• Reid Hoffman said he uses OpenAI's Deep Research every day to have a "lens" on AI's future.
• He said using "chain-of-thought" models offered an insight into how these products could be "workers in the future."
• He added that "a bunch of folks" were in the race to develop the best agentic AI.

Reid Hoffman has said he uses a specific tool daily to gain insight into how AI products could be "workers in the future."

The LinkedIn cofounder and investor said he did "at least" one prompt daily with OpenAI's Deep Research tool, an agentic tool for automating complex multi-step internet research. He also said there was many companies building "strong" offerings in the race to make AI agents.

Hoffman, who stood down as an OpenAI director in 2023, citing potential conflicts of interest with his other AI investments, was asked about the startup during an interview on Bloomberg Television on Friday.

He said he was using Deep Research once a day, and that it "gives you the lens to the amplification we're going to get with these products as workers in the future."

The rise of agentic AI, which can independently act on a person's behalf and make decisions without human intervention, has fuelled speculation about how and when AI might replace human workers.

A group of Carnegie Mellon researchers ran a virtual simulation designed to test how AI agents fare in real-world professional scenarios. They found that the top-performing model finished less than one-quarter of all tasks.

"While agents may be used to accelerate some portion of the tasks that human workers are doing, they are likely not a replacement for all tasks at the moment," Graham Neubig, a computer science professor at CMU and one of the researchers, previously told BI.

Hoffman, who cofounded Manas AI, said he saw no clear leader in the race to develop agentic AI, saying there was "a bunch of folks who are doing very strong things," and "not just OpenAI, Anthropic, Microsoft, Google."

Bloomberg interviewer Ed Ludlow told Hoffman he was increasingly talking to AI in voice mode, which he called "a psychological thing that, as a consumer, you kind of have to get over."

• Trump and Zelenskyy met at the Vatican before Pope Francis' funeral.
• This was their first meeting since a heated exchange at the White House in February.
• "Very symbolic meeting that has potential to become historic," Zelenskyy later wrote on X.

Donald Trump and Ukrainian President Volodymyr Zelenskyy met on Saturday — their first encounter since a heated exchange at the White House two months ago.

The two leaders held a discussion inside St. Peter's Basilica, ahead of the Pope's funeral, with French President Emmanuel Macron and UK Prime Minister Keir Starmer present during the initial moments.

Zelenskyy and Trump had not met since their heated exchange in the Oval Office on February 28, in which Trump said of Ukraine's war against Russia, "You're either going to make a deal or we're out."

Four days later, Trump announced a pause in US military aid, and the EU declared "an era of rearmament," as it unveiled a defense funding boost.

The Oval Office meeting was in the glare of the world's press, but photos of the Rome meeting show Trump and Zelenskyy seated close together, without aides or interpreters.

Andrii Yermak, a senior aide to Zelenskyy, shared a photo of the leaders in St. Peter's Basilica on Telegram. "Constructive," he wrote.

Steven Cheung, White House communications director, called it a "very productive discussion."

Posting X, Zelenskyy said the encounter had been a "good meeting."

"We discussed a lot one on one. Hoping for results on everything we covered. Protecting lives of our people. Full and unconditional ceasefire. Reliable and lasting peace that will prevent another war from breaking out. Very symbolic meeting that has potential to become historic, if we achieve joint results," he said.

The Rome meeting comes after Steve Witkoff, Trump's designated peace envoy, travelled to Moscow for discussions with Russian President Vladimir Putin.

Kremlin advisor Yuri Ushakov said the talks centered on "the possibility of resuming direct negotiations between Russia and Ukraine."

Following Witkoff's return, Trump said on Truth Social that "most of the major points are agreed to" and that a cease-fire deal between Kyiv and Moscow was "very close."

As he prepared to leave for Rome on Friday, Trump told reporters that the talks were "very fragile." He has also warned that the US might halt its mediation efforts if a deal isn't reached soon.

After the meeting on Saturday, Zelenskyy was greeted with applause when he walked out of St Peter's Basilica after paying his respects in front of the pontiff's coffin.

Trump later wrote a long post on Truth Social, in which he called the war in Ukraine "Sleepy Joe Biden's War, not mine. It was a loser from day one."

The long post ended, "There was no reason for Putin to be shooting missiles into civilian areas, cities and towns, over the last few days. It makes me think that maybe he doesn't want to stop the war, he's just tapping me along, and has to be dealt with differently, through "Banking" or "Secondary Sanctions?" Too many people are dying!!!"

• A tourism helicopter crashed in the Hudson River on Thursday, killing three adults and three children.
• A Siemens executive, his wife, and their three children were among the dead, a company spokesperson said.
• The NTSB said the aircraft was not equipped with any flight recorders and was on its eighth flight of the day.

The National Transportation Safety Board said on Saturday that the helicopter involved in a crash that killed six people in New York earlier this week was not equipped with any flight recorders and that the accident occurred during the aircraft's eighth flight of the day.

"No onboard video recorders or camera recorders have been recovered and none of the helicopter avionics onboard recorded information that could be used for the investigation," the NTSB said in an update.

It added that the helicopter had completed seven tour flights on the day of the crash and that its last "major" inspection took place on March 1.

A Siemens executive, his wife, their three children, and a pilot were killed when a tourism helicopter plummeted into the Hudson River near Manhattan on Thursday.

Agustín Escobar, 49, had been the global CEO of the rail unit for Siemens Mobility. His wife, Mercè Camprubí Montal, also worked for the company as the global commercialization manager for its energy division.

"We are deeply saddened by the tragic helicopter crash in which Agustin Escobar and his family lost their lives. Our heartfelt condolences go out to all their loved ones," a Siemens spokesperson said on Friday.

New York City Mayor Eric Adams told a press conference on Thursday night that four people were pronounced dead at the scene, and two were taken to the hospital where they later died.

The pilot, who has been identified as US Navy veteran Sean Johnson, was the other victim.

The Federal Aviation Administration said the helicopter involved was a Bell 206, and that the NTSB would lead the investigation.

The NTSB said on X that it was "launching a go-team" to investigate the crash.

Videos posted on social media appeared to show the helicopter's rotor disconnected from the rest of the aircraft, spinning mid-air as the cabin plunged into the water.

Officials said that it appeared the helicopter, which was operated by New York Helicopters Tour Company, had lost control.

In a statement Friday, New York Helicopter Tours said it was "profoundly saddened by the tragic accident and loss of life that occurred on April 10, 2025, involving one of our helicopters in the Hudson River."

"The safety and well-being of our passengers and crew has always been the cornerstone of our operations. Our immediate focus is supporting the families and their loved ones affected by this tragedy, as well as fully cooperating with the FAA and NTSB investigations," it continued.

The company did not immediately respond to a request for comment. Calls to the helicopter's registered owner, a Louisiana firm, were unanswered.

The NTSB said Saturday that the helicopter's main fuselage, the forward portion of the tail boom, the horizontal stabilizer finlets, and the vertical fin had been recovered, but that divers were continuing to search for the main rotor, main gear box, tail rotor, and a large section of the tail boom.

A recent spate of plane crashes has raised awareness of aviation safety.

The Hudson River sees heavy helicopter traffic between airports and tourist flights over landmarks such as the Statue of Liberty. Pilots are required to use specific corridors.

In 2018, five people died after a helicopter made an emergency landing in the East River and flipped upside down, trapping the passengers inside.

The following year a helicopter crash-landed on the roof of a skyscraper, killing the pilot.

• Kasia Kovacs moved to Budapest from the States in her 20s and then to London five years ago.
• She was born to Hungarian and Polish parents in the US, but doesn't plan on moving back.
• Kovacs loves living in London regardless of the relatively high income tax and lower wages.

