Global trade outlook is deteriorating:
The World Trade Organization expects world merchandise trade to fall -0.2% in 2025, down from +2.7% growth expected at the beginning of the year.
This would follow the +2.9% growth recorded in 2024.
North American trade is set to be hit… pic.twitter.com/c6h7dlUv4h
— The Kobeissi Letter (@KobeissiLetter) April 23, 2025
Cargo shipments from China to the US are down 30% so far in April. Many retailers only have a few weeks of inventories left. Meanwhile, China and the US are not even negotiating over when to start negotiating. https://t.co/hYo3q8rjTq
— Peter Berezin (@PeterBerezinBCA) April 23, 2025
"If the tariffs on China continue at this level we will we see
– a $2T hit to economic activity in our country
– the failure of tens of thousands of businesses
– the laying off of millions of employees
– mass shortages this summer as goods don’t show up."Other than that, I'd… https://t.co/L2QL4XEvcj
— Derek Thompson (@DKThomp) April 23, 2025
AMERICANS CAN’T STOP TRAVELING—BUT NOBODY’S COMING TO VISIT
Americans are flooding international airports—6.5 million flew abroad in March.
Meanwhile, the U.S. is looking like the unpopular kid at lunch: foreign visitors are down 13% from before the pandemic.
Turns out, a… https://t.co/DYX5RQGg6W pic.twitter.com/0QAEXe7GKS
— Mario Nawfal (@MarioNawfal) April 23, 2025
Chase card spend by category in April is wild. Airlines down 9%, lodging down 3.8%, overall T&E negative, restaurants and grocery up .5-2%, and wholesale and discount stores up 8.9%. Easter shift def explains some, but that's still stark spread. pic.twitter.com/QHO5ngjW9l
— modest proposal (@modestproposal1) April 23, 2025
CHIPOTLE $CMG: TRANSACTION SLOWDOWN TREND HAS PERSISTED INTO APRIL
— Wall St Engine (@wallstengine) April 23, 2025