• SkinCeuticals' pricey vitamin C serum patent expired, leading many to hope for cheaper alternatives.
• C E Ferulic dupes could be on the way, but that doesn't mean they'll work, industry experts said.
• Some industry experts say dupe culture could be hindering innovation in skincare.

Does it sound crazy to spend $182 on a 30 mL bottle of face serum that famously smells like hot dog water?

Tell that to the diehard fans of SkinCeuticals' C E Ferulic.

Despite its high price point, the L'Oreal-owned brand's vitamin C serum has developed a cult following of devoted users over the past 20 years, thanks in part to a closely guarded, patent-protected formula that the company says can protect skin and improve signs of aging.

Months ahead of the patent's expiration date in March, skincare addicts flooded Reddit with hopes of cheaper "dupes" — a comparable product at a more affordable price point.

But the expiration date of that patent has come and gone, leaving many wondering: Where are the dupes?

Skincare industry experts who spoke to Business Insider said lookalike products could be on the way, but they don't expect the patent expiring to immediately result in any major disruptions to the industry, the vitamin C market, or the SkinCeuticals brand itself.

A bigger issue, they say, is the effect of dupe culture on skincare industry innovation — the kind that led to the existence of C E Ferulic in the first place.

The patent factor

SkinCeuticals' C E Ferulic is beloved by celebrities like Hailey Bieber and embraced by many skincare fans as the holy grail of vitamin C serums — sometimes a little begrudgingly, due to the high price.

Niki DeMartinis, an ER doctor who lives in New York, said she has tried various vitamin C serums over the years, but that she always comes back to C E Ferulic.

"I feel like my skin looks and feels the best with it," she told BI, adding it makes her skin look more even and less dull. She said it's the priciest skincare product she uses regularly, but she thinks it's worth the cost.

C E Ferulic, which hit the market in 2005, is 15% L-Ascorbic Acid, or pure vitamin C, with vitamin E and ferulic acid. Dr. John Carroll Murray, a dermatologist at Duke University who authored a 2008 study showing the formula provided UV photoprotection for skin, said the reason C E Ferulic was such a big deal was the way it was put together.

"It's easy to put vitamin C into a product. It's quite common, quite cheap, and quite safe, but it has to be properly formulated so that it'll be active and effective at removing reactive oxygen species," he said, referring to molecules that can damage skin.

Lina Twaian, a skincare industry expert and brand consultant, told BI that the ability to tout the patent has been a useful marketing tool for SkinCeuticals.

L'Oreal, the largest beauty company in the world, clocked $47 billion in sales last year, according to its annual financial report published in February. The report said its dermatological beauty division grew nearly 10% in 2024 and that the SkinCeuticals brand grew by double digits.

SkinCeuticals' patent for C E Ferulic officially expired in March, the standard 20 years after it was issued. Since then, the company has removed several references to the patent from its product page, according to a review of internet archives. They're now touting the previously "Patented Formula with 15% Vitamin C" as a "Superior Formula."

When reached for comment on the patent expiring, SkinCeuticals told BI the brand is introducing a new, patent-pending "antioxidant protection and performance" formula in 2026.

The brand said in a statement that "SkinCeuticals remains the only brand with exclusive expertise in the precise formulation and production of C E Ferulic."

Experts are divided on whether more dupes are on the way

As dupe culture exploded on social media over the past five years, there's been an even greater appetite for cheaper alternatives to C E Ferulic.

"It's been such a popular and efficacious product, it's pretty clear that brands are going to try to duplicate that," Kelly Dobos, a cosmetic chemist and professor at the University of Cincinnati, told BI of the patent's expiration.

She and the other industry experts said brands have already released their own versions of vitamin C serums, including some that appear similar to SkinCeuticals'. That's because even changing a product slightly can make it safe from a potential patent infringement, according to Larissa Jensen, a senior vice president and global beauty industry advisor at Circana.

"If you have something that's close but not exact, it can still be used in the market, so I don't necessarily know if the patent expiring is going to all of a sudden expose a floodgate of brands with this formula," Jensen told BI.

Still, L'Oreal has fought to protect the formula.

In 2018, L'Oreal sued Drunk Elephant, alleging the skincare brand's vitamin C serum had infringed on its patent. The case was settled out of court, and the terms of the settlement were not made public.

Drunk Elephant, which is owned by the Japanese beauty company Shiseido, sells its C-Firma Fresh Serum for $79, less than half the price of C E Ferulic. The product has 15% vitamin C, 1% vitamin E, and 0.5% ferulic — the same quantities promoted by SkinCeuticals. However, unlike C E Ferulic, the product is designed to be mixed by the consumer before use.

Shiseido told BI it does not comment on company settlements or litigation as a matter of company policy.

Since the patent has expired, Dobos said she expects brands to try to replicate the formula, now without the risk of patent infringement. But she said there's no guarantee that those companies will get it right or that, even if they do, they'll be able to do it at a significantly lower price point.

Not all dupes are created equal

Replicating C E Ferulic won't necessarily be easy, Dobos said. In part, that's because it's unlikely the patent told the full story of how the serum is formulated and made.

There are also many other factors that could impact the effectiveness of a product: the quality of ingredients, the manufacturing process, quality control and assurance, and packaging, which needs to be compatible with and protective of the formula.

Producing effective skincare can also be very finicky, so every aspect matters, Dobos said, adding that without clinical trials on a specific product, it's unclear if it will have the same effect as a product it appears similar to.

Elf Cosmetics announced a new vitamin C serum earlier this month that Dobos said appeared to be positioned as a direct competitor to C E Ferulic, for 91% cheaper. The $16 Bright Icon Vitamin C + E + Ferulic Serum has a similar trio of main ingredients, but at a fraction of the cost, and is being marketed as an alternative to "spendy serums."

But Dobos said it uses a different version of vitamin C, 3-O-Ethyl Ascorbic Acid, which she said was a "more stable version, but it's less substantiated in terms of effectiveness." Other factors that could impact the difference in price include where it's made (Elf produces most of its products in China), regulatory and labor costs, the cost of ingredients and packaging, and research and development, like clinical studies, Dobos said.

Clinical studies would be needed on the Elf product to really compare it to C E Ferulic, she said.

Elf did not respond to a request for comment.

Taking the shine out of dupe culture

Several industry experts have said that dupe culture itself could actually be hurting skincare innovation. Charlotte Palermino, the cofounder of Dieux Skin, recently wrote in a Substack post that dupes have "diluted" the beauty industry. She said innovation is expensive to produce as well as protect.

"But the tragedy of dupe culture isn't just the heartbreak of 'they copied my homework.' It's the slow death of innovation," she wrote, adding, "If you want innovation, perhaps consider valuing it."

Dobos said dupe culture incentivizes companies to focus on putting out products that are in line with the latest trends rather than creating something truly groundbreaking.

"I do think the kind of dupe culture that we're in is hindering innovation in a way because it's taking time and resources away from it," she said. "True, disruptive innovation takes time."

• West Paw, which makes dog toys and treats in the US, has not been significantly affected by tariffs.
• CEO Spencer Williams said manufacturing in the US was hard, but that it was about more than profits.
• He also said items being made in the US are not enough on their own to attract American consumers.

This as-told-to essay is based on a conversation with Spencer Williams, the CEO and owner of West Paw, a dog toy and treat company based in Bozeman, Montana. This story has been edited for length and clarity.

I was on a chairlift in 1996 when a well-known businessman in the Bozeman area turned to me and said, "If you don't outsource your manufacturing, you're going to lose your business." I thought to myself, "Why? Why couldn't I figure out a way to manufacture a better product in the United States?"

I grew up in rural Montana, so the roots of the business started with making an impact in my home state and with my passion for entrepreneurship and manufacturing. I love the idea that at the end of the day, we could say we helped make something — we created a thing.

I thought it would be great if I could make a product that brings joy and connection to people and their dogs in Montana. It would have an impact on our community by creating jobs, and we'd be able to make our products in a more sustainable fashion.

We started with sewn dog toys that included imported textiles from places like India, South Korea, and China. But in the early 2000s, we created an injection molding material called Zogoflex, which now represents 85% of our sales. Those products are made in a fully US-based supply chain, from the raw material to our production right here in Bozeman.

Manufacturing in the US is hard

It's tremendously hard to produce domestically, especially for consumer packaged goods. 

We have to design the product, develop the raw material, procure the mold, and import the machinery, which comes from Austria or Japan. Then we have to train our employees because there are not a lot of injection molders in our area.

Molds to make injection-molded toys are very expensive in the US. You'd hardly even notice the mold cost if you produced in China.

It is infinitely harder to do what we do, and the only way anybody would really want to do it is if money wasn't their sole objective. If money's your sole objective, just outsource it. It's so much easier.

But because West Paw has always been purpose-driven, we make money, but we also focus on making a positive impact as a social and environmentally focused company.

I don't have anything against making products in a foreign country, and we sell our products globally. But we are pursuing our own vision.

Americans don't buy products just because they are 'made in the USA'

I've found over my 29-year career that people don't tend to stay true to a "buy USA" value. There are ups and downs around patriotic purchasing of domestically made products.

While we make it clear our products are made in the US, what's really important is that we also make a better product.

For example, one of our best-selling toys, Toppl, changed the way toys could be used as enrichment tools or for mental and physical wellness for dogs as they play. It's also a slow feeder. That innovation isn't about being made in the US. It's about great design.

We always tell the "made in the USA" story — we're proud of that — but it has to come after we solve for the health and wellness needs of the pet parent.

We also try to be really clear about the value of durability. When you buy a more durable product, your dollar goes further. You don't have to replace it again and again. For our dog treats, we also focus on making a healthier product.

We wouldn't expect the customer to buy our product because it's better for the planet. It's about the product and the company truly understanding what the consumer needs and solving for that first and foremost.

Tariffs show the plus side of a US-based supply chain

The tumultuous environment of these tariffs has left businesses and retailers reeling, and that creates an unfavorable economic environment.

We just sent out an email and social media post last week that basically said: "Tariff update: We have none." What we have are stable prices, a stable supply chain, and no tariffs.

That's our message to retailers: We're not relying on the government to solve our problems. We're a better long-term partner.

I think West Paw is going to grow because of the current environment of tariffs. We're already seeing that growth. It goes back to a strategy I started 29 years ago that is going to pay dividends this year: We're going to make our own product, we're going to make it better than anybody else, and we're going to make it in Montana.

We chose a harder path, and I'm grateful for that.

• Moody's downgraded the US credit rating due to rising federal debt and interest costs.
• It was the last triple-A rating the US had after being downgraded previously by other agencies.
• Moody's also changed its US outlook from negative to stable, citing several credit strengths.

The US lost its triple-A credit score with Moody's on Friday, with the credit ratings firm citing rising federal debt and interest costs.