I'm the daughter of immigrants, born and raised in the US.

Seven years ago, I scrapped the American dream and moved back to the continent my parents left just before I was born.

I lived in Budapest for two years, improving my language skills and connecting with my family in Hungary and Poland. Then, in 2020, I moved to London.

Recently, several other Americans have had a similar idea.

Google searches for "dual citizenship," "expat," and "citizenship by ancestry" spiked the week after Donald Trump won the US election in November.

The UK Home Office released data in March showing that 6,100 US citizens applied for UK citizenship in 2024. 1,700 of the applications came in the last three months of the year, coinciding with Trump's reelection. This marked a significant jump from 2023 when fewer than 5,000 US citizens applied.

I've been in the UK for nearly five years — which means I can apply for British citizenship next year — and I've learned a lot about living as an American emigrant in that time.

Moving to the UK may not be the most financially savvy move

Wages are on average lower in the UK. In spring 2024, the median weekly salary in the US was $1,143, compared to $917 in the UK, according to data from the US Bureau of Labor Statistics and Office for National Statistics, respectively.

My friends ask how I make a smaller salary stretch in the city. London can be expensive if you want to live alone in an fancy area, but it doesn't need to be.

My lifestyle choices keep my costs manageable. I share a flat and walk, or take the bus wherever I go. I've learned which local pubs have the most affordable pints and rarely go to fancy restaurants.

I work in the news industry, and I was lucky enough to find both full-time jobs I've had in London within a few months. Ultimately, I didn't find job hunting more difficult in the UK than in the US. But it helped that I have a right to work in the UK with the pre-settled status I got through my EU citizenship.

There's another big financial factor to consider in the UK: taxes

In the US, you could pay anywhere from 10 to 37% in federal income tax; however, these jumps are incremental. In comparison, income tax ranges from 20 to 45% in the UK and 40% taxation applies to annual income over £51,271, around $65,750.

As an American citizen, I need to pay US tax on my UK income during the years when I don't qualify for the foreign-earned income exclusion. The silver lining to paying double tax is that I don't have to calculate and file my taxes in the UK; they are filed automatically through my employer.

I'm OK with paying the higher income tax rate in the UK because I know a good chunk of my taxes go to a social safety net, including the National Health Service (NHS), education, and welfare services.

I don't want to imply that the UK is a utopia.

For instance, the UK conservative party's austerity measures have hollowed out the NHS, leading to overworked doctors and long wait times. The current Labour government announced significant cuts to the welfare budget in March.

But in my day-to-day life, I appreciate the things my taxes fund: public transportation so I don't need a car, sidewalks, lots of green spaces so movement is integrated into my daily life and public healthcare. I also worry about my safety much less than when I was in the US.

For me, all this makes living in the UK worth it.

My life feels more fun and fulfilling on this side of the Atlantic

People often ask me when I plan to return to the US, the answer is: I don't. I feel like I live a good life here.

I love London. I have a much better work-life balance than in the US, so I can immerse myself in the city's history, parks, and pub culture.

My favorite time of year is summer when the sun appears, and the whole city vibrates with excitement for the European or World Cup football games — soccer to Americans.

I'm also grateful for the ease of travel. I've eaten tapas in Madrid on Thanksgiving, watched the sunrise in the Alps, and lounged in an Italian villa in the summer.

I try to keep my travel costs low by typically booking a budget airline and staying in modest accommodation or with family and friends.

The UK is a worthy travel destination too. There's a comprehensive train system that makes traveling around the country easy, and I often explore walking trails.

These aren't the hikes I'm used to in the US, but there's something charming about a long muddy walk ending with ice cream by the Cornish sea or a hot meal in a Lake District pub.

The key to feeling like you belong abroad is building community

Having lived in three countries during my adult life, I've learned a somewhat unwelcome secret: You must put yourself out there to meet people in a new place, even if it's nerve-racking.

I found some of my closest friends by showing up to meetups solo. I joined the 'London New Girl' Facebook group, attended events through a women's group called New Circle Society, and organized a meetup for fans of the Who Weekly podcast.

Over the years, strangers I've met at those events have become my community. I've grown to believe that cultivating meaningful relationships is a factor of a life well lived. These connections are part of the reason I'm staying put.

My advice for people considering living abroad is don't just think of it as a fresh start but as an opportunity to integrate yourself into another culture and community.

Sometimes, I wonder what life would have been like if I had stayed in the US. I miss my family and friends in America every day.

Truthfully, I feel more at home in the UK than I ever did in the US.

I feel lucky to make this choice — and anyone who can move abroad should acknowledge the value of that opportunity.

• China raised tariffs on US goods to 84% on Wednesday.
• The move follows President Donald Trump's decision to further increase tariffs on imports from China.
• The European Union announced its first retaliatory tariffs affecting US goods worth about $23 billion.

China imposed 84% tariffs on US imports and Europe made its first move on Wednesday as the global trade war escalated.

The measures follow President Donald Trump's sweeping tariffs against trade partners, including imposing cumulative 104% charges on Chinese goods.

Beijing retaliated after the US tariffs took effect on Wednesday. Its charges will be imposed from Thursday, a government statement said.

"China urges the US to immediately correct its wrong practices, cancel all unilateral tariff measures against China, and properly resolve differences with China through equal dialogue on the basis of mutual respect," the statement said.

The announcement pushed European stock markets lower, but the S&P 500 posted early gains.

The European Union announced its first retaliatory tariffs after the US imposed 25% levies on EU steel and aluminum exports last month.

The tariffs on US goods worth about $23 billion will take effect this month and target products such as soybeans, diamonds, and poultry.

Zhiwei Zhang, chief economist at Pinpoint Asset Management, said China had sent a "clear signal" that it intended to maintain its stance despite the higher US tariffs.

"China can afford to wait. I don't expect a quick and easy way out from the current trade conflict," Zhang said. "The damage to the two economies will become visible soon. The outlook for international trade and global economic growth is highly uncertain."

On Tuesday, Trump wrote on Truth Social: "China also wants to make a deal, badly, but they don't know how to get it started. We are waiting for their call."

Treasury Secretary Scott Bessent told Fox Business on Wednesday that China's reluctance to negotiate was "unfortunate" and said it had the "most imbalanced economy in the history of the modern world."

Beijing vowed on Tuesday to "fight to the end."

"Judging from its actions, the US doesn't seem to be serious about having talks right now," said Lin Jian, a Chinese foreign ministry spokesperson.

"If the US truly wants to talk, it should let people see that they're ready to treat others with equality, respect and mutual benefit."

Narrow path

Analysts are bracing for a long standoff between the two mega economies.

"We see a narrow path to resolution for the ongoing tariff gridlock between the US and China as well," wrote Yeap Jun Rong, a market strategist at IG.

"Even if negotiations resume in the future, reaching a consensus may prove difficult, suggesting that trade tensions could persist for an extended period."

Marc Rowan, the CEO of Apollo, told CNBC he expected the Trump administration to reach agreements on tariffs with the "vast majority" of trading partners.

• Some investors seek safe-haven assets in troubled times such as the current tariff-induced market turmoil.
• Gold hit record highs this year, with Bank of America maintaining its target of $3,500 an ounce.
• US dollar weakness and turmoil in bond markets indicate some doubts over their safe-haven status.

The turmoil engulfing global stock markets in recent days has prompted some investors to seek out "safe-haven" assets that typically maintain their value during periods of market turbulence.

Here's some of the main safe-haven assets and how "safe" they're proving in the market turmoil.

1. Gold

Gold prices hit record highs above the $3,000 threshold for the first time last month as fears of an economic downturn, tariff uncertainty, and purchases by central banks drove up demand.

The metal hit almost $3,150 at the end of March but has since retreated to just above $3,000.

