Money

By Jordan Valinsky, CNN New York (CNN) — Peter Cancro, the founder and CEO of Jersey Mike’s Subs, is stepping back from the leadership position following an $8 billion sale that made him a multibillionaire. The fast-growing sub chain announced Thursday that Cancro will be replaced by Charlie Morrison, the former CEO of Wingstop, beginning

By Jordan Valinsky, CNN New York (CNN) — Exports of American-made spirits hit a record high last year. However, a hangover is about to hit the industry as tariffs threaten to stunt growth, a leading industry group warned. Exports hit a record $2.4 billion in 2024, according to the Distilled Spirits Council of the United

By Jordan Valinsky, CNN New York (CNN) — Jack in the Box plans to close approximately 10% of its locations and is exploring a sale of its Del Taco brand amid a broader overhaul of the fast food chain that is struggling as customers cut back on spending. The 74-year-old chain announced Wednesday that it’s

By David Goldman, CNN (CNN) — Citadel CEO Ken Griffin, a billionaire supporter of President Donald Trump and a megadonor to Republican candidates, had some unusually harsh words for the president about his trade war: It’s hurting America’s standing in the world and eroding the nation’s brand. “The United States was more than just a

By Jordan Valinsky, CNN New York (CNN) — Chicken has quickly become the fast-food menu item of choice for American consumers, putting McDonald’s in a tough spot. Chicken revenue at McDonald’s fell behind the explosive sales at Raising Cane’s, Wingstop and other chicken-centric chains, as well as new entrants like Taco Bell, which all sell

By John Towfighi, CNN New York (CNN) — US stocks soared Wednesday, but the S&P 500 is still trying to climb out of slump instigated by President Donald Trump’s trade war. After hitting a record high in February, the S&P 500 dropped into correction in March as Trump unveiled his plan for tariffs. The benchmark

By Juliana Liu and Nectar Gan, CNN Hong Kong (CNN) — US President Donald Trump has delighted global investors with the possibility of a reduction in tariffs on Chinese imports. But his apparent willingness to de-escalate America’s trade war with the world’s second-biggest economy has been brushed off by government officials in China and ridiculed

By David Goldman, CNN (CNN) — President Donald Trump said Wednesday that he could re-impose “reciprocal” tariffs on some countries in as soon as two or three weeks, a potentially significant re-escalation of the global trade war that has already raised fears of a US and global recession. “In the end, I think what’s going

By David Goldman, CNN (CNN) — President Donald Trump said Wednesday that Federal Reserve Chair Jerome Powell has kept interest rates too high and that he might call the central bank chief. “I haven’t called him. I might call him,” Trump said in an Oval Office executive action signing ceremony Wednesday evening. “I believe he’s

By Allison Morrow and Matt Egan, CNN New York (CNN) — President Donald Trump appears to be walking back some of his more extreme positioning on the economy — pivoting yet again on his signature tariff agenda and renewing concerns that his haphazard approach has already done serious economic damage. On Tuesday, Trump softened on

By Ramishah Maruf, CNN New York (CNN) — Twelve states sued the Trump administration Wednesday for “illegally imposing” tax hikes on Americans through tariffs. Trump imposed the tariffs through the International Emergency Economic Powers Act (IEEPA), which gives the president the authority to enact those powers in response to unusual and extraordinary threats. The lawsuit

CNN By Kevin Liptak, Jeff Zeleny and David Goldman, CNN (CNN) — President Donald Trump’s unprecedented tariffs, particularly on China, and recent attacks on Federal Reserve Chair Jerome Powell caused alarm among some of his top advisers and America’s biggest CEOs, who warned of financial chaos and store shelves that could go bare, people familiar

By Clare Duffy, CNN New York (CNN) — Many of America’s wealthiest business leaders have lost millions, if not billions, of dollars in net worth since the start of the year, as President Donald Trump’s policies hit markets. But some might have lost even more if they hadn’t offloaded millions of dollars’ worth of stock

By Chris Isidore, CNN (CNN) — Elon Musk says he’s going back to Tesla. The question now is whether or not it’s too late to reverse the damage that’s been done. Musk told investors on Tuesday night he would step back from his role running the Department of Government Efficiency (DOGE) next month, spending only

By Olesya Dmitracova, CNN London (CNN) — Businesses in Germany and Britain produced less this month amid worries about President Donald Trump’s near-universal tariffs, in another sign that the global damage from his import levies is adding up. Closely watched surveys of purchasing managers showed Wednesday that private sector output contracted in Germany, Europe’s biggest

By Kevin Liptak, Jeff Zeleny and David Goldman, CNN (CNN) — President Donald Trump’s unprecedented tariffs, particularly on China, and recent attacks on Federal Reserve Chair Jerome Powell caused alarm among some of his top advisers and America’s biggest CEOs, who warned of financial chaos and store shelves that could go bare, people familiar with

By Anna Cooban, CNN London (CNN) — The European Union has fined Apple and Meta a combined €700 million ($797 million) in the first enforcement of its landmark digital competition law. The penalties for breaching the Digital Markets Act come amid attacks on the EU by the Trump administration for what it sees as the

By Chris Isidore, CNN (CNN) — Boeing’s problems the last six years have been legion. Tariffs could be yet another gut punch for the beleaguered company – and, given Boeing’s importance as the top US exporter, for the economy as a whole. Boeing’s jets could get millions of dollars more expensive if other countries impose

By Simone McCarthy, CNN Shanghai, China (CNN) — Chinese electric vehicle giant BYD has already beaten out long-standing frontrunner Tesla in sales of electrified vehicles. And now it’s coming for luxury sports cars. BYD’s premium Denza line on Wednesday unveiled the Z, a flashy new deep-blue model that points to the company’s ambitions to rival