• Top Trump officials are meeting Chinese negotiators in London on Monday.
• This would be the first official US-China talk since a temporary tariff truce on May 12.
• International trade experts have said that Trump could be under pressure to strike a deal.

Three top Trump administration economic officials will face off against Chinese negotiators in a renewed effort to break the US-China trade deadlock.

Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and Trade Representative Jamieson Greer will be meeting China's delegation in London on Monday.

"The meeting should go very well," President Donald Trump wrote in a social media post announcing the talks.

This coming meeting will be the first official talk between the two countries since they mutually lowered tariffs in a temporary truce on May 12, after talks in Geneva.

The renewed talks follow a 90-minute phone call between Trump and China's leader Xi Jinping on Thursday, a rare direct conversation that Trump later described as "very good." According to Trump, the two leaders also agreed to visit each other in person, without providing more details in terms of a timeline.

The Chinese Embassy of Washington did not respond to a request for who would be attending this negotiation from its side. The team they sent to Geneva consisted of Vice Premier He Lifeng, Vice Commerce Minister Li Chenggang, and Vice Finance Minister Liao Min.

Notably, Li has a Master of Laws from the University of Hamburg in Germany and has been part of China's delegation to the World Trade Organization since 2021.

International trade experts previously told Business Insider that much is at stake for both China and the US to strike a deal, or at the very least, continue the truce beyond August 12 when the 90-day tariff pause will expire.

"The Trump administration made their job harder because the tariff policies they've implemented are costly to Americans and American companies, and therefore, the market doesn't like it," said Philip Luck, director of the CSIS Economics Program. "They are under a lot of pressure to do things fast."

Meanwhile, a lawsuit that threatens to undo all of Trump's tariffs enacted under the IEEPA also looms over negotiations with China.

Drew DeLong, lead in geopolitical dynamics practice at Kearney, a global strategy and management consulting firm, told BI that if the court strikes down tariffs before trade deals could come to pass, other routes of imposing tariffs could be more complicated and time-consuming.

The White House did not provide Business Insider with any additional comment beyond Trump's Truth Social post.

• Secretary of Commerce Howard Lutnick clashed with a congresswoman over where bananas can be grown.
• The president's April tariffs include a 10% baseline on all imports, which is driving up grocery prices.
• Much of the US lacks the tropical climate that bananas would need to grow.

The Secretary of Commerce and a Congresswoman just clashed over whether bananas can and should be grown in the US.

"There's no uncertainty if you build in America and you produce your product in America, there will be no tariff," Howard Lutnick told Rep. Madeleine Dean of Philadelphia during a House hearing on Thursday morning.

Dean was saying that for her constituents in suburban Philadelphia, Trump's tariffs would cause at least a $2,000 a year price increase on goods. She specifically called out the price of bananas and said Walmart has already hiked the price of the fruit by 8%.

"We can't produce bananas in America," the Democratic congresswoman responded.

"The concept of building in America and paying no tariff is very, very clear," Lutnick said.

"We cannot build bananas in America," Dean repeated.

Large-scale banana farms are not viable in much of the US. However, bananas are grown in Hawaii and in parts of Florida, and can be grown in other parts of the Southern United States. In 2023, Hawaii produced 4.73 million pounds of the fruit, according to the Department of Agriculture.

Rep. Dean's office did not immediately respond to a request for comments.

The debate over bananas took place over a House hearing about trade deficits and the uncertainty Trump's tariff plan has caused since its rollout in April.

Under Trump's April 2 tariffs, a 10% baseline tariff applies to all goods imported into the US, including bananas. Though additional higher tariffs on trading partners are currently on pause for a limited time, some additional tariffs apply for products from China, as well as for imports of all steel and some other categories of metals.

Banana plants thrive in tropical regions with average temperatures of 80°F and a recommended relative humidity of 70 to 80%, according to EOS Data Analytics. The data company that provides crop monitoring services also wrote that farmers grow most bananas within a 30-degree range north and south of the equator.

According to figures from the American Farm Bureau Federation, in 2023, Guatemala supplied 40% of bananas consumed in the US by value, followed by Ecuador and Costa Rica, each contributing 16%.

Walmart and the Department of Commerce did not immediately respond to a request for comments.

• Elon Musk predicted Trump's tariffs will trigger a recession later this year.
• Musk's comment comes amid a growing public fallout with the president.
• Wall Street has expressed similar concerns over Trump's tariffs.

Elon Musk predicted Donald Trump's tariffs will send the economy into recession, one of many verbal barbs the tech billionaire threw at the president on Thursday as their relationship collapsed into acrimony.

"The Trump tariffs will cause a recession in the second half of this year," Musk wrote on X while reposting another tweet that called Trump's tariffs "super stupid."

The morning began with Trump saying he was disappointed by Musk's opposition to his "One Big Beautiful Bill" during a press appearance to welcome the German Chancellor to the White House.

The feud intensified when Musk called out Trump's "ingratitude," and suggested establishing a new political party. The SpaceX cofounder also proposed decommissioning the company's Dragon spacecraft after Trump threatened to cut his government contracts, although Musk backed off that idea pretty quickly on X.

Fractures between the two emerged after Musk left his role recently at the White House. On Tuesday, Musk blasted the Republicans' tax-and-spending-cut bill, which Trump helped to shepherd through the House, calling it "pork-filled'" and a "disgusting abomination."

Musk isn't alone in criticizing the potential fiscal impact of this legislation. The nonpartisan Congressional Budget Office estimated it could increase deficits by $2.4 trillion over a decade.

Other experts also agree with Musk that Trump's tariffs could have a negative impact on the US economy.

JPMorgan predicted a 60% chance of a US recession after Trump imposed sweeping tariffs on April 2. The bank adjusted the possibility down to below 50% recently after Trump paused most of his highest tariffs.

In a March interview with Fox News, Trump had also declined to rule out the possibility of a recession.

"I hate to predict things like that," said Trump.

"There is a period of transition," he added, "because what we're doing is very big. We're bringing back wealth to America. That's a big thing, and there are always periods of, it takes a little time, it takes a little time."

• Elon Musk and Donald Trump's friendship unraveled publicly over a tax bill dispute.
• Musk criticized Trump's tax bill, calling it the 'Big Ugly Spending Bill.'
• Here's how their recently fragile friendship fractured on Thursday, minute-by-minute.

Twenty-five minutes of live TV, more than a dozen posts on X, and three posts on Truth Social over the period of five hours (and counting) — that's how the already fractured friendship of Elon Musk and President Donald Trump publicly unraveled on Thursday.

The first signs of trouble began when Musk showed opposition to Trump's spending bill, the "One Big Beautiful Bill," though he never explicitly targeted Trump.

"Shame on those who voted for it," Musk tweeted on Tuesday, referring to Congress members who voted for Trump's tax cut bill.

Trump, for his part, had stayed uncharacteristically mum about Musk's criticism of the bill.

But that all changed on Thursday morning.

Here is a minute-by-minute breakdown of how the relationship between two of the most powerful men on the planet devolved.

Thursday, 11:20 a.m. ET

Musk began digging up Trump's old posts on what was then Twitter about the deficit, including one from January of 2013.

Thursday, 11:46 a.m. ET

Musk unearthed another old X post by Trump from back in July 2012, presumably as a swipe at the new Republican tax bill that many economists and the congressional Budget Office said would increase the country's deficits.

Thursday, 12 p.m. ET

Trump responded to Musk's attacks for the first time when answering press questions during a White House event to welcome German Chancellor Friedrich Merz.

"And you know Elon's upset because we took the EV mandate, which was a lot of money for electric vehicles," said Trump. "And they're having a hard time, the electric vehicles. And they want us to pay billions of dollars in subsidy. Elon knew this from the beginning; he knew it from a long time ago."

Thursday, 12:07 p.m. ET

Trump's comments about Musk continued at the press appearance.

"He knew every aspect of this bill — better than almost anybody —and he never had a problem until right after he left," said Trump. "He said the most beautiful things about me. He hasn't said bad things about me personally, but I'm sure that'll be next. But I'm very disappointed in Elon. I've helped Elon a lot."

"People leave my administration, and they love us, and then at some point they miss it so badly, and some of them embrace it, and some of them actually become hostile," Trump continued.

"I don't know what it is. It's sort of Trump derangement syndrome, I guess they call it, but we have it with others, too. They leave and they wake up in the morning, and the glamour's gone. The whole world is different, and they become hostile," he added.

Thursday, 12:25 p.m. ET

Musk began a whirlwind of tweets soon after, responding in near real time to what Trump said during the press appearance.

"False, this bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!" Musk posed on X.

Thursday, 12:46 p.m. ET

Musk then began a series of tweets directed at the president beyond the bill, including saying that without him, Republicans would have lost.

Thursday, 1:57 p.m. ET

Musk polls his X followers about creating a new political party "that actually represents the 80% in the middle." Mark Cuban quoted the post with three checkmarks.

