US Government confirms Social Security payment on May 7 only for these retirees and disability beneficiaries

As the second half of April approaches, millions of retirees across the U.S. are preparing to receive their monthly Social Security benefits, a crucial component of their financial security. For many older Americans, this payment serves as a primary source of income, helping them meet daily expenses in an economy that remains unpredictable.

The next official payment date on the calendar is Wednesday, May 7, 2025—but not everyone will be receiving their check on that day. The Social Security Administration (SSA) uses a staggered payment system, dividing retirees into different groups depending on when they retired and their date of birth. This ensures an orderly distribution of funds across each month.

Who Will Get Paid on May 7?

Only those classified under Group 2 by the SSA are slated to receive their deposits on April 16. To belong to this group, retirees must meet two specific conditions:

  • Their retirement benefits must have begun after May 1997.
  • Their birthday must fall between the 1 and 10 day of any given month.

If either of these requirements isn’t met, the payment will not arrive on April 16. Instead, beneficiaries will likely receive their deposit a week later, on May 14, 2025, as part of Group 3.

It’s worth noting that once a retiree is assigned to a group, this classification—and the associated payment date—remains unchanged.

What Is the Highest Possible Social Security Benefit?

Social Security payments vary depending on each recipient’s work history and the age at which they filed for benefits. While the average check is significantly lower, the maximum monthly benefit for 2025 stands at $5,108.

Achieving this maximum is rare and typically only applies to those who earned the highest taxable income over several decades and chose to delay claiming benefits until turning 70. Most retirees will receive lower amounts, commonly ranging between $1,500 and $3,500, depending on their unique circumstances.

Regardless of the exact amount, knowing your payment schedule and eligibility is essential to maintaining financial stability in retirement—and for many in Group 3, April 16 will be a key date to remember.

Americans are more worried about running out of money in retirement than dying. Experts offer ways to reduce that risk

Many Americans are worried they’ll run out of money in retirement.

In fact, a new survey from Allianz Life finds that 64% Americans worry more about running out of money than they do about dying. Among the reasons cited for those fears include high inflation, Social Security benefits not providing enough support and high taxes.

The fear of running out of money was most prominent for Gen Xers who are approaching retirement. However, a majority of millennials and baby boomers also said they worry about their money lasting, according to the online survey of 1,000 individuals conducted between January and February.

Separately, a new Employee Benefit Research Institute report finds most retirees say they are living the lifestyle they envisioned and are able to spend money within reason. Yet more than half of those surveyed agreed at least somewhat that they spend less because of worries they will run out of money, according to the survey of more than 2,700 individuals conducted between January and February.

Meanwhile, a Northwestern Mutual survey reported that 51% of Americans think it’s “somewhat or very likely” they will outlive their savings. The survey polled 4,626 U.S. adults aged 18 and older in January.

Since those studies were conducted, new tariff policies have caused disturbance in the stock markets and prompted speculation that inflation may increase. Meanwhile, new leadership at the Social Security Administration has prompted fears about the continuity of benefits. Those headlines may negatively affect retirement confidence, experts say.

With employers now providing a 401(k) plan and other savings plans versus pensions, it is largely up to workers to manage how much they save heading into retirement and how much they spend once they reach that life stage. That responsibility can also lead to worries of running out of money in the future, experts say.

How to manage the ‘fear of outliving your resources’

Because of the unique risks every individual or couple faces when planning for retirement, the best approach is typically to transfer some of that burden to a third party, said David Blanchett, head of retirement research at PGIM DC Solutions.

Creating a guaranteed lifetime income stream that covers essential expenses can help reduce the financial impact of any events that require retirees to cut back on spending, Blanchett explained.

That should first start with delaying Social Security benefits, he said. While eligible retirees can claim benefits as early as 62, holding off up until age 70 can provide the biggest monthly benefits. Social Security is also unique in that it provides annual adjustments for inflation.

Next, retirees may want to consider buying a lifetime income annuity that can help amplify the monthly income they can expect. Admittedly, those products can be complicated to understand. Therefore Blanchett recommends starting out by comparing very basic products like single premium immediate annuities that are easier to compare.

