CNBC

RTX and GE Aerospace expect a more than $1 billion impact combined from President Donald Trump's tariffs on imported goods and materials, the latest sign of higher prices for major U.S. manufacturers that rely on a global supply chain. Neil Mitchill, chief financial officer of defense contractor and commercial aerospace supplier RTX, said on an earnings call on Tuesday that the company will likely take a $850 million hit this year from tariffs, including the sweeping 10% tariffs that Trump imposed earlier this month alongside higher duties on countries like China and separate duties on imported steel and aluminum. That estimate doesn't include RTX's own tariff mitigation measures, Mitchill said.

Tennis legend Andre Agassi is joining the pro pickleball ranks. The former No. 1 ranked tennis player told CNBC that he will play his first professional tournament at the U.S. Open Pickleball Championships with the top-ranked player in the world, Anna Leigh Waters. The tournament kicks off on Saturday in Naples, Florida, and will be broadcast on CBS Sports Network. Agassi and Waters will play their debut match on April 30 at noon ET.

Tyla Packish, 23, lives in Oak Bluffs, Massachusetts, a town on Martha’s Vineyard. She grew up on the island and lives there year-round on $85,000 a year. Tyla works in creator partnerships for an advertising agency and has a side hustle doing social media management and consulting for businesses on the island. Here’s a look at how she spends her money. Read more about how life is like on the island: cnb.cx/4csfLte

Goldman Sachs CEO David Solomon discusses the fallout from President Trump’s trade policy and the Fed’s inflation fight. Watch more: cnb.cx/4d1MnL3

Tariffs are posing major headwinds for the U.S. and global economies, leading the International Monetary Fund to slash its 2025 growth forecast. President Donald Trump's April 2 rollout of "reciprocal" tariffs has not only shaken stocks – the S&P 500 is down 9% since the levies were launched – but they also have set off countermeasures from other trading partners. "This on its own is a major negative shock to growth," the IMF said in the executive summary of its April 2025 World Economic Outlook.

Goldman Sachs CEO David Solomon discusses the fallout from President Trump’s trade policy and the Fed’s inflation fight. Watch more: cnb.cx/4d1MnL3

Bitcoin is testing a key resistance level at the $88,000 level for a second day as the cryptocurrency adds to this week's gains while the stock market tries to recover from another sell-off. The price of bitcoin was last higher by 1.7% at $88,798.75, according to Coin Metrics. On Monday, it rose about 3%. At one point it hit its highest level since late March – before President Donald Trump's April 2 tariff announcement rocked financial markets. Bitcoin is now off its April 7 low by about 20%.

Gold prices rallied on Tuesday, hitting a record as President Donald Trump's repeated threats against the Federal Reserve's independence have shaken investors and undermined confidence in the U.S. Gold futures hit a session high of $3,509.90 per ounce Tuesday, after closing at a record $3,425.30 on Monday. The precious metal was last up 1.1% at $3,463.20. Gold has rallied about 31% since the start of the year and more than 9% since Trump announced sweeping tariffs on April 2. Trump ratcheted up his public pressure campaign against Federal Reserve Chairman Jerome Powell on Monday, demanding he immediately lower interest rates and attacking him as a "major loser." Equity markets sold off in response, with the Dow Jones Industrial Average falling more than 970 points.

Harvard University sued the Trump administration on Monday after the federal government said it was freezing $2.2 billion in grants and sought what university officials described as “unprecedented and improper” control over the Ivy League institution.

One of America's most fragrant retailers is well-positioned in the face of tariffs. Bath & Body Works produces 80% of its products in the United States. The candle maker and personal care company has been incrementally shifting its production to the U.S. for more than a decade/ "Domestic exposure puts Bath & Body Works at a key advantage versus the competitors, because they won't have to pay import tariffs on the vast majority of their products, meaning they can keep prices where they are and not lose profitability," said BofA Securities senior retail analyst Lorraine Hutchinson.