Axios

President Trump's aluminum tariffs have driven up the cost of cans and in turn have cost the beer industry nearly 40,000 jobs since 2016, reports Bloomberg.

Why it matters: A report from 2 trade groups said direct, indirect and induced jobs fell to 2.19 million in 2018 from 2.23 million in 2016. Though the industry claims it does not blame the slump entirely on Trump's tariffs, a spokesperson told Bloomberg that "brewers are making fewer investments because of the added cost of aluminum." Brewers are being forced to decide how they want to deal with the increased cost of aluminum, and it means either throwing the cost at consumers or laying off workers.

Endeavor Group, the talent agency and live events company led by Ari Emanuel, filed for an initial public offering on Thursday.

Why it matters: In addition to owning Hollywood's largest talent agency, Endeavor also houses the Ultimate Fighting Championship and Professional Bull Riders, plus a video streaming effort that's signed such clients as World Wrestling Entertainment.

The Trump administration announced a $16 billion aid package for U.S. farmers on Thursday in an attempt to offset retaliatory Chinese tariffs.

Details: The USDA said on Thursday the $16 billion package will come in three separate installments. The first payment is scheduled to come out in July or August, and the second payment will be made in late fall. A third payment will be made in early 2020.

There are no calm waters in sight in the U.S.-China trade fight, but even before the latest round of tariffs, the retail industry had been tumbling in a whirlpool.

The backdrop: For the past few quarters, retailers have warned analysts about the U.S.-China trade war's potential to hurt sales as tariffs push prices up and turn shoppers away. But those effects have been invisible so far because the first two rounds of tariffed products largely excluded consumer goods.

HBO's "Game of Thrones" may be over, but for lots of streaming media companies, winter is coming.

The big picture: Data shows that consumers across all ages are more than 30% likely to cancel a subscription streaming service after the show or series they are watching has ended. This creates big headaches for streaming companies over how to keep consumers from leaving, especially as the streaming space grows increasingly competitive.

Aside from oil and lean hogs, 2019 has been a tough year for commodities. Coffee prices have fallen 9%, natural gas is 11% lower and soybean prices have fallen 7% to name just a few. The diamond industry is also in a slump, Bloomberg reports.

What's new: De Beers revealed Tuesday its diamond sales fell to a 2-year low, underlining a slump in the industry worldwide. Sales fell 25% from a year ago and were down 29% from an offering last month.

Despite warnings from economists that the U.S-China trade war could cause a global economic recession, investors have been buying rather than selling.

What's happening: Both institutional investors and hedge funds have gone bargain-hunting in the weeks since President Trump reignited the trade war by increasing tariffs on Chinese imports to 25%. Investors remain largely convinced that the public squabble between the 2 countries is bluster, and that a deal is likely sooner rather than later.

Mallinckrodt announced yesterday that it is suing the Centers for Medicare & Medicaid Services and the Department of Health and Human Services for changing the way Medicaid rebates are calculated for its pricey H.P. Acthar Gel medication.

Details: The move would require Mallinckrodt to pay back large sums of money to the federal government.

U.S.-Chinese tariff increases are hurting American business in China, 74.9% of almost 250 respondents told a survey, published Wednesday by American Chamber of Commerce (AmCham) in China and Shanghai.

Why it matters: It's another sign that the trade war is starting to bite. Bank of America-Merrill Lynch has said the standoff risks "a global recession." Now, American businesses are concerned about the effects of President Trump's action against Chinese tech giant Huawei, AmCham China chairman Tim Stratford told BBC.

China "remains ready" to resume trade talks, according to Cui Tiankai, China's ambassador to the U.S. He told Fox News' "Special Report with Bret Baier" on Tuesday that negotiations had stalled because the U.S. "changes its mind so often."

Why it matters: President Trump's new limitations on Chinese tech giant Huawei, which Cui called "politically motivated," has intensified the trade war that the Bank of America has said risks "a global recession." Meanwhile, U.S. farmers and shoe firms warn of "catastrophic" repercussions if the situation continues.