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Our take: Bank of America鈥檚 and Citi鈥檚 earnings were steady in Q1 despite the larger uncertain economic environment that started in March with President Donald Trump鈥檚 threatened tariffs on Canada and Mexico. But both issuers agree that these results may not repeat themselves in the coming quarters.

Less than 1% of its inventory is sourced from China, while roughly 5% comes from Mexico, making it less exposed to the first batch of tariffs President Donald Trump has threatened to impose. Our take: Levi鈥檚 is right to be cautious about the year ahead, given the enormous amount of uncertainty surrounding tariffs and their potential impact on consumer spending.

On today鈥檚 episode, host Bill Fisher is joined by our analysts Paul Briggs, Matteo Ceurvels, and Carina Perkins to examine what impact global economic turbulence is having on retail and ecommerce in different markets.

And according to GlobalData, Santander is actively hiring across the US and Mexico, claiming its focus will 鈥渃ontinue to be more on the Americas.鈥�. What鈥檚 next? Though the bank hasn鈥檛 disclosed concrete plans for its Canadian expansion, Santander has been operating in Canada via its car financing business (Carfinco) for over a decade, which could serve as a springboard for broader services.

The combination of those two factors resulted in 18.9% of new car shoppers taking on a monthly payment north of $1,000 in Q4, an all-time high. Consumers feel squeezed: Those rising costs contribute to a challenging environment since a car is a necessary expense for many consumers.

Retail ecommerce has entered a new era of slow and steady growth in most countries. This status quo replaces the previous era of spectacular growth and jarring declines.

Streamlining operations: Chipotle estimates that the Trump administration鈥檚 tariffs on Mexico could add a 60 basis point increase to its cost of sales if they take effect. To offset rising costs, the company is streamlining operations with new kitchen technology, including:. A produce slicer to speed up prep time. More efficient planchas, rice cookers, and fryers to improve productivity.

What retail and ecommerce categories are most exposed to current and proposed tariffs? Most retail sectors will be affected by increased tariffs, but some are more exposed than others, including the following:. Apparel and fashion. In 2024, the EU exported over 鈧�5.0 billion ($5.41 billion) worth of apparel and accessories to the US.

NBC News now expands: The service is bringing 24/7 free streaming to Mexico, Brazil as digital news consumption soars across Latin America.

This year, TikTok will pull in 22 times the ad revenues of fellow fast-grower Mercado Libre($1.02 billion), but Latin America鈥檚 largest ecommerce retailer will rapidly ascend the advertising ranks in the coming years. Amazon will get a growth boost from its OTT video service.

New tariffs and policy uncertainty are raising prices, stalling guidance, and pushing shoppers toward discount channels, especially in ecommerce and essential goods. Tech companies face rising regulatory and tariff pressure.

With so much first-party shopper data and ad experience, Prime Video has the potential to target specific and effective ads, maximizing return on ad spend for advertisers. Prime Video ads will start out in the US, the UK, Germany, and Canada in early 2024, then expand to France, Italy, Spain, Mexico, and Australia later in the year, according to a company statement.

Retaliatory tariffs from Canada, Mexico, and China, which are vital to manufacturing, could further inflate costs. Automakers warn tariffs could add $12,000 to new car prices, per Motor Finance, a setback for EVs whose high up-front cost is a leading barrier to adoption for 50% of consumers, per Capgemini. What鈥檚 at stake?

Our Christmica gift shopping as we call it in my mix household. So as I was shelling out dollars upon dollars, it occurred to me or I decided to ask ChatGPT the question of who in the world or where in the world do they spend the most on Christmas gifts? I did ask for Christmas.

In Q3, retailers struggled with shopping trends upended by extreme summer weather along with a threat of incoming tariffs. Here鈥檚 how they addressed these challenges in their Q3 earnings calls and what it could mean for the industry heading into 2025.

The service may incentivize more shoppers to pay with the BNPL provider, and it may also bring Klarna key data benefits

The exceptions are countries with a strong local competitor, like Mercado Libre in Mexico and Brazil. Domestic retailers in smaller markets, like Canada, have been slow to develop ecommerce channels, resulting in Amazon's dominance. Canada鈥檚 lag was acute in the past decade, especially versus the US.

The company plans to roll out marketplaces in Mexico, Germany, Spain, France, and Italy. The context: Shein has a dominant (40%) share of the US fast-fashion market thanks to its vast assortment of low-priced apparel that appeals to Gen Z and millennial shoppers, per Bloomberg. Despite its success, the company has significant challenges.

Section 122 (Trade Act of 1974): Allows the president to impose up to 15% tariffs for six months on countries with significant trade imbalances, such as China, Vietnam, or Mexico. Congressional approval is required to extend the duties. This could serve as a quick replacement should the 10% near-universal duties be overturned.

Even without the uncertain outlook for US electric vehicles, proposed tariffs on imports and materials from China, Canada, and Mexico could cause auto prices to rise significantly, complicating an already challenging environment for auto sales. We expect US automotive total media ad spend to hit $31.77 billion this year, up from $29.48 billion in 2024.

Computer and consumer electronics must mount a Prime Day comeback for Amazon to recharge its ecommerce growth. Amazon鈥檚 recent slowdown in ecommerce growth can be attributed largely to soft demand in one of its most critical categories鈥攃omputer and consumer electronics. Computer and consumer electronics is vital to the health of Amazon鈥檚 ecommerce business.

India and Mexico will see the fastest B2B digital ad spending growth by far. B2B digital ad spending is still nascent in many emerging markets, which leaves enormous headroom for growth. India and Mexico will see superlative growth rates over the next several years鈥攂ut from very small bases.

Go further: Read our Chinese Ecommerce in the US report.