Thursday, 2:23 p.m. ET

Musk gives Trump's bill — known on paper as the "One Big Beautiful Bill" — a new name: "Big Ugly Spending Bill."

Thursday, 2:37 p.m. ET

Trump responds to Musk with two consecutive posts on his own social media platform, Truth Social.

"Elon was 'wearing thin,' I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!" Trump wrote.

"The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it!" the president continued.

Thursday, 2:48 p.m. ET

Musk responds to Trump's posts on Truth Social, calling them "such an obvious lie."

Thursday, 2:49 p.m. ET

A minute later, Musk appeared to dare Trump to cancel government contracts with his companies.

Thursday, 3:10 p.m. ET

Musk makes another accusation.

Thursday, 4:06 p.m. ET

Trump posts on Truth Social again to defend his tax bill.

"I don't mind Elon turning against me, but he should have done so months ago. This is one of the Greatest Bills ever presented to Congress," Trump wrote.

"It's a Record Cut in Expenses, $1.6 Trillion Dollars, and the Biggest Tax Cut ever given. If this Bill doesn't pass, there will be a 68% Tax Increase, and things far worse than that. I didn't create this mess, I'm just here to FIX IT," Trump added.

Thursday, 4:09 p.m. ET

Musk says SpaceX will decommission its Dragon spacecraft "immediately."

SpaceX's Dragon spaceships transport NASA astronauts and supplies to and from the International Space Station. Prior to partnering with SpaceX, the agency depended on Russian Soyuz spacecraft for crewed missions.

Thursday, 4:26 p.m. ET

Musk says that Trump's tariffs will "cause a recession in the second half of this year."

Some economists have also predicted that Trump's tariffs would hurt the economy, and Trump himself declined to rule out the chances of a recession back in March.

JPMorgan had predicted a 60% chance of a US recession after Trump imposed sweeping tariffs on April 2. The bank adjusted the possibility down to below 50% recently after Trump paused most of his highest tariffs.

Thursday, 4:43 p.m. ET

Musk retweeted what appears to be a video of Trump partying with Epstein from the 1990s, doubling down on his earlier statement about the Epstein files.

"This is an unfortunate episode from Elon, who is unhappy with the One Big Beautiful Bill because it does not include the policies he wanted," White House press secretary Karoline Leavitt told Business Insider in a statement. "The President is focused on passing this historic piece of legislation and making our country great again."

Representatives for Tesla did not immediately respond to requests for comments.

Thursday, 9:20 p.m. ET

Musk took a softer tone later on Thursday night.

Some five hours after his post about decommissioning the Dragon spacecraft, he walked back the decision in a response to an X user.

"This is a shame this back and forth. You are both better than this. Cool off and take a step back for a couple days," X user Fab25june wrote on the platform.

"Good advice. Ok, we won't decommission Dragon," Musk wrote at 9:20 p.m.

In a separate exchange on X, billionaire investor Bill Ackman encouraged Musk and Trump to make up.

"I support @realDonaldTrump and @elonmusk and they should make peace for the benefit of our great country. We are much stronger together than apart," Ackman wrote.

"You're not wrong," Musk responded at 9:27 p.m.

Friday, before 8:27 a.m. ET

Trump spoke about the feud on Friday morning during a phone call with CNN's Dana Bash.

"I'm not even thinking about Elon," Trump said. "He's got a problem. The poor guy's got a problem."

Trump doesn't intend to speak to Musk "for a while" and wishes Musk well, according to Bash.

Bash said people in Musk and Trump's orbit are trying to mend the rift.

Friday, 5:05 p.m. ET

The President appears to respond to Musk's allegation that he's in the so-called "Epstein files."

On Truth Social, Trump posted a screenshot of an X post from David Schoen, Epstein's defense attorney. Schoen said in the post that Epstein "had no information to hurt President Trump."

"I specifically asked him!" Schoen wrote.

Friday, around 6:15 p.m. ET

Trump reiterated that he wasn't thinking about Musk while traveling with reporters aboard Air Force One.

He wished Musk the best of luck on his Tesla business.

"I mean, I hope he does well with Tesla," he said.

Friday, 6:16 p.m. ET

Musk found a name for his new political party proposal:
"The America Party."

In a separate post on X, Musk said the "people have spoken" as the polling results showed that 80% of the 5.6 million participants voted "Yes" to creating a party that represents "the middle."

Friday, 9:48 p.m. ET

Musk said on X that he would apologize to Trump "profusely as soon as there is a full dump of the Epstein files."

The CEO was responding to a post from James Fishback, an investor who proposed the idea of DOGE dividend checks, who posted on X that Musk should send Trump a "full-throated apology."

"You can substantively disagree with the President on policy, but you should not have baselessly and personally attacked him," Fishback wrote.

Friday, 10:46 p.m. ET

Trump and Musk appeared to extend each other an olive branch — at least for a brief moment.

The White House rapid response account on X posted a clip of Trump's gaggle with the press on Air Force One, highlighting the president saying he wishes Musk well.

"Likewise," Musk said in response at 10:46 p.m.

• Nvidia reclaimed top spot as the most valuable publicly traded company, surpassing Microsoft.
• Investors are bullish on Nvidia shares since its earnings call, despite tariffs and chip controls.
• Chip stocks are seeing an overall upward trend as the VanEck Semiconductor ETF climbs.

Nvidia reclaimed the title of the most valuable publicly traded company.

The AI chipmaking giant led by CEO Jensen Huang surpassed Microsoft after its stock jumped 3% to close at $141.40 on Tuesday. Nvidia now boasts a market cap of $3.444 trillion, edging out Microsoft's $3.441 trillion based on data from Nasdaq.

The last time Nvidia held the top spot was on January 24. Since last June, it has been competing with Apple and Microsoft for the title of the top market cap company.

The rise in Nvidia's value came a week after the company reported Q1 revenues that beat Wall Street expectations at $44.06 billion, which makes for a 69% year-over-year increase.

Confidence in Nvidia remains high despite the company expecting to lose $8 billion in revenue over the next quarter due to the Trump administration's new chip export control policies, which prevented it from selling its H20 chips developed specifically for China's market.

Huang has expressed dissatisfaction over chip controls during the earnings call and in media appearances that followed.

"On export control, China is one of the world's largest AI markets and a springboard to global success. With half of the world's AI researchers based there, the platform that wins China is positioned to lead globally," Huang said during the May 28 earnings call. "Today, however, the $50 billion China market is effectively closed to US industry."

"Export controls should strengthen US platforms, not drive half of the world's AI talent to rivals," Huang added.

Immediately after the earnings call on May 28, Nvidia shares shot up nearly 5% after trading hours, and as of June 3, had gained nearly 24% over the past month.

Overall, this week, investors flocked to chip stocks. The VanEck Semiconductor ETF climbed 2%, while individual companies like Micron Technology also gained as much as 4%.

A spokesperson for Nvidia declined to comment. Microsoft did not immediately respond to a request for comments.

• OpenAI CEO predicts AI will soon be able to "discover new knowledge" and solve business problems.
• A study shows that AI is already replacing human workers.
• Companies like Shopify and Duolingo are shifting away from human workers in favor of AI.

OpenAI CEO Sam Altman is betting that AI could soon help "discover new knowledge" and said it is already beginning to act like your junior-level coworkers.

"You hear people that talk about their job now is to assign work to a bunch of agents, look at the quality, figure out how it fits together, give feedback, and it sounds a lot like how they work with a team of still relatively junior employees," Altman said of AI agents on Monday during the Snowflake Summit 2025, in a conversation with Snowflake Computing CEO Sridhar Ramaswamy.

"I would bet next year that in some limited cases, at least in some small ways, we start to see agents that can help us discover new knowledge, or can figure out solutions to business problems that are kind of very non-trivial," Altman added.

The keynote conversation at Snowflake Summit — which explored how organizations can drive immediate impact with the power of AI — comes as new data show that AI is already replacing human workers.

Zanele Munyikwa, an economist at Revelio Labs, spoke to Business Insider's Aki Ito about her analysis of online job postings and the impact of AI since ChatGPT's release at the end of 2022. As Ito wrote, "She found that over the past three years, the share of AI-doable tasks in online job postings has declined by 19%." In roles Munyikwa pinpointed as more vulnerable to AI, such as database administrators and IT specialists, the hiring downturn has been as steep as 31%.

Over the past quarter, Shopify said that its managers need to explain why a job couldn't be handled by AI before asking for new hires, and Duolingo, the language learning app, said it would replace contract workers with AI.

In February, OpenAI launched GPT-4.5, which Altman called "the first model that feels like talking to a thoughtful person." He also described the model as "giant" and "expensive." The rollout is limited to Pro subscribers until the shortage of GPUs is solved.

OpenAI also recently launched Codex, a new AI agent aimed at streamlining coding tasks for developers by writing code, fixing bugs, and running tests. Altman said it was already in use by OpenAI's own engineers. Unlike traditional chatbots, the multitasking AI agent can also interact with external software to complete tasks like making a dinner reservation.

