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Tariff challenges: While the consoles are in many consumers鈥� hands, Nintendo briefly hit pause on US preorders after President Donald Trump ordered 30% tariffs on China, where a substantial amount of its manufacturing is done. The company also left the door open for tariff-led price hikes鈥攖he Switch 2 currently costs $449.

The insight: The gap between Target and its mass merchant competitors Amazon and Walmart is widening. While Amazon and Walmart are consolidating their grip on consumer spending after investments in value and convenience, Target鈥檚 largely discretionary assortment and diversity, equity, and inclusion (DEI) controversies are sharply curbing its appeal. Our take: Shoppers are prioritizing necessities over discretionary goods and favoring retailers that offer value and convenience.

The news: Spirit Halloween canceled its annual kickoff event due to 鈥渋nternational disruptions and supply chain challenges,鈥� it said in a social media post. Our take: While the retailer did not directly cite tariffs, it is the latest warning sign that President Donald Trump鈥檚 鈥淟iberation Day鈥� duties could result in emptier shelves during key shopping seasons.

Chinese consumers鈥� travel spending softened during a recent holiday: That鈥檚 a clear sign that confidence is strained due to trade tensions with the US.

Stricter oversight in the EU could also weigh heavily on Chinese ecommerce platforms鈥� bottom lines by forcing them to spend more on compliance or risk heavy fines.

While confidence trended up in May thanks to the reduction in China tariffs, rising tensions between the US and China and the lack of trade deals could cause consumers to quickly rethink their getaway plans.

China鈥檚 latest ecommerce behemoth is a digital advertising heavyweight. PDD owns the worldwide phenomenon Temu, but Temu鈥檚 ad revenues account for only a small portion of PDD鈥檚 total. Most of the parent company鈥檚 $30.10 billion derives from inside China.

What鈥檚 stopping the deal: The deal has been complicated by Trump鈥檚 heavy tariffs on China. ByteDance stated China wouldn鈥檛 approve a sale until further trade negotiations, and US administration officials said a deal is unlikely to proceed before hostilities with Beijing are resolved.

Even as ecommerce alcohol sales rise, physical stores continue to dominate the path to purchase. Nonalcoholic beverages and Dry January are also picking up steam.

Our take: Higher prices will make it harder for Best Buy to win over wary shoppers, who are highly deal-focused and uninclined to make big-ticket purchases.

While the retailer is taking steps to diversify sourcing, one-fifth of its total inventory in 2024 originated in China鈥攊ncluding 27% of its private-label products. Macy鈥檚 expects the duties to deliver a hit of 20 to 40 basis points to its gross margin鈥攚hich includes the cost of inventory brought in when China tariffs were at 145%.

Outside of China and India, Apple also has manufacturing factories and partners in Japan, South Korea, Taiwan, and Vietnam. Why does it matter? Any tariff costs passed on to consumers could spell more trouble for Apple, both from iPhone buyers and from Trump, who previously called out Walmart when it said it would raise prices.

The largest US remittance corridor is Mexico, followed by China, per the Federal Reserve. Click here to view our full forecast for US remittance outflow. Widespread availability of digital remittance apps has made them a popular option globally.

US beauty demand is normalizing as price sensitivities creep into purchasing behavior: That鈥檚 good news for e.l.f. Beauty but an added struggle for Coty and Est茅e Lauder, for which China remains a hurdle.

At the same time, better-than-expected industrial growth shows that at least in the short term, Chinese manufacturers are finding opportunities to diversify beyond the US鈥攚hich will be vital to their survival should the trade war drag on. The diversification trend is evident when looking at both China鈥檚 export data and the actions of some of its largest ecommerce companies.