The US was downgraded from Aaa, the highest rating, to Aa1. Some sovereigns with an Aaa ratings from Moody's include the European Union, Canada, and Germany, while other Aa1 countries include Austria and Finland.

Moody's was the last triple-A credit rating the US had after being previously downgraded by other major rating agencies. Fitch Ratings previously downgraded the US in 2023, while S&P Global Ratings did so in 2011.

"Successive US administrations and Congress have failed to agree on measures to reverse the trend of large annual fiscal deficits and growing interest costs," Moody's said in a statement, adding that it did not believe current fiscal policies under consideration would lead to reductions in spending or deficits.

"Over the next decade, we expect larger deficits as entitlement spending rises while government revenue remains broadly flat," the statement continued. "In turn, persistent, large fiscal deficits will drive the government's debt and interest burden higher. The US' fiscal performance is likely to deteriorate relative to its own past and compared to other highly-rated sovereigns."

Moody's also changed its outlook for the US from negative to stable, citing "exceptional credit strengths" including its size, resilience, dynamism of the economy, and the US dollar's role as global reserve currency. It also cited institutional factors, including an independent Federal Reserve making monetary policies and the constitutional separation of powers.

"While these institutional arrangements can be tested at times, we expect them to remain strong and resilient," the statement said.

President Donald Trump has pledged to lower the national debt, which is over $36 trillion.

• David's Bridal is launching curated boutiques for Gen Z brides seeking affordable luxury.
• The first Diamonds & Pearls location opens Thursday in Delray Beach, Florida.
• The store is more intimate and elevated compared to a typical David's Bridal, the CEO told BI.

David's Bridal, the largest bridal retailer in the US, is opening a new higher-end boutique catered to Gen Z brides looking for a more luxurious, personalized, and curated experience.

The first Diamonds & Pearls store is set to open on Thursday in Delray Beach, Florida, with another location planned to open later this year. The store is smaller, more curated, and more upscale than the average David's Bridal store, which are typically sprawling, budget-friendly stores.

"It's definitely affordable luxury," Kelly Cook, the CEO of David's Bridal, told Business Insider of the new boutique. "The environment itself is much more refined and elevated. We have champagne, we have hors d'oeuvres, we've got free bags that come with your gowns."

Cook, who took over as CEO in April, said the mission of David's Bridal is to become "the largest AI, retail, media, and planning marketplace for brides." As part of that mission, the company, which in 2023 filed for chapter 11 bankruptcy for the second time, is focused on serving all brides, including higher-end ones.

That's where Diamonds & Pearls come in. The gown selection is more curated, with about one-third the number of products as a traditional David's Bridal store. The selling space is also smaller at about 2,000 square feet instead of the 5,500 square feet you'd find at a larger David's Bridal.

It's also the only David's Bridal location where brides can try on couture options from brands like Marchesa and Viola Chan. Though the dresses lean more upscale, Cook said there would still be more affordable options, ranging from $500 to $5,000.

According to the wedding website The Knot, the average cost of a wedding dress in 2025 is around $2,000. The Knot also found that the average cost of a wedding was $33,000.

Overall, the vibe of the store is more similar to an independent bridal boutique than a typical David's Bridal, according to Cook. There's velvet furniture, marble accents, and curtains separating the dressing areas and the back of house.

The store wants to cater to Gen Z's love of luxury as the generation continues to make up a greater share of America's brides, with its oldest members now 28. Gen Z consumers are expected to account for 25% to 30% of luxury market purchases by 2030, according to Bain & Company.

While many independent boutiques sell made-to-order dresses that can take nine to 12 months to receive, Diamonds & Pearls can deliver dresses in a week if needed due to David's Brial's own manufacturing, Cook said. They will also have dresses that brides can take home the same day.

"You're getting the intimacy of the boutique, but the global scale of David's," she said.

The stores also incorporate large, interactive digital screens that brides can use to browse David's Bridal's full selection or ask for suggestions from the company's AI-powered wedding planning tool, Pearl, which can make recommendations based on Pinterest boards.

Cook said that when they tested the store with brides who had previously shopped at David's Bridal, the customers said the shop felt more intimate and like they could get a more personalized experience due to its smaller size.

While only two Diamonds & Pearls are planned for now, Cook said the company has identified up to 100 potential markets for future stores.

• Canadians road tripping to the US declined even more in April, according to government data.
• The number of Canadian residents visiting the US by plane also declined, the data suggested.
• Canadians have been avoiding US travel in response to Trump's policies on tariffs and annexation.

Canadians' US-travel boycott hasn't shown signs of slowing down.

Canadian residents returning from the US, either by car or by plane, was down more in April than any other month this year, according to data released Monday by the Canadian government.

Together the car and plane returns marked the sharpest year-over-year declines since Canadians started boycotting US travel earlier this year, citing President Donald Trump's tariffs on Canadian goods and comments on making Canada the 51st US state.

Over 1.2 million Canadian residents returned to the country from the US by car in April, compared to more than 1.9 million in the same month last year, marking a steep decline of about 35%, according to Statistics Canada.

It was the fourth consecutive month of year-over-year declines for returns by car, which is the way most Canadian visitors travel to the US, according to Statistics Canada.

Canadian residents returning by air from the US was also down last month at 582,700, nearly 20% lower than the same month last year, despite an increase in Canadian resident returns from overseas, the data showed.

The government data aligns with what travel companies have been saying for months: fewer Canadians are visiting the US. Airlines have been cutting back on Canada-US routes as a result.

On earnings calls late last month companies such as Hilton, Caesars Entertainment, and Booking Holdings reported slowdowns in travel from Canada to the US. Some firms have said Canadians are instead visiting Mexico, the Caribbean, and destinations in Europe.

Pearl Whamond, a Canadian who lives in Montreal, previously told Business Insider she was avoiding travel to the US despite living near the border and previously making frequent visits by car and plane.

"I wouldn't go over the border these days, and I'm trying to avoid buying American products," she said.

Canadians have also been boycotting American-made products and engaging in a Buy Canada movement in response to Trump's policies.

Do you have a story to share about Canada-US travel? Contact this reporter at [email protected].

• Wealthy travelers are still spending on travel despite economic uncertainty.
• A luxury traveler planner said his company is prioritizing experiences and emotions over specific places.
• The trends include challenging treks, reading weeks, and travel as therapy.

Even as travel demand has softened, one group is spending their way through the economic uncertainty: the wealthy.

Rich Americans have continued to spend on travel and other products even as others are cutting back, with airlines such as United and Delta reporting strong demand for premium bookings despite a broader slowdown in domestic travel demand. Major hotel brands like Hilton and Hyatt have also reported resilience in the luxury sector.

For the wealthy travelers who are still spending, there are four specific kinds of trips that are trending, according to Tom Marchant, the co-founder of the luxury travel company Black Tomato.

The average price of a trip organized by Black Tomato, which plans bespoke travel around the world, is about $40,000, Marchant said, adding the trips can range from $10,000 to hundreds of thousands.

Marchant told Business Insider that the company's clients often say, "I'm pretty agnostic on where I want to go, but this is how I'm looking to feel."

Rather than focus on specific destinations, he said there are certain emotions or experiences that luxury travelers are seeking. Earlier this year the company launched a "Feelings Engine" that incorporates AI to help users plan a trip around a feeling, whether they want to feel relaxed, challenged, free, motivated, or many other emotions.

Here are the four kinds of trips that Marchant said are trending right now.

1. The earned experience

Black Tomato has seen a rise in travelers seeking out challenging experiences that are "earned" through more than just how much they pay for them.

"There's this desire to challenge yourself, whether it's through a trek or a long journey or going to a part of the world where you're going to be overwhelmed by cultural stimuli," Marchant said.

These kinds of trips are often viewed by travelers as an antidote to the realities of day-to-day life, when just about everything is available at the click of a button, he said, adding that this type of trip is trending for solo travelers as well as couple and families who want to get out of their comfort zone.

For instance, the company organizes "Get Lost" trips in which the client is dropped off in a remote destination and left with supplies to navigate themselves back to civilization over the course of several days. Esther Spengler, a Black Tomato client, previously told BI her $13,000 "Get Lost" experience in Morocco was more of an "adventure" than a vacation.

Other earned experiences the company plans are river rafting in Papua New Guinea, mountain treks in Japan, or quad biking across the salt pans of Botswana.

2. In search of silence

For many wealthy travelers, the goal of a vacation is to get away from the noise of everyday life, Marchant said. While these travelers don't necessarily want to be off-grid, they want to be somewhere with minimal background noise or noise pollution.

"We've seen more and more people looking for places where there is genuine quiet — where they can go and reflect or just feel," he said.

There's been a growing trend of quiet-place conservation and travelers seeking out "quiet parks," places that provide opportunities to experience relative silence, or nothing but noises from the natural world.

In 2019, the non-profit group Quiet Parks International awarded Zabalo River in Ecuador as the first wilderness quiet park. Glacier National Park in Montana was the first US national park to receive the status.

Marchant said one aspect of this trend is "reading weeks," in which the traveler says they want to go somewhere quiet primarily so they can read and reflect without any distractions. He said reading trips are especially popular with business leaders who feel they rarely have time in their day-to-day life to enjoy books without getting pulled into work.

3. Bare witness

Traveling for natural phenomena is another trend among Black Tomato clients, with the company increasingly planning trips around natural events that could be a once-in-a-lifetime opportunity to see.

Several years ago the company built bespoke camps in the mountains of Patagonia so its clients could witness the total solar eclipse in luxury.

Traveling to witness natural phenomena like eclipses, the northern lights, or animal migrations could be especially appealing to the wealthy because it's likely to be very different from their daily life, Marchant said.

He noted that a lot of their clients live in LA, so traveling somewhere with a gorgeous villa, fancy pool, and nice weather is less likely to be appealing to them since it's what they already have at home.

4. Travel as therapy

The last major trend in luxury travel Marchant said he's seeing is "using travel as a kind of answer for some of life's challenges."

Increasingly, travelers are viewing their trips as a way to step back and reevaluate aspects of their life, whether that's work, family, romantic relationships, or their health.

"When you get taken out of the day-to-day, where you're immersed in everything, it gives you time to think on things and get perspective," he said.

Those types of trips might bring the client to a place where they can immerse in a community that has a different or interesting perspective on the building blocks of life.

One example would be travel to Blue Zones, locations where the local population tends to live longer, which have seen an increase in tourism since the concept was popularized.

The travel as therapy trend also aligns with the increase in self-improvement retreats or psychedelic retreats that have grown in popularity, especially with business leaders.

Marchant said he thinks the resources available to wealthy clients and how connected the world is makes them yearn for disconnection even more. He also said it makes them want to visit places that few other people have, adding, "There is still so many vast tracks in the world that you can do that in."