• US manufacturing is struggling to fill existing jobs as tariffs aim to bring back more.
• The manufacturing industry faces a skills gap, an aging workforce, and negative perceptions.
• Trade experts say China has advantages in manufacturing from subsidies and low-cost labor.

The US manufacturing renaissance may need a lot more than tariffs.

President Donald Trump wants to bring back manufacturing, but even if his tariffs manage to stimulate growth in this sector, the industry faces a skills gap, an aging workforce, and negative perceptions — not to mention the potentially mounting cost of hiring domestic labor in comparison to countries like China.

Experts and researchers in trade told Business Insider that the manufacturing sector is struggling to fill the existing open positions.

"Manufacturers have faced a structural challenge for multiple years now," said Carolyn Lee, president and executive director of the Manufacturing Institute. "The heart of that is most people don't know what modern manufacturing is all about, that we still are challenged by a perception of what the industry used to be."

"Our workforce, a lot of them are also retiring, and they are older," Lee added. "Manufacturers have averaged about 500,000 open jobs every month for several years now."

The Manufacturing Institute and Deloitte found in an April 2024 report that the manufacturing sector could need as many as 3.8 million net new employees between 2024 and 2033, and that around half of these jobs could remain unfilled if the shortfall in workers with the right skills is not solved.

More than 65% of manufacturing companies consider recruiting and retaining workers as their top business challenge, according to the Manufacturing Institute.

Sameeksha Desai, Associate Professor at Indiana University and director of the Manufacturing Policy Initiative, told BI that job functions and the types of technologies that workers need to know are rapidly changing, and training is struggling to keep up.

"More innovation and more technology uptake are crucial for the industry, but this also means manufacturing companies need to fill needs related to cybersecurity, digital skills, data management, and so on," said Desai. "These skills can also be workforce concerns."

Trump made manufacturing a cornerstone of his policy, but experts are skeptical

Bringing back manufacturing jobs has been an integral part of Trump's campaign promise, which he doubled down on by imposing some of the highest tariffs the country has seen in decades.

"Have you ever heard that we're going to take other countries' jobs?" he said to attendees during a campaign rally at the Johnny Mercer Theatre in Savannah, Georgia, in September. "We're going to take their factories — and we had it really rocking four years ago — we're going to bring thousands and thousands of businesses and trillions of dollars in wealth back to the good ole' USA."

"Jobs and factories will come roaring back into our country," Trump added while announcing sweeping tariffs on April 2. "And ultimately, more production at home will mean stronger competition and lower prices for consumers."

Howard Lutnick, the secretary of commerce, also proposed having people work in factories for the rest of their lives and then passing the same lifestyle on to their children and grandchildren.

A recent Wells Fargo report says that tariffs are unlikely to bring manufacturing jobs back to America, and Willy C. Shih, a professor of management practice in business administration at Harvard Business School, told BI that some countries like China may indeed have some key advantages.

"Let's take your typical smartphone that I estimate to have about four hours of labor in it," said Shih. "In China, you pay between $6 to $8 an hour for that, but in the US, with overhead benefits, healthcare, and other costs, you'll probably pay $40 an hour."

"That's $160 versus $30 for four hours of labor content," he added.

Desai also says that China's subsidies for domestic industries are "definitely a big part of the story," as are well-established industry clusters and regional value chains that help keep costs down.

A solution for the manufacturing shortfall?

Carolyn Lee of the Manufacturing Institute told BI that she thinks a large part of the issue is that people are often being pushed to get a college degree, without thinking about what other well-paid opportunities exist and how to attain those skills.

"Let's get the learning you need for the job that you aspire to," said Lee. "I think there are a lot of different opportunities out there, and society shouldn't just be pushing people to one."

But it may not be the end of the world even if manufacturing does not return to the US in the desired numbers, according to one expert.

Gordon Hanson, a professor of urban policy at Harvard Kennedy School, told BI that policymakers are "asking the wrong question" by overfocusing on manufacturing.

"The problem we should be trying to solve here is the absence of good jobs, especially for workers without a college degree," said Hanson. "We've lost a lot of middle jobs in middle wage categories over the last 30 years, but most good jobs that non-college workers can get are not in manufacturing."

"They're going to be in healthcare, they're going to be in the construction trades, they're going to be in the many parts of the information technology industry where you don't need a four-year degree — there are options," Hanson added. "What you need is the right sort of technical training you can get in a community college — manufacturing is just one of many options."

• President Donald Trump said on Friday that he planned to increase tariffs on steel from 25% to 50%.
• The increase will "even further secure the steel industry in the United States," Trump said.
• The president's sweeping tariff strategy remains in legal limbo.

President Donald Trump on Friday announced plans to increase tariffs on steel imports from 25% to 50%.

"We are going to be imposing a 25% increase," Trump said during a rally at a US Steel plant near Pittsburgh. "We're going to bring it from 25% to 50%, the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States. Nobody's going to get around that."

Trump was visiting the plant in support of an expected deal between United States Steel Corp. and Japan's Nippon Steel Corp. Last week, Trump wrote on social media that the new partnership between the steel companies "will create at least 70,000 jobs, and add $14 Billion Dollars to the US Economy."

Shortly before leaving office, former President Joe Biden had blocked the partnership for national security reasons. Trump had also initially opposed the sale of the US steel company to the Japanese entity back in September.

"I believe that this group of people that just made this investment right now are very happy, because that means that nobody's going to be able to steal your industry," Trump added at the rally in support of the deal.

Aiming to boost the domestic steel industry, Trump had previously imposed a 25% tariff on steel and aluminum imports, on top of automobile tariffs and a baseline 10% tariff on all imports.

Real estate experts have told Business Insider that tariffs on steel would slow down all types of construction, exacerbate America's housing shortage, and drive up rent.

Representatives for the White House did not immediately respond to a request for comment from Business Insider.

• PBS sued the Trump administration over an executive order to cut public media funding.
• The lawsuit said the order violates the First Amendment and targets PBS for its content.
• CPB grants make up 16% of PBS's budget; NPR filed a similar complaint.

The Public Broadcasting Service is suing the Trump administration over an executive order that would eliminate federal funding for public media.

The nonprofit filed a lawsuit Friday in a US District Court in Washington, DC. The lawsuit argues that the administration has violated the First Amendment by targeting PBS and lacks the authority to influence funding decisions made by the Corporation for Public Broadcasting.

"The EO makes no attempt to hide the fact that it is cutting off the flow of funds to PBS because of the content of PBS programming and out of a desire to alter the content of speech," according to the lawsuit.

"That is blatant viewpoint discrimination and an infringement of PBS and PBS Member Stations' private editorial discretion," the complaint read.

According to the complaint, CPB grants comprise around 16% of PBS's $373.4 million annual budget.

The CPB allocates around $535 million in federal funding annually to NPR and PBS. PBS is seeking declaratory and injunctive relief from Trump's executive order and asking the court to declare the order unconstitutional. NPR has also already filed a similar complaint.

"After careful deliberation, PBS reached the conclusion that it was necessary to take legal action to safeguard public television's editorial independence, and to protect the autonomy of PBS member stations," PBS said in a statement to Business Insider.

The lawsuit is a part of ongoing tensions between the Trump administration and public media. Last month, the CPB sued Trump over attempts to remove board members.

"The Corporation for Public Broadcasting (CPB) is creating media to support a particular political party on the taxpayers' dime," Harrison Fields, Principal Deputy Press Secretary, told Business Insider in a statement. "Therefore, the President is exercising his lawful authority to limit funding to NPR and PBS."

• A federal appeals court temporarily halted a ruling invalidating President Donald Trump's tariffs.
• The decision follows a lawsuit that challenges Trump's use of emergency powers on trade policy.
• Trade experts say uncertainties will be high and it will create a difficult business environment.

A federal appeals court handed the Trump administration a temporary legal win on Thursday.

The court granted the administration's request to temporarily halt a lower court's ruling on May 28 that invalidated most of President Donald Trump's tariffs.

Supply chain experts told Business Insider that the continued legal back-and-forth will likely drag on for months, if not longer, as the Trump administration fights to implement sweeping tariffs without congressional approval. In the meantime, they said to expect ongoing uncertainty in the market, continuing logistical turmoil for businesses, and additional price hikes and supply chain snarls for consumers.

White House spokesman Kush Desai told Business Insider in a statement that the Federal Circuit Court's administrative stay on the Court of International Trade's ruling "is a positive development for America's industries and workers."

"Regardless of the developments of this litigation, the president will continue to use all tools at his disposal to advance trade policy that works for all Americans," Desai said in the statement.

A battle over executive authority

The US Court of Appeals for the Federal Circuit's decision comes just one day after the US Court of International Trade struck down key components of Trump's trade policy after five owner-run businesses sued the administration.

"The Worldwide and Retaliatory Tariff Orders exceed any authority granted to the President by IEEPA to regulate importation by means of tariffs," the court ruled Wednesday.

