Alaska Airlines reveals its first European destination
Alaska Airlines is making its first foray into the European travel market, announcing Tuesday it will launch new flights to and from Rome, Italy, beginning in May 2026.
The introduction of the new route marks the first time travelers will be able to fly nonstop from the airline's hub in Seattle, Washington, to Italy on any airline, according to Alaska Air. Customers will fly on Boeing 787-9 aircraft the carrier obtained when it merged with Hawaiian Airlines in 2023.
The new route is part of Alaska Air's push to expand its global reach. The airline intends to serve 12 global destinations on multiple continents by 2030, CEO Ben Minicucci told CBS News last month.
Alaska Air will operate four weekly flights to Rome traveling in each direction. Flights to Rome will leave Seattle at 6 p.m. on Monday, Wednesday, Friday and Sunday, arriving in the Italian capital at 1:45 p.m. local time the next day. Flights from Rome to Seattle will depart Italy at 3:45 p.m. on Monday, Tuesday, Thursday and Saturday, arriving in Seattle at 6 p.m.
Tickets will go on sale beginning in the fall.
The airline said it selected Rome as its first European destination because it's one of the "most-requested" destinations among its reward members.
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Europe has also sounded the alarm, with EU businesses lobbying Beijing to set up a fast-track system for approval of rare earth export licences for "reliable" companies. China's rare earth curbs are seen as part of the wider trade tensions with the US as the two nations seek to reach a trade deal and avoid tariffs. Chinese state media reported Thursday morning that President Trump and Chinese President Xi Jinping had a phone call at Trump's request. Anticipation had been building as to when the two leaders would speak, as trade tensions between the US and China reignited after Trump and Chinese officials each stated the other had broken their informal Geneva agreement. Trump had publicly pushed for a phone call, which press secretary Karoline Leavitt hinted would come this week. The call appears to mark the first talk between the two leaders during Trump's second term in office. Indian and US officials are holding high-level talks this week in New Delhi to hammer out a finalized trade deal that could be announced this month, two government sources told Reuters. Reuters reports: Read more here. The tit-for-tat game between the US and China continues. A Bloomberg report on Thursday said that the Trump administration plans to broaden restrictions on China's tech sector with new regulations to include subsidiaries of companies under US curbs. This follows China's curbs on rare earths which have led to the US, the EU, Japan and global car companies sounding the alarm on supply chain issues. The Geneva tariff talks between the US and China were meant to help prevent trade tensions between the two nations and put a stop to escalating tariffs. However, it seems both sides are unwilling to back down. Bloomberg News reports: Read more here. US business optimism has fallen sharply, reflecting a trend seen in the first quarter of the year and a reversal from the buoyant mood after President Trump was elected. Bloomberg News reports: Read more here. The world's largest consumer goods company, Procter & Gamble (PG), said on Thursday it will cut 7,000 jobs, approximately 6% of its total workforce, over the next two years as part of a new restructuring plan to combat falling consumer demand and higher costs due to tariffs. P&G said it also plans to exit some product categories and brands in certain markets. P&G, which makes popular brands such as Pampers and Tide detergent, said the restructuring plan comes when consumer spending is pressured. Like P&G, other consumer companies are also facing a drop in demand, such as Unilever. President Trump's tariffs on trading partners have deeply impacted global markets and led to recession fears in the US, which is the biggest market for P&G. A Reuters poll revealed that Trump's trade war has cost companies over $34B in lost sales and higher costs. My colleague Brian Sozzi highlights some of P&G's changes within his latest piece, stating that the consumer goods brand knows how to do a "few things very well." P&G was forced to raise prices on some products in April. Pricing and cost cuts were the main levers, CFO Andre Schulten said. On Thursday, Schulten and P&G's operations head Shailesh Jejurikar acknowledged that the geopolitical environment was "unpredictable" and that consumers were facing "greater uncertainty." Read more here. Instead of passing on tariff costs to consumers, tonic maker Fevertree Drinks (FQVTY) announced on Thursday it would equally split costs