• A business owner is labeling tariff costs as a separate line on the price tag of his electric bikes.
• Businesses, large and small, are hoping to retain consumer trust by showing how much tariffs increase prices.
• Business experts say consumer awareness of tariffs could spell trouble for Trump's polling rates.

When Jared Fisher found out his major supplier of electric bikes was raising its prices by 10%, he had a choice to make: eat the cost or pass it along to his customers.

"If you cut 10% into a bicycle margin, then you might as well get ready to have your exit strategy for your business because you're not going to be able to operate," Fisher, who owns several bike shops in Nevada and Utah, told Business Insider. "There's no way."

Instead, Fisher decided to be transparent with his customers about why prices were rising on some of his products. He added a new line item directly to the price tags on bikes hanging in his shops. On one bike he sells for $7,999, the price tag now shows an additional $300 "Government Tariff Charge."

"I have no problem labeling where this tax is coming from on my products," he said. "People need to know that so I have a fighting chance on my end."

On April 2, President Donald Trump imposed a 10% baseline tariff on all imports into the US, as well as additional tariffs on dozens of trading partners. Though some of the higher tariffs — with the exception of those on China and some on Mexico and Canada — are on pause, the sweeping 10% tariffs are still in place. And prices are starting to go up.

From brick-and-mortar retailers to online small businesses, many have told Business Insider that the tariffs are forcing them to pass the cost to consumers, and it's not because they want to.

To make matters worse for smaller operations, they do not have the same bargaining power with suppliers or cash flow as larger retailers like Walmart. Suppliers in some manufacturing hubs like China are also seeing ever-shrinking margins to help absorb the tariff shock.

"Small businesses are basically in danger of going out of business because of these high tariffs," Peter Cohan, associate professor of management at Babson College and a venture capitalist, told BI, "And they're trying to preserve the trust of their customers by being very transparent about why they're raising the prices."

"Maybe they're going to lose customers because of the higher rates, but at least being transparent will help reduce the damage," Cohan added.

Larger businesses may also have considered such transparency measures. After reports that Amazon is going to start displaying how much tariffs are contributing to the price of goods on its platform, White House press secretary Karoline Leavitt called the idea a "hostile and political act." The e-commerce giant denied that it planned to display the cost of tariffs, saying its low-price section, Haul, had considered it for some items but then jettisoned the idea.

Chinese fast-fashion giants Shein and Temu — most affected by the 145% tariffs on China and the canceled de minimus exemptions — posted identical customer notices on their websites, saying that that there will be "price adjustments" because their "operating expenses have gone up" under "recent changes in global trade rules and tariffs."

At the end of April, Temu started adding "import charges" at checkout, which can double the price of the item. By May, Temu's main website appeared to have blocked US customers from seeing products shipped from China, and the site is filled with products marked "local" to signify they are at a warehouse in the US.

"Displaying tariff costs directly on product pages can offer strategic advantages for platforms like Temu and Shein," Nasim Mousavi, assistant professor at Georgia State University Robinson College of Business, told BI. "By itemizing tariffs, these platforms frame price increases as the result of external policy rather than their own pricing decisions."

"This transparency can enhance customer trust, reinforce a value-oriented brand image, and foster the perception that the platform is advocating on behalf of the consumer," Mousavi added.

According to a survey of 1,850 US adult citizens conducted between May 2 and 5 by the Economist and YouGov, 75% of those surveyed think that Trump's tariffs will increase their prices, and 61% would like businesses to display how much of a purchase price goes toward paying tariffs.

"The obvious reason why the White House wouldn't want businesses to show tariff costs is because it makes it obvious how much their policy is costing consumers," said Cohan. "It's going to drive down the poll ratings because consumers will be extremely aware of how much more they're paying and who's causing them to pay it."

• Jared Fisher, who owns bikes shops in Nevada, said he's adding a new tariff line item to price tags.
• A major supplier of the electric bikes Fisher sells raised its prices 10% due to tariffs, he said.
• Fisher, a Republican, said he thinks his customers deserve to know why prices are increasing.

This as-told-to essay is based on a conversation with Jared Fisher, the CEO and founder of Escape Adventures, an adventure tourism agency, and several bikes shops in Nevada and Utah. Fisher also ran as a Republican for governor of Nevada in 2018. This story has been edited for length and clarity.

I'm a Republican business owner who's been running an adventure travel business for more than 30 years. We operate multi-day motor tours and road bike tours with hiking, mostly in the Southwest, and a hut-to-hut mountain biking route in Utah. We also own retail bike shops in Las Vegas and Utah.

Recently, I made the decision to start adding a tariff tax line item directly to the price tags on certain products in our stores, especially electric bikes. All of our electric bikes from our major supplier are going to cost 10% more.

We have the exact same electric bikes hanging on the same hook in our retail stores and some cost $4,500 and the one right next it costs $4,950. There's no difference except when we purchased them, so one has a line item because it was purchased when that price increase was implemented due to the tariff. It really puts us in an uncomfortable situation with our customers. We have to explain to them.

Whether we like it or not, we're paying those taxes, which is how I view tariffs, as a brick-and-mortar shop. We have to pay it to get that product into our store. If I don't have a bike in a bike shop, I'm going out of business.

So now the point comes to, are we going to pass that tax on to our customers or not? The bicycle industry runs on pretty tight margins. If you cut the 10% into that, you might as well get ready to have your exit strategy for your business because you're not going to be able to operate. There's no way, that's just how it goes.

I ran for governor of Nevada in 2018 as a Republican. I didn't vote for Donald Trump. He was the reason I ran for office. I watched how he was as a business person, and America's not a business. I feel like he doesn't understand how much of an impact his decisions have. He's almost got blinders on.

I believe that people need to be responsible for their actions. You can implement a policy that you think is great and we will back you up, but we're also going to tell everybody who's doing it. I have no problem labeling where this tax is coming from on my products. People need to know that so I have a fighting chance on my end.

This tariff policy has created chaos across the board. The uncertainty is absolutely insane. I ordered new sleeping bags from China for our summer tours, and I was just informed the supply chain has been disrupted and now I don't know when I will get that product or what I'm going to do. We're having to redo items that are time consuming during a season where we should be focusing on our customer's experience.

As a business owner, I don't have time for this baloney. I did my planning already in my slow season. It's really disruptive in my operations for me to have to go and find items for something that I've already done.

We're also seeing the effects on our tourism business. We have lots of Canadian customers, and when all this tariff talk started, they began canceling tours. These are $2,000 to $4,000 cancellations. One group told us, "We love you guys, but we can't put our money into America because of what they're doing and what they're saying about our country."

The tariffs affect everything at some level: some very big and some you won't even notice. It's like a lot of little cuts and eventually you bleed out. Enough's enough and people will shut their doors. The one word I could say for this whole problem that we're facing is unnecessary. It doesn't need to happen, but it is.

Do you have a story to share about the impact of tariffs? Contact this reporter at [email protected].

• Jury selection began Monday for Sean "Diddy" Combs' sex-trafficking trial in Manhattan.
• Prospective jurors were shown a list of 200 names that could be mentioned during the trial.
• Combs has denied the charges and other allegations of sexual abuse.

Jury selection for Sean "Diddy" Combs' sex-trafficking case is underway this week, and it has offered a glimpse of which celebrities may be name-dropped at the trial.

During day one of jury selection in Manhattan federal court on Monday, prospective jurors were shown a list of some 200 names of people who the judge said would at least be mentioned during the trial, which is expected to last eight weeks. No jurors were selected by the end of the day on Monday.

Like Combs' "white party" extravaganzas of the late 1990s and early 2000s, the trial too is expected to feature celebrities — at least by name, if not in person.

Combs was indicted in September 2024 on charges of racketeering conspiracy, sex trafficking, and transportation to engage in prostitution. He has denied the charges against him and all other allegations of sexual abuse. If convicted on all charges, Combs could face up to life in prison.

Each prospective juror is being asked if they personally know anyone on the list. The list has not been made public, but some famous names were revealed during jury selection on Monday.

Notable figures included on the list were:

• Ye, the rapper formerly known as Kanye West
• Rapper Kid Cudi
• Music producer Dallas Austin
• Choreographer Laurieann Gibson
• Music producer Harve Pierre
• Former Danity Kane member Dawn Richard
• Former Danity Kane member Aubrey O'Day
• Actress Lauren London
• Destiny's Child alum Michelle Williams
• Actor Michael B. Jordan

Also on the list were members of the Combs family and several of Combs' exes and accusers, including:

• Late longtime girlfriend Kim Porter
• Rapper Yung Miami
• R&B singer and key witness Cassie Ventura

Reps for Ye, Kid Cudi, Austin, Gibson, Pierre, O'Day, London, Williams, Yung Miami, and the Combs family did not immediately respond to requests for comment by Business Insider.

Ventura's attorneys declined to comment.

Richard's lawyer Lisa Bloom, who was in the courtroom during jury selection, also declined to comment. Richard sued Combs last year, accusing him of sexual assault.

At the time, an attorney for Combs said in a statement that Combs was "shocked and disappointed" by the lawsuit.

"In an attempt to rewrite history, Dawn Richard has now manufactured a series of false claims all in the hopes of trying to get a payday — conveniently timed to coincide with her album release and press tour," the statement said.

Meanwhile, Business Insider has learned that Jordan, the "Black Panther" actor, was referenced in the November 2023 lawsuit Ventura filed against Combs, accusing Combs of rape. The case quickly resulted in a settlement.

At one point during Ventura and Combs' on-again, off-again relationship, Ventura's lawsuit said in 2015 that she "began a flirtatious relationship with an actor." BI has confirmed that the actor is Jordan.

"She spent New Years Eve with this actor, but Combs soon found out," the lawsuit said, alleging that Combs then "called the actor and threatened him."

Jordan is not expected to appear as a witness during Combs' trial.

Kid Cudi, whose real name is Scott Mescudi, was also mentioned in Ventura's lawsuit. The suit suggested that Combs was responsible for blowing up a car that belonged to the rapper in 2012 after Combs learned of a "brief relationship" that Kid Cudi and Ventura had.

Ventura is expected to be the star witness in Combs' trial. She is referred to as "Victim-1" in the indictment against Combs.

Being on the list of names shown to potential jurors does not mean that these people will be called to testify, but that their names may be mentioned during the trial.

Not one of the more than 30 prospects questioned on Monday said they knew anyone on the list personally.

Many told the judge they had never heard of any of the people, while several said the only one they had heard of was Ye or Kanye West.

The witness lists for both sides have not been made public.

Jury selection in the high-profile trial is projected to take several days.

At the center of the indictment against Combs are accusations he orchestrated "freak offs," which prosecutors describe in court papers as "elaborate and produced sex performances that Combs arranged, directed, masturbated during, and often electronically recorded."

