Axios

Skechers' stock is skidding after the company fell short of expectations and said tariffs could cause it to shift production.

• Why it matters: Apparel companies are especially susceptible to President Trump's threatened tariffs on China and Mexico, in particular.

State of play: Skechers' shares plummeted, closing down almost 13% despite the company reporting Q4 sales growth of 12.8%, to $2.21 billion.

• CFO John Vandemore said on an earnings call that Trump's move to impose tariffs on China "has impacted our visibility" and will likely lead to "the reallocation of certain production, vendor concessions and pricing."

Yes, but: The company still enjoyed record sales in 2024.

Netflix is weighing a bid for Formula One broadcasting rights, the New York Times reported today.

Why it matters: The streaming giant is delving deeper into live sports after two Christmas Day NFL games and the Mike Tyson-Jake Paul boxing match delivered huge audiences.

State of play: Netflix enjoyed success with its popular docuseries "Drive to Survive" about F1, but the sport's live races currently air on ESPN in the U.S.

• "ESPN's exclusivity period to bid on the broadcast rights beyond 2025 has now expired, sparking a fresh round of interest from broadcasters in picking up the American rights package," NYT reports.

President Trump signed an executive order that temporarily freezes tariffs on low-cost packages from China.

Why it matters: The order reinstates the long-standing de minimis exception for such packages, which are typically valued below $800. This provides relief for consumers who would face higher costs on retail goods shipped from China.

As the Trump administration seeks to lay off thousands of government workers and slash spending that supports many private sector jobs, those cuts could start to show up in economic data — if you know where to look.

Why it matters: Federal government employment is a small share of the overall economy — especially when you exclude the military and the postal services — but the cuts underway may prove large enough to create some visible ripples in the data that comprise the nation's economic dashboard.

The U.S. labor market started 2025 — and President Trump's term — in a state of uncanny balance.

Why it matters: Unemployment is low and steady, and job growth is chugging consistently forward. It's an environment that allows policymakers at the Federal Reserve and beyond to be patient in deciding what to do next.

• There is plenty ahead that might jolt the economy for better or worse — trade wars, AI, fiscal policy and more. But January was a month of labor market equanimity.

Consumer sentiment fell across all political parties in early February, while expectations of higher inflation soared alongside tariff threats, according to a closely watched gauge from the University of Michigan.

Why it matters: Receding economic optimism, at least if prolonged, risks consumers holding back on the type of spending that has bolstered the economy.

The carried interest tax loophole is like a movie monster.

• Politicians try to kill it every few years, only to get bloodied and then save themselves by letting it slink into the background.

The latest sequel arrived yesterday, with the White House telling House GOP leaders that it wants the loophole closed as part of upcoming tax negotiations.

The job market kicked off 2025 with solid hiring: The economy added 143,000 jobs in January, while the unemployment rate dropped to 4%, the Labor Department said on Friday.

Why it matters: The pace of hiring cooled from the final months of 2024, but the labor market continues to be on solid footing, which has helped the economy defy slowdown fears.

You know things are getting bad when people start hatching plots to steal eggs.

Catch up quick: Pennsylvania state police are scrambling for tips after someone swiped 100,000 eggs from the back of a trailer several days ago, AP reports.

• It's not clear if the thieves were motivated by the skyrocketing cost of eggs due to the bird flu ravaging the nation's supply.

Threat level: The eggs — which were reportedly taken from the back of a Pete & Gerry's Organics' distribution trailer — were valued at about $40,000, making this a felony.

💭 Nathan's thought bubble: This case won't be over easy.

A federal judge on Thursday pushed back the deadline for government employees to decide whether or not to take the "buyout" offer from the Trump administration.

Why it matters: The deadline had been midnight Thursday, but there is now a restraining order until Monday.

When President Trump demanded lower interest rates two weeks ago, it looked like a return to his 2018-vintage Fed jawboning. But his administration's stance on interest rates now looks more subtle.

Why it matters: The new administration seeks to bring long-term interest rates lower, Treasury Secretary Scott Bessent said Wednesday — and Fed rate cuts aren't necessarily the way to achieve that.

Honeywell on Thursday announced that it will split into three separate businesses, following pressure from activist investor Elliott Investment Management.

Why it matters: This is the latest in a recent series of high-profile industrial breakup plans, following General Electric and Emerson Electric. Plus Belgian cement giant Titan Cement seeking to spin off its U.S. business via IPO.

It's been more than two years since Bally's won the right to build a riverfront casino in Chicago, but some of the IPO financing now is being threatened by a civil rights lawsuit.

Why it matters: This might be a blessing in disguise for both the company and the city, as the project has become fiscally questionable and politically unpopular.

The Bank of England cut interest rates by a quarter percentage point on Thursday as the U.K. economic outlook darkens, alongside the looming threat of President Trump's trade policy.

Why it matters: The central bank now expects the U.K. to grow slightly, alongside somewhat higher inflation risks — a toxic mix that could weigh on a global economy that might already take a hit from Trump tariffs.

A sovereign wealth fund of the kind proposed by President Trump, likely funded by debt and primarily investing in domestic assets, violates nearly all of the principles that usually undergird the asset class.

Why it matters: Dani Rodrik, a Harvard economist known for his support for industrial policy and government involvement in markets, tells Axios that this particular proposal "makes no sense at all."

Jamieson Greer — President Trump's pick to be U.S. trade representative — will tell the Senate Finance Committee at his confirmation hearing Thursday that "America should be a country of producers. We are more than just what we consume."

Why it matters: Greer, a protégé of former Trump trade chief Robert Lighthizer, will hold one of the tariff-happy administration's most important positions.

A new season of "The Kardashians" and "Invincible" and a workplace comedy about Gen Z are among the top new titles this week on Hulu, Prime Video, Tubi and Netflix.

"The Kardashians" season 6 available now on Hulu

The latest: In the season premiere, we follow Kim as she visits former Vice President Kamala Harris at the White House to discuss prison reform, the family celebrates Kourtney's 45th birthday at IHOP and Khloé reunites with estranged ex-husband Lamar Odom.

A coalition of labor groups filed suit Wednesday seeking to stop DOGE from coming to the Labor Department and gaining access to some of the world's most vital macroeconomic data.

Why it matters: This isn't the first lawsuit against Elon Musk's so-called Department of Government Efficiency, but appears to be one of the first filed as a preventative measure — instead of after some major action.

Anchorage Digital, a crypto-bank that got debanked, testified before a Senate committee Wednesday on behalf of its industry, one that claims it has had an unfairly hard time holding onto financial services in recent years.

Why it matters: Perceived widespread debanking — the term for when a bank denies or closes specific customer accounts for any number of often unexplained risks — has spurred accusations from the crypto world of a targeted government crackdown on the industry since early in 2023.