“Unless you do those things, you just can’t get rid of that fear of outliving your resources,” Blanchett said.

Without a guaranteed income stream, retirees bear all of the financial risk themselves, he said.

“Retirement could last 10 years; it could last 40 years,” Blanchett said. “You just don’t know how long it’s going to be.”

Among retirees, there has been some hesitation to buy annuities, said Craig Copeland, EBRI’s director of wealth benefits research. Such a purchase requires parting with a lump sum of money in exchange for the promise of a guaranteed income stream.

“We see great increase in interest, but we aren’t seeing upticks in take up yet,” Copeland said. “I do think that’s going to start to change.”

What can help boost retirement confidence

To effectively plan for retirement, it helps to seek professional financial assistance, experts say.

Meanwhile, few people have a plan of their own for how they may live on the assets they’ve worked hard to accumulate, according to Kelly LaVigne, vice president of consumer insights at Allianz Life.

“This is something that you should not plan on doing on your own,” LaVigne said.

While the survey from Northwestern Mutual separately found individuals think they need $1.26 million to retire comfortably, the real number individuals need is based on their personal situation, said Kyle Menke, founder and wealth management advisor at Menke Financial, a Northwestern Mutual company.

In thinking about how life will look in 30 years, there are a variety of things to consider, Menke said. This includes stock market returns, taxes, inflation and medical expenses, he said.

Even people who have enough money for retirement often don’t feel confident in their ability to manage all of those factors on their own, he said. Financial advisors have the ability to run different simulations and stress test a plan, which can help give retirees and aspiring retirees the confidence they’re lacking.

“I think that’s where the biggest gap is,” said Menke, referring to the confidence Americans are lacking without a plan.

Spirit Airlines gets approval for NYSE American listing

April 24 (Reuters) – Spirit Airlines said on Thursday it has received an approval to list its shares on the NYSE American, weeks after the low-cost carrier emerged from bankruptcy.
The company said its shares are expected to begin trading on April 29.
NYSE had delisted Spirit’s shares in November as the U.S. no-frills airline filed for bankruptcy after struggling with years of losses, failed merger attempts and heavy debt levels.
Archer Aviation (NYSE:ACHR) Partners With United Airlines For New York City Air Taxi Network

Archer Aviation recently announced plans to roll out a new air taxi network in partnership with United Airlines in New York City, aiming to transform urban mobility. This initiative came on the heels of another significant partnership with Ethiopian Airlines to expand air taxi services internationally. These developments underscored Archer’s commitment to enhancing urban transportation, likely contributing to its stock’s 14% rally over the last week. This surge was notable amidst broader market gains, which saw the Nasdaq and S&P 500 indices rise by 2% to 3%, bolstered by positive earnings reports and optimistic economic sentiment.

Over the past three years, Archer Aviation’s total shareholder return has been 117.57%. This outpaces the US Aerospace & Defense industry, which returned 15.9% over the past year, and the broader US market, which returned 5.9%. This strong performance highlights investor optimism surrounding Archer’s growth potential and industry positioning.

The company’s recent partnerships with United Airlines and Ethiopian Airlines could significantly impact its revenue and earnings forecasts. However, Archer remains unprofitable and faces challenges in realizing these forecasts. Current share price movements suggest a discount compared to the consensus analyst price target of US$11.39, indicating potential upside if future developments align with expectations.

Trump embraces ‘tailored’ tariff deals as foreign leaders look to sweeten their offers

Delegations from Japan and South Korea are en route. Italy’s prime minister will be in Washington next week. And Israel’s “proactive approach” to seeking out new US trade agreements could serve as a model for everyone, according to the White House.

A day before President Donald Trump’s new worldwide tariffs are set to take hold, the White House made clear Tuesday the door for new trade negotiations was wide open — even if the exact formula for earning relief from the duties remained unclear.