In these alleged drug-fueled sex sessions, prosecutors say Combs "used force, threats of force, and coercion" to get female victims to engage in sex acts with male commercial sex workers.

• EY CEO Janet Truncale spoke Monday at the Milken conference in Los Angeles.
• She was asked if artificial intelligence advances would lead to job cuts at her 400,000-person firm.
• Instead of job cuts, Truncale said, her employees will be more productive.

If artificial intelligence advances mean the average employee can do twice the amount of work they do today, then EY CEO Janet Truncale could see the consulting giant grow without cutting her head count.

Speaking Monday at the Milken Institute Global Conference in Los Angeles, Truncale said, "We're not going to decrease the size of our workforce" because AI increases productivity, and employees perform at a higher level earlier in their careers.

Her 400,000-person firm works with the biggest companies in the world, but the data-heavy work required of auditors and accountants has led many to predict that firms like EY can do the same amount of work with fewer people, thanks to AI.

Truncale believes AI "is going to transform the work our people are doing," but not make humans obsolete or eliminate thousands of jobs.

"There's always going to be a human component," she said.

"You have to invest in all of the soft skills," she added.

Naturally, the firm is talking with companies in various sectors about AI tools they can incorporate into their firms. EY is able to connect with these executive teams because the firm is "client zero" and tests many tools on its own workforce and "disrupting ourselves" before recommending them to clients, Truncale said.

There's a healthy respect for these tools given teams across the firm are constantly tinkering with them — of both the tools' abilities and faults. Data, Truncale said, and data security need to be top of mind for executives who want to harness AI.

"You've got to be really careful with this technology," she said.

While generative AI has disrupted professional services, many in the industry have echoed Truncale and said they do not think it can replace humans entirely but instead serve as a supplement to their work.

EY and the other Big Four firms have invested heavily in AI for years and recently in agentic AI, which involves several AI "agents" operating independently and making decisions without the direct assistance or input of humans.

In March, EY launched its EY.ai Agentic Platform in March, providing 80,000 of its tax employees with 150 tax agents that can help them with data collection, document analysis and review, and income and indirect tax compliance.

Other firms and consultants have also said they view AI as a way to free up staff from monotonous tasks and give them additional time to spend on more advanced or complicated work. AI has been a boon to consulting firms' business as clients look for guidance on how to incorporate the technology.

• Travelers in the US will soon be expected to present a Real ID to board a plane.
• The Department of Homeland Security is set to start enforcing Real IDs on May 7.
• But Homeland Security head Kristi Noem said travelers will be able to fly without Real ID for now.

Travelers in the United States could have their vacations derailed this summer if they don't secure a Real ID.

The May 7 deadline set by the Department of Homeland Security is fast approaching, meaning old driver's licenses will no longer be considered an acceptable form of identification for adults boarding domestic flights.

But what happens if you arrive at a TSA security checkpoint without a Real ID? Here's everything you need to know.

What is a Real ID?

Real IDs were a recommendation by the 9/11 Commission, formed in 2002 under former President George W. Bush, for the federal government to "set standards for the issuance of sources of identification, such as driver's licenses and identification cards."

In addition to boarding domestic commercial flights, Real IDs will be required to grant access to certain federal facilities and nuclear power plants.

The US Congress formally passed the Real ID Act in 2005. But the federal government has delayed enforcing Real IDs several times over the past two decades. Though Real IDs are a form of identification, Homeland Security says they are not considered proof of citizenship.

How do you know if you have a Real ID-compliant card?

Unlike previous ID cards, a Real ID will have a star marking on the upper half of the card.

"If the card does not have a star marking, it is not REAL ID-compliant and won't be accepted as proof of identity to board commercial aircraft," Homeland Security said.

But there are variations. Depending on the state, Real IDs can feature a gold star, a black star, a gold circle with a white star cutout, or a black circle with a white star cutout.

In California, Real IDs have an image of a gold grizzly bear with a white star cutout. Homeland Security announced on April 24 that New York State Real IDs, enhanced licenses, and identification cards will have a star or the US flag.

How do you get a Real ID?

The process of acquiring a Real ID varies by state.

For example, obtaining a Real ID in Alaska means applying in person at an Alaska Division of Motor Vehicles office and providing a primary document showing specific information, including birth name and US citizenship status.

In Texas, people can apply for a Real ID-compliant card in person at a Texas Department of Public Safety office. Some may be eligible to renew their driver's license or ID online.

Homeland Security says that at the very least, people must present documents showing their full legal name, date of birth, Social Security number, two proofs of principal residence address, and legal status to obtain a Real ID.

As Business Insider has reported, some people who have changed their names via marriage or divorce are having trouble gathering the necessary paperwork to apply for Real ID.

Homeland Security's website provides a Real ID map, allowing users to click on their state for more information.

Photos showed Americans throughout the United States waiting hours in line to obtain Real IDs ahead of the deadline, with some government offices remaining open longer than normal to accommodate the crowds.

The line at a Real ID Super Center in Chicago, operated by the Secretary of State, stretched for nearly two blocks the day before the deadline.

Can you apply for a Real ID after the May 7 deadline?

Though Homeland Security is set to begin enforcing Real IDs on May 7, people can submit applications anytime. Those who don't have a Real ID card by that date could face issues traveling in the United States and lose access to certain federal buildings.

Can you fly without a real ID after May 7?

Adults flying domestically in the United States can show an alternative form of identification. The Transportation Security Administration doesn't require children under 18 to provide identification when traveling within the United States.

The agency's website shared a list of accepted identification options, including US passports, US passport cards, state-issued Enhanced Driver's Licenses, and more. But in April, TSA said the temporary paper card given to applicants by the DMV wouldn't be accepted.

If travelers don't have an acceptable form of ID, a TSA officer "may ask you to complete an identity verification process, which includes collecting information such as your name and current address to confirm your identity," TSA's website says, continuing: "If your identity is confirmed, you will be allowed to enter the screening checkpoint, where you may be subject to additional screening."

"You will not be allowed to enter the security checkpoint if you choose to not provide acceptable identification, you decline to cooperate with the identity verification process, or your identity cannot be confirmed," the website says.

Homeland Security says passengers attempting to fly without proper identification can "expect to face delays, additional screening, and the possibility of not being permitted into the security checkpoint."

Homeland Security Secretary Kristi Noem reiterated this on Tuesday, saying those without a Real ID would be able to fly, though they would be subject to additional questioning at airports.

• Trump said kids could have fewer dolls under tariffs, but consumers buy more than toys from China.
• The US heavily relies on China for electronics, medical supplies, baby products, and apparel.
• The 145% tariff on China would drive up the costs of daily necessities for consumers.

President Donald Trump suggested kids could do with fewer toys, and there are likely plenty of Americans who agree with him.

But toys are far from the only thing the US buys from China.

From electronics that keep your household running to medical equipment used in life-saving situations, those goods likely came from China.

Trump has imposed a broad 145% tariff on China, while some Chinese goods have been hit with even higher tariff rates. In a cabinet meeting at the White House on Wednesday, when asked about trade relations with China, Trump waved off concerns that some shelves would be empty as a result of the tariffs.

"Maybe the children will have two dolls instead of 30 dolls, and maybe the two dolls would cost a couple of bucks more than they would normally," Trump said.

The US imports about 80% of all its toys from China, according to data from the Toy Association. However, most Chinese goods would likely fall under the category of necessities, while others are an integral part of American life that cannot easily be replaced with American-made alternatives.

"A lot of products that are subjected to tariffs were never made in the US, so we don't know how to make them," Willy C. Shih, a professor of management practice in business administration at Harvard Business School, told BI.

For example, he said, "Liquid crystal flat panel displays are made in Asia, mostly in China. We don't make them in the US and we never have made them here, so it's not even a question of bringing those manufacturing back."

Shih said that moving supply chains and establishing new factories take large investments in equipment and training, which usually pay off within years if the operation is moving to a lower-cost country. The US, he says, is not a lower-cost country.

Here's a breakdown of some of the most essential goods the US sources from China.

Your home life would not look the same without China

From the first thing you touch in the morning to the last thing you see before you call it a night, your daily routine would not look the same without the presence of Chinese goods.

If you like smoothies in the morning, have a personal care routine, or plan to play Super Mario Bros. with your best buddies next Friday night, chances are you have household electronics made in China.

Trade statistics from the US Department of Commerce show that more than 97% of alarm clocks and wall clocks imported to the US came from China in 2024, along with 77% of video game consoles, 84% of household food blenders, and 93% of electric toothbrushes.

Additionally, 76% of US smartphone imports, 78% of US portable computer imports, and 70% of rechargeable lithium-ion batteries used in electronics and electric vehicles also came from China, according to United Nations Comtrade data compiled by the Atlantic Council.

Though the Trump administration in mid-April announced that some electronics, including smartphones and computers, would be exempt from the tariffs, not all are, and these exemptions could be removed at any time.

Hospitals count on medical equipment from China

According to data from the US Department of Commerce, 94% of first-aid kits and boxes imported to the US came from China, as well as 40% of rubber medical gloves and 54% of all medical adhesive dressings.

When the Biden administration announced a plan to raise tariffs on many China-made items in May 2024, the American Hospital Association published a fact sheet showing that any broad tariffs on China would impact the prices of basic medical equipment like syringes, medical masks, respirators, and gloves.

While medical supply expenses account for only around 10.5% of an average hospital's budget, they collectively accounted for $146.9 billion in 2023, an increase of $6.6 billion over 2022.

The Biden administration ended up extending exemptions to a wide range of healthcare products through May 31, 2025, including single-use sterile drapes, laparotomy sponges, and anesthesia instruments.

When asked whether these exemptions still hold under Trump's executive orders that did not specify exemptions, US Customs and Border Protection told BI in a March statement that they are "committed to supporting the Trump administration's Executive Orders related to tariffs while upholding US trade laws" and that the "dynamic nature" of their mission "requires CBP to remain flexible and adapt quickly."

The White House did not respond to a request for comment.

"Higher prices for high-volume medical supplies, such as personal protective equipment and syringes, are likely to exacerbate and prolong the financial headwinds that hospitals already face today," said the AHA in a statement in 2024.

Children get much more than just toys from China

While children need dolls, their care requires more than just entertainment.

Michael Wieder, cofounder of baby product brand Lalo, which sells everything from child-safe utensils to baby chairs, previously told Business Insider that the brand's primary supply chain is in China, and he would have very little ability to move it elsewhere because products for children are heavily regulated for safety.

"We work with factories that have been in the business for decades, making children's products and ensuring that they're safe," said Wieder. "All the factories we work with have all of the safety equipment, all the testing, all the engineering talent to ensure that we're making the highest quality, safest products — we can't replace that easily."

Nearly 98% of all imported baby carriages and strollers came from China in 2024, according to trade data from the US Department of Commerce.