John Reade, senior market strategist at the World Gold Council, told Business Insider that gold's rally this year was evidence of its enduring status as a safe-haven asset, and that the recent dips had not changed that.

Analysts at the Bank of America, led by Michael Widmer, said in a note on Sunday they maintained a price target of $3,500 for gold.

"Not all of President Trump's economic policies are fully compatible and rising policy uncertainty has been accompanied by higher gold prices," they said. "With the US becoming more inward-looking, there is also a risk that de-dollarization will continue, which should help the yellow metal."

2. Currencies

Certain currencies including the US dollar are usually considered to be safe havens in troubled times. However, some investors are seeking alternatives to the greenback after it plunged following Trump's tariff announcements.

The dollar's failure to strengthen means its status may be under threat, wrote Deutsche Bank's George Saravelos in a recent note.

Factors include the US current account deficit breaching the 4% threshold in recent months and the declining correlation between the dollar and risk assets.

UBS analysts said on Tuesday the dollar index has fallen about 1% in April despite the market volatility.

"Over the medium term, we believe a more sustained period of weakness for the US dollar is likely if the Fed cuts interest rates faster than expected in response to weakness in US economic growth. In addition, we believe that the uncertainty may lead some market participants to diversify long-held and profitable dollar asset exposures."

Investors often turn to the Japanese yen and Swiss franc, which have both rallied this month.

"The yen is seen as a safe haven asset because Japan is one of the world's largest creditors," Jason DeLorenzo, owner and principal of investment advisor Ad Deum Funds, told BI. "When there's global turmoil, the Japanese will repatriate to the yen, and it appreciates."

3. Treasurys

Treasurys are bonds issued by the US Government. They're regarded as one of the safest investments available "because they reliably pay an interest rate that is seen as risk-free," DeLorenzo said.

David Weild, the former vice-chairman of Nasdaq, told BI that economic turmoil reduces the value of most asset classes except bonds issued by rock-solid nations such as the US.

"If you looked at what happened in the wake of 2008, the only thing that rallied in that case was the Treasurys," he said.

Some even had a negative yield, or interest rate. "That was a sign that everybody was thinking that the banking system was insolvent and that they had to keep their money someplace where they could get it back — and that was buying T-bills," Wield said.

Davide Accomazzo, instructor of finance at the Graziadio Business School of Pepperdine University, said the "go-to safe investments" in volatile times have traditionally been Treasurys, but that may not be the case for much longer.

"The proposed set of new policies might hurt the economy and generate inflation as well, a most unwelcome result," he said. "Bonds fare well in economic slowdowns, but rather badly during inflationary times."

On Wednesday Treasury markets were experiencing what Deutsche Bank analysts called an "incredibly aggressive selloff" that added "to the evidence that they're losing their traditional haven status."

The yield on 30-year bonds jumped again to 4.96% following the fastest increase since March 2020 over the past two trading sessions. The return on 10-year Treasurys hit

"There's no sign yet that the market is managing to successfully find a bottom, and it feels like no asset class has been spared as investors continue to price in a growing probability of a US recession," the Deutsche analysts wrote.

4. Defensive stocks

Defensive stocks are companies that generally have stable performance regardless of the economic situation, because they sell goods or provide services that consumers will keep needing to buy.

Costco is one example. The retailer's stock has fallen in the past five days at Tuesday's close, but by just 4% and is almost flat for the year. The stock is faring better than Walmart, which is down 7.3% over the past five days and almost 10% this year, while Amazon's declines total 9% and 22% respectively.

5. Cash

Last but not least, there's cash — and even that has some downsides.

"Cash is seen as a safe haven because if you have money that isn't invested, it can't lose," DeLorenzo said. "However, if assets increase in value, your cash doesn't, and that implicitly subjects your cash to losing value. Also, inflation hurts cash assets."

For Accomazzo, cash offers a respectable yield and no volatility, but he also likes bonds.

"Despite their negative correlation to inflation, bonds might just be the better option on an intermediate horizon given current good yields and a shot at principal appreciation if rates ultimately come down," he said.

• Rachel Cohen publicly quit her Big Law job over her firm's response to Trump.
• Cohen said she called her parents for advice before sending the resignation letter she later posted online.
• She said she had tried "everything else possible to not torch a career."

Rachel Cohen, who quit Big Law over her firm's response to Donald Trump's battle with the profession, said she called her parents before quitting to be sure she was doing the right thing.

Cohen quit Skadden, Arps, Slate, Meagher & Flom LLP in March and posted her resignation letter on LinkedIn. She said she was quitting because she believed the firm had not responded properly to Trump's threats against firms.

In an episode of the "Rapid Response" podcast released Tuesday, Cohen said she first called her parents for advice, saying she wanted to be sure she'd done "everything else possible to not torch a career."

Cohen described her parents as "white people who live in Ohio, who have a lot of faith in systems," and said that they were former lawyers who worked as Judge Advocate General's Corps attorneys in the Air Force.

"I said, 'I am not calling to ask if this action might get me fired. I'm calling to ask, does it feel unfair? Is there something else I should exhaust first?" Cohen said. She didn't say what their response was.

Cohen said that before resigning, she reached out internally to "people in management" at Skadden to ask how she could help with what she expected would be an "industry-wide response" to Trump's executive orders against Big Law firms.

She said she received a response thanking her for her perspective. Skadden did not immediately respond to requests for comment from Business Insider.

Cohen also helped circulate an open letter among associates at top firms condemning their employers for inaction and started making some media appearances to discuss the situation.

Her decision to resign came after Paul Weiss, another elite law firm, agreed to a list of demands in exchange for Trump rescinding his executive order against the firm.

"I'm thinking what's the next proactive step? And I went home and then outlined, what are my asks for the firm? What should we be doing?" Cohen said.

In her resignation letter, Cohen said she would not leave if Skadden provided a "satisfactory response to the current moment."

Trump has targeted law firms he views as aligned with his political opponents by revoking their security clearances and calling for a review of their government contracts.

Several Big Law firms, including Skadden, Willkie Farr & Gallagher, and Paul Weiss, have cut deals with the President to protect their business, prompting accusations from legal professionals that they are capitulating to Trump.

Other firms, like Perkins Coie, have challenged the administration's directives, alleging in lawsuits that the executive orders are intended to chill free speech and deter clients from doing business with them.

More than 500 law firms have signed a brief denouncing Trump's targeting of Perkins Coie and saying they must join together to "preserve the integrity of the American legal system."

Cohen has remained vocal on social media about the ongoing challenges to the legal profession since she quit.

She said on the podcast that she doesn't know what her next career move will be. Cohen did not respond to a request for comment.

Have a tip? Contact this reporter via email at [email protected] or Signal at Polly_Thompson.89. Use a personal email address and a nonwork device; here's our guide to sharing information securely.

• US Treasury yields have spiked sharply in recent days.
• Surging US bond yields appear to reflect rising fears about the global economic impact of tariffs.
• US bonds are traditionally considered one of the safest assets, so falling prices are concerning.

US Treasury bond prices have cratered, and yields have spiked sharply in recent days as fears mount about the longer-term impacts of President Donald Trump's escalating trade war around the world.

The yield on the 10-year US Treasury bond has risen around 12% since Monday, briefly climbing above 4.5% by early Wednesday morning. The five-year US Treasury yield has risen 13% in the same time, hitting 4%.

Bonds are loans that investors make to an entity such as a company or government, usually in exchange for interest payments on a set schedule, with the initial investment returned at maturity as well.

Bond yields and prices move inversely, with yields rising and prices falling in times of trouble, reflecting increased risk for investors.