“These countries are calling us up. Kissing my a**. They are dying to make a deal,” Trump told a group of Republicans on Tuesday evening, hours before the tariffs were set to take hold. He described foreign leaders essentially groveling to avoid the new tariffs: “Please, please sir, make a deal. I’ll do anything sir.”

As countries scramble to respond to Trump’s sweeping tariff announcements last week, many are receiving advice from US diplomats and sources close to the White House encouraging them to think creatively, beyond the scope of trade, as they prepare to negotiate with the White House.

Their message to foreign counterparts seems simple: If they have a unique card to play, they should.

Ideas being discussed run the gamut, and include possible action on securing the freedom of Americans wrongfully detained abroad, committing to working with US artificial intelligence companies, buying more US energy or combatting global drug trafficking, according to five people familiar with the brainstorming sessions.

After days of mixed signals over how willing the president would be to negotiate tariff relief, Tuesday’s message was far clearer: Trump is ready for opening bids.

“The phones have been ringing off the hook, wanting to talk to this administration, this president and his trade team to try to strike a deal,” press secretary Karoline Leavitt said midday.

It’s not just foreign leaders who have been calling. As the tariff deadline neared this week, the chief executives of some of the largest multinational companies — who have been loathe to criticize Trump’s tariffs publicly — nonetheless maintained a robust backchannel to the White House.

An onslaught of CEOs from banking, technology, and industrial companies – among others – have been lighting up the phone lines of chief of staff Susie Wiles, Vice President JD Vance and Treasury Secretary Scott Bessent, several executives told CNN, to argue the tariff policy will harm the global economy and credibility of American business and government. The recent effort was described by one CEO close to the White House as a “tsunami” in recent days.

Trump endorsed the shift in message toward more dealmaking – and notably, messengers – after becoming frustrated by Commerce Secretary Howard Lutnick’s television appearances, which seemed to fuel the market’s meltdown, several executives familiar with the discussions told CNN. The shift also came after aides warned Trump that the damage sustained in the market would endanger him politically, those people told CNN.

Wiles, those executives added, had been particularly effective in convincing Trump that the market rout was costing considerable political capital that he would need for future agenda items, with lawmakers fielding increasingly angry constituent calls as the market continued sinking.

“There are voices in the White House that want high tariffs forever. There are angels and demons sitting on President Trump’s shoulders,” Texas Sen. Ted Cruz posted on X. “Who does he listen to? I hope he listens to the angels.”

After days of criticism from some of his closest allies over his tariff strategy, Trump on Tuesday made clear he was confident in his decisions.

“I know what the hell I’m doing,” he told the GOP crowd.

White House spokesman Kush Desai said in a statement to CNN that “the administration maintains regular contact with business leaders, industry groups, and everyday Americans,” adding that “the only special interest guiding President Trump’s decision-making, however, is the best interest of the American people.”

Desai added: “The entire Trump administration is playing from the same playbook – President Trump’s playbook – to level the playing field for our industries and workers, and Secretary Lutnick continues to be one of the administration’s most effective TV communicators for that playbook.”

Seeking deals that go beyond tariffs and trade barriers

But what precisely the president is looking for from his foreign interlocutors will vary by nation, White House officials said. It seemed certain the contours of his new trade deals would extend well beyond tariffs and trade barriers to other areas, including US military presence and foreign aid.

Trump described the approach Tuesday as “one-stop shopping”: using the threat of withering tariffs as leverage on any manner of issues arising between the United States and its partners.

“A beautiful and efficient process!!!” he wrote online.

In some cases, the White House is working with the State Department on preparing lists of actions that countries could take, according to one US official.

That is the case with China, where one idea on the table is for President Xi Jinping to make a public pronouncement that Chinese companies should stop producing fentanyl precursor chemicals, which could be an effective step in reining in the global drug war, an issue that Trump has prioritized.

There is no expectation that an offer completely devoid of trade or tariff action will spur movement, particularly because Trump himself has said that this is the “only chance” for the US to “re-set the table” on trade. But sources involved in the current discussions expect offers that couple action on trade plus something else to sweeten the deal could be effective.

