned his way into this race,” Carstanjen told CNBC. “He’s welcomed back. This is America. Everybody gets second chances.” More

Automakers are reporting significant year-over-year April sales increases as consumers rushed to purchase new vehicles ahead of potential price hikes due to tariffs.
The tariff fear-buying began in late March and continued into April, but slowed toward the end of the month.

The Ford display is seen at the New York International Auto Show on April 16, 2025.
Danielle DeVries | CNBC

DETROIT — Automakers such as Ford Motor, Hyundai Motor and Kia on Thursday reported significant year-over-year U.S. sales increases in April as consumers rushed to purchase new vehicles ahead of potential price hikes due to tariffs.
The tariff fear-buying began in late March and continued into April, buoyed by several automakers offering special discounts or promising not to raise prices in the near term due to President Donald Trump’s auto tariffs.

“April results are dominated by the prospect of future vehicle price increases due to tariffs,” said Thomas King, president of the data and analytics division at J.D. Power.
But the good times may not last. King and Cox Automotive chief economist Jonathan Smoke note that demand slowed in late April as new vehicle inventories tightened and prices increased following the earlier consumer rush to purchase.
“The economy and auto market are transitioning to a world with higher tariffs on imports,” Smoke said Tuesday. “The first phase of frenzy in the retail vehicle market seems to have already passed as April is ending with less momentum than it began.”
Smoke said the higher costs and lower vehicle inventories are what are likely “sapping momentum and could lead to lower sales in future weeks.”
Automakers enjoyed the consumer rush while it lasted, though.

Ford reported a 16% year-over-year increase in its April sales, buoyed by consumers and an ongoing “employee pricing” program the company launched as Trump’s 25% auto tariffs on imported vehicles took effect in early April. Ford said Wednesday that it was extending that program through the Fourth of July weekend.
Hyundai, which promised not to increase prices through at least early June, reported a 19% increase in sales last month of its namesake brand compared with April 2024.
Kia, which is owned by Hyundai’s parent company but operates separately in the U.S., said its sales last month increased roughly 14% compared to a year earlier.
General Motors reports U.S. auto sales on a quarterly basis, but the automaker on Thursday confirmed it saw a 20% increase last month compared to April 2024.
Toyota Motor on Thursday said its year-over-year sales increased 10% last month.
Trump’s 25% tariffs of imported vehicles into the U.S. took effect April 3. Although he modified some tariffs this week, additional levies of 25% on auto parts are expected to begin by Saturday.
This week’s changes included reimbursing automakers for some U.S. parts and reducing the “stacking” of tariffs upon one another for the industry.
Ford CEO Jim Farley on Wednesday said this week’s changes to the tariffs are helpful, but more actions need to be taken to assist automakers and grow the U.S. auto industry.

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L3Harris Technologies is set to work on modifications to a used Qatari Boeing 747 that could become a new Air Force One aircraft.
Boeing’s modifications on a pair of 747 jumbo jets to become the new Air Force One aircraft are years behind schedule and more than $2 billion over budget.
Trump looked at the Qatari plane this past winter when it was parked in Florida.

First Lady Melania Trump laughs as she watches US President Donald Trump cut with a saber into a cake representation of the new Air Force One design during the Commander-In-Chief inaugural ball at the Walter E. Washington Convention Center in Washington, DC, on Jan. 20, 2025.
Patrick T. Fallon | AFP | Getty Images

The U.S. is working with L3Harris Technologies to modify a used Qatari government jumbo jet in what could become a new presidential plane, according to a person familiar with the matter who wasn’t authorized to speak to the media.
The work comes after President Donald Trump earlier this year expressed frustration about delays in modification work from Boeing. Trump struck a deal with Boeing in his first term to retrofit two 747s to serve as the next Air Force One aircraft. But after delays, the planes might not be ready before the end of his term.

L3Harris and Boeing declined to comment. The White House didn’t immediately comment.

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Trump told reporters in February that he is considering alternatives for the delayed Boeing 747s, which have cost Boeing more than $2 billion in overruns.
“We may buy a plane or get a plane, or something,” he said, according to a Reuters report at the time, as he toured the Qatari 747 that was parked at Florida’s Palm Beach International Airport.
Boeing’s CEO, Kelly Ortberg, said on an April 23 earnings call that “we continue to work with the customer to revise the program plan to allow for an earlier first delivery while maintaining our focus on safety and quality.”