US bonds are traditionally considered to be among the safest of safe-haven assets as the likelihood of a failed repayment by the US government is seen as incredibly unlikely. Investors rushing to sell them off is unusual and generally seen as a sign of market distress.

Treasurys under pressure

Investors selling US bonds come amid worries that President Donald Trump's new tariffs, which came into effect on Wednesday, may lead to rising inflation and increase the chance of a recession.

This, in turn, would likely slow or even halt expected interest rate cuts from the Federal Reserve.

Analysts at Deutsche Bank said in a note on Tuesday that the heavy sell-off "spoke to broader concerns about the safety of US assets and their capacity to act as a haven in times of market stress."

There's also market speculation that some of the sell-off may be down to China getting rid of some of its $761 billion US Treasury holdings. In an executive order on Tuesday, Trump raised tariffs on China to 104%.

Lin Jian, Beijing's foreign affairs spokesperson, accused the US of "bullying practices" on Wednesday, soon before China announced retaliatory tariffs of 84% on US goods.

"A trend which will be watched closely is an apparent loss, whether temporary or otherwise, of US assets' safe-haven status. Treasurys sold off heavily amid some speculation China and other parties are dumping their holdings as a retaliatory tool," said Russ Mould of UK-based investment platform AJ Bell.

Fed action

The sell-off in Treasurys has also influenced global bond markets, with UK and Japanese yields climbing since Monday.

George Saravelos, Deutsche Bank's head of FX research, told clients in a note this week that continuing disruption could push the Federal Reserve to buy US bonds to support the market.

Should disruption continue, there would be "no other option for the Fed but to step in with emergency purchases of US Treasurys to stabilize the bond market," Saravelos' team wrote.

"While we suspect the Fed could be successful in stabilizing the market in the short-term, we would argue there is only one thing that can stabilize some of the more medium-term financial market shifts that have been unleashed: a reversal in the policies of the Trump administration itself."

• Delta Air Lines has said global economic uncertainty over tariffs is hurting bookings.
• "Growth has largely stalled," CEO Ed Bastian said in the airline's first-quarter earnings release.
• Delta said it would ax plans to grow flight capacity in the second half of 2025 as a result.

Delta Air Lines warned that Donald Trump's tariff plan is hitting the airline where it hurts.

"With broad economic uncertainty around global trade, growth has largely stalled," CEO Ed Bastian said Wednesday in a statement alongside its first-quarter earnings.

"In this slower-growth environment, we are protecting margins and cash flow by focusing on what we can control," he added.

As well as managing costs and capital spending, Delta has decided not to expand its capacity in the second half of the year, it said. It previously planned to grow by around 4%.

Bastian also told CNBC the airline also had to deal with "a really tough weather month in January" and the impact of high-profile accidents.

The airline reported quarterly revenue of $13 billion, with an operating profit of $591 million. It also reported earnings per share of 46 cents, beating analyst expectations.

In premarket trading, Delta's share price briefly rose as much as 3.5% before turning negative.

Delta expects things to improve in the next quarter, with earnings per share between $1.70 and $2.30 on an operating margin between 11% and 14%.

It said total revenue compared to last year could fall 2% or rise up to 2%.

The company didn't reaffirm financial guidance for the full year, citing "current uncertainty."

"We're in uncharted, unprecedented uncertainty when you look at what's happened and the pivot so quickly to this self-inflicted situation," Bastian said of the tariffs in a CNBC broadcast interview Wednesday morning.

"I think we're acting as if we're going to a recession," he added. "I think everyone is going into a defensive posture."

Airline stocks have been sinking since around late February on concerns about demand falling due to economic uncertainty.

Delta is down 39% since the start of the year — while rivals United and American have fallen 41% and 47%, respectively.

In an era of economic uncertainty and market volatility, the quest for reliable income has become increasingly important for investors. While growth stocks may capture headlines, dividend-paying companies form the backbone of many successful retirement portfolios. The appeal is straightforward: regular cash payments that arrive regardless of market conditions, providing a dependable income stream when it's needed most.

High-yield dividend stocks are particularly attractive in the current environment. With inflation gradually cooling but still a concern, and interest rates potentially trending lower in the coming years, companies that consistently distribute significant portions of their earnings to shareholders offer both immediate income and a hedge against future economic challenges.

Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More »

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For income-focused investors, two energy companies stand out for their combination of substantial yields, reasonable payout sustainability, and established business models. Enterprise Products Partners (NYSE: EPD) and Duke Energy (NYSE: DUK) share a commitment to rewarding shareholders through consistent, above-average dividend payments. Here's a rundown of each company's core investing thesis and key dividend metrics.

Energy infrastructure with a generous payout

Enterprise Products Partners L.P. is a leading North American midstream energy provider, operating approximately 50,000 miles of pipelines alongside extensive storage and processing facilities. The company's business model generates steady, fee-based income from long-term contracts with minimum volume commitments, largely insulating it from commodity price swings.

With a substantial 6.9% distribution yield and over a quarter-century of consecutive annual increases to its payout, Enterprise Products Partners offers both substantial current income and a healthy amount of growth potential for income investors, driven primarily by its expanding capital investment program and strategic positioning in natural gas liquids export markets.

Equally as important, the company's fairly conservative 58.1% payout ratio and strong balance sheet (3.1x leverage ratio) imply that its distributions ought to be safe, even in this volatile market. Keeping with this theme, the midstream energy giant's recent financial results showed healthy growth, with distributable cash flow up 6% year over year to $2.2 billion.

On the value front, Enterprise Products Partners' forward price-to-earnings ratio (P/E) of approximately 10.1 represents a significant discount to the benchmark S&P 500 (SNPINDEX: ^GSPC), which trades at 19.4 times forward earnings. As a result, the company's equity offers an attractive valuation alongside its generous income stream.

What's the bottom line? Enterprise Products Partners represents a rare combination of high current yield, consistent distribution growth, and a compelling valuation. This midstream giant thus deserves serious consideration as a cornerstone holding in a dividend-focused portfolio. After all, Enterprise's critical infrastructure and increasing focus on natural gas (a transition fuel) should keep its cash flow and distributions flowing for years to come, even as the energy transition from fossil fuels to renewables evolves in the years ahead.

Powering portfolios with regulated stability

Duke Energy is one of the nation's largest utilities, delivering essential electricity and natural gas services to approximately 8.4 million electric customers and 1.7 million natural gas customers. This regulated business structure creates a solid foundation for predictable revenue and cash flow that remain relatively stable, even during economic downturns.

For income-focused investors, Duke presents a compelling opportunity with its current 3.37% dividend yield -- more than double the S&P 500's current yield of around 1.3%. While not as high as some other utilities, Duke compensates with exceptional dividend consistency, having paid dividends for 99 consecutive years and increased them annually for the past 18 years. This century-approaching dividend streak demonstrates management's unwavering commitment to shareholder returns.

Still, the company's 73% payout ratio is higher than many other blue chip dividend payers. That said, Duke's elevated payout ratio shouldn't be a major concern, given the company's steady cash flow and built-in regulatory protections.

From a valuation perspective, Duke stock trades at a forward P/E of 18.5, slightly below the S&P 500's 19.4 multiple. This relatively fair valuation is notable considering Duke's above-average growth prospects in the utility sector, supported by a 1.5% to 2% annual electricity demand growth that's expected to accelerate to 3% to 4% by 2027, thanks to rising energy demand from data centers.

The investment case in a nutshell? Duke Energy combines defensive utility characteristics with above-average growth potential in an increasingly electrified economy. While not the highest-yielding option, Duke offers a rare blend of dividend safety, growth visibility, and a reasonable valuation that makes it worthy of consideration in this challenging market.

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George Budwell has positions in Duke Energy. The Motley Fool recommends Duke Energy and Enterprise Products Partners. The Motley Fool has a disclosure policy.