Trump’s advisers hope to have results soon that can demonstrate the success of his tariff plan, which has generated deep concern even among his closest allies and sent markets reeling earlier this week.

Trump, too, is eagerly watching as his global counterparts seek him out in the hopes he’ll lift his tariffs, relishing his role as the ultimate decider on what — and who — gets a reprieve, depending on what they’re offering.

“I call them tailored, not off the rack,” Trump said of the nascent agreements his team is now entertaining with as many as 70 countries that have approached the administration to talk trade.

The logistics of arbitrating dozens of new bilateral agreements did not seem lost on the president, who suggested he may conscript lawyers at the large law firms he’s targeted for retribution to help him write up the terms.

“We need a lot of talent. We have a lot of countries coming that want to make deals,” he said in the East Room, where he was discussing a new energy initiative surrounded by coal workers in hard hats. “Our problem is [we] can’t see that many that fast,” he said of the countries reaching out.

For that reason, there appeared little hope for an eleventh-hour cancelation of the new duties that are set to take effect at midnight. For as keen as Trump and his team are to secure new agreements that can be trumpeted as examples of the tariffs’ success, advisers expressed doubt they could be struck in only a day’s time, even for a president in a hurry.

And for as enthusiastic as many foreign leaders appeared to be to hop on an airplane or pick up the phone, the world’s second-largest economy proved a tougher case.

“China also wants to make a deal, badly, but they don’t know how to get it started,” Trump wrote on social media. “We are waiting for their call. It will happen!”

It hadn’t happened by the time US markets closed Tuesday. After posting big gains earlier in the day, the S&P 500 slumped again in late-day trading when it became clear Trump was plowing ahead with the new tariffs, including an extraordinary 104% tariff on China that will take effect a minute past midnight.

Trump has spent the last four years brooding about the shortcomings of the trade agreements he signed with China during his first administration. Beijing reneged on many of its promised purchases of American farm products, and Chinese duties on US soybeans and corns caused agricultural exports to sink.

This time around, Trump is seeking out a bigger, better trade agreement, and hopes the massive tariffs applied on China will lure its leader, Xi Jinping, to the negotiating table. So far, however, Xi has resisted Trump’s pressure to submit, ratcheting up tit-for-tat tariffs that could have widespread consequences.

Continued mixed messages from the administration

Trump acknowledged the effect his tariffs were having on global stability in his remarks Tuesday.

“Sometimes you have to mix it up a little bit,” he said, describing his tariffs as “somewhat explosive.”

Just this week, the market has shifted based on the conflicting messages of the people around the president. On Sunday, Lutnick said any chance of Trump reversing, pausing, or diluting his tariffs would “absolutely not” happen. That stance spurred steep losses for global markets that positioned US markets to open at levels that represented a 20% drop from all-time highs reached in mid-February, the fastest drop of that magnitude in history.

Markets experienced a slight bounce on Monday when National Economic Council Director Kevin Hassett sidestepped a question over whether Trump would consider a 90-day pause – leading to false interpretations that Trump was, in fact, open to such a move.

By Tuesday, though, Bessent was front and center, attempting to reset the White House’s message that the tariffs were a means to a negotiated end.

But as early deliberations are now underway among nations looking to strike a deal, some countries say they are still receiving mixed messages from different corners of the administration.

In recent days, Lutnick told Japanese officials that making commitments on a possible future 800-mile pipeline facilitating transport of US natural gas to Asia more quickly – which has been referenced as a possible Alaska pipeline – would not be meaningful in these conversations, according to two sources familiar with the discussions.

The Alaska pipeline is a project Trump has supported and has urged Japan, South Korea and Taiwan to partake in. And on Tuesday morning, Bessent, who has been tapped to lead the tariff talks with Japan, publicly spoke about the Alaska pipeline as a ripe topic to include in the negotiations.

