Tariffs in Play: Trump’s long-anticipated tariffs—25% on imports from Canada and Mexico, plus an additional 10% on Chinese goods (on top of those implemented in February)—officially took effect this week. While some hoped for a last-minute deal or policy reversal, that didn’t happen. As of midnight on Tuesday, these tariffs are now being enforced at U.S. ports of entry, sending markets into a sharp selloff as uncertainty around the potential economic impact soared. As we’ve discussed before, how these tariffs ultimately flow through the system—whether absorbed by businesses or passed on to consumers—will vary widely by industry. Products with interchangeable substitutes may see minimal price increases due to competitive pressure, while more brand-driven or niche products are likely to see larger price hikes.
The broader economic impact remains difficult to predict. On one hand, the tariffs could be inflationary, forcing the Fed to maintain a more restrictive stance for longer. On the other, they could introduce enough economic uncertainty to curb the relentless consumer demand that has fueled inflation in recent years, potentially easing pressure on the Fed. What’s clear is that markets hate uncertainty, and for now, volatility is the name of the game. But the key word here is near-term uncertainty. Over time, businesses, consumers, and economies adapt—just as they have through every major disruption in recent history. Whether it was Trump’s first trade war with China in 2018, COVID in 2019, the meme stock craze and crash in 2021, or the inflation shock of 2022, each event felt like the start of something unraveling. And yet, each time, the system adjusted, markets found equilibrium, and we moved forward. Volatility is never comfortable, but history reminds us that we’ve seen this before—and we’ve always worked through it.
GLP-1s Becoming More Accessible: Novo Nordisk announced this week that it will begin offering its blockbuster weight-loss drug, Wegovy, for less than half its usual price through a new direct-to-consumer (DTC) online pharmacy. Typically priced at $1,350 per month before insurance and incentives, patients will now be able to access Wegovy for $499/month, with prescriptions delivered directly to their homes via a specialty pharmacy partner. This move mirrors a similar strategy by Eli Lilly, which recently launched its own DTC platform and introduced a single-dose version of Zepbound at roughly half its usual $1,000/month list price.
Novo Nordisk and Eli Lilly continue to battle for dominance in the rapidly expanding GLP-1 weight-loss market, a space that has been limited not by demand but by supply constraints. However, those constraints are easing. The FDA recently declared the shortages of both Wegovy and Zepbound officially over, which not only removes barriers to distribution but also prevents compounding pharmacies from selling unauthorized versions of the drugs. Analysts widely believe this is just the beginning of the GLP-1 weight-loss boom, given the overwhelming demand and proven effectiveness of the treatments. As prices continue to decline and insurance coverage expands, the market for these drugs is expected to grow significantly in the years ahead.
Disney in the Streamlining Phase: Disney is cutting approximately 6% of its staff across ABC News and Disney Entertainment, amounting to roughly 200 job reductions. These layoffs are the latest in a series of workforce reductions in Disney’s traditional media segments as the company continues shifting its focus toward its strongest growth drivers—streaming and sports. With linear TV in long-term decline, Disney has been restructuring to consolidate live news production teams and eliminate redundancies, reflecting the broader industry trend of declining profitability in traditional news broadcasting.
Bob Iger’s turnaround efforts have centered on streamlining operations and refocusing resources on Disney’s most valuable assets, including its streaming platforms, sports content, and experiential entertainment businesses like parks and cruises. These areas not only offer stronger financial upside but also allow Disney to leverage its brand more effectively across its portfolio. While the transition away from legacy media is challenging, these strategic moves align with the evolving media landscape and Disney’s long-term vision for sustained growth.
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