China produces more than just fast fashion

While cheap clothes and fashion accessories from Shein and Temu have been widely criticized for their poor quality, how fast they end up in landfills, and questionable labor practices, American apparel brands, both large and small, have told BI that they are suffering the impacts of tariffs on China.

Up to 90% of US bridal gowns are made in China, according to the National Bridal Retailers Association.

Featuring intricate details like lace, boning, and thousands of hand-sewn beads, the average wedding dress already costs $2,000 according to wedding planning platform The Knot, and could more than double under tariffs.

"The overriding feeling is despair," Angie Oven, a bridal shop owner and president of the NBRA, told BI after a meeting she held with 75 of the group's members.

Haley Pavone, founder and CEO of Passion Footwear, which produces shoes with fully convertible high heels, told BI that it would be impossible for her to move her supply chain out of China due to her brand's specialized manufacturing needs and limited resources as a small business.

"Our options are to just keep paying this tariff, which isn't reasonable," said Pavone, "And so there's no way to not pass that price onto the consumer, and then we just have to hope they're willing to pay it."

• Hilton CEO Christopher Nassetta said travel demand is being impacted by economic uncertainty.
• Hilton lowered its 2025 guidance but Nassetta he thinks the softening demand is temporary.
• Other travel companies have also reported slowing demand for the summer.

The CEO of Hilton, Christopher Nassetta, said Tuesday that travelers seem to be in a "wait-and-see mode" as American travel demand has softened.

Hilton reported its revenue per available room grew 2.5% year-over-year, driven by solid performance in January and February.

"However, broader macro uncertainty intensified in March, which pressured demand particularly across leisure," Nassetta said on the company's first-quarter earnings call. "Weaker trends have continued into the second quarter, with short-term bookings roughly flat year-over-year."

"We believe travelers are largely in a wait-and-see mode, as the rapidly-changing macro environment continues to unfold," he added.

As a result, Hilton said it expected its second-quarter revenue per room to be approximately flat compared to the same quarter a year prior. The company also downgraded its guidance for the year and is now projecting revenue per available room growth of 0 to 2%. In February, they forecasted growth of 2 to 3%.

Travel has recently showed signs of slowing down after a post-pandemic boom, with softening US demand being felt across much of the industry as Americans pull back on travel amid broader economic uncertainty. Airlines have also reported weaker demand and as a result have cut summer flight schedules and adjusted their forecasts for the year.

Nassetta said market reactions and consumer sentiment show there's a lot of economic uncertainty, but that he thinks there's been an "overreaction" to the changes brought on by President Donald Trump's administration.

"I think at the moment the risk in the marketplace is sort of weighted too heavily to the downside," Nassetta told analysts on the call. "My own belief is you will see some of that, if not a lot of that, uncertainty wane over the next couple of quarters, and that will allow the underlying strength of the economy to shine through again."

Travel industry experts previously told Business Insider that travelers were booking trips more last-minute, supporting the idea that they may be in "wait-and-see mode."

Ali Furman, consumer markets industry leader at PwC, and Jonathan Kletzel, transportation and logistics leader at PwC, told Business Insider last month Americans were cutting back on travel and waiting until closer to their dates of travel to book flights, hotels, and rental cars.

"This moderation is different from the post-pandemic surge when consumers were willing to pay almost any price for a trip," they said, adding that consumers are focused on getting the best value. "Now, financial pressures are causing them to think twice before booking."

Do you have a story to share about booking your trips last-minute or being more strategic about booking travel? Contact this reporter at [email protected].

• Travel companies have said Canadian visitation to the US is down amid Trump's trade war.
• Mexico has emerged as a popular alternative for Canadian travelers skipping the US.
• Canadians are also opting to travel domestically or to Europe and the Caribbean.

A theme in travel industry earnings this week has emerged: fewer Canadians are visiting the US.

There have also been signs of a top destination they're headed to instead: Mexico.

Hilton CEO Christopher Nassetta said on an earnings call Tuesday that the company, whose hotels are primarily located in the US, has seen a decline in Canadian visitors. Caesars Entertainment, the Nevada-based hotel and casino company, also said on its earnings call that Canadian visitation was down. However, both companies said Canadians made up a small portion of their overall business.

Booking Holdings, an online travel booking company, also reported Canada-US travel has slowed, and offered some insight into where Canadian travelers are going instead. The company's brands include Booking.com, Priceline.com, and Kayak.

"In the quarter, we observed notable changes in certain travel patterns. We saw a moderation in trends for inbound travel into the US, particularly from bookers in Canada, and to a lesser extent, from bookers in Europe," CFO Ewout Lucien Steenbergen said on Tuesday's earnings call. "However, we also saw an improvement in trends in other travel corridors, for example, from Canada to Mexico, resulting in stable growth overall."

Steenbergen added that the company was "agnostic where they are traveling because usually, they're spending the same amount just at another destination."

The company earnings were the latest sign that Canadians are avoiding US travel in response to President Donald Trump's trade war and his comments about making Canada the 51st state. There have also been other indications from travel companies that Canadians are opting to visit Mexico over the US.

Longwoods International, a market research consultancy specializing in the travel tourism industry, found in a study released Tuesday that Mexico was one of the top destinations Canadians chose over the US. The survey, conducted earlier this month, included 1,000 Canadian adults who have taken a trip in the past three years and plan to take one in the next two years.

The survey found 36% of respondents had planned to travel to the US in the next 12 months but decided to cancel their plans, while 60% said US government policy, trade practices, or political statements have made them less likely to visit the US in the next year.

Of those who said US government policies were impacting their travel plans, 40% said they'd take a domestic trip instead, while 27% said they'd travel to a different international destination. The most popular international destinations included Mexico, Portugal, Spain, France, and the Caribbean.

In March, WestJet Airlines also said Canadian travelers were opting for Central America over the US.

"There's clearly been a reaction," Alex Cruz, the vice chairman of WestJet, said on CNBC about how Trump's trade war had impacted Canadians visiting the US. "What we are seeing, though, is people changing their destinations. It's no longer Phoenix or Florida. It's the Dominican Republic, Jamaica, and Mexico."

Christian Wolters, the Canada president of tour organizer Intrepid Travel, also told NBC News last month that Canadian customers were avoiding the US and traveling domestically or to places like Mexico and Costa Rica.

The US Travel Association has said that a 10% reduction in visitors from Canada, the top source of international travelers to the US, could mean a loss of $2.1 billion in spending and 14,000 jobs.

Do you have a story to share about Canada-US travel? Contact this reporter at [email protected].

• Several tech billionaires attended or donated to Trump's inauguration in January.
• Four of the richest have lost a collective $194 billion in wealth since Trump took office.
• Tech leaders who attend Trump's inauguration have also seen declines in their company's share price.

It's been almost 100 days since President Donald Trump was sworn into office with some of the biggest names in tech near his side.

Several tech billionaires cozied up to Trump ahead of his second term in part by attending the inauguration and donating to the inaugural fund. The appearance of a joint front stood in contrast to years of Trump criticizing Big Tech and calling out some tech leaders directly.

A lot has changed since Inauguration Day. Tech leaders who supported Trump have seen both their net worths and the stock value of the companies they lead decline, as the administration's tariff-fueled trade war has coincided with a disruption in financial markets worldwide.

Four of the richest tech billionaires who attended the inauguration or donated to it — Elon Musk, Jeff Bezos, Mark Zuckerberg, and Jensen Huang — have lost a collective $193.6 billion since January 20, according to the Bloomberg Billionaires Index.

Here's how much each tech billionaire has lost, according to Bloomberg's net worth estimates as of market close on Monday.

Elon Musk

Net worth on January 20: $449 billion

Net worth on April 28: $335 billion

Loss: $114 billion

Musk, the tech billionaire who's gotten closer to Trump more than any other as an advisor, has seen the greatest decline in wealth, though he remains the world's richest person.

Musk's work with the White House DOGE office led to swift backlash and a wave of protests against Tesla. The electric-vehicle maker has been struggling, with its stock price down nearly 25% this year.

After Tesla reported lackluster quarterly earnings last week, Musk announced he would be stepping back from DOGE in May, spending just one or two days a week on government matters. He has consistently defended his work with the White House to eliminate waste and fraud in government.

Jeff Bezos

Net worth on January 20: $245 billion

Net worth on April 28: $209 billion

Loss: $36 billion

Bezos's wealth, most of which is tied to stock in Amazon, the company he founded, has declined sharply since February.

Analysts have said Amazon is especially at risk of being negatively impacted by Trump's trade war, including the 145% tariff on China, due to the number of products sold on the site, either directly or through third-parties, that come from the country.

Some Amazon sellers have been raising prices on goods like appliances, snacks, and electronics, though the company has said it represents a small fraction of the total amount of goods sold on the site.

Mark Zuckerberg

Net worth on January 20: $217 billion

Net worth on April 28: $195 billion

Loss: $22 billion

Zuckerberg may have had the worst relationship with Trump compared to any other tech billionaire prior to the election. Trump had repeatedly lashed out against the Meta CEO on Truth Social and suggested he should be investigated or jailed after Facebook temporarily banned Trump's account following the January 6 Capitol riot.

Meta, the primary source of Zuckerberg's wealth, has been fighting an anti-trust lawsuit brought by the government that has not gone away under Trump. Zuckerberg earlier this month sat for three days of testimony after the antitrust trial opened.

The Meta CEO testified for more than 10 hours and was grilled by the FTC's lead attorney.

Jensen Huang

Net worth on January 20: $117 billion

Net worth on April 28: $95.4 billion

Loss: $21.6 billion

While Huang did not attend the inauguration, Nvidia donated $1 million to the inaugural fund�. Huang's wealth, a majority of which is tied to Nvidia stock, has also dropped since January, when he attended the inauguration.

Nvidia stock has fallen over 21% year to date, with the company facing several setbacks that include Trump's tariffs, as the company sources a majority of its chips from overseas, primarily Taiwan.

The company also said earlier this month it expected to take a $5.5 billion hit on its first-quarter earnings as a result of the Trump administration's restrictions on its chip exports to China.

Tech leaders also saw stock declines for the companies they lead

Other tech leaders who attended the inauguration saw declines in the stock prices of the companies they lead, including Tim Cook of Apple and Sundar Pichai of Google.

Though some estimates suggest the CEOs are billionaires, they are not on Bloomberg's list of the top 500 richest people, so the change in their estimated net worth since the inauguration was not publicly available.

But Apple's share price has fallen nearly 14% this year, while the share price of Alphabet, the parent company of Google, has fallen nearly 15% year over year.

• CBC News projects that Mark Carney and the Liberal Party will lead the next Canadian government.
• Carney is now set to serve a full term as Canadian prime minister amid trade tensions with the US.
• Canada has imposed retaliatory tariffs on the US, sparking a "buy Canadian" movement.