“We will see what our trading partners offer. For instance there is talk of a big energy deal in Alaska where the Japanese, and perhaps the Koreans, perhaps the Taiwanese, would provide – would take a lot of the offtake – and provide financing for the deal,” Bessent said on CNBC. “That could be an alternative for them to come forward with that because not only would that provide a lot of American jobs, it would narrow the trade deficit.”

The confusion over what to include and what not to include underscores a concern among some former Trump administration officials that negotiating without a clear end game could become messy and unproductive.

“The president always wants the same thing in any negotiation: more,” said a former administration official.

“Even if the president was willing to discuss compromises, his differing rationales for the tariffs could conflict with one another and raise a question as to if he is even willing to negotiate.”

This story has been updated with additional details.

Why some are accusing Trump of manipulating stock markets

Wall Street has been whipsawed for more than a week by President Trump’s every word about tariffs. Now he’s facing accusations of using his power to deliberately manipulate the markets.

The scrutiny started with a tale of two social media posts. On Wednesday, shortly after the U.S. stock market opened, Trump posted on his Truth Social network in all caps: “THIS IS A GREAT TIME TO BUY!!!”

Less than four hours after his post, Trump said on Truth Social that he would pause the harshest of his tariffs on most countries.

Stocks immediately skyrocketed in relief, with the Dow closing up almost 3,000 points — meaning that any investors who had followed Trump’s advice in the morning and bought into the stock market right away would have made quite a bit of money by the end of the day.

Prior to his post, share prices had been plummeting for days, as fears mounted about the economic damage Trump’s new trade policies could cause. Powerful investors and billionaire business leaders had increasingly gone public airing their worries about the new tariffs and the resulting financial panic.

By Wednesday afternoon, Trump seemed to hear them when he hit pause.

Now some Democratic lawmakers and government ethics experts are calling for investigations into whether Trump was attempting to deliberately manipulate the markets, or to enable others to trade on insider information.

Sens. Adam Schiff, Democrat from California, and Ruben Gallego, Democrat from Arizona, sent a letter to the White House on Wednesday requesting “an urgent inquiry into whether President Trump, his family, or other members of the administration engaged in insider trading or other illegal financial transactions, informed by advanced knowledge” of his tariff policy changes.

Sen. Elizabeth Warren, Democrat from Massachusetts, also called for an investigation, asking on the floor of Congress if this was “corruption in plain sight.”

White House spokesperson Kush Desai accused Democrats of “playing partisan games” and tells NPR that Trump’s early-morning post was merely meant to calm investors’ fears.

“”It is the responsibility of the President of the United States to reassure the markets and Americans about their economic security,” he wrote in an emailed statement.

George W. Bush’s former chief ethics lawyer says such statements would have led to firing

But the criticisms of Trump’s two Truth Social posts aren’t just limited to his partisan opponents.

“We can’t have senior public officials — including the president — talking about stock prices and where to buy or to sell at the same time as they are making and announcing decisions that have a dramatic impact on stock prices,” says Richard Painter, a law professor at the University of Minnesota, who previously served as the chief ethics lawyer for President George W. Bush.

If anyone in the Bush administration had made similar public statements urging people to buy or sell stocks, Painter added, “that person probably would [have been] fired.”

Painter did not accuse President Trump of market manipulation: “We don’t have clear evidence of that here,” he tells NPR.

But he pointed out that the president already has a track record of pushing the boundaries, at the very least.

“Financial conflicts of interests for President Trump have been a concern since he was first elected in 2016,” Painter says, adding that the problems today are even greater.

Trump’s embrace of the crypto industry, for example, has drawn ongoing scrutiny: The president, who has a growing personal portfolio of cryptocurrency-related businesses, has appointed pro-crypto Cabinet officials and promised the industry much friendlier regulation.

It’s up to the SEC to investigate accusations of insider trading

Despite the wide-ranging calls for investigations into Trump’s social media posts on Wednesday, Painter and others aren’t expecting to see much happen.

The Republican lawmakers who control both the House and Senate have shown little interest in picking fights with Trump. Nor do ethics experts expect much movement from the U.S. Securities and Exchange Commission, which investigates accusations of insider trading.