One of the Boeing 747s used as Air Force One, parked at Palm Beach International Airport.
Leslie Josephs | CNBC

Ortberg said in January that the company had been working with Trump advisor Elon Musk to deliver the planes sooner.

Despite Trump’s frustration with Boeing’s delays in delivering the new Air Force One planes, the U.S. Air Force in March awarded Boeing a contract to build the country’s next-generation fighter jet, a deal analysts estimate to be worth around $20 billion or more.
“In terms of all of the attributes of a fighter jet, there’s never been anything even close to it, from speed to maneuverability, to what it can have, to payload. And this has been in the works for a long period of time,” Trump said in a news release on March 21. “America’s enemies will never see it coming.”

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Amazon has promised to spend around $1 billion each year on theatrical releases, a figure that would fund between 12 and 15 films annually.
This year Amazon has only four wide releases on the calendar so far, but the company is slated to have 14 in 2026 and 16 in 2027.
While blockbuster franchise films have been abundant in the wake of the pandemic, the overall number of wide releases has shrunk over the last decade.

Cast of the Amazon MGM Studios CinemaCon 2025 seen at the Amazon MGM Studios CinemaCon 2025 presentation at The Colosseum at Caesars Palace on April 02, 2025 in Las Vegas, Nevada.
Stewart Cook | Getty Images Entertainment | Getty Images

Tech is saving Hollywood — though not in the way you might think.
Back in 2022, e-commerce giant and relative upstart movie studio Amazon promised to spend around $1 billion each year on theatrical releases, a figure that would fund between 12 and 15 films annually. Today, it appears ready to deliver.

Earlier this month, the company, which operates the streaming platform Prime Video and recently acquired MGM studios, took the stage at CinemaCon in Las Vegas to tout its line-up of movies made just for the big screen.
Amazon’s inaugural presentation at the annual convention of Cinema United — previously known as the National Association of Theatre Owners — wowed exhibitors, marketers and media in attendance with flashy trailers and first-look footage from upcoming films like “Project Hail Mary,” “After the Hunt” and “Verity.”
It also brought some star power with the likes of Ryan Gosling, Andrew Garfield, Julia Roberts, Chris Pratt, Chris Hemsworth, Hugh Jackman and Michael B. Jordan set to headline these cinematic releases.
“I thought the presentation was incredible,” said Brock Bagby, president and chief content, programming and development officer at B&B Theatres. “For their first year out, they pulled out all the stops.”
While the studio won’t have a full slate of more than a dozen films until 2026, it has steadily invested in theatrical content over the last few years. Amazon had one wide release, a film that played in more than 2,000 theaters, in 2023 and five in 2024. This year Amazon has only four wide releases on the calendar so far, but the company is slated to have 14 in 2026 and 16 in 2027.

This surge of theatrical content is just what the domestic box office needs. While blockbuster franchise films have been abundant in the wake of the pandemic, the overall number of wide releases has shrunk over the last decade. Even before Covid and dual Hollywood labor strikes slowed production down, Hollywood was making fewer and fewer movies each year, according to data from Comscore. 

Mid-budget movies — often in the drama, comedy and romantic comedy genres — began disappearing in the mid-2010s as studios sought to invest in bigger budget franchise flicks that could result in higher profits. The comparatively lower-budget films have since been predominantly redirected to streaming platforms in an effort to stock these services with more affordable content. 
Analysts project that the domestic box office has lost around $1 billion each year in total ticket sales as a result of that shift.
At the same time that studios were altering their film slates, movie houses were merging. The most recent union between the Walt Disney Company and 20th Century Fox, first announced in 2017 and finalized in early 2019, resulted in the loss of between 10 and 15 film releases annually, according to data from Comscore.

