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1. Reciprocal tariffs take effect, hit US trade partners
New tariffs go into effect today, hitting major U.S. tariff trade partners, although some have avoided the worst impacts through trade deals, the New York Times reports. Rates vary, from the 50% on India — in part due to that country's continued oil trade with Russia — to 15% on the European Union, Japan and South Korea.
The Times notes in addition to country-targeted tariffs, there are industry specific ones hitting today, as well.
"Additional duties are expected later this year on imports of semiconductors, pharmaceuticals and lumber, among others," the newspaper reports.
On Wednesday, Trump said the import taxes on chips would be 100 percent.
2. IHG's global hotel portfolio surpasses 1 million rooms
IHG Hotels & Resorts reported this morning it has become the latest hotel brand company to surpass 1 million rooms in its portfolio, CoStar News' Terence Baker reports. Hilton and Marriott International both have more than 1 million open rooms, while Accor is likely the next to break the mark.
During the company's first-half 2025 earnings call, CEO Elie Maalouf noted the company actually finished the second quarter with roughly 999,000 open rooms, but surpassed the 1 million mark early in the third quarter.
“Reaching one million rooms reflects the deep trust and confidence our guests, owners and investors place in IHG and our brands. But more than that, it’s a celebration of our colleagues,” Maalouf said.
3. Choice execs see soft demand in US
Choice Hotels International saw a 2.9% year-over-year drop in RevPAR during the second quarter, spurring officials at the Bethesda, Maryland, company to cut full-year guidance, CoStar News' Dan Kubacki reports.
Choice now projects 2025 domestic RevPAR change between a 3% decline and flat performance, whereas its prior outlook predicted a full-year RevPAR change between a 1% decline and 1% growth. Choice also lowered its outlook for 2025 net income to between $261 million and $276 million, which is down from the prior range of $275 million to $290 million.
"The two headwinds — and the whole industry has experienced it — are really international inbound [demand to the U.S.] and government travel. Those are the two things that have sort of modestly set back RevPAR expectations," Choice Hotels President and CEO Patrick Pacious said.
4. Fed officials worried over labor market
The case for interest rate cuts might be looking stronger as more officials with the U.S. Federal Reserve are publicly raising concerns about the labor environment, Reuters reports. During a recent interview on CNBC, Minneapolis Fed President Neel Kashkari indicated two rate cuts by the end of the year "seems reasonable to me."
Data "suggests the real underlying economy is slowing. I've got confidence that that is happening," Kashkari said. "How long can we wait until the tariff effects become clear? That's just weighing on me right now."
San Francisco Fed President Mary Daly indicated to Reuters she has concerns about the cooling labor market, and also agrees two rate cuts would be appropriate.
5. Airbnb revises outlook down despite strong quarter
In yet another sign of soft travel demand, Airbnb lowered its expectations for the second half of the year, even after beating analyst expectations for the second quarter, Reuters reports.
"Airbnb attributed its weak growth outlook to tough comparisons with the year-ago period, when strong bookings in Asia and Latin America had helped earnings," the news outlet reports. "The company expects night bookings growth to moderate year-over-year going into the fourth quarter. It expects the implied take rate, or the ratio of revenue to gross bookings, to remain flat in the third quarter."
CNBC reports the company beat Wall Street's revenue expectations of $3.04 billion by reporting $3.1 billion.