By Jordan Valinsky, CNN New York (CNN) — Subway’s footprint in the United States has shrunk again, falling below 20,000 for the first time in two decades. The sandwich chain closed 631 restaurants in 2024, leaving it with 19,502 locations in the US, according to franchise disclosure documents. That marks the eighth-consecutive year in which
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By Chris Isidore, CNN (CNN) — The Trump administration’s tariffs on imported cars and auto parts will cost General Motors between $4 billion and $5 billion this year. But in an interview on CNN, CEO Mary Barra said the company doesn’t necessarily expect to pass those higher costs onto consumers in the form of elevated
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By Jeanne Sahadi, CNN (CNN) — The first 100 days of the second Trump administration upended a lot of things — not least of which was what investors, businesses and consumers thought they knew about the US economy. As a result of President Donald Trump’s punitive tariffs regime, economists across the ideological spectrum say the
Continue ReadingBy Vanessa Yurkevich, CNN New York (CNN) — Some of the last cargo ships carrying Chinese goods without crippling tariffs are currently drifting into US ports. Come next week, though, that will change. Cargo on ships from China loaded after April 9 will carry with them the 145% tariff President Donald Trump slapped on goods
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By Mike Valerio, Yoonjung Seo, Gawon Bae and Juliana Liu, CNN Seoul, South Korea (CNN) — The chief executive of Korean Air, one of the world’s top airlines, has a stark warning about the impact of US President Donald Trump’s trade war on some of the carrier’s most popular routes. “We’re already seeing the downturn
Continue Reading CNN By Mike Valerio, Yoonjung Seo, Gawon Bae and Juliana Liu, CNN Seoul, South Korea (CNN) — The chief executive of Korean Air, one of the world’s top airlines, has a stark warning about the impact of US President Donald Trump’s trade war on some of the carrier’s most popular routes. “We’re already seeing the
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By David Goldman and John Liu, CNN (CNN) — Tesla’s chair Robyn Denholm has rejected a Wall Street Journal report that the company’s board has begun a search process for a new CEO to replace Elon Musk. The Journal reported Wednesday that Tesla’s board contacted executive placement firms in March to look for Musk’s replacement,
Continue ReadingBy Abbas Al Lawati, CNN (CNN) — Iran is crafting a potential nuclear agreement with the United States, wrapping it in language designed to flatter US President Donald Trump’s favorite persona: the dealmaker-in-chief. Officials in Tehran have seized on Trump’s anti-war, pro-business image to pitch an Iran-US nuclear agreement as a way to help Trump
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By Ramishah Maruf, CNN New York (CNN) — Rena Scott, a retired registered nurse in Virginia, usually has 10 to 12 active Temu orders at any given time. The 64-year-old has bought almost anything you can think of from the Chinese website. She has four shirts in her cart right now and regularly buys crafting
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By Hadas Gold, CNN (CNN) — President Donald Trump threatened legal action against The New York Times, calling the newspaper’s citation of legal experts’ opinion of his lawsuit against CBS “likely unlawful.” The Times reported Tuesday evening that legal representatives for Trump and Paramount are set to begin mediation on Wednesday over Trump’s $10 billion
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By Alicia Wallace, CNN (CNN) — A car-buying frenzy, stoked by tariff fears, drove US consumer spending in March to its biggest monthly gain in more than two years, new data showed Wednesday. Consumer spending leapt 0.7% from February, according to a Commerce Department report released Wednesday that showed Americans shelled out last month for
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By John Towfighi, CNN New York (CNN) — April was one of the wildest months in recent memory for markets, capped off by a key data release that showed the economy shrank last quarter for the first time in years. After tumbling Wednesday morning, the S&P 500 and the Dow gradually clawed back losses and
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CNN By Chris Isidore, CNN (CNN) — Ford CEO Jim Farley announced Wednesday on CNN that the automaker is extending its “employee pricing” offer to car buyers for another month, through July 4, to encourage sales to consumers nervous about rising prices because of new tariffs on imported cars and auto parts. Farley spoke with
Continue Reading By Chris Isidore, CNN (CNN) — Ford CEO Jim Farley announced Wednesday on CNN that the automaker is extending its “employee pricing” offer to car buyers for another month, through July 4, to encourage sales to consumers nervous about rising prices because of new tariffs on imported cars and auto parts. Farley spoke with CNN’s
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By Bryan Mena, CNN Washington (CNN) — The US economy just had its worst quarter since 2022 as President Donald Trump’s significant policy changes unnerved consumers and businesses. Gross domestic product, which measures all the goods and services produced in the economy, registered at an annualized rate of -0.3% in the first quarter, the Commerce
Continue ReadingBy Clare Duffy, CNN New York (CNN) — Companion-like artificial intelligence apps pose “unacceptable risks” to children and teenagers, nonprofit media watchdog Common Sense Media said in a report published Wednesday. The report follows a lawsuit filed last year over the suicide death of a 14-year-old boy whose last conversation was with a chatbot. That
Continue ReadingBy John Liu, CNN Hong Kong (CNN) — China’s factory activity contracted at its fastest pace in 16 months in April, as steep US tariffs took a heavy toll on the manufacturing sector, adding urgency to Beijing’s efforts to roll out fresh economic stimulus. The manufacturing Purchasing Managers’ Index (PMI) fell to 49.0 in April,
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By Elisabeth Buchwald and Chris Isidore, CNN New York (CNN) — President Donald Trump signed an executive order and a proclamation on Tuesday to ease auto tariffs, the latest abrupt shift in a rapidly changing tariff policy that has left businesses scrambling to keep up. The 25% tariff on imported cars will continue, and a
Continue ReadingBy Brian Stelter, CNN (CNN) — The Trump administration has sparked another fight against public media. In emails from the White House, three board members of the Corporation for Public Broadcasting (CPB) were told on Monday that they were “terminated,” effective immediately, “on behalf of President Donald J. Trump.” In response, the corporation filed a
Continue ReadingBy Allison Morrow, CNN (CNN) — Billionaire investor Ray Dalio believes it is “too late” to combat the economic fallout of Trump’s tariffs and says the world economic order, with the US at the center, is breaking down. “Based on many of my indicators,” he wrote in a social media post, “it appears that we
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