• Jamie Dimon's annual letter to JPMorgan shareholders does not include the word "diversity."
• Diversity, equity, and inclusion initiatives have faced setbacks since Donald Trump's presidency.
• JPMorgan renamed its DEI program to Diversity, Opportunity & Inclusion last month.

There was a certain word missing from JPMorgan CEO Jamie Dimon's annual letter to shareholders: diversity.

His yearly missive, which is closely watched in the world of finance and investments, dropped Monday and was largely focused on the uncertainty facing the world in 2025.

What it didn't discuss directly, however, was diversity, equity, and inclusion.

Last year, Dimon's letter mentioned "diversity" five times, but this year it didn't appear once. Neither did "inclusion."

DEI initiatives have been under fire in recent months. Since President Donald Trump took office, more companies have rolled back their DEI programs.

In January, Dimon voiced his continued support for the bank's DEI work, defending it against anti-diversity activists who appeared to be targeting it. Two months later, JPMorgan renamed its program to "Diversity, Opportunity & Inclusion (DOI)," according to an internal memo seen by Business Insider.

In Dimon's Monday letter to shareholders, he used the phrase "equal opportunity" numerous times and cited one of America's founding ideals, that it is a nation "conceived in liberty and dedicated to the proposition that all men are created equal. "

"Our values transcend any political stance — libertarian, conservative, progressive, Democrat or Republican. We need to believe in ourselves and get back to work (in the office!), not tear each other down," he wrote.

Changes from 2024's letter

In addition to frequent mentions of diversity, 2024's letter featured a subheading that read "our extensive community outreach efforts, including diversity, equity and inclusion" under an "update on specific issues facing our company" chapter.

"We believe — and we are unashamed about this — that it is our obligation to help lift up the communities and countries in which we do business," Dimon wrote last year.

Dimon then listed 12 initiatives led by JPMorgan to reach that goal, including "Women on the Move," an organization that empowers women in their careers; "Advancing Black Pathways," a program that supports Black Americans; and "Entrepreneurs of Color," a lending program for small business owners.

None of these programs were specifically mentioned in 2025's letter, and just one paragraph directly mentioned Black, Hispanic, and Latino communities.

"We expanded our $5,000 Chase Homebuyer Grant program to include more than 15,000 majority Black, Hispanic, and Latino communities (where the grant is available to all)," it said.

The letter added that Chase operates 19 community centers and branches that are "often located in areas with larger Black, Hispanic or Latino populations" as part of the bank's localized investments initiative.

Asked for comment, JPMorgan directed BI to a letter to clients from COO Jennifer Piepszak in which she emphasized the bank's "belief in the power of a diverse workforce."

• President Donald Trump's tariffs could have consequences for the current world order, Deutsche Bank said.
• The bank's researchers said US stocks are deeply exposed to a global trade war.
• If Trump doubles down there will be "immense global implications" for years to come, they said.

The stock market, the economy, and the entire world order are at risk if President Donald Trump forges ahead with his tariff plans, Deutsche Bank says.

Trump's announcement last week of at least 10% tariffs on goods from almost all foreign nations — and duties exceeding 50% in some cases — sent shockwaves through global markets.

The president has stood by his plan to improve America's trading terms with its partners despite broad backlash and threats of retaliation from other world leaders. The result has been the fourth-worst two-day decline for stocks since World War II, the bank's researchers said in a note published Monday, when global stocks were deep in the red again.

Jim Reid, Deutsche's global head of macro and thematic research, and his coauthors described Trump's tariff rollout as the "biggest shock to the global trading system" since the 1970s and the "largest tax increase for the US consumer" since the Vietnam War.

They underscored that the existing trade regime has correlated with ballooning US wealth, as companies and their shareholders have benefited from better supply chains, a broader marketplace, and access to cheaper labor in emerging countries. Ending it could raise costs for companies and narrow their profit margins, weighing on their stock prices.

"US equities have arguably been the ultimate beneficiary of this era and as such have a disproportionate amount to lose by its unravelling, especially when starting valuations have been so high," they said.

Deutsche Bank's economists most recently forecast less than 1% growth this year, unemployment approaching 5%, and a spike in core inflation toward 4%.

"Given the market moves and monumental uncertainty in recent days, this could well prove to be too optimistic," the bank's researchers said, adding that Trump's intransigence has paved the way for further market chaos.

They added that if Trump doesn't find an "elegant off-ramp" but instead "doubles down," that would have "immense global implications for 2025 and the years and decades ahead."

That's because if international trade deals fall apart, it will affect America's relationships with respect to "defense, geopolitics and the multi-lateral rules-based world order," they said.

UBS economists also sounded the alarm on Monday. Assuming the tariffs aren't negotiated down, they now expect real US GDP growth of 0.4% this year — down from 1.6% — and 2.2% price growth with core inflation at 4.6% by the end of this year.

They also predicted the Federal Reserve would cut interest rates by 1 percentage point this year to shore up economic growth.

• Trump's auto tariffs are now live — and they're causing major disruption for manufacturers.
• Automakers are scrambling to react, with one analyst describing them as "a debacle of epic proportions."
• Another says Tesla is "well positioned" to handle the fallout and may benefit if rivals raise prices.

Automakers are facing major disruption as President Donald Trump's tariffs grip the industry.

Ford, Nissan, and Stellantis are all making major changes as they grapple with the levies, with one analyst describing the 25% tariffs on imported cars as a "debacle of epic proportions" for the industry.

"We believe the price impacts from this head-scratching tariff slate could result in demand destruction of 15%-20% in 2025 for new auto purchases alone based on our estimates," Wedbush Securities analyst Dan Ives wrote in a note on Sunday.

"The tariffs are a debacle of epic proportions for the auto industry and US consumers as the concept of a US-made car with all US parts is a fairy tale fictional narrative."

The disruption has continued as automakers have been hit hard by the market chaos surrounding Trump's reciprocal tariffs, with shares in Japanese and European carmakers falling again on Monday.

Nissan fell 9.3% and Toyota dropped 5.9% in Tokyo, while in Frankfurt Volkswagen dipped 4.6% in afternoon trading and Stellantis fell almost 6% in Milan. Stock in the Jeep and Citroën owner has sunk by more than a third this year.

The 25% levy on imported vehicles, which went into effect last week, is already sending shockwaves through the industry.

Nissan announced on Thursday that it would stop taking US orders for two Infiniti SUVs, which are made in Mexico, while Volkswagen said it would add an "import fee" to the prices of vehicles hit by the tariffs.

Jeep and RAM owner Stellantis confirmed on Thursday it had paused production at two factories in Mexico and Canada and furloughed 900 workers at factories in Michigan and Indiana as it navigates the tariff turmoil.

Some automakers are attempting to take advantage of the chaos. Ford announced last week it would extend employee pricing to all customers in an attempt to drive sales, while Stellantis followed suit on Friday.

Analysts and automakers have warned that the tariffs will hike already-high new car prices and erase profits, with S&P Global estimating more than 20% of new light vehicles sold in the US are built in Mexico and Canada.

Some manufacturers may fare better than others.

In a Sunday note, Stifel analyst Stephen Gengaro said that Tesla, Rivian, and Lucid are "well positioned" thanks to their US-based supply chains, adding that Tesla could even benefit if rivals of Elon Musk's company choose to raise prices because of tariffs.

However, Tesla was "obviously not immune to slower economic growth and a weaker consumer," Gengaro wrote.

• Warren Buffett socked away $321 billion while waiting for stocks to crash like they did Thursday.
• The legendary investor specializes in buying cut-price assets during periods of market panic.
• Buffett gurus told BI the billionaire may wait for lower prices or a clearer outlook before buying.