On Wednesday, the Senate voted to confirm Trump nominee Paul Atkins to lead the SEC. And Trump in February signed an executive order claiming more power over independent regulatory agencies, including the SEC.

Bezos-backed Slate Auto unveils affordable EV truck

Slate Auto, a firm backed in part by Amazon founder Jeff Bezos, is unveiling a low-cost electric truck that can also change into an SUV.

Its starting price point: $20,000 after federal EV incentives.

“A radically simple electric pickup truck that can change into whatever you need it to be — even an SUV,” the Slate Auto website says. “Made in the USA at a price that’s actually affordable (no really, for real).”

The two-door version can be changed into a 5-seat SUV. The baseline truck is small: About two-thirds the size of a Chevy Silverado EV and about seven-eights the size of a Ford Maverick. It has a payload capacity of 1,400 pounds compared the Maverick’s 1500 pounds.

At less than 15 feet long, Slate says its more akin to a 1985 Toyota pickup.

Its smaller and less gaudy stature are by design: TechCrunch refers to the Slate as an “anti-Tesla,” and while both the Slate Truck and the Cybertruck are customizable, the starting Slate model is stripped down to essential elements, including no power windows or infotainment screen.

The specs show a maximum range of 150 miles on a single charge, with the option for a longer-range battery pack that could offer up to 240 miles. The vehicles are designed in California and Michigan, engineered in Michigan, and assembled somewhere in the Midwest, according to Slate’s website. TechCrunch reported the plant is in Indiana.

Earlier this month, TechCrunch broke the news that Bezos, along with the controlling owner of the Los Angeles Dodgers, Mark Walter; and a third investor, Thomas Tull, had helped Slate raise $111 million for the project. A document filed with the Securities and Exchange Commission listed Melinda Lewison, the head of Bezos’ family office, as a Slate Auto director.

The vehicles aren’t expected to be delivered to customers until late 2026, but can be reserved for a refundable $50 fee.

Big brands are officially worried about American shoppers

The companies that make our food and home essentials are officially sounding alarms about what lies ahead for the U.S. shopper.

“Relative to where we were three months ago, we probably aren’t feeling as good about the consumer now,” PepsiCo’s Chief Financial Officer Jamie Caulfield told investors on a call Thursday.

The largest consumer conglomerates are cutting their financial forecasts for the year, predicting lower sales and profits than before. That includes Pepsi (which also owns Frito-Lay and Quaker Oats), Kimberly-Clark (which makes Kleenex, Huggies and Scott toilet paper) and Procter & Gamble (which makes Tide, Pampers and Charmin).

This is the first wave of corporate earnings reports since President Trump imposed 145% tariffs on Chinese goods and a 10% tariff on all global imports earlier this month. A 25% tariff on imported aluminum also affects companies that need a lot of cans or foils.

Until recently, most consumer giants stuck to the word “uncertainty” to describe the future. Now, they’ve begun offering more specifics.

Kimberly-Clark estimates that the trade war will add $300 million in new costs for the company. Procter & Gamble warned it may raise prices to offset new expenses. Chipotle saw anxious shoppers cut back on burrito bowls.

“In February, we began to see that the elevated level of uncertainty felt by consumers was starting to impact their spending habits,” Chipotle CEO Scott Boatwright told investors on Wednesday. “We could see this in our visitation study, where saving money because of concerns around the economy was the overwhelming reason consumers were reducing the frequency of restaurant visits.”

Many consumer giants rely on China for packaging, materials and other parts of their supply chain. Those who make products in the U.S. now face reciprocal tariffs on American goods imposed by foreign government in retaliation.

“Uncertainty creates a pensive and anxious consumer,” Colgate-Palmolive CEO Noel Wallace said on Friday’s earnings call. “And when you have uncertainty in terms of macroeconomics and everything surrounding that, consumers tend to hunker down and they’re very cautious about the outlook.”

He pointed to the travel industry, where Delta and American Airlines have flagged people tightening their trip budgets. And eventually, Wallace said, shoppers reconsider all kinds of spending.