In 2015, 20th Century Fox released 17 films. After its acquisition, the pandemic and the strikes, it has released fewer than a half dozen titles each year.
“With consolidation in the past of some of the studios, the output numbers have decreased over the past few years, and with fewer releases there is less potential for box office and concession sales,” said Paul Dergarabedian, senior media analyst at Comscore. “More importantly movie theaters need new films to draw customers into their auditoriums.”
Amazon’s commitment to theatrical, alongside the emergence of smaller studios like Neon and A24, should help to close the gap left by 20th Century Fox’s acquisition.
“They’ve filled the gap that we’re missing from Fox, which is so exciting, and it looks like a similar slate to Fox, where there’s a few big titles, but a lot of that mid-range,” Bagby said.
What industry experts have discovered is that the strength of the box office doesn’t just rely on the success of franchise films — superhero flicks, big-budget action fare and the like — but also on the sheer volume and diversity of content.
There is a direct correlation between the number of theatrical releases and the strength of the overall box office. During the pandemic, the decline in box office ticket sales largely tracked nearly in lock step with the percentage decline in film releases.
“The number of movies being released continues to trend in the right direction,” said Michael O’Leary, CEO of Cinema United. “When considering wide releases at 2,000 or more locations, we saw 94 last year, but we expect at least 110 in 2025. Beyond that, distributors have secured release dates as far out as 2028 for movies with plenty of commercial potential.” More

Eli Lilly topped first-quarter earnings and revenue estimates as sales of its weight loss drug Zepbound and diabetes treatment Mounjaro spiked.
Sales of Mounjaro and Zepbound topped expectations for the first quarter.
The pharmaceutical giant lowered its full-year profit outlook due to a recent deal for a cancer treatment.

Eli Lilly on Thursday reported first-quarter revenue and earnings that topped estimates as demand for its weight loss and diabetes drugs soared, but lowered its full-year profit guidance due to charges related to a recent cancer treatment deal.
The pharmaceutical giant now expects its adjusted fiscal 2025 earnings to come in between $20.78 and $22.28 per share, down from previous guidance of $22.50 to $24 per share. Eli Lilly said the revision reflects a $1.57 billion deal charge recorded in the first quarter, which is primarily related to its acquisition of a certain oral cancer drug from Scorpion Therapeutics.

The company maintained its fiscal 2025 sales guidance of $58 billion to $61 billion. Eli Lilly said the guidance reflects President Donald Trump’s existing tariffs as of May 1, but does not include his planned levies on pharmaceuticals imported into the U.S.
In an interview with CNBC, Eli Lilly CEO Dave Ricks said the company and other drugmakers are already announcing investments in U.S. manufacturing, which is one of the Trump administration’s stated goals of the tariffs.
“I think that actually the threat of tariffs is already bringing back critical supply chains into important industries, chips and pharma,” Ricks said. “So do we need to enact [tariffs?] I’m not so sure.”
He added that Eli Lilly wants to see permanently lower tax rates in the U.S., particularly 15% for domestic production. Ricks said lower taxes drove many drugmakers to manufacture in “low-tax islands like Ireland Singapore and in Switzerland, and that can come back if there’s an economic incentive.”
Eli Lilly’s blockbuster diabetes treatment Mounjaro topped expectations for the first quarter, raking in $3.84 billion in revenue. That’s up a whopping 113% from the same period a year ago.

The company’s weight loss drug Zepbound also beat estimates, booking $2.31 billion in sales for the quarter. That more than quadrupled the $517.4 million that the treatment brought in a year ago, when it had just entered the U.S. market.
Analysts expected Mounjaro and Zepbound to generate $3.81 billion and $2.28 billion in sales, respectively, according to estimates from StreetAccount.
Shares of Eli Lilly fell 4% on Thursday. That came after CVS Health on Thursday said its pharmacy benefit manager would make Novo Nordisk’s Wegovy the preferred weight loss medication on its main formularies instead of Zepbound.
Here’s what Eli Lilly reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

Earnings per share: $3.34 adjusted vs. $3.02 expected
Revenue: $12.73 billion vs. $12.67 billion expected

