Trump Slams Amazon Over Tariff Display Plans

 

President Trump called Amazon CEO Jeff Bezos to express anger over reports that Amazon was considering displaying tariff costs on products. The White House labeled the potential move a "hostile and political act." Amazon denied the plan for its main site, stating it was only considered for its...

Trump Administration Softens Impact of Auto Tariffs

 

The White House announced a softening of automotive tariffs, preventing additional levies on steel and aluminum from compounding existing 25% tariffs on imported vehicles. While the 25% import tariff remains, reimbursements for auto parts tariffs will be offered, totaling up to 3.75% of a U.S.-made car's value in...

UPS to Slash Jobs, Close Facilities Amid Amazon Deal

 

UPS plans to cut approximately 20,000 jobs and close over 70 facilities by June. This restructuring follows a decision to significantly reduce its shipping volume for Amazon, its largest but least profitable client. The move, announced alongside strong first-quarter financial results exceeding expectations, aims to enhance UPS's profitability and...

UPS to Slash 20,000 Jobs Amid Tariff Woes

 

UPS announced plans to cut 20,000 jobs and close 73 facilities to save $3.5 billion amid weakened demand from Amazon due to Trump-era tariffs. The company cited economic uncertainty and expects $400-$600 million in separation and lease costs. While first-quarter revenue slightly beat expectations at $21.5 billion, the...

Pfizer Expands Cost Cuts, Beats Q1 Profit Estimates

 

Pfizer exceeded first-quarter profit expectations despite lower sales, primarily due to reduced Paxlovid demand. The company expanded its cost-cutting program, aiming for an additional $1.2 billion in savings by 2027 through digital enablement and process streamlining. This, along with a separate initiative, will result in approximately $7.7 billion...

GM Withdraws Profit Forecast Amidst Tariff Uncertainty

 

GM reported a 7% decline in first-quarter profits to $2.8 billion, primarily due to a 14% drop in North American earnings. The company withdrew its previous $11.2-$12.5 billion net income projection for 2025, citing uncertainty surrounding US tariffs on imported cars, steel, and aluminum. While tariffs minimally impacted...

GM Reassesses 2025 Outlook Amid Trump Tariffs

 

General Motors exceeded first-quarter expectations, reporting $2.78 adjusted earnings per share versus the expected $2.74 and $44.02 billion in revenue. However, GM is reassessing its 2025 financial guidance and suspending stock buybacks due to uncertainty surrounding President Trump's auto tariffs. While the company anticipates offsetting 30-50% of North American...

US Averts Auto Tariff Crisis with New Deal

 

A deal has been reached to ease tariffs on imported cars, potentially averting a major crisis for the US auto industry. Commerce Secretary Howard Lutnick confirmed the agreement, which is expected to be formally announced by President Trump in Michigan on Tuesday. The deal avoids stacking auto tariffs...

HSBC Q1 Results Beat Estimates Despite Global Uncertainty

 

HSBC's first-quarter 2025 results exceeded expectations, driven by strong wealth and corporate banking performances. Pre-tax profit reached $9.48 billion, surpassing estimates, although it decreased 25% year-on-year. Revenue also fell 15% year-on-year but surged nearly 317% from the previous quarter. The bank announced a $3 billion share buyback...

Trump to Ease Tariffs on US Car Makers

 

President Trump is expected to announce measures easing the impact of his tariffs on US car manufacturers. Commerce Secretary Howard Lutnick hailed the move as a victory for the President's trade policy, rewarding domestic manufacturing. The announcement, to be made at a Michigan rally, will reduce import duties...