“You’ll see consumers destock their pantries and not necessarily buy that extra tube or that that extra body wash as they see obviously a very volatile external environment,” Wallace said. Colgate-Palmolive sales dropped 3.6% in North America between January and March.

He forecast that spending on everyday needs will recover over the course of this year and into 2026, “at a pace that is consistent with the consumer confidence levels.”

A key consumer-sentiment survey by the University of Michigan, updated on Friday, found a steep decline in how people feel about the future of the U.S. economy. In April, sentiment fell 8% compared to March and 32% compared to January. Across political affiliations, more people said they expected their own personal finances to degrade and inflation to rise this year.

In March, inflation continued to ease with consumer prices rising just 2.4% from a year ago and actually falling slightly from February. Gas prices had declined, and so did airline tickets and used cars.

Retail sales are a key element of the U.S. economy. And in the lead-up to tariffs, March actually saw a big jump in retail spending — driven by people purchasing cars and big-ticket items before any tariff-related price increases. Economists have noted that a long stretch of low unemployment and rising incomes have helped Americans keep shopping.

Intel CFO says tariffs increase chance for economic slowdown, recession getting likelier

Intel CFO David Zinsner said President Donald Trump’s tariffs and retaliation from other countries has increased the likelihood of a recession.

“The very fluid trade policies in the U.S. and beyond, as well as regulatory risks, have increased the chance of an economic slowdown, with the probability of a recession growing,” Zinsner said on the company’s quarterly earnings call on Thursday.

Intel reported better-than-expected first-quarter results, partially because some customers stockpiled chips ahead of tariffs, the company said. However, guidance for revenue and profit was below expectations, pushing the chipmaker’s stock down more than 5% in extended trading.

Intel’s forecast for the current quarter is $11.2 billion to $12.4 billion. Zinsner said the range is “wider than normal” due to uncertainty caused by tariffs.

The company’s outlook underscores how sensitive manufacturers are to trade restrictions, even for companies that are committed to building products in the U.S. While Intel manufactures some of its advanced processors domestically, it also partners with Taiwan Semiconductor Manufacturing Company and Samsung in Korea to manufacture chips, and imports chipmaking machinery from ASML in Europe. The company also needs parts and materials that come from China.

Zinsner said the tariff environment makes it harder for Intel to predict its performance for the quarter and the year, and added that it’s now anticipating that the total market for its chips could shrink, especially if consumers stop buying new computers.

“The biggest risk we see is the impact of a potential pullback in investment and spending, as businesses and consumers react to higher costs and the uncertain economic backdrop,” Zinsner said.

Although Intel has enough production in disparate places around the world to mitigate some of the tariffs, the company “will certainly see costs increase,” he added.

One possibility is that consumers may opt for laptops and other computers based around older-generation chips, which are less expensive, said Michelle Johnston Holthaus, CEO of Intel Products.

“The macroeconomic concerns and tariffs have everybody kind of hedging their bets in what they need to have from an inventory perspective,” Holthaus said on the earnings call.

Beyond tariffs, Intel faces efforts by the U.S. government to require licenses to ship advanced chips for artificial intelligence to countries like China.

Intel’s earnings report on Thursday was its first under CEO Lip-Bu Tan, who was appointed to the job last month. Tan said he planned to cut Intel’s operational and capital expenses in order to make the company more efficient.

Fed’s Kashkari nervous that trade policy uncertainty will lead to layoffs

(Reuters) -Minneapolis Federal Reserve Bank President Neel Kashkari on Thursday said the extreme uncertainty over U.S. trade policy has him “nervous” about big layoffs, though so far he has only heard about businesses starting to plan for the possibility if the uncertainty lasts.

The most optimistic thing that could happen this year for the U.S. economy would be “a resolution of trade disputes with our major trading partners, that would relieve extraordinary uncertainty that … businesses large and small and people across the country are experiencing right now,” Kashkari said at the University of Minnesota. “And the thing about confidence is if we all get nervous at the same time … it can really bring down the economy, really slow it down.”

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