Canada has selected its leader as it prepares to navigate ongoing trade tensions with its neighbor to the south.

CBC News projected on Tuesday morning that the Liberal Party will form the next government and give Prime Minister Mark Carney a full term. It's unclear if they will have a majority — 172 seats in the House of Commons are needed — or if they'll need to form a governing coalition. As of 4:15 a.m. ET, the Liberal Party had secured 168 seats, per Elections Canada's real-time tracker.

Carney, a former Goldman Sachs banker and the former governor of Canada's and England's central banks, defeated the Conservative Party's Pierre Poilievre, as well as Jagmeet Singh of the New Democratic Party and Yves-François Blanchet of the Bloc Québécois, according to CBC News' projection.

In a speech in Ottawa on election night after his projected win, Carney congratulated Poilievre on "a hard-fought, fair, good campaign."

Canada's trade dispute with the US

The trade dispute with President Donald Trump and the United States was a key issue in the election and a springboard for Carney's success. The Conservative Party, which ran on domestic issues such as immigration and cost of living, held a significant lead in the polls until tariffs became top-of-mind for the country.

Carney has been at the head of the Liberal Party since March, when he took over from Prime Minister Justin Trudeau. Trudeau served as Canada's prime minister from 2015 to 2025.

Carney has presided over a period of national pride for Canada as the country responds to US tariffs and President Donald Trump's threats to annex Canada as the 51st state.

"As I've been warning for months, America wants our land, our resources, our water, our country. Never," Carney said in his victory speech on Tuesday to loud cheers from supporters.

"But these are not idle threats. President Trump is trying to break us so that America can own us. That will never, that will never, ever, happen," he added.

In a speech in March, Carney spoke in fiery terms about the new political climate with the US.

"I know that these are dark days. Dark days brought on by a country we can no longer trust," he said.

In the weeks since Carney began leading Canada, Trump has imposed a 25% tariff on cars, aluminum, and steel. Another 25% tariff on car parts is expected to take effect on May 3. The US also has a 25% tariff on Canadian goods that are not exempted from the United States-Mexico-Canada Agreement.

Canada has imposed 25% tariffs on US goods, including steel, aluminum products, and cars.

Some Canadians have started boycotting US goods and avoiding the US. The tariffs have fueled a "buy Canadian" movement, and airlines and other travel companies have reported a decline in Canadians visiting the US.

Poilievre was expected to become Canada's next prime minister before Trump's trade policy pushed Canadians back toward the Liberal Party, which had been in power under Trudeau. Poilievre, who has been compared to Trump, has led the Conservative Party of Canada since 2022 and served in parliament since 2004.

Carney has a background in commercial and international roles

Carney spent 13 years working for Goldman Sachs in London, Tokyo, New York, and Toronto.

He led two central banks at pivotal moments.

After leaving Goldman Sachs in 2003, Carney served as the Bank of Canada's deputy governor. He was made governor in 2008, at the start of the global financial crisis.

He was the governor of the Bank of England from 2013 through 2020, where he guided the bank's response to Brexit.

Since leaving the Bank of England, Carney has held a mix of commercial and international roles. He was appointed the vice chair of Brookfield Asset Management in 2020 and was made chair after the division was spun out as a new company in 2022.

In 2021, Carney became a board member of the digital payments company Stripe. He was named the chair of Bloomberg's board in 2023.

In January, Carney said while announcing his leadership bid for the Liberal Party that he had resigned from all his commercial and international roles.

• Smaller, boutique consulting firms are leveraging AI to compete with established players.
• Many of these firms have a narrow focus, like helping clients with pricing or cost-cutting.
• Their methods aim to make consulting accessible to a broader range of clients.

Two sets of players have long ruled the consulting world.

There is MBB, which is McKinsey & Company, Bain & Company, and Boston Consulting Group. And then there is the Big Four: PwC, Deloitte, KPMG, and Ernst & Young.

But now, a new wave of upstarts fueled by AI is attempting to chip away at that dominance.

Many of the founders of these new firms come from the traditional consulting realm. They told Business Insider their experiences not only give them marketable skills but have also helped them identify new opportunities in the industry.

They are boutique firms. They are much smaller than the established ones, often run by teams ranging from just a few people to a few hundred. They're also more specialized, focusing on areas like pricing strategy, cost reduction, or refining slide decks.

And, importantly, they are all in on AI.

Many of them said their methods have helped them reduce old-school bureaucracy, offer more competitive rates, and make the human side of consulting work easier.

Here are eight boutique firms that are, to varying degrees, challenging the classic consulting model.

Xavier AI

Xavier AI describes itself as the world's first AI strategy consultant.

According to Joao Filipe, cofounder of Xavier and a former McKinsey consultant, the Xavier AI chatbot can provide clear, actionable business knowledge and deliverables, like a 60-page business plan, a sales presentation, or a detailed marketing strategy.

Filipe said Xavier AI has its own proprietary reasoning engine that is tailor-made for business use cases and can provide detailed sources without the hallucination you might find with other chatbots. He said Xavier can provide both strategy recommendations and actionable plans for implementation.

"99.9% of businesses could really never afford McKinsey or any of the MBBs," Filipe told BI. "We created Xavier AI so that anyone could have the power of a consulting firm at their hands when they need it."

Xavier AI just launched, but Filipe said he's been piloting it with different clients, including an international bank using it to research potential clients and better understand their needs.

Perceptis

Alibek Dostiyarov, a former McKinsey consultant, and Yersultan Sapar, a former engineer at Apple, cofounded Perceptis.

The company aims to help smaller and midsize firms compete with bigger industry players by using AI to streamline some of the more tedious processes in consulting, like proposal writing.

Perceptis is now focused on the business development side of consulting. Its AI-powered operating system can do industry research, identify opportunities that align with their client's skillset and background, and create detailed, custom proposals that the client can use to win a job.

Dostiyarov told BI earlier this year that a lot of the internal processes completed at consulting firms are heavy with manual labor and "lend themselves almost perfectly to what GenAI is capable of doing."

He also said Perceptis could make smaller firms, which don't typically have internal AI tools, more competitive in the market.

The company told BI this week that while initially serving boutique management consultancies, it's now quickly expanding to serve IT services, system integrators, software developers, financial services, design firms, and real estate agencies.

Perceptis had raised $3.6 million in funding as of January.

SIB

SIB specializes in helping clients like restaurant groups, hospitals, universities, and government agencies find savings in fixed costs — expenses that remain static regardless of how much a company produces.

SIB CEO Shannon Copeland told BI that these are often found in areas that "escape scrutiny," like fees for telecommunications, utilities, waste removal, shipping, and software licenses. According to his LinkedIn profile, Copeland is an alum of Accenture and Deloitte.

SIB has grown since its 2008 launch in Charleston, South Carolina. It's now a national firm serving hundreds of clients, ranging from Kroger and Marriott to governments like San Diego County. It recently added over a dozen Fortune 500 companies and private equity firms. Since its launch, SIB says it has identified more than $8 billion in cost savings.

Copeland said that, unlike traditional consulting firms, SIB operates under a contingency model. "If we don't find savings, we don't get paid," he said, adding that the firm doesn't charge fees upfront.

SIB uses AI agents to monitor invoices, vendor contracts, and billing patterns. The firm's consultants use the resulting insights to negotiate better contract terms or restructure their vendor relationships.

"You could think of us as part AI, part old-school operator," Copeland said.

In addition to cost-cutting, the firm also focuses on strengthening relationships, a cornerstone of traditional consulting.

"We actually encourage vendors and clients to return to high-trust, high-accountability partnerships by using data as the starting point for better collaboration," Copeland said. "Working with robots actually makes humans listen to each other more. It's ironic, but it works."

Monevate

Monevate's motto is simple — focus on one thing and do it well.

The firm focuses on pricing strategy for software-as-a-service and high-growth tech companies. It also works with private equity firms to assess the commercial viability of potential investments.

According to his LinkedIn profile, James Wilton, an alum of McKinsey, Kearney, and ZS Associates, founded Monevate in 2021. Wilton now serves as the Firm's managing partner. The firm has 16 full-time consultants and has helped over 50 SaaS, tech, and AI companies in the past three years.

"Most of our clients are backed by venture capital or private equity, and increasingly, we're working with teams building AI products and features," Wilton told BI by email.

Wilton said clients usually turn to Monevate when they've hit a wall with their current strategy because their product has changed or the market has evolved. "We design and implement fully-baked pricing strategies, including packaging, price architecture, and price levels," he said.

Wilton said the impetus to launch the firm came from the gaps he saw in traditional consulting. "Clients often complained about recommendations that never went anywhere, high fees that only the largest companies could afford, no skin in the game, inflexible delivery models, and highly variable service quality depending on the team," he said.

Monevate keeps its focus narrow, but that's allowed even its most junior consultants to become "deep pricing experts," Wilton said.

He added that the firm's work is "narrow by consulting standards, and it means walking away from other kinds of work, but it allows us to be truly great at what we do."

Keystone

Keystone is a strategy consulting firm that advises technology companies, life science companies, governments, and law firms. Its clients include major corporations like Amazon, Microsoft, Meta, Oracle, Intel, Novartis, and Pfizer.

The firm was founded in 2003 by Greg Richards, a mechanical engineer by training and an alum of Microsoft and Hewlett-Packard, who now serves as an advisor to Harvard Business School, and Marco Iansiti, a physicist and professor at Harvard Business School.

Iansiti told BI that Keystone tends to be more "geeky and nerdy" than traditional consulting firms. "We love to kind of get deep on the tech side of things," he said. The team includes data scientists, AI experts, and academics.

While many consulting firms are embracing generative AI, which is often used to automate day-to-day work like writing emails or reviewing documents and contracts, Iansiti said Keystone is focusing more on operational AI.

Operational AI is used to transform core business functions like managing supply chains, inventory, pricing, and forecasting. In 2023, the firm launched "CoreAI," a team dedicated to using AI to automate and improve these areas.

"We get excited about the term deep enterprise on this," Iansiti said. "Deep enterprise is really the idea of using deep learning models that are embedded around crucial operating processes in the enterprise."

The firm's "value add," he said, lies in building this kind of "pretty unique operational AI" for its clients.

Fusion Collective

Fusion Collective is an IT consulting firm that offers a range of consulting services to clients, including strategy and management advice, cloud transformation, and AI alignment.

The firm was founded by Blake Crawford, who worked on enterprise architecture at MTV Networks and Viacom, and Yvette Schmitter, an alum of Deloitte, PwC, and Amazon Web Services, where she led three cloud migrations, including the largest in the company's history.

Schmitter said that in her experience, clients are seeking AI advice from consulting firms before they're ready.