Warren Buffett famously says to "be greedy when others are fearful" and "when it rains gold, put out the bucket, not the thimble." The legendary bargain hunter has been waiting years for stocks to crash like they did on Thursday — but he might not be buying yet.

President Donald Trump's declaration of a near-universal 10% tariff on foreign goods, and even steeper import taxes for the "worst offenders" such as China, vaporized $2.4 trillion or nearly a Nvidia's worth of market value from the S&P 500 on Thursday. The benchmark stock index tumbled further on Friday.

Some of Buffett's favorite stocks got spanked with Apple, American Express, Bank of America, and Occidental Petroleum all tumbling more than 9%.

Buffett didn't immediately respond to a request for comment.

The downturn is likely to hearten the Berkshire Hathaway CEO, given he's a value investor who seeks to buy businesses at a discount to their worth. He's also known to capitalize on crises, for example when he deployed a full $26 billion across five deals between 2008 and 2009.

Buffett wrote in his 2017 shareholder letter that sharp sell-offs can create "extraordinary opportunities" for investors who heed poet Rudyard Kipling's words to "keep your head when all about you are losing theirs."

However, surging valuations have priced him out of buying stocks, acquiring businesses, and even repurchasing his own company's stock in recent years.

Buffett, 94, has also offloaded a net $158 billion of stocks over the past two calendar years. Berkshire's cash pile has roughly tripled from under $110 billion in September 2022 to $321 billion at the end of 2024 — that's bigger than Coca-Cola's market value.

Armed with an overflowing war chest, Buffett appears well-placed to wade into the market rout and scoop up stocks on the cheap. The internet certainly agrees — social media is rife with comments and memes about Buffett sitting pretty while markets are in chaos.

Wall Street has also rewarded Buffett's cash hoarding: Berkshire's stock price is up about 15% this year, trouncing the S&P's near-11% decline.

The share surge has added $23 billion to Buffett's personal fortune and vaulted him past the likes of LVMH's Bernard Arnault and Oracle's Larry Ellison into fourth place on the Bloomberg Billionaires Index.

Yet the famously patient and disciplined investor might wait longer before pouncing.

"When prices fall, it certainly encourages Buffett to buy unless he views new permanent damage greater than the price discount," Steven Check told Business Insider. He oversees $2 billion of assets as the CEO of Check Capital Management and has attended every in-person Berkshire annual meeting since 1996.

Stocks may be cheaper than before, but Check said Buffett will likely "require a much larger drop to do significant buying."

Waiting game

Buffett's followers will likely have to wait until Berkshire's meeting in May or its second-quarter portfolio update in August to learn whether the investor topped up his holdings this week.

Steve Hanke, a professor of applied economics at Johns Hopkins University who's been teaching Buffett-style valuation to students for decades, told BI he's "watching his next move with the most careful and anxious attention" as it will "tell us a great deal about where he thinks the economy is going."

"If he plunges into the market and starts buying, it will signal that he believes the Trump tariffs were nothing more than a minor economic annoyance that created wonderful buying opportunities," he said. Hanke is a former economic advisor to President Ronald Reagan and was the president of Toronto Trust Argentina when it was the world's best-performing mutual fund in 1995.

If Buffett holds off, Hanke said it would suggest he's keeping in mind the Smoot-Hawley tariffs of March 1930, which "broke the back of the stock market, and helped to plunge the world into the Great Depression."

Hanke's "tentative guess" is that Buffett's knowledge of economic history will lead him to "remain on the sidelines, at least for a while" until the scope of what he's dealing with grows clearer.

If the frantic selling in markets continues, Buffett's moment might come sooner rather than later.

• A Virgin Atlantic flight diverted halfway through its journey from London to Mumbai.
• The Airbus A350 landed at an airport in Turkey and didn't take off for another 40 hours.
• Passengers spent the first night in the departure lounge before hotels could be arranged.

Airline passengers have been delayed nearly two days after a medical emergency forced an unexpected stopover.

Virgin Atlantic Flight 358 took off from London Heathrow Airport at midday Wednesday and was scheduled to land in Mumbai around nine hours later.

However, data from Flightradar24 shows the Airbus A350 turned around over Turkey four hours into the journey.

It diverted to Diyarbakır Airport, which is also used as a military base and doesn't usually accommodate large, wide-body planes like the A350.

The airport is around 2,300 miles as the crow flies from Mumbai and 2,100 miles from London.

An airline spokesperson told Business Insider that one of the passengers was severely unwell and was helped by local medical teams after leaving the plane.

The A350 also required technical inspections, which appear to have exacerbated the delay.

Some passengers took to X to complain about the ordeal, sharing a video of the disgruntled crowd.

One user said that 12 hours after landing, passengers were yet to receive "proper food or accommodation."

In an X post, the airline said customers had to stay in the departure lounge overnight because it was outside the airport's operating hours — while refreshments, including water, were provided.

There were also difficulties with immigration requirements before airport authorities "made an exception to allow passengers to leave the airport temporarily," another post from the airline said.

"The majority of our customers were provided with overnight hotel accommodation ahead of their onward journey today," the Virgin Atlantic spokesperson told BI Friday. "We'd like to sincerely apologize for the delay and any inconvenience caused."

They added that, after receiving the necessary technical approvals, the flight was set to continue at noon local time on Friday — almost 41 hours after landing in Diyarbakır.

The Airbus A350 is scheduled to land in Mumbai at 8:30 p.m. local time Friday.

• There are so many drones over Ukraine that soldiers can be unsure which ones belong to each side.
• But a Ukrainian operator said Russia is innovating less, making some of its drones easier to beat.
• Ukraine has hundreds of companies working on drones, while Russia has a more centralized approach.

Russia is flying fewer types of drones than Ukraine, which is making them easier to recognize and defeat, a Ukrainian drone operator told Business Insider.

Dimko Zhluktenko, a drone operator with Ukraine's Unmanned Systems Forces, told BI that when it comes to some Russian drone types, "it's very easy to identify them. They rarely make any changes to the design."

Russia's invasion of Ukraine has become a war of drone-filled skies.

Yet Ukraine is presenting a bigger variety of drone types to counter, aided by a huge domestic drone industry with hundreds of companies producing a vast range of different models and technologies.

Russia, in contrast, has focused on making bigger numbers of just a few models. While this has helped it produce them at scale, it also aids Ukrainian drone operators in identifying them and developing a sense of how to defeat them.

Hard to surprise

Zhluktenko said that Ukraine's more dispersed way of making drones means that "it is very hard for them to surprise us and it's very easy for us to surprise them."

He said Russia doesn't upgrade its drone designs very often, so it can be "very easy to identify friend/foe."

Russia's defense procurement is highly centralized, with soldiers getting material through state weapons manufacturers and Russian allies like Iran and North Korea.

Ukraine, in contrast, has hundreds of homegrown defense companies that work directly with soldiers to develop, test, and roll out gear, as well as volunteer networks that buy, alter, and develop new equipment for soldiers.

James Patton Rogers, a drone expert at the Cornell Brooks Tech Policy Institute, told BI that Russia's more centralized process means that "if there's an error with a component part, then it will be an error that spreads across systems. If there's a loophole that allows you to hack, then it spreads across all systems and makes them vulnerable."

The different varieties of drones give Ukraine some advantages, but it still has a huge challenge.

An advisor to Ukrainian President Volodymyr Zelenskyy told NPR last month that Russia is a few months behind Ukraine when it comes to drone innovation, but has a far larger production capacity.

The production gap means Ukraine's soldiers are still using some drones bought from Western and Chinese companies. Those can be bought by the soldiers themselves, or by crowdfunding groups.

Zhluktenko said they are needed, but typically don't perform as well as Ukrainian-made drones designed specifically for this fight.

