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Trump says he’ll meet with Putin in Hungary. Following what he described as a “lengthy” and “very productive” phone call with Vladimir Putin, President Trump said he plans to meet with the Russian leader soon in Budapest to discuss ending the war in Ukraine. The phone call came ahead of today’s meeting between Trump and Ukrainian President Volodymyr Zelensky at the White House, where the two are expected to discuss sending long-range Tomahawk missiles to Ukraine. The missiles would allow Ukraine to reach much farther into Russia, including to Moscow, which experts say could force Putin to negotiate. Trump said Putin “didn’t like that idea” when he brought it up during their phone call.
Furniture tariffs prompt IKEA to raise prices. The Swedish home furnishings giant, known for its low prices, is particularly vulnerable to tariffs because it sources only 15% of the products it sells in the US regionally. “We have to adapt and pass on parts of the cost increase to the customers,” Tolga Öncü, retail manager at Ingka (which operates most IKEA stores), told the Wall Street Journal. Total retail sales at the company fell for the second year in a row as inflation keeps US shoppers from making some big purchases. President Trump’s 25% tariff on upholstered wooden furniture, kitchen cabinets, and vanities went into effect this week.
Nestle is cutting 16,000 jobs as part of turnaround effort. The biggest food company in the world is slashing the roles to “simplify our organization” and “automate our processes,” CEO Philipp Navratil wrote in a LinkedIn post. The maker of everything from Kit Kat candy bars to Nespresso coffee pods, Nestle has faced investor pressure over falling demand in China and internal drama, including the ouster of its previous CEO, Laurent Freixe, over an undisclosed romantic relationship with an employee. Nestle’s stock spiked more than 9% yesterday following the news of the layoffs.—AE
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