of the 10% tariff imposed on UK imports to the US with brewer Molson Coors (TAP). The British company, known for its premium cocktail mixers, counts the United States as its largest market, where it continues to deliver strong momentum bolstered by its partnership with the US beer maker Molson Coors. Read more here. Reuters reports: Read more here. British firms are brushing off President Trump's tariffs, according to a survey released on Thursday by the Bank of England. Reuters reports: Read more here. Reuters reports Read more here. Yahoo Finance's Ben Werschkul reports: Read more here. Apple (AAPL), which has become caught in the crossfire of President Trump's trade war several times this year, now faces delays to the launch of Apple Intelligence in China, the Financial Times reports. It's the latest instance in which the conflict between the US and China has spilled into areas other than tariffs, including aircraft bans, export controls, and student visas. From the Financial Times: Read more here (premium). Prime Minister Mark Carney said Canada will take "some time" to assemble a response to the doubled steel and aluminum tariffs President Trump imposed on Tuesday and that the US and Canada are currently involved in "intensive" trade talks. "We will take some time — not much, some time — because we are in intensive discussions right now with the Americans on our trading relationship," Carney said, as reported by the Canadian Press. Carney also stated that the 50% steel and aluminum tariffs are "unlawful and unjustified," and he predicted they will harm American workers as well as Canada. He noted that Canada is considering its response to Trump's escalation. Already the country has implemented countermeasures on $90 billion worth of US goods. Read more here. In a new letter approximating the budgetary impacts of President Trump's tariffs, the nonpartisan Congressional Budget Office (CBO) stated that tariffs would reduce deficits but reduce the US economy and raise inflation. CBO assessed that the collections from tariffs implemented between Jan. 6 and May 13 would reduce primary deficits by a net $2.8 trillion over the next decade when accounting for reduced outlays of interest payments as well as changes in the size of the economy. The preliminary analysis stated that the effects of retaliatory tariffs, plus reductions in investment and productivity due to tariffs, are expected to weigh on economic growth. The budget office pegged a $300 billion increase in the deficit to these economic changes, partially offsetting the $3 trillion deficit reduction from tariff revenue. CBO also estimated that inflation will increase by 0.4 percentage points on average in 2025 and 2026, thereby "reducing the purchasing power of households and businesses." The estimates reflect the duties imposed as of May 13, including 10% broad-based tariffs, 25% auto tariffs, and 25% steel and aluminum tariffs (the last of which doubled as of June 3). They do not reflect the US-UK trade pact announced on May 8. President Trump's tariffs are leading many American's, especially those with deeper pockets to flock to dollar stores. Chains such as Dollar General and Dollar Tree, whose core customer base was once (and still is) those with less money, are now seeing a rise in wealthier customers visiting their stores, as Trump's tariffs darken US consumer sentiment. The FT reports: Read more here. Activity in the services sector has fallen into contraction for the first time in a year. The Institute for Supply Management's Services PMI registered a reading of 49.9 in May, below the 51.6 seen in April and lower than the increase to 52 economists had expected. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate contraction. May's data marked just the fourth time the services sector has fallen into contraction in the past five years. New orders tumbled to a reading of 46.4 in May, below the 52.3 seen the month prior. Meanwhile, the prices paid index increased to 68.7, up from 65.1 in April. This marked the highest prices paid reading since November 2022, when the Consumer Price Index had shown inflation at 7.1%. Steve Miller, the chair of ISM's Services Business Survey, said in the release that "tariff impacts are likely elevating prices paid." "May's PMI level is not indicative of a severe contraction, but rather uncertainty that is being expressed broadly among ISM Services Business Survey panelists," Miller said. Yahoo Finance's Josh Schafer reports: Read more here. The Bank of Canada noted that it's seeing softness in the Canadian economy due to tariffs as it held interest rates steady on Wednesday. 'With uncertainty about US tariffs still high, the Canadian economy softer but not sharply weaker, and some unexpected firmness in recent