A booming drone industry

Ukraine is making most of its drones itself. Its military said more than 96% of the 1.5 million drones it bought last year were of Ukrainian origin, and that number is set to increase in 2025.

Russian President Vladimir Putin said his country would make 1.4 million drones in 2024, but it's not clear if that goal was met.

Most of the drones that Russia has fired at Ukraine have been Shaheds, a type of drone given to Russia by Iran and that Russia has started making itself.

Mauro Gilli, a senior researcher in military technology at ETH Zurich, told BI that Russia "does not have the type of production, both scale and diversity, that Ukraine has."

He also said that Ukraine has been the first in the world to develop some drone tech. Ukraine's pioneering drone types have included different naval drones, and drones that can fly over 1,800 miles.

A drone war

Drones remain key to Ukraine's fightback against Russia, especially given its smaller military and population.

Zhluktenko said that in his unit's area of the front, up to 80% of hits on Russian infantry and mechanized targets are being made by drones. Ukraine also uses them to identify and launch attacks, hit Russian ships and oil refineries, and in place of weaponry like artillery.

But while Russia's approach to different drone models makes it easier, defeating them is still a struggle.

Zhluktenko said it can still be "a big problem" to recognize whose drones are whose, because there are so many flying at any given time.

Another drone operator, who spoke to BI on the condition of anonymity, said there can be so many drones in the sky that infantry can be ordered to shoot down every one they see.

Even so, they said that Ukraine's overall tactics and equipment were constantly changing toward unmanned systems, and that drones were proving "decisive."

Ukraine will be hoping it can keep this advantage.

• Airline stocks have been plummeting this year on fears of reduced demand.
• They were among the hardest hit by Trump's Wednesday tariff announcements.
• Analysts also expect ticket prices to rise for customers as a result of the sweeping tariffs.

Tariffs are spelling more bad news for airlines and passengers.

Even before Donald Trump's self-styled "Liberation Day" announcement, the big three airline stocks had fallen around a quarter in a month.

Analysts have already warned that airline customers are set to have less spending money while plane ticket prices rise. Morgan Stanley and Bank of America analysts said the effective tariff rate was about double what they expected.

With US companies paying the tariffs on items they import, prices are set to go up for Americans.

"The resulting hit to purchasing power could take real disposable personal income growth in 2Q-3Q into negative territory, and with it the risk that real consumer spending could also contract in those quarters," JPMorgan Chase's chief US economist Michael Feroli wrote in an analyst note.

Vacations aren't a necessity, so are something people can forego when they tighten their purse strings. Cruise and hotel stocks have dipped, too. Corporate travel is expected to drop as well, since the tariffs are designed to incentivize doing business at home.

Higher-than-expected tariffs have exacerbated an already dreary outlook for travel.

Delta Air Lines and United Airlines' share prices have fallen more than a third since the start of the year. American Airlines' is down 44%.

Stocks dipped on Tuesday after Jefferies analysts downgraded American Airlines and Delta Air Lines to Hold ratings.

They said consumer sentiment was at a four-year low and cited "swelling macro uncertainty." In other words, fewer people want to fly because of the state of the economy.

On Monday, Virgin Atlantic executives also warned of softening demand for Americans flying to the UK — although travel in the opposite direction remains at expected levels.

"We think that's quite a natural reaction to the general consumer uncertainty there is in the US at the minute," chief financial officer Oli Byers said in comments reported by several outlets.

The day after the tariffs were announced, the big three airline stocks dropped between 10% and 15% — compared to the broader S&P 500's 5% decline.

Airline ticket prices have been lower this year due to slower demand, but some analysts say they're set to get more expensive.

Airfares set to rise

Tariffs are set to hit planemakers with the costs ultimately being passed down to passengers.

Boeing CEO Kelly Ortberg told a Senate hearing Wednesday that 80% of its airplanes are sold to customers outside the US, and a fifth of the production materials are imported.

"Free trade is very important to us," he added.

Morningstar's analyst for aerospace and defense equities, Nicolas Owens, said: "Investors concerned that the new import tariffs might be devastating to US aerospace firms may overestimate the risk."

However, there is also the risk of retaliatory tariffs on exports. Boeing's share price fell more than 10% on Thursday.

While European rival Airbus has an assembly line in Alabama, it would still have to import parts there.

"Obviously there would be an increase of cost and most probably in price for the airlines, and therefore to the end customers," CEO Guillaume Faury said in February.

In a note Thursday, analysts at Vertical Research Partners also warned they expect airfares to get more expensive.

"Ultimately we see these cost increases being passed on to airlines, and the flying public, which logically will have a negative impact on passenger demand […] and airline profits," they wrote.

Business Insider attended a summit at Airbus' headquarters in Toulouse, France, last week. At the summit, executives spoke to reporters ahead of the tariff announcement.

"We are in an industry where I think tariffs will be very, very damaging," Faury said. "Probably more damaging to the US at first glance."

He also pointed to the effects of a 17-year dispute between the US and Europe over subsidies given to Boeing and Airbus, with tariffs imposed as a result.

"It was so bad for everybody that it came to a cease-fire," he said.

Airlines have already taken a hit as Canadians book fewer flights to the US. Europeans are also starting to lose interest in transatlantic travel, the CEO of hotel operator Accor told Bloomberg.

While airlines have yet to see a drop in demand on this route, the looming trade war could change that.

• European countries bordering Russia are taking steps to leave a key land mine treaty.
• Land mines have seen widespread and aggressive use in the Ukraine war.
• NGOs are concerned about the impact of land mines on civilian populations.

A growing number of countries bordering Russia are abandoning a long-standing treaty banning the use of anti-personnel land mines.

On Tuesday, Finland became the latest country to announce it was withdrawing from the Ottawa Convention, the 1997 treaty banning the use, sale, and production of land mines.

This follows an announcement in March by Poland, Lithuania, Latvia, and Estonia that they were also withdrawing, amid growing concerns about Russian aggression.

Military analysts told Business Insider that the war in Ukraine is reshaping thinking about some weaponry, shattering long-standing bans against the use of weapons like land mines.

Land mines make a comeback

"Finland will prepare for the withdrawal from the Ottawa Convention," Finnish President Alexander Stubb posted on X Tuesday.

He said the decision was "based on a thorough assessment by the relevant ministries and the Defence Forces," but added that the country was "committed to its international obligations on the responsible use of mines."

The Ottawa Convention has over 160 signatories, with the US, Russia, and China among the notable absences.

In announcing their own decision, Estonia, Latvia, Lithuania, and Poland said: "We believe that in the current security environment, it is of paramount importance to provide our defense forces with flexibility and freedom of choice of potential use of new weapon systems and solutions."

For years, NATO members have developed tactics based on the assumption that modern armies would have to be highly maneuverable. But the Ukraine war has come to more resemble World War I, with sides entrenched in heavily defended static positions.

European countries now seem to be rapidly adjusting their strategies in response to the lessons from Ukraine, and over fears that Russia could attack elsewhere in Europe if it gets a partial victory in Ukraine.

Jacob Parakilas, a research leader for Defence Strategy, Policy and Capabilities at RAND Europe, told BI that the Ukraine war had proven the continued utility of land mines. "The landmine still has significant military value in shaping the battlefield and deterring or slowing enemy advances," he said.

Mines, Mines, everywhere

In Ukraine, both sides have often struggled to break through each other's defensive positions, some of which are heavily fortified with minefields.

During Ukraine's 2023 counteroffensive, Russia laid vast swaths of the explosives, and Ukraine has also used land mines. Ukraine is now recognized as the most heavily mined country in the world, with estimates suggesting it could take decades and billions of dollars to neutralize them.