"We have organizations who are running at 99 miles an hour, hiring these firms to build these AI strategy documents, 165 pages of beautiful PowerPoints, right?" she said. But these companies still can't "operationalize" AI, she said. "Why? Because the basic infrastructure isn't there. Any type of vulnerability that they have in security, their cloud infrastructure, is just exacerbated by AI."

In the end, clients chose consultants based on trust, their networks, and existing business relationships, she said.

"I really believe that a true partner is one who's going to tell you the truth. Tell it like it is even if it hurts right?" Schmitter said. To that end, she said she asks clients who come to her about AI strategy to have a solid grasp of their infrastructure footprint, data governance policies, and security before they accelerate adoption.

The bottom line is that Fusion Collective likes to keep its advice real. "If companies have not mastered the fundamentals, you're not ready for AI, and you're not ready for an army of consultants to come in to do stuff," Schmitter said.

Slideworks

Slideworks isn't necessarily going after consulting firms' business, though it focuses on something many of the big guys are known for: making powerful slides.

Slideworks offers what it calls "high-end" PowerPoint templates and "toolkits" created by former consultants for Bain, BCG, and McKinsey.

When you work as a consultant at a top-tier firm, "you are schooled every day in best practice presentations and slide design," the company says on its website. The idea is to offer access to a library of slides and spreadsheets for areas including strategy, supply chain management, and "digital transformation."

In a February blog post, Alexandra Hazard Kampmann, a Slideworks partner, wrote that "management consultants are often made fun of as 'slide monkeys.'" Yet, she added, the slide is a "crucial reason" why McKinsey and BCG consultants have so many Fortune 500 companies as clients.

Slideworks offers a "consulting toolkit," which contains 205 slides and costs $129. It also offers a "consulting proposal," which has 242 slides plus an Excel model and costs $149.

There are also operations, mergers and acquisitions, business strategy, and product strategy templates.

Slideworks says it has more than 4,500 customers globally, including Coca-Cola, Pfizer, and the professional-services firms Deloitte and EY.

Unity Advisory

Some top UK executives from Ernst & Young and PwC are joining forces to launch a new firm called Unity Advisory in June, the Financial Times reported. The firm will be chaired by Steve Varley, who spent nearly 19 years at EY, and led by CEO Marissa Thomas, who worked at PwC for over 30 years, according to their LinkedIn profiles.

It is backed by up to $300 million from Warburg Pincus, a private equity firm, and will focus on tax and accounting services, technology consulting, and mergers and acquisitions.

"CFOs are open to a new proposition," Varley told the FT. "The Big Four are a classy bunch of service providers, but people are looking for a proposition that is super client-centric, has really low administrative cost, is AI-led rather than based on legacy infrastructure and, crucially, has no conflicts."

• A Rolex retailer said they wouldn't try to fix my grandma's old watch.
• Rolex's policy says they can't guarantee service to watches discontinued over 35 years ago.
• Some independent watchmakers repair vintage Rolexes, but it can be costly and complicated.

When my grandmother passed away last year, my mom inherited her Rolex: a dainty ladies' watch with a distinct, scalloped pattern on the gold band and a circle of small diamonds lining its round face.

The watch was gorgeous — a timeless timepiece that would not look out of place on a fashion influencer today. It was also a lasting, physical reminder of the beauty and class that my grandma, the matriarch of a large Lebanese family, exuded effortlessly.

But the watch didn't work, and when my mom brought it into a certified Rolex retailer for repair, they told her there was nothing they could do, and that they didn't service vintage Rolex watches like this one.

When she brought it into another jeweler to see if they could fix it, they said they weren't confident they could and recommended she try elsewhere. They also told her that when this happens, some people simply think of their watch as a bracelet instead.

Rolex dominates the luxury watch market, with industry experts estimating that the company produces and sells over one million watches annually. In 2023, Rolex raked in a record $10 billion in sales, according to a report by Morgan Stanley and the Swiss firm LuxeConsult, accounting for 30% of the total market share.

Rolex watches are often considered investment pieces or family heirlooms, a hefty purchase justified by the idea that they could later sell for a lot more or be passed down to future generations. When Homeland Security Secretary Kristi Noem wore a $50,000 Rolex while visiting a maximum security prison in El Salvador, a spokesperson said Noem bought the watch to wear and "one day pass down to her children."

Given that reputation, we were surprised that the Rolex retailer said it couldn't work on my grandma's old watch. Not only that, they also recommended against bringing it to a non-Rolex authorized shop to get it fixed.

"If you bring a vintage piece to a Rolex service center, it's not uncommon to be turned away," Greg Petronzi, a watchmaker and expert in repairing vintage Rolexes, told me. "It's really a shame because these are still magnificent watches. They're collectible. They're important."

Industry experts said Rolex has phased out servicing many of its vintage watches despite their role in its legacy and reputation as a symbol of wealth, innovation, and quality.

When I contacted Rolex, a spokesperson directed me to the company policy confirming that not all of the brand's vintage watches can be serviced.

"Rolex watches are designed and built to last," the company says, adding, "As a result, there is no limit on how long a Rolex watch can keep working, being handed down from one generation to the next, and living several lives."

However, the company also says "the availability of parts and labour is assured for every watch for at least 35 years following its withdrawal from the catalogue."

Meaning, if a watch was discontinued over 35 years ago, you could be out of luck.

Why it's hard to service vintage Rolex watches

Eric Wind, a leading expert on vintage watches and the owner of Wind Vintage, told me that it's well known in the watch world that over the past decade or so, Rolex has phased out servicing many of its watches from the 1970s and earlier.

One reason is that they no longer manufacture the parts needed to repair them, according to Petronzi, who's been called the "go-to repair guy for vintage Rolex collectors." As a result, sourcing or recreating the necessary parts can be extremely pricey and time-consuming.

For the independent shops that do service vintage Rolexes, it often means tracking down pieces on the secondhand market that are no longer made, Petronzi said. Even sourcing the necessary tools can be difficult — he recently invested $15,000 in a hard-to-find tool that he needed to restore movement in an old watch.

According to Michael Woods, a horologist who worked for years as a head watchmaker with Rolex before going independent in 2017, Rolex service centers also have strict standards that they need to meet.

Woods said that if Rolex cannot guarantee it can meet that standard, which involves making the watch as functional, reliable, and safe as possible, they may not accept it.

Rolex does not have its own storefronts. Instead, it has official jewelers and boutiques that sell and service its watches. Woods noted that while Rolex likes to maintain a universal standard across its service centers, there could be some variation.

For instance, he said that when he worked at a Rolex service center in Melbourne, Australia, he was still servicing some Military Submariners or Paul Newman Daytonas even though many service centers around the world had stopped accepting them, deeming it too risky.

Rolex will service some vintage models, and the company has a specialized Restoration Atelier in Geneva that will take on especially rare, historic, or important pieces.

But generally speaking, if you bring an old watch into a Rolex service center, especially one pre-1980s, you might get turned away.

Petronzi said Rolex stands in contrast to other luxury watch brands that "will service a watch no matter how old it is, even if it means having to remanufacture a part that's no longer in existence."

Patek Philippe, for instance, says it will service any watch produced in its workshops going back to 1839. Watches that are 35 years old or more must be serviced at its restoration atelier in Geneva.

There are still ways to get an old Rolex fixed

The good news for vintage Rolex lovers is that independent watchmakers, like Petronzi and Woods, will service them.

The watchmakers noted that, in addition to potentially requiring scarce parts, restoration also requires highly specialized skills, so fixing vintage Rolexes can be costly. In some cases, it could cost more than the watch's value, they said.

They recommended doing your research to find a reputable watchmaker, preferably someone specializing in vintage Rolexes, rather than taking it into any random jeweler. One helpful resource is the American Watchmakers-Clockmakers Institute, a US trade association representing the timekeeping industry.

Wind, who previously was a vice president and senior specialist of watches for the auction house Christie's, noted that it's important to consider what matters to you when getting your watch repaired and to communicate that clearly to the watchmaker.

Sometimes, when old watches are repaired, watchmakers make changes that may improve their functionality but lower their value for collectors, who prefer the watch's originality be preserved. For instance, that could be replacing an original part with something new or polishing the case to remove the patina.

Wind said he's seen a watch that could have been worth $1 million, but that after servicing it was worth less than $30,000, which is what the owner paid to get it fixed.

Woods said when he worked at Rolex, he always encouraged customers to do a lot of research on their watch before getting it serviced and to make sure they were okay with having parts replaced.

The industry experts said Rolex has always been a forward-looking brand focused on innovation. When it services its vintage watches, they said it prioritizes making the most functional watch possible, which could mean subbing out an old part because the watch itself will function better without it.

They also said there are some signs the company is embracing its history more than in the past.

Rolex partnered with writer Nicholas Foulkes to publish its first-ever book in October, an authorized history of the Oyster Perpetual Submariner, the brand's iconic watch. The company also launched the Rolex Certified Pre-Owned program in 2022, allowing its official retailers to sell certified authentic, secondhand Rolex watches at least three years old.

Rolex watches might still be a good investment

Not everyone thinks buying watches as an investment is a good idea. "I don't like it when people compare watches to stocks. It sends the wrong message and is dangerous," Jean-Frédéric Dufour, the CEO of Rolex, said last year. "We make products, not investments."

The industry experts I spoke to said Rolexes could still be considered a good investment and an heirloom to pass down. They are excellent watches that should remain in good condition, they said.

Even though Rolex might not help you fix them, the collectors themselves don't seem to be going anywhere, and there will likely always be independent watchmakers doing repairs, especially for truly rare and valuable watches.

Petronzi, who is also a licensed psychologist and professor at New York University, said if anything, he thinks it's possible Rolex's stance on old watches could make some of them more valuable. "People want stuff that they can't have," he said. "When Rolex says, 'Oh, forget this watch, we're not even going to service it,' there's a part of our psyche that says, 'You know what? That just makes me want this more.'"

Based on the photos I shared with Wind, the vintage watch dealer, he said my grandmother's watch was probably made in New York City in the 1970s. That lines up with family memory, which puts the purchase of the watch around 1973, when my mom was 14 and remembers going with her dad to the store to buy it.

Because it's likely not Swiss-made, he said the watch was not particularly valuable, nor would it be particularly interesting to vintage collectors. It's probably worth a bit more than the gold weight, maybe $4,000.

But the thing is, it's worth a lot more than that to my family. Its value as an heirloom is not based on the quality of the gold, the sparkle of the diamonds, or the mechanisms inside that should make it tick.

Its value comes from the fact that it was my grandma's — that my grandfather bought it for her and that it adorned her wrist for half a century, through each generation of our family. And after all, when you wear a fancy watch, how often do you actually look at it to tell the time anyway?

Still, I asked my sources for recommendations on where my mom can get it fixed.

• Trump considers high tariffs a "total victory" if they remain in place next year.
• He believes tariffs will encourage US production and reduce trade deficits with other countries.
• Despite claims of trade talks, China denies ongoing negotiations with the US.