The company posted first-quarter revenue of $12.73 billion, up 45% from the same period a year ago. 
Sales in the U.S. jumped 49% to $8.49 billion. Eli Lilly said that was driven by a 57% increase in volume – or the number of prescriptions or units sold – for Zepbound and Mounjaro. That was partially offset by lower realized prices of the drugs, the company said.
The pharmaceutical giant booked net income of $2.76 billion, or $3.06 per share, for the first quarter. That compares with net income of $2.24 billion, or $2.48 share, a year earlier. 
Excluding one-time items associated with the value of intangible assets and other adjustments, Eli Lilly posted earnings of $3.34 per share for the first quarter.
Demand in the U.S. has still far outpaced supply of Zepbound and Mounjaro over the last year. Both so-called incretin treatments mimic certain gut hormones to tamp down a person’s appetite and regulate their blood sugar.
The popularity of those injectable drugs has forced both Eli Lilly and its rival Novo Nordisk to invest billions to ramp up manufacturing capacity for their treatments.
The efforts appear to be paying off: The Food and Drug Administration in December reaffirmed its decision to declare the U.S. shortage of tirzepatide — the active ingredient in Zepbound and Mounjaro — over. That decision effectively bars many compounding pharmacies from marketing and selling cheaper, unapproved versions of tirzepatide.

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Eli Lilly CEO Dave Ricks said the drugmaker can help “respond” to national security concerns around cheaper essential medicines as pharmaceutical-specific tariffs loom. 
The Trump administration has opened an investigation into how importing certain pharmaceuticals into the U.S. affects national security – a move widely seen as a prelude to initiating tariffs on drugs. 
Ricks said reshoring manufacturing capacity for older essential medicines is “a valid thing,” adding that Eli Lilly is “happy to help the country if we’re in need.”

CEO of Eli Lilly and Company David Ricks speaks at the Economic Club of New York on March 12, 2024 in New York City.
Spencer Platt | Getty Images

Eli Lilly CEO Dave Ricks on Thursday said the drugmaker can help “respond” to national security concerns around cheaper essential medicines as pharmaceutical-specific tariffs loom. 
The Trump administration has opened a Section 232 investigation into how importing certain drugs into the U.S. affects national security – a move widely seen as a prelude to initiating tariffs on pharmaceuticals. It is unclear what those levies will look like and whether they will target branded or older generic drugs, the latter of which are largely made overseas in countries like India and China. 

“Bringing that capacity back, so in case of emergency, we have the stock, we have the supply – that’s a valid thing,” Ricks said in an interview with CNBC, referring to those older drugs. He spoke after Eli Lilly reported first-quarter earnings and 2025 guidance, which did not include estimated effects of the potential pharmaceutical tariffs.
He said national security concerns around those medications are “valid.”
But he added: “Do I think tariffs are the answer to that? I’m not so sure personally.”
“We would be happy to talk to this administration or national security people about how we could respond to such a crisis,” he said. “We have capacities to bring to bear there, and we’re happy to help the country if we’re in need.”
Older generic drugs account for about 90% of the medicines prescribed in the U.S. Many are critical for hospital care, including antibiotics and vasopressors, or medications that raise blood pressure. 

Ricks noted that those essential drugs are “not easy to make, but they’re cheap, and they’ve been driven out of our country due to cost and other damaging policies.”
However, some health experts previously told CNBC that tariffs on generic drugs, which have far lower profit margins than branded medications, could force some generic drugmakers to leave the U.S. market altogether. That could lead to or exacerbate shortages of certain generic drugs in the U.S., such as sterile injectable drugs commonly used in hospitals.
Rick’s comments come as drugmakers brace for President Donald Trump’s planned pharmaceutical tariffs, which aim to boost domestic manufacturing. Those tariff threats are already fueling a new wave of U.S. manufacturing investments from the pharmaceutical industry.
That includes Eli Lilly, which in February announced it will invest at least $27 billion to build four new production sites in the U.S.
On Thursday, Ricks said tariffs may not be needed after the industry’s moves to reshore manufacturing. 
“I think that actually the threat of tariffs is already bringing back critical supply chains into important industries, chips and pharma,” Ricks said. “So do we need to enact [tariffs?] I’m not so sure.”
He added that Eli Lilly wants to see permanent lower tax rates in the U.S., particularly 15% for domestic production. Ricks said lower taxes drove many drugmakers to manufacture in “low-tax islands like Ireland, Singapore and in Switzerland, and that can come back if there’s an economic incentive.”
That echoes the sentiment of Pfizer CEO Albert Bourla’s comments on Tuesday. Though Bourla argued that uncertainty around tariffs is deterring the company from making U.S. investments in manufacturing and research and development. More