Naval mines have also been deployed in the Black Sea, which offer their own issues and long-term challenges.

When it comes to land mines, Riccardo Labianco, the international policy manager at UK anti-landmines charity MAG, told BI that the risk to civilians is too severe to justify abandoning the Ottawa Treaty.

"We recognize there are no easy choices when a state feels under threat of armed aggression, but International Humanitarian Law, including the Ottawa Convention, is designed precisely for times like these," he said.

However, Marcus Solarz Hendriks, the head of the national security unit at Policy Exchange, co-authored a report last month calling for the UK government to abandon its own ban.

He told BI that Ukraine had shown they were a vital weapon for defending against large-scale invasions, "namely by restricting maneuverability and channelizing troops into pre-prepared kill zones," or areas where large gatherings of troops are targeted.

"This operational advantage is particularly well suited to numerically disadvantaged forces," he said, "as would likely be the case should these states be forced to defend against attempted Russian advances."

Getting your hands on mines

Countries like Finland, and to a lesser extent Latvia and Estonia, share long land borders with Russia, putting them on the frontline of any future Russian aggression.

Finland also announced Tuesday it was increasing its defense budget to 3% of GDP, and many nations bordering Russia are steeply increasing their defense spending.

For those considering land mines, one issue could be obtaining them. The Ottawa Treaty bans not just the use, but also the manufacture of landmines, meaning they can't be easily bought on the European market.

Parakilas said that some European countries obtain mines from Singapore or South Korea, which has a large, heavily mined border zone with North Korea.

Even so, mines aren't difficult to make, he said, meaning that domestic production could be geared up in "the order of months, rather than years or decades."

While land mines, at their core, are little changed, some of the tech has developed. This includes sensors that enable mines Russia claims to have developed to distinguish between types of object, enabling them to tell apart an approaching civilian bus from a tank.

Others are fitted with devices that mean they defuse after a period of time, reducing the risk of civilians triggering forgotten but unexploded mines years later.

However, Parakilas said that sophisticated devices are more expensive, and are less likely to be used to mine large swaths of territory.

Concerns over mines

While some countries appear to be looking more favorably on mines, others continue to warn against abandoning the Ottawa Convention, despite the growing threats.

Norway's foreign minister, Espen Barth Eide, on Wednesday criticized Finland's announcement.

"If we start weakening our commitment, it makes it easier for warring factions around the world to use these weapons again, because it reduces the stigma," he told Reuters.

But Solarz Hendriks told BI that a ban on land mines that made sense in the 1990s no longer does in the face of threats from Russia, China, North Korea, and Iran, which all have large land mine stockpiles.

"The recent decisions of our allies to close this capability gap, in the name of self-defense, therefore carry minimal proliferation risk," he suggested.

And as the threat of Russia grows, along with concerns over the US's long-term commitments to European security, others could soon join the likes of Finland and the Baltic States in reassessing their opposition to mines.

• Automakers are responding to Trump's latest round of auto tariffs, announced Wednesday.
• Ford is offering customers an employee discount, while VW is adding an "import fee" to cars.
• Stellantis has shut down factories and will lay off 900 workers, while others may shift production to the US.

The Trump administration's fresh wave of tariffs sent shock waves through the automotive industry on Thursday.

Automakers have responded to the impending trade war in various ways, from offering discounts to shoppers who hope to avoid future price increases to adding import fees on vehicles built outside the US.

The "draconian" trade policies, as one Wall Street analyst called them, will also affect autoworkers, with Stellantis pausing production at two assembly plants in Mexico and Canada.

Wall Street believes the tariffs could cost the auto industry more than $80 billion and slash Detroit's Big Three's earnings by up to 60%, thanks to an additional $5,000 of input costs per vehicle.

Here's how the industry at large is responding:

Nissan is pausing US orders of some Mexico-built SUVs

On Thursday, Nissan said it would pause new US orders of two Infiniti SUVs, which are built in Mexico. The announcement came after President Donald Trump's auto tariffs went into effect.

Nissan will pause new Mexico-built orders for the Infiniti QX50 and QX55 SUVs for US sales, the Japanese carmaker said in a statement to Business Insider. The model will still be produced for other markets, and production of other US models in Mexico and Japan will continue.

Nissan also said it would keep two shifts of production of the Rogue SUV at its Smyrna, Tennessee plant, reversing a January plan to end one of the shifts later this month. This will keep "more localized volume in the US that is free of the new auto tariffs," Nissan said in the statement.

Ford offers employee discounts to all customers

Ford announced on Wednesday that it would make employee pricing available to consumers for the next two months.

"In times like these, talk is cheap. At Ford, we believe in action," Rob Kaffl, Ford's director of US sales and dealer operations, said in a press release.

The discount, which ends June 2, applies to all Ford and Lincoln models except Raptors, the 2025 Expedition and Navigator SUVs, and Super Duty trucks.

How much a consumer saves depends on the vehicle, but it could easily run into the thousands. The discount would be applied on top of any other deals or promotions a dealership is offering, the company said.

Ford declined to confirm whether the tariffs would lead to higher sticker prices.

A company spokesperson told Business Insider that it has a 74-day supply of vehicles in stock that haven't been affected by tariffs, compared to 50 days for GM and 24 days for Toyota. (Around 60 days of supply is considered healthy in a normal economic environment.)

Analysts say Ford is one of best best-positioned US automakers to weather the tariffs.

Stellantis paused work at two factories and laid off hundreds at others

Stellantis, which owns former Chrysler brands like Dodge, Jeep, and Ram, has paused production at its Windsor assembly plant in Canada and Toluca assembly plant in Mexico, a spokesperson said Thursday.

The Windsor plant, which makes Pacifica/Voyager minivans and Charger Daytona EV muscle cars, will be offline for two weeks. It plans to resume operations the week of April 21.

The Toluca plant, which builds Jeep Compass and Wagoneer S SUVs, will stop work for the rest of April.

The production stoppage at these two facilities resulted in the temporary layoffs of 900 workers from the company's powertrain and stamping plants in Michigan and Indiana, the spokesperon said.

VW tacks on a special fee for tariff-affected cars

The German automaker Volkswagen has confirmed it will add an "import fee" to the sticker prices of vehicles affected by the tariffs, a spokesperson said. The import fee will be added to the destination charge, which is tacked onto the price of a new car.

It's unclear how much the tariffs will affect the cost of new VW cars as no final pricing decisions have been made, the spokesperson said.

Its top-selling Atlas and Atlas Cross Sport midsize SUVs are made in Chattanooga, Tennessee. Its other top sellers — the Jetta sedan, the Taos SUV, and the Tiguan SUV — are all made in Puebla, Mexico.

Volvo and Mercedes plot production shifts

The CEO of Swedish brand Volvo Cars told Bloomberg on Thursday that the carmaker would look to build more vehicles at its South Carolina factory in response to the tariffs.

"We will have to increase the number of cars we build in the US, and surely move another model to that factory," said Håkan Samuelsson, who returned to Volvo as CEO on Monday.

Samuelsson said the company would "look closely" at which model it moves to the factory, which already builds the EX90 and Polestar 3 EVs. Volvo did not immediately respond to a request for comment from BI.

Mercedes-Benz also signaled that it was considering shifting production to the US. Production chief Jörg Burzer told reporters from multiple outlets that the German carmaker could start building another vehicle model in its Alabama factory.

Burzer said Mercedes was still "assessing" the impact of the tariffs but warned flexibility would be key. Bloomberg previously reported that the company was considering cutting sales of some of its least-expensive models from the US market because the tariffs would make them economically unfeasible.

A spokesperson for rival BMW told BI the luxury carmaker was also still "evaluating" the new levies but called on the US and Europe to reach a deal quickly to avoid further pain for consumers.