In response, the Trump administration told the US Court of Appeals for the Federal Circuit that if it would not put the tariff ruling on pause, the administration would seek "emergency relief" from the Supreme Court as soon as Friday.

In a brief order, the appeals court said the trade court's judgment is "temporarily stayed until further notice while this court considers the motions papers."

"While the Court of Appeals for the Federal Circuit has temporarily stayed the lower court's judgment and injunction, this is merely a procedural step as the court considers the government's request for a longer stay pending appeal," said Jeffrey Schwab, Senior Counsel and Interim Director of Litigation at the Liberty Justice Center and a lawyer on the tariff case, in a press release.

Continued uncertainty for consumers

Supply chain and policy experts have told BI that the court decision has created an even more difficult environment for businesses and consumers.

"This really is a political battle of different viewpoints, over whether the president has this kind of authority to keep on changing all these tariffs through these executive orders," said Chris Tang, a University of California, Los Angeles professor and expert in global supply chain management.

"I think that this creates all this unnecessary market uncertainty, and it gives the impression that the White House may not have a really clear idea in terms of what the end game is going to be," Tang added.

Nick Vyas, the founding director of the University of Southern California Marshall's Randall R. Kendrick Global Supply Chain Institute, told BI that continued uncertainty in the supply chain will mean higher costs and less supply for consumers, and an increased risk of recession as the legal battle plays out.

The court's rulings also hinder Trump's ability to conduct trade negotiations with the countries while some of the tariffs are paused, Vyas said.

"Our trading partners are getting wind of this legal uncertainty, so they may not be as willing to come to the table and negotiate the deal, because they are also likely to wait and watch this play out legally before they commit to any deal," Vyas said.

Even if Trump loses this battle in court, Vyas added that he believes the president will find other ways to impose trade barriers, so the economic uncertainty is unlikely to stop anytime soon.

"We are on a roller coaster, and we just have to strap in, buckle up, and enjoy the ride," Vyas said.

• Nvidia's revenue for Q1 beat Wall Street's expectations despite China restrictions.
• CEO Jensen Huang provided sobering remarks on the impacts of losing the Chinese market.
• Huang, however, maintained high praise for some of President Donald Trump's policies.

The moment Nvidia CEO Jensen Huang had the floor during the company's first-quarter earnings call on Wednesday, the executive knew there was one thing on everyone's mind: China.

The question of the day for Nvidia's earnings was how big of a hit would the chipmaker take as a result of the Trump administration's export restrictions on H20 chips.

The short was that it's big, but not big enough to shake Wall Street's confidence in Nvidia's position as an AI juggernaut.

Nvidia reported $44.06 billion in revenue for the quarter despite losing one of its biggest customers in the East, beating Wall Street's revenue expectation of $43.32 billion. Nvidia's stock was up nearly 5% after trading hours.

The restrictions still had a sizable impact. Nvidia said the move resulted in a $4.5 billion write-down, and the company anticipates a $8 billion revenue loss for the next quarter.

Huang immediately jumpstarted his remarks on Wednesday with sobering thoughts on the restrictions. The CEO said that the export controls on the H20 chip have essentially cut off one of the few ways the company can compete in the country.

"On export control, China is one of the world's largest AI markets and a springboard to global success. With half of the world's AI researchers based there, the platform that wins China is positioned to lead globally," Huang said. "Today, however, the $50 billion China market is effectively closed to US industry."

While Huang repeatedly criticized the export controls, the CEO appeared to only have praise for President Donald Trump during the earnings call, and his brief media blitz afterward on CNBC and Bloomberg.

"The president has a plan," Huang said of Trump. "He has a vision, and I trust him."

Here are 3 takeaways on Nvidia's China challenge based on Wednesday's earnings call:

Nvidia took a hit on China, but business is still booming

Nvidia's revenue took a hit due to the loss of business in China, but its core segments, including data centers, remained strong, leaving analysts with a bullish outlook for the company.

The company reported $39.1 billion in revenue in its data centers segment for the first quarter, a 73% year-over-year increase.

"Even if they've taken a hit from the recent tariffs and their inability ship certain units to China, you could still see their trajectory is going upwards," Gadjo Sevilla, senior AI analyst for EMARKETER, told Business Insider.

Still, Huang does not like the China restrictions

Huang was upfront about the impacts the export controls will have not just on Nvidia but also the US's standing in the global AI race.

"Export controls should strengthen US platforms, not drive half of the world's AI talent to rivals," Huang said.

During a post-earnings call interview on Bloomberg TV, the CEO was asked how Nvidia managed to make up for the losses of China's business. Bloomberg's Ed Ludlow asked if it was partly due to the increasing demand of Nvidia's Blackwell chip system.

"Yeah, I guess so," Huang said. "But you know, you just can't underestimate the importance of the China market. This is the second-largest AI market. This is the home of the world's largest population of AI researchers. And we want all of the world's AI researchers and all of the world's developers to be building on American stacks."

The CEO said in the interview that, "irrespective of the near-term revenue success," Nvidia can't ignore the significance of the Chinese market.

The CEO will still play nice with Trump

Huang was careful to keep his criticisms on the US export controls on China contained to just that — a criticism of the export controls.

Shortly after Huang said that the export restrictions have essentially locked Nvidia out of the Chinese market, the CEO began to praise Trump's "bold vision to re-shore advanced manufacturing, create jobs, and strengthen national security."

Huang also celebrated the US's deal with Saudi Arabia for a $600 billion AI infrastructure project and the Trump administration's move to remove a Biden-era policy known as the "AI Diffusion Rule" which placed export limits on US chips.

"President Trump wants US tech to lead," Huang said during the call. "The deals he announced are wins for America, creating jobs, advancing infrastructure, generating tax revenue, and reducing the US trade deficit."

Beyond China

While Nvidia's business in China remains in limbo, Huang hinted at his company's plans to explore other horizons, talking about the importance for nations to build "sovereign AI" and his plans to tour Europe.

"With respect to further announcements, I'm gonna be on the road next week through Europe," Huang said. "Just about every country needs to build out AI infrastructure."

The CEO said during an interview with Bloomberg TV that he'll be meeting with many "heads of states" in the near future.

Sevilla, the senior AI analyst for EMARKETER, told BI that Huang's move to explore other countries is "smart."

"That's diversification," Sevilla said. "The only thing you need to consider is that that's going to take time. It's not going to happen overnight."

• A federal court has blocked President Donald Trump's sweeping tariff strategy.
• In a unanimous three-judge ruling, the court found that Trump lacks the authority to impose tariffs.
• The tariffs imposed by the Trump administration have been vacated.

A federal court on Wednesday found President Donald Trump does not have the authority to impose his sweeping tariff strategy.

The US Court of International Trade's three-judge panel was unanimous in its ruling, declaring that the tariffs imposed by the Trump administration would be vacated.

The court said in its ruling that the Trump administration will be given up to 10 days to comply with the order.

The decision comes amid ongoing trade negotiations between the administration and countries around the world. On Friday, Trump threatened a new tariff on the European Union, but backed down from the plan over the weekend.

The ruling hands a legal victory to a group of small business owners who sued the Trump administration over its aggressive tariff plan. Companies both large and small have objected to Trump's trade strategy due to the increased import costs and subsequent uncertainty in the market, which Treasury Secretary Scott Bessent described as "strategic."

The lawsuit argued that the president's use of the International Emergency Economic Powers Act of 1977 to bypass Congress was an overreach of his executive power, and that persistent trade deficits with countries he'd imposed tariffs upon did not constitute an "unusual and extraordinary threat" under which the act could be deployed.

"The Worldwide and Retaliatory Tariff Orders exceed any authority granted to the President by IEEPA to regulate importation by means of tariffs," the court ruled Wednesday.

White House spokesperson Kush Desai told Business Insider in a statement after the ruling was released that foreign countries' "nonreciprocal treatment of the Unites States has fueled America's historic and persistent trade deficits."

"These deficits have created a national emergency that has decimated American communities, left our workers behind, and weakened our defense industrial base — facts that the court did not dispute," Desai's statement said. "It is not for unelected judges to decide how to properly address a national emergency. President Trump pledged to put America First, and the Administration is committed to using every lever of executive power to address this crisis and restore American Greatness."

The lead plaintiffs in the case, Victor Schwartz and his daughter Chloe Schwartz, who own and run the New York-based specialty wine and spirits importing company VOS Selections, previously told Business Insider the tariffs were catastrophic for their company. They dampened consumer sentiment and decreased sales by 16% compared to the first quarter of 2024.

"Importing and sourcing things you don't find everywhere, I really thought that was going to be my edge in the business," said Schwartz, whose small business sources around 600 types of wine and spirits from 350 different producers around the world. "But the tariffs hit us in so many different ways."

Ilya Somin, a lawyer on the case and a law professor at George Mason University, in a statement published in Reason magazine and shared with BI, described the court's ruling as "a major victory in the legal battle against these harmful and illegal tariffs."

