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Now, President Donald Trump鈥檚 25% tariffs on imports from Canada and Mexico鈥攁fter several false starts鈥攁ppear set to take effect on April 2, potentially bringing lasting changes to an industry in flux. In response, Canada has imposed retaliatory tariffs on US imports, including roughly $589 million in spirits and other goods.

While Abercrombie鈥檚 guidance (unlike that of Levi鈥檚 or Walmart) factors in tariffs on China, Mexico, and Canada, it does not account for retaliatory actions by those countries or the possibility of additional US tariffs. Our take: For all of its caution, Abercrombie is in a better position than most brands to ride out an uncertain 2025.

How we got here: Trump鈥檚 shifting trade policies, including tariff hikes on China, Canada, and Mexico, have created market instability. Meanwhile, signs of economic weakness are emerging, such as increasing layoffs, slowing hiring, and eroding consumer confidence. What does this mean for banking customers? Many consumers are panicking:.

It鈥檚 looking to markets like Mexico and the Middle East to offset potential weakness domestically. These initiatives could eventually make Ulta a nimbler, more effective competitor to the likes of Sephora鈥攂ut such benefits will likely be limited this year, given the severe pressures consumer spending is under as well as the time needed to ensure proper execution.

The big challenge: President Trump鈥檚 tariffs on China and Mexico鈥攚here Best Buy sources about 55% and 20% of its products, respectively鈥攁re set to drive up costs, forcing the retailer to raise prices for consumers. With roughly six weeks of supply on hand at any given time, Best Buy expects the impact of pricing changes to hit in the second through fourth quarters of the fiscal year.

The data point: Constellation Brands expects to take a $20 million hit this fiscal year due to the Trump administration鈥檚 aluminum tariffs, CFO Garth Hankinson said on the company鈥檚 earnings call. Our take: Constellation Brands is one of the few companies openly acknowledging the real-time impact of the administration鈥檚 policies. With both hardline deportation rhetoric and tariffs hitting at once, the company faces a dual challenge that could weigh heavily on its performance throughout the year.

In response to President Donald Trump鈥檚 25% tariffs on goods from Canada and Mexico, Canada announced a 25% tax on electricity exports to US states on Monday. Then Tuesday, Trump threatened an additional 25% tariff on Canadian imports, set to go into effect today. Canada later backed down on the electricity surcharge.

Brazil鈥檚 digital economy continues to thrive, driven by shifting advertising trends and increased social media usage. This report series explores key media consumption trends in Brazil in 2025.

Brazil鈥檚 digital advertising economy continues to thrive, driven by retail media investment, growing video ad spend, and slower social ad spending. This report explores trends shaping Brazil鈥檚 digital advertising landscape in 2025.鈥�

A May 2024 Canalys survey showed that interest in buying an AI-capable smartphone was significantly higher in India and China than in the US, Mexico, or Germany. And Apple鈥檚 October 2024 introduction of its AI product, Apple Intelligence, for its smartphone and PC operating systems will likely hasten the process.

It helps that the company sources less than 10% of its inventory from China and less than 1% from Mexico and Canada combined, limiting its exposure to tariffs. It also helps that Gap鈥檚 wide array of brands enable it to appeal to consumers of all income levels and benefit from any trade-down behavior.

The company doesn鈥檛 source from Canada and has 鈥渕inimal鈥� imports from Mexico. Mattel has also spent recent years broadening its supply chain. It now sources products from seven countries and expects China to represent less than 40% of its global toy production this year, with Mexico accounting for less than 10%.

In our exclusive survey with ESW, data from shoppers in 18 countries reveals new twists in the path to purchase, the rising momentum of marketplaces, and the resilience of age-old fundamentals.