President Donald Trump said if the US still has high tariffs on foreign imports a year from now, he would consider it a "total victory."

Trump made the comment in an interview with "Time" magazine published Friday about the first 100 days of his term, which he will reach on April 30. The interview took place at the White House on Tuesday.

During the interview, which was conducted by senior political correspondent Eric Cortellessa and editor in chief Sam Jacobs, "Time" asked the president if he'd consider it a victory if "high tariffs, whether it's 20% or 30% or 50%," were still in place in a year.

"Total victory," Trump replied, adding, "Because the country will be making a fortune."

Trump said that having zero tariffs "would be easy" but that it would not incentivize companies to produce their goods in the US.

The White House did not immediately respond to a request for comment.

Trump has said his sweeping tariff policy would encourage companies to build and invest in the US. The tariffs currently include a universal 10% tariff on most countries and a 145% tariff on China. Higher tariffs on other countries are currently under a 90-day pause that Trump announced earlier this month.

Trump's tariff announcement on April 2 tanked stock prices and financial markets around the world. Though there's been some recovery, markets have remained volatile as the uncertainty around tariffs continues.

Trump has said he wants to lower or eliminate US trade deficits with other countries and that he has been in talks with leaders around the world to strike deals on trade. He has also said Americans could feel "short-term" pain as a result of tariffs.

On Tuesday, the same day Trump gave the interview to Time, he told reporters at the White House that tariffs on China would "come down substantially," but not to zero.

Markets also reacted positively on Wednesday after The Wall Street Journal reported Treasury Secretary Scott Bessent said there was an "opportunity" for a big trade deal with China.

But Chinese officials on Thursday denied Trump's claim that China and the US were in talks on a trade deal.

Trump also told "Time" he has made 200 trade deals, though as of Friday none had been announced.

He declined to elaborate on the deals when asked, but said they would be finished "over the next three to four weeks."

• Companies are describing economic conditions as "volatile" and "impossible to predict."
• Firms like GM and UPS are overhauling earnings forecasts amid uncertainty caused by Trump's tariffs.
• Here's a list of companies that have lowered or pulled their guidance as a result.

Volatile. Challenging. Uncertain.

This is the language of corporate earnings calls amid President Donald Trump's tariffs.

As a result of the uncertainty, companies are lowering or outright scrapping their earnings forecasts.

Here's a look at the big brands that have made adjustments to their guidance in recent earnings reports.

GM

GM said it would suspend earnings guidance for 2025 and freeze a $4 billion share buyback as it assesses the impact of Trump's tariffs on imported cars.

Two days later, after the White House announced measures to ease the blow of the tariffs, GM said it had slashed its guidance for this year and had a current tariff exposure of between $4 billion and $5 billion.

Like other Detroit automakers, GM, which builds several models for the US market in Mexico and Canada, is highly exposed to the tariffs. Barclays analysts previously warned that the levies could wipe out "effectively all" of GM, Ford, and Jeep and RAM owner Stellantis' profits.

UPS

Parcel giant UPS said it would pull its financial guidance in its first quarter earnings release, as well as announcing plans to cut 20,000 jobs throughout 2025.

"Given the current macro-economic uncertainty, the company is not providing any updates to its previously issued consolidated full-year outlook," the company said.

It reported virtually flat revenues of $21.5 billion, a drop of 0.7% compared to the same period in 2024.

P&G

Procter & Gamble now forecasts flat sales growth in fiscal year 2025, compared to a previous projection of a 2% to 4% increase. The consumer goods conglomerate, which owns brands like Tide and Charmin, also cut its core EPS outlook to $6.72 to $6.82, down from $6.91 to $7.05.

"We will have to pull every lever we have in our arsenal to mitigate the impact of tariffs within our cost structure and P&L," P&G's CFO, Andre Schulten, said on a call with reporters.

In the company's earnings release, CEO Jon Moeller pointed to a "challenging and volatile consumer and geopolitical environment."

"We're making appropriate adjustments to our near-term outlook to reflect underlying market conditions while remaining confident in the longer-term growth prospects for our brands and the markets where we compete," he said.

PepsiCo

The food and beverage giant warned of higher production costs and lower consumer spending amid "increasingly dynamic and complex geopolitical and macroeconomic conditions."

"As we look ahead, we expect more volatility and uncertainty, particularly related to global trade developments, which we expect will increase our supply chain costs," CEO Ramon Laguarta said in the company's earnings release. "At the same time, consumer conditions in many markets remain subdued and similarly have an uncertain outlook."

PepsiCo lowered its core EPS forecast for the year to a 3% decline, where it previously forecast a single-digit increase.

"Relative to where we were three months ago, we probably are not feeling as good about the consumer," PepsiCo's CFO, Jamie Caulfield, said in a post-earnings call.

Chipotle

Chipotle lowered its guidance for the fiscal year and now forecasts a sales increase in the low single digits, compared to low- to mid-single digits previously forecasted.

"In February, we began to see that the elevated level of uncertainty felt by consumers are starting to impact their spending habits," interim CEO Scott Boatwright said on the company's earnings call. "We could see this in our visitation study where saving money because of concerns around the economy was the overwhelming reason consumers were reducing the frequency of restaurant visits."

United Airlines

United Airlines took the rare step of offering two sets of outlooks: one for a stable macroeconomic environment and one for a recessionary environment.

"The Company's guidance is based on consensus market macroeconomic expectations," it said in a securities filing. "However, a single consensus no longer exists, and therefore the Company's expectation has become bimodal — either the U.S. economy will remain weaker but stable, or the U.S. may enter into a recession. The Company is therefore providing two separate guidance benchmarks based on these two different macroeconomic views."

The filing added that the macro environment "is impossible to predict this year with any degree of confidence."

Delta Air Lines

Delta was one of the first airlines to pull its guidance when announcing Q1 earnings.

"Given current uncertainty, Delta is not reaffirming full year 2025 financial guidance and will provide an update later in the year as visibility improves," the carrier said in an earnings release.

CEO Ed Bastian said in the company's earnings call that it would be "premature" to project the year "given the broad macro uncertainty."

American Airlines

American Airlines also withdrew its full-year guidance, noting that it plans to provide an update "as the economic outlook becomes clearer."

"Aircraft cost too much already," CEO Robert Isom said on the earnings call when asked about tariffs. "I don't want to pay any more for aircraft. It doesn't make sense."

He added, "And certainly, we're pulling guidance. Certainly, it's not something we would intend to absorb. And I'll tell you, it's not something that I would expect our customers to welcome. So we've got to work on this."

In an interview on CNBC's "Squawk Box," Isom said "uncertainty" was the reason American pulled their guidance.

Southwest Airlines

The airline has withdrawn its guidance on full-year 2025 and 2026 earnings before interest and taxes.

"Amid the current macroeconomic uncertainty, it is difficult to forecast given recent and short-lived booking trends," it said in an earnings release.

JetBlue

JetBlue joined many of the country's airlines by pulling its financial forecast for the year in earnings on April 29.

CEO Joanna Geraghty cited "the macroeconomic uncertainty," and said the firm was looking at further capacity reductions due to lower demand, as well as evaluating its schedule for retiring planes.

Like for Southwest, the uncertainty comes at a challenging time, with both airlines working to turn around their lack of profitability.

Air Canada

In early May, Air Canada lowered its annual profit forecast for 2025 amid the impact of tariffs and slowing demand for travel to the US.

"The noise around tariffs and trade disputes definitely had an impact, but also we believe some travellers avoided the US simply because it was expensive, with the Canadian dollar trading at levels not seen since 2020," Michael Rousseau, Air Canada's president and CEO, said on an earnings call.

Air Canada lowered its annual earnings outlook to between C$3.2 billion and C$3.6 billion, equivalent to between $2.6 billion and $2.3 billion. This is roughly C$200 million, or $144 million, lower than earlier estimates.

Thermo Fisher

CEO Mark Casper said on a recent earnings call that the updated guidance "incorporates the expected net impact of current tariffs and the changes driven by the current policy focus of the US."

Thermo Fisher said it expects a $400 million revenue headwind as tariffs hit the sales of products made in the US and sold in China. It also expects tariffs to raise the cost of parts it sources in China.

Snap

Snap, the company behind Snapchat, declined to issue guidance for Q2 in its first-quarter earnings report on April 29.

"Given‬‭ the‬‭ uncertainty‬‭ with‬‭ respect‬‭ to‬‭ how‬‭ macro‬‭ economic‬‭ conditions‬‭ may‬‭ evolve‬‭ in‬‭ the‬‭ months‬‭ ahead,‬‭ and‬‭ how‬‭ this‬‭ may‬ impact‬‭ advertising‬‭ demand‬‭ more‬‭ broadly,‬‭ we‬‭ do‬‭ not‬‭ intend‬‭ to‬‭ share‬‭ formal‬‭ financial‬‭ guidance‬‭ for‬‭ Q2," the company said in a letter to investors.

Snap also said that while the company's revenue has continued to grow, it has "experienced‭ headwinds‬‭ to‬‭ start‬‭ the‬‭ current‬‭ quarter."

Stellantis

The auto giant, which owns companies including Jeep, Dodge, Fiat, Chrysler, and Peugeot, said on April 30 it was suspending its financial guidance. Stellantis said it was rolling back the guidance because of the uncertainty tariffs are causing.

"The company is highly engaged with policymakers on tariff policies, while taking action to reduce impacts," the carmaker said in a statement.

Mercedes

Mercedes-Benz joined the list of automakers that have withdrawn their full-year guidance amid tariff-related uncertainty. The German luxury car brand said on April 30 that it can't offer reliable estimates in the current environment.

On a call after the announcement, Mercedes' chief financial officer said its previous guidance wouldn't have changed without the tariffs.

Ford

Ford is the latest auto giant to suspend guidance and outline how tariffs will impact its bottom line.

In its first-quarter earnings release on May 5, the American carmaker said it would suspend its full-year financial guidance because of supply chain disruptions and the possibility of increased tariffs in the US. The company said that retaliatory tariffs and other restrictions from foreign governments also pose risks.

Ford estimated that full-year adjusted earnings before interest and taxes will take a $1.5 billion hit because of tariffs.

"These are substantial industry risks, which could have significant impacts on financial results, and that make updating full year guidance challenging right now," Ford wrote in the earnings release.

American Eagle

American Eagle withdrew its guidance for the year "due to macro uncertainty," according to a press release, but didn't mention tariffs. The clothing retailer said that it anticipates revenue to decline roughly 5% in the first quarter compared to last year, coming in at approximately $1.1 billion. Same-store sales are expected to decline around 3%.

CEO Jay Schottenstein said that the company has had trouble selling items and now has excess inventory, and that "we are clearly disappointed with our execution in the first quarter."