"From the very beginning, I have contended that the virtually limitless nature of the authority claimed by Trump is a key reason why courts must strike down the tariffs," wrote Somin. "I am glad to see the CIT judges agreed with our argument on this point!"

The federal government has filed a notice of appeal on the court's decision in the US Court of Appeals for the Federal Circuit. Any subsequent appeal will be heard by the Supreme Court.

Prices of futures went up after the court issued its ruling. Dow futures went up by 1.27% and Nasdaq futures climbed by 1.90% early Thursday.

Business Insider previously reported that Trump's trade strategy contributed to price instability and supply chain snarls. Major brands, including Macy's, Walmart, and Shein, said the tariffs were pushing them to raise prices for consumers. Logistics experts and shipping industry insiders said the effects were expected to intensify as trade tensions continued.

No 'unbounded authority'

The Constitution grants Congress the exclusive power to levy tariffs and duties. However, BI previously reported that, in recent years, lawmakers have taken a less active role in doing so, instead allowing the executive branch to execute tariff policies within the guidelines defined by Congress.

Six different statutes control how the president can use tariffs. Only three carve-outs allow the president to impose tariffs without a congressional investigation. Still, only the IEEPA has ever been used.

Trump argued that he had the authority to impose his tariff strategy under the IEEPA, which allows the president to declare an emergency under the National Emergency Act to regulate or prohibit imports. The Court of International Trade disagreed.

"The court does not read IEEPA to confer such unbounded authority and sets aside the challenged tariffs imposed thereunder," the ruling read.

• Elon Musk told a space reporter that he "probably did spend a bit too much time on politics."
• He spoke with Eric Berger, an Ars Technica editor who has written two books about SpaceX.
• Musk was in Starbase, Texas, to watch a Starship flight, which did not go as planned.

After months of White House meetings and appearances with President Donald Trump, Elon Musk found himself in a more familiar place on Tuesday: tucked comfortably into the SpaceX control room in Starbase, Texas.

He was there to watch his company's vanguard mega-rocket, Starship, launch toward space for the ninth time.

He also took the occasion to speak with a space reporter, Eric Berger, who has followed him closely for years and written two books about SpaceX.

In a brief interview, which was mostly about SpaceX's plans and the technicalities behind Starship's two recent explosions, Berger asked Musk about his political projects.

"I think I probably did spend a bit too much time on politics," Musk said, according to the interview published in Ars Technica, where Berger is the senior space editor.

"It's less than people would think, because the media is going to over-represent any political stuff," Musk continued, adding, "It's not like I left the companies. It was just relative time allocation that probably was a little too high on the government side, and I've reduced that significantly in recent weeks."

Musk told Tesla investors in April that he would be stepping back from the White House DOGE office. He also told the Qatar Economic Forum earlier this month that he would spend a "lot less" on politics going forward.

Musk faced criticism earlier this year from Tesla investors, who questioned his commitment to the company.

Tesla stock also cratered over the latest quarter, at one point reaching 35% below its opening price this year in April. However, they have been slowly recovering in May since Musk said he would roll back his political involvement.

Tesla did not immediately respond to a request for comment.

As for the Starship flight Musk was attending on Tuesday, things did not go according to plan. The spaceship reached space, but it failed its first-ever attempt to deploy a payload, which was a set of eight mock-up Starlink satellites. Then it spun out of control, fell toward the Indian Ocean without testing the engine firing and heat shield stressing that SpaceX had planned, and likely broke apart in midair.

• President Donald Trump said he would pardon Todd and Julie Chrisley, who were convicted of fraud.
• They rose to fame showcasing their over-the-top lifestyles on their TV show, "Chrisley Knows Best."
• Here's a complete timeline of their legal troubles, which began before they became reality TV stars.

Todd and Julie Chrisley burst onto the reality television scene in 2014 when 'Chrisley Knows Best' debuted on the USA Network

This article was originally published on August 1, 2023, and was most recently updated on May 27, 2025.

The couple rose to reality TV fame in 2014 with the premiere of their reality TV show, "Chrisley Knows Best." 

The show centered around Todd, a real estate mogul, self-made millionaire, and father with dreams of opening a department store with his real estate company, Chrisley & Company.

While the department store never panned out, Vice reported that at the time of the show's launch, Todd Chrisley felt "fashion was his calling." 

The focus of the reality series then shifted to Todd's life at home with his God-loving, straight-talking wife, Julie, and their large brood, comprised of children Lindsie, Kyle, Chase, Savannah, Grayson, and granddaughter, Chloe.

"While their lifestyle is over-the-top and their personalities are larger-than-life, the Chrisleys are a very close-knit family who are refreshingly honest and genuinely funny," a spokesman for USA Network said ahead of the show's premiere, the New York Daily News reported. 

For the first half of the series, the family lived in a 30,000-square-foot mansion north of Atlanta and then relocated to a $3.4 million home in Nashville, Bravo reported in 2019.

Before the series was canceled in light of Todd and Julie's convictions, it spawned several spinoffs, including "Growing Up Chrisley," which followed kids Chase and Savannah; "According to Chrisley," an after-show hosted by Todd; and "What's Cooking With Julie Chrisley," a cooking web series hosted by Julie.

The series depicted them as a picture-perfect Southern family with everything money could buy. But just two years prior, Todd had filed for bankruptcy.

The show did not mention Todd's financial struggles but showcased the family's immense wealth and extravagant spending habits.

"In a year, we sometimes spend $300,000 or more, just on clothing," Todd boasted to cameras in 2014.

However, in a court document from August 2012, the businessman said he had just $55 in a checking account and $100 in cash, after filing a petition for Chapter 7 bankruptcy protection for almost $50 million.

One of his lawyers at the time, Robert Furr, told People that while Todd had $4.2 million in assets, he had racked up nearly $50 million in debt, partly due to poor real estate investments. 

According to People, along with the business debt, Todd had several mortgages totaling $12 million, a $4.4 million loan from his wife, and a delinquent IRS bill for almost $600,000.

Per the Atlanta Journal-Constitution, a judge in the case granted Todd's request for relief and erased $20 million of the debt in 2012.

Between 2013 and 2016, the Chrisleys did not file any tax returns or pay taxes, the US Attorney's Office said

At the Chrisleys' November 2022 sentencing, the US Attorney's Office said the couple neither filed tax returns nor paid any taxes for the 2013, 2014, 2015, or 2016 tax years. 

As Business Insider's Haven Orecchio-Egresitz reported from the courtroom, from 2013 to  2016, the couple made $6 million from "Chrisley Knows Best." The money from the show was paid to the Chrisleys' company, 7C's Productions, but was not declared as income in federal tax returns.

"It's clear that Mr. and Mrs. Chrisley were starring in a TV show and they were compensated handsomely as a result," US Attorney Byung J. BJay Pak said in a press conference when the couple was indicted in 2019. "That money was hidden from the IRS."

In 2017, the couple learned that they were under investigation for tax evasion

The day after the Chrisleys discovered that they were being investigated and the 7C's Productions account had been provided to the IRS, Julie took her name off the account and replaced it with her mother-in-law's, a Bank of America employee testified at the couple's federal trial.

Prosecutors said at their indictment that the switch was made to keep the IRS from taking money from the account. 

In 2019, the Georgia Department of Revenue brought a $2.1 million tax evasion charge against Todd and Julie. It was settled after it was discovered they had overpaid some taxes.

The couple was cleared of a state tax evasion charge in Georgia after they were charged with evading over $2 million in state taxes between 2008 and 2016.

The settlement indicated that the couple had overpaid several of those years and received a refund of more than $66,000, according to WXIA of Atlanta. They did owe the state money for one year ($214,118 in 2009) and agreed to pay just under $150,000 to settle the case.

In a press release, Todd said he and Julie "knew all along that we had done nothing wrong and that when the facts all came out, we would be fine."

However, the couple was not out of the woods completely — while this was going on, a federal grand jury in Atlanta had indicted the couple on charges of conspiracy, bank fraud, wire fraud, and tax evasion. 

The same year, a federal grand jury indicted them on bank fraud and tax evasion charges. They pleaded not guilty.

The Chrisleys were indicted by a federal grand jury in 2019 and accused by prosecutors of evading taxes and operating a conspiracy to defraud banks by making it appear that they were wealthier than they were. 

They were indicted on 12 counts of conspiracy to commit bank fraud, wire fraud, conspiracy to commit wire fraud, conspiracy to defraud the United States, and tax evasion. The Chrisleys' accountant, Peter Tarantino, was indicted on tax-related offenses.

Todd and Julie denied the crimes but turned themselves in.

Their federal trial began in May 2022, almost three years later, after lengthy COVID-19-related delays

During the trial, prosecutors alleged that the Chrisleys and their accountant submitted fake documents that fabricated their wealth to banks when applying for loans between 2007 and 2012, and hid the income from their reality TV show from the IRS.

The Chrisleys' main defense was that the man who turned them into the FBI was a fraudster.

In opening statements, their lawyer blamed all bank fraud and tax evasion on Mark Braddock — a former business partner who testified at the trial that he and Todd had a "relationship of an intimate nature" in the early 2000s.

Braddock admitted to committing bank and tax fraud on the Chrisleys' behalf.

He was given immunity from his crimes for testifying.

The almost three-week-long trial concluded on June 7, 2022, when Todd and Julie were convicted on all bank fraud and tax evasion counts

After less than three days of deliberations, the jury in the Atlanta federal trial found Todd, Julie, and their accountant guilty on all charges relating to running a yearslong conspiracy to defraud banks and hiding their money from the IRS.

The prosecutors successfully proved that the couple went to great lengths to manipulate financial records and inflate their apparent wealth so they could live a flashy lifestyle they couldn't afford.

Todd was convicted of conspiracy to commit bank fraud, bank fraud, conspiracy to defraud the US, and tax fraud.

Julie was convicted of conspiracy to commit bank fraud, bank fraud, conspiracy to defraud the US, tax fraud, and wire fraud. 

Tarantino was convicted of conspiracy to defraud the US and willfully filing false tax returns.

Following the trial, the Chrisleys were remanded to house arrest until sentencing

As Business Insider reported at the time, under the terms of release, Todd and Julie were ordered to stay home at all times unless they were at work, school, religious service, or seeking medical care.

Per the order, they also needed to alert their probation officers any time they spent over $1,000.

During this period, Todd and Julie used their podcast, "Chrisley Confessions," as their main way to communicate with fans.

In the eight months between their trial and the eventual commencement of their sentences, they continued to release weekly episodes.

In November 2022, a federal judge sentenced Todd and Julie to a combined 19 years in prison

Their sentences were announced almost five months after they were found guilty.

Todd, 54, who prosecutors called the "mastermind" of the couple's yearslong tax and bank fraud scheme, was sentenced to 12 years. 

Julie, 50, who prosecutors believed played a lesser role, was sentenced to seven years in prison.

Tarantino was sentenced to three years in prison for his role in committing fraud on his clients' behalf.

Following their jail time, all three were also sentenced to 16 months of probation.

Both Todd and Julie were sentenced below what the federal sentencing guidelines laid out — and less than what prosecutors in the case asked for — due to their age, health, and the fact that they care for Todd's mother, Elizabeth "Nanny Faye" Chrisley, who has bladder cancer, and other relatives.

The couple made an emotional plea to the court, asking for leniency for Julie so that she could continue to raise their adopted daughter

After being sentenced, Todd choked up over what he described as an "enormously sad day" for his family and asked the court to give his wife less prison time, Business Insider's Azmi Haroun and Haven Orecchio-Egresitz reported.

"My wife, Julie, should not be punished," he said in his statement as he stressed that his wife was the caregiver for their children, Grayson and Chloe, who were both minors at the time.

"I'm most concerned for Chloe and Grayson," Julie said through sobs at the sentencing. "To hear your 10-year-old say she doesn't want to live if their mom goes away, no child should feel that way."

Julie's request to stay in home confinement until their adopted daughter is an adult was ultimately denied by the court. 

Following their sentencing, the couple's eldest daughter, Savannah, said she had taken custody of the couple's then 16-year-old son and 10-year-old adopted daughter, Chloe.

The judge allowed both Chrisleys to surrender themselves to custody. They began their sentences in January 2023.

Todd and Julie reported to the federal Bureau of Prisons to commence their sentences on January 17, 2023.

Their accountant, meanwhile, reported to prison on May 1, 2023. 

Todd reported to the Federal Prison Camp, Pensacola. At the time, his release date was scheduled for 2035.

Todd reported to the Federal Prison Camp, Pensacola, in Pensacola, Florida, a minimum security prison about 450 miles from where the couple lived in Nashville. 

Julie, meanwhile, reported to Federal Medical Centre, Lexington. If she served her full sentence, she would have been released in 2030.

Julie asked to serve her sentence at the Florida Correctional Institute, Tallahassee, just under 500 miles south of the family's base in Nashville, but was assigned to FCI Marianna in Marianna, Florida.

However, in January 2023, she was sent to neither and is serving her sentence at Federal Medical Center, Lexington, Kentucky, the Bureau of Prisons told Business Insider.

The Chrisleys continued challenging the charges against them

The Chrisleys maintained that they were innocent. After their motion for bail pending their appeal was denied, their lawyers began appealing their sentences.

Speaking on Savannah's podcast, "Unlocked With Savannah Chrisley," in August 2023, the family's lawyer, Alex Little, said a judge hasn't "reviewed any of the arguments" in their appeal yet.

"The government hasn't even filed their response to our appeal yet, they've asked for more time once, more time twice," he continued. "That's going to happen in two weeks so we'll see in two weeks what the government's answer to these issues might be."

Their reality show was canceled in light of their sentencing, but episodes filmed before their trial aired in early 2023

"Chrisley Knows Best" was renewed for a 10th season in May 2022, a month before their trial began. After their sentencing in November, Deadline reported that the show had been canceled, but not before the family got together to film.

Between February and March 2023, eight episodes of "Chrisley Knows Best" aired on the USA Network, with very little promotion from the broadcaster or the family members. 

The last episode to air saw Todd, Chase, and Savannah enjoy a ski trip to Lake Tahoe, California.

Todd shared a photo from the trip on his Instagram page, indicating that filming for the reality show concluded sometime in March 2022, two months before their trial.

On her podcast, Savannah has spoken about the impact of her parents' sentencing on her and her siblings' mental health

In an episode of  "Unlocked with Savannah Chrisley" released in August 2023, the reality star spoke with her guest, New Jersey Gov. Phil Murphy, about accessibility to mental health resources.

Savannah said she's spent "thousands of dollars a month for therapists, for psychologists" for herself and her two younger siblings, Grayson and Chloe, since their parents entered prison at the start of the year. 

"I am blessed and fortunate enough to be able to do that," she said. "But the everyday person may not have those resources."

In September 2023, it was revealed that both Todd and Julie had their release dates moved up

Todd's scheduled release date from FPC Pensacola got bumped up to January 22, 2033, which is about two years sooner than his initial 12-year sentence, according to federal prison records.

Meanwhile, Julie's release from FMC Lexington advanced from 2030 to October 19, 2028, records indicate — one year and three months short of her original seven-year sentence.

"Without a doubt, Todd and Julie are model incarcerated individuals who received exorbitant sentences," their attorney, Jay Surgent, told Business Insider. "I believe Todd is down to 10 years and Julie is now at five years."

In November 2023, Savannah shared that her parents had been granted a request to bring their case to an appeals court

In a video posted to Instagram the week of Thanksgiving, Savannah shared that she had received a phone call notifying her that oral arguments in her parents' case are expected to begin the week of March 25, 2024.

She said as a result her parents are "one step closer" to returning home, and shared the statistic that "only about 6% of cases that are submitted for oral arguments get accepted. So this is huge news."

In the caption of her post, Savannah added that the oral arguments represent a "critical" point in the almost yearlong journey to appeal her parents' conviction.

In January 2024, they won a $1 million lawsuit against Georgia's former director of special investigations at the state's Department of Revenue

The reality TV stars were awarded a $1 million settlement in a lawsuit against the Georgia official who uncovered their bank fraud and tax evasion.

They accused Joshua Waites, the state's former Department of Revenue director of special investigations, of abusing his position when it came to investigating tax claims, per a 2019 lawsuit.

In the lawsuit, seen by Business Insider, the Chrisleys alleged that Waites pursued an "increasingly aggressive relationship" with the Chrisleys' daughter, Lindsie Chrisley Campbell, to get her "to reveal compromising information about her family."

Alex Little, a lawyer for the couple, called the settlement win an "encouraging sign" for the Chrisleys ahead of their appeal.

In May 2025, President Donald Trump said he would pardon the Chrisleys

President Donald Trump announced plans on May 27 to pardon the Chrisleys by the following day.

In a video shared by aide Margo Martin, Trump is seen speaking with Savannah Chrisley, the couple's eldest daughter, from the Oval Office.

"Your parents are going to be free and clean," Trump told her, "I don't know them, but give them my regards and I wish them a good life."

Savannah quickly took to Instagram in a MAGA hat to share her excitement.

"I have shed so many tears," she said in a video posted to her Instagram account, revealing she got the news during a trip to Sam's Club.

"President Trump didn't just commute their sentences, he gave them a full, unconditional pardon," she added.

A vocal Trump supporter, Savannah has been pushing for her parents' pardon since the 2024 Republican National Convention. She said that she plans to greet her parents in a pink MAGA hat.

• Trump said he will pardon Todd and Julie Chrisley, who were convicted of bank fraud and tax evasion.
• The Chrisleys were sentenced to a total of 19 years in prison.
• Their show "Chrisley Knows Best" was canceled after their sentencing.

President Donald Trump said Tuesday he would pardon Todd and Julie Chrisley, the reality TV stars serving time in prison for bank fraud and tax evasion.

Margo Martin, Trump's communications aide, posted a video on X on Tuesday showing the president on a call with the Chrisleys' eldest daughter, Savannah Chrisley.

"Your parents are going to be free and clean, and I hope we can do it by tomorrow," Trump said from the Oval Office in the video. "I don't know them but give them my regards and I wish them a good life."

"I hear they're terrific people, this should not have happened," Trump added.

An attorney for the family, Jay Surgent, told Business Insider in a statement that "the Chrisleys have correctly been pardoned by President Trump."

Savannah Chrisley shared her excitement on social media, saying she expects her parents to be home by Wednesday or Thursday.

"I have shed so many tears," said Savannah Chrisley in a video on her Instagram account. "The president called me personally as I was walking into Sam's Club and notified me that he was signing pardon paperwork for both my parents."

"President Trump didn't just commute their sentences, he gave them a full unconditional pardon," the 27-year-old said, adding that she will be picking up her parents in a pink MAGA hat.

Savannah Chrisley has been an active supporter of Trump and campaigned for the now president during his 2024 presidential campaign, through events like the "Team Trump's Women Tour."

Savannah Chrisley had appealed for her parents' pardon while speaking at the 2024 Republican National Convention.

The Chrisleys were convicted on bank fraud and tax evasion counts in 2022 and sentenced to a combined 19 years in prison, 12 for Todd and seven for Julie. Both have had their expected release dates moved up since reporting to federal prison in 2023.

Their reality show "Chrisley Knows Best" was canceled following their sentencing, with the final episodes airing in 2023.

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

Savannah Chrisley didn't respond to a request for comment.

• The EU said it would "fast-track" trade talks with the US to avoid a transatlantic trade war.
• Trump criticized the EU for slow negotiations and threatened a 50% tariff on EU goods.
• The tariff deadline for the EU has been postponed after Trump's call with Ursula von der Leyen.

The European Union said Monday that it is accelerating trade negotiations with the US in a bid to avert a costly transatlantic trade war.

"They agreed both to fast-track the trade negotiations and to stay in close contact," Paula Pinho, a spokeswoman for the European Commission, said during a press conference a day after EU Commission President Ursula von der Leyen spoke with President Donald Trump over the phone.

"We are talking about, of course, the world's single largest and closest trading relations, so these negotiations are complex," Pinho added. "With this call, there's now a new impetus for the negotiations."

The comments from the EU came days after Trump criticized the bloc for dragging its feet and taking advantage of the US.

Earlier last week, the US rejected a trade proposal sent by the EU Commission.

In a Friday social media post, Trump warned he would slap a 50% tariff on EU goods. He said the 27-nation bloc has been "very difficult to deal with" and that trade negotiations were "going nowhere." The tariffs were originally set to take effect on June 1.

In response, the EU has also approved tariffs on $23.9 billion of US goods, including soybeans, poultry, motorcycles, and other farm products.

After Sunday's call, Trump said he would delay the planned tariff hike on European goods by over a month, with July 9 as the new deadline.

"It was my privilege to do so," Trump said of the tariff delay on Truth Social on Sunday evening.

More conversations seem to be taking place on the sidelines to de-escalate trade tensions.

On Monday, Maros Sefcovic, the EU's chief trade negotiator, said on X that he had "good calls" with the secretary of commerce, Howard Lutnick, and ambassador Jamieson Greer. Sefcovic added that the EU was "fully committed" to reaching a trade deal by the July 9 deadline.

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

• Movie theaters saw record sales this Memorial Day weekend.
• "Lilo & Stitch" and "Mission: Impossible — The Final Reckoning" led the way.
• Disney's "Lilo & Stitch" set a new Memorial Day weekend record by reaching $183 million on Monday.

This year, Americans are gathering on Memorial Day weekend for barbecues, picnics, and, apparently, "Lilo & Stitch."

Domestic movie theaters earned a record $326 million at the box office this weekend, the most for a Memorial Day weekend. Disney's live-action reboot of "Lilo & Stitch" claimed the top spot.

"Lilo & Stitch" brought home a whopping $183 million, while "Mission: Impossible — The Final Reckoning" starring Tom Cruise made $77 million. Continued strong showings from "Sinners" and "Thunderbolts*" also contributed to the record turnout.

"Lilo & Stitch" set a record and unseated "Top Gun: Maverick," which earned $160 million when it opened on Memorial Day weekend in 2022, as the highest-grossing Memorial Day debut.

"Lilo & Stitch" is also the second-largest worldwide opening of 2025 behind "A Minecraft Movie," grossing $341.7 million at the box office globally. Meanwhile, "Mission: Impossible — The Final Reckoning" raked in $190 million worldwide.

It's a comforting sign for the film industry, which has weathered several storms since the COVID-19 pandemic changed everything for movie theaters.

At the time, theaters transformed into ghost towns, and the multibillion-dollar industry came to a near halt. The rise of streaming has also eaten into its profits, as did the 2023 strike by actors and writers.

The success of "Lilo & Stitch" also marks a positive turn for Disney's live-action reboots, several of which have performed poorly in recent years.

Disney's live-action "Snow White," a remake of the 1937 animated classic "Snow White and the Seven Dwarfs," opened to disappointing numbers in March. Disney's live-action remake of "Dumbo," di" also flopped at the box office in 2019.

"Lilo & Stitch" has achieved one of the best debuts for Disney's live-action remake, following "The Lion King," which made $191 million over three days in 2019, and "Beauty and the Beast," which collected $174 million over three days two years earlier.

• Justin Sun said he received a $100,000 watch at an exclusive dinner with President Donald Trump.
• Sun, a billionaire and the founder of Tron, is a top backer of Trump's meme coin, $TRUMP.
• Sun is also known for expensive stunts in the art world and his legal troubles with the SEC.

Crypto entrepreneur Justin Sun now has a $100,000 Trump-branded watch on his arm, but he's no stranger to the high life.

The billionaire was one of 220 top backers of President Donald Trump's meme coin, $TRUMP, who were invited to a special dinner with the president on May 22.

At the event, Sun said he was gifted a Trump Tourbillon watch, which sells for $100,000 — another of the Trump family's private business interests in addition to cryptocurrency.

According to Forbes' real-time net worth tracker, the 34-year-old founder of Tron is estimated to be worth around $8.5 billion.

Here's everything to know about Sun — from his legal troubles to his purchase of a duct-taped banana.

Sun's early life and education

Sun grew up in a rural province of China and left home at a young age to study the strategy game "Go" in Wuhan, The Verge reported.

Sun graduated from Peking University with a bachelor's degree in history in 2011. Two years later, he earned a master's degree in political economy from the University of Pennsylvania.

Sun then attended Hupan University — a Chinese business school started by Alibaba cofounder Jack Ma in 2015 — where he wrote a thesis on the blockchain industry, titled "The Birth of a Decentralized Internet."

Sun was the youngest member of Hupan's inaugural class, which included 30 students whom Ma recruited because he believed they could revolutionize the Chinese business world, the South China Morning Post reported. Sun graduated from Hupan in 2018.

Sun's oldest Instagram photo shows him receiving a certificate from Ma. The caption reads, "Inspired by the best to shape the future for the better. "

Sun's rise in the crypto world

Sun worked at San Francisco-based crypto company, Ripple Labs, a cryptocurrency startup that has received backing from Google Ventures, Andreessen Horowitz, and other blue-chip investors.

In 2013, Sun founded a social chat room app called Peiwo. The app matched users with each other based on their interests and 10-second audio clips. However, China ultimately kicked Peiwo off the Android and Apple app stores and shut it down for disrupting "socialist values," The Verge reported.

In 2017, Sun founded Tron, a blockchain company with its own cryptocurrency that is "dedicated to building the infrastructure for a truly decentralized internet." Tron says its network has over 308 million users on the blockchain and has had over 10.4 billion transactions.

Less than a year later, Tron acquired BitTorrent, a peer-to-peer file-sharing service, for a reported $126 million.

In 2022, Sun joined the Global Advisory Board of cryptocurrency exchange HTX, then known as Huobi Global.

Personal life and Warren Buffett

Sun has amassed more than 3.8 million followers on X and 240,000 Instagram followers, where he has posted pictures of himself posing with celebrities such as Los Angeles Lakers legend Kobe Bryant.

Forbes included Sun in its 30 under 30 Asia list for Consumer Technology in 2017, and more recently, the outlet featured Sun as its digital daily cover in March of this year.

In 2019, Sun bid $4.57 million on an eBay-sponsored charity lunch with Warren Buffett. Sun said he planned to use the meal to convert Buffett, a notorious skeptic of bitcoin and other cryptocurrencies, into a true believer. Buffett has said bitcoin has "no unique value" and will ultimately become worthless, and derided it as a "delusion" and "probably rat poison squared."

Sun postponed the dinner with Buffett, citing kidney stones, which sparked conspiracy theories that he was being pressured by China. But months later, Sun finally had his dinner with Buffett in January 2020, inviting eToro founder and CEO Yoni Assia, Litecoin creator Charlie Lee, and other crypto advocates to dine with them.

Legal troubles and investment in World Liberty Financial

In 2023, the Securities and Exchange Commission filed charges against Sun and three of his companies — Tron Foundation, BitTorrent Foundation, and Rainberry.

The federal agency accused Sun of offering and selling crypto asset securities without proper registration. Sun is also facing allegations of fraud for manipulating the market price of his cryptocurrency, TRX.

Sun was additionally charged with not disclosing how much he compensated celebrities like Lindsay Lohan, Jake Paul, and Soulja Boy to promote his cryptocurrency, which would have violated federal securities laws.

In December 2024, Sun purchased $30 million in crypto tokens from World Liberty Financial, making him the largest investor in the new venture backed by Trump and his family. On February 26, the SEC filed a motion to pause its case against Sun and allowed a 60-day period to explore a potential settlement.

Since then, Sun has invested an additional $45 million in WLF. On January 22, Sun posted on X that if he "made any money in cryptocurrency, all credit goes to President Trump."

A flashy lifestyle

In November 2024, Sun purchased Maurizio Cattelan's conceptual artwork titled Comedian, which consisted of a banana duct-taped to a wall, for $6.2 million at a Sotheby's auction.

The sale of the highly divisive piece significantly exceeded its estimated value of $1 to $1.5 million.

Shortly after the acquisition, Sun consumed the banana during a press event in Hong Kong, stating that "the real value is the concept itself." He said that the act was not about destroying the artwork but about highlighting its ephemeral nature.

At the live event, Sun also pledged to purchase 100,000 bananas from the New York street vendor who sold the original fruit used in the artwork.

"To thank Mr. Shah Alam, I've decided to buy 100,000 bananas from his stand in New York's Upper East Side," Sun wrote on X.

This isn't the only time Sun splurged on artwork.

In December 2021, he bought a Joker-themed NFT from the Bored Ape Yacht Club Tron collection for $15 million, one of the most expensive NFT purchases.

Sun also spent $78.4 million on Giacometti's cast bronze sculpture Le Nez, adding to his collection of a $20 million Picasso portrait of Marie-Thérese, a triptych of "fright wig" portraits by Andy Warhol for $2 million, and KAWS' Untitled (Kimpsons) for $323,647, Artnet reported.

Aside from art, Sun also spent $28 million to secure a seat on a Blue Origin flight to space, which he revealed after winning the bid at auction for the first crewed mission on the New Shepard rocket.

Samantha Delouya contributed to an earlier version of this post.

• The word "tariff" might be about to get scarcer in the retail world, a consumer researcher told BI.
• Walmart drew President Trump's ire after saying the company would hike prices due to tariffs.
• Neutral wordings like "sourcing costs" or "supply chain expenses" may become more common, the researcher said.

The "T-word" may soon go the way of DEI and ESG.

In the months since President Donald Trump began rolling out his shifting tariff policies, companies have been grappling with how to communicate the impact the policy will have on prices. But consumers may be hearing about that less.

Instead, phrases like "sourcing costs," "supply chain expenses" or "import costs" — accompanied with a detailed explanation of measures the company took to mitigate any price increase — will become code for "tariff" in earnings calls and other business meetings, said Denise Dahlhoff, director of marketing and communications research at The Conference Board, which advises companies on economic trends.

"As a business today, you have to think of it as a multi-stakeholder world," Dahlhoff told Business Insider. "There are your customers, your employees, your investors, the government, the president, the media, and your supplier community."

The tariffs are part of Trump's economic agenda to bring back offshored American manufacturing and incentivize companies to make goods domestically by making imports more costly.

Businesses large and small have said they see disclosing tariff costs as a means to retain consumer trust, but major companies that have been explicit about tariff costs or have been suspected of such plans are facing increasing political pressure, often from the president himself.

Walmart announced during an earnings call on May 15 that they would need to raise prices due to Trump's tariffs. In a post on Truth Social on May 17, Trump criticized Walmart for "blaming" his policies and demanded that the retailer "eat the tariffs," adding that he will "be watching" for price hikes.

Walmart did not immediately respond to a request for comments, but a spokesperson previous told BI that the company has always worked to keep prices "as low as possible."

This also wouldn't be the first time Trump took tariff price hikes personally. When it was reported that Amazon was considering displaying how much tariffs are contributing to the price of individual products, the White House press secretary, Karoline Leavitt, called the idea a "hostile and political act." Amazon quickly denied ever planning to display tariff costs.

"Saying 'tariff' could be interpreted as a political statement because this country is politically very divided, so it is a very complex environment, and you want to avoid terms that might divide people or might not be universally liked," Dahlhoff said.

Retailers may avoid the issue altogether, and instead leave the consumers to do the math, Michael Baker, a senior analyst at D.A. Davidson, previously told BI.

"Retailers will have learned they need to be very careful — and it's very tricky — on how they articulate that so as to not wind up on a Truth Social post," Baker said. "That does add a layer of complication."

Dahlhoff said company leaders these days should also avoid words like DEI and ESG, which promote equity and environmentalism, but have become very politically charged after Trump threatened to cut federal funding from institutions that engage in these practices. Some businesses like Target have publicly rolled back DEI measures after Trump's inauguration, and promptly faced public boycott. The company changed the name of its DEI strategy to "Belonging at the Bullseye."

"If it was a tight rope businesses were walking before, now it's a thin string," Dahlhoff said.

Peter Cohan, an associate professor of management at Babson College and a venture capitalist, previously told BI that tariff awareness is extremely heightened among consumers, so they have a good understanding of the cause of price hikes at this point, regardless of what businesses call it.

"I do not think it's smart to cave," said Cohan of giving in to the President's demands. "If there isn't pushback, then it's appeasement, and companies changing their policies based on getting an angry call from the President will lose their ability to effectively manage their business."

Have a tip? Contact this reporter via email at [email protected] or Signal at katherineli.21 or WhatsApp at 510-365-6496. Use a personal email address and a nonwork device; here's our guide to sharing information securely.

• Wells Fargo said in a report that President Donald Trump's tariffs won't bring manufacturing back.
• High labor costs and a lack of workers would make building more factories an "uphill battle."
• US manufacturing needs $2.9 trillion in investment to reach 1979 employment levels.

President Donald Trump's push to revive American manufacturing through tariffs may face some hurdles.

Despite some high-profile commitments, including Nvidia's plans for a US-based supercomputer plant and Apple's pledge to invest $500 billion domestically, a new report from Wells Fargo economists predicts that bringing back offshored manufacturing jobs will be an "uphill battle."

"An aim of tariffs is to spur a durable rebound in US manufacturing employment," Wells Fargo analysts wrote in the report. "However, a meaningful increase in factory jobs does not appear likely in the foreseeable future, in our view."

The report attributes the potentially low factory job growth to high labor costs, a lack of suitable workers to fill vacant positions, and a subdued population growth from lower fertility rates and slower immigration.

"Higher prices and policy uncertainty may weigh on firms' ability and willingness to expand payrolls," the analysts added.

The tariffs are part of Trump's broader economic agenda to revive American manufacturing as a pathway toward middle-class prosperity. The tariffs are meant to hike the costs of imports to incentivize companies to make goods domestically.

"Jobs and factories will come roaring back into our country," Trump said while announcing tariffs on April 2. "And ultimately, more production at home will mean stronger competition and lower prices for consumers."

Some tariffs imposed on April 2 have been temporarily paused or greatly reduced, including tariffs on China. The 10% across-the-board tariff remains, as do some specific tariffs on Mexico and Canada, plus 30% in duties on China. Duties at their current level are still the highest they have been since the 1940s.

"In order for manufacturing employment to return to its historic peak, we estimate at a minimum $2.9 trillion in net new capital investment is required," Wells Fargo analysts wrote. "Assuming businesses are willing and able to invest such ample sums, questions over staffing remain."

The Wall Street bank says that US manufacturing employment currently stands at 12.8 million, down from its 1979 peak of 19.5 million. To get back to that mark, the US would need to add roughly 6.7 million jobs. Wells Fargo added that the figure is nearly the same as the entire pool of unemployed Americans, which in April was 7.2 million, according to the US Bureau of Labor Statistics.

"Population aging, negative perceptions, and skill mismatches also underpin workforce concerns," Wells Fargo analysts wrote. "New jobs will require different skills than those previously lost."

In 2024, Taiwanese chipmaker TSMC said it delayed the opening of its Arizona chip factory due to a shortage of skilled workers. A report released in April 2024 by Deloitte and the Manufacturing Institute also found that nearly half of the 3.8 million new manufacturing jobs anticipated by 2033 could remain unfilled due to skill gaps and other population factors.

"Tariffs must be high enough to make the cost of domestic production competitive in the US market, and they also must be kept in place long enough for producers to bring on additional workers and expand capacity," the report concluded. "If the economic or political costs are deemed too high, the current administration could quickly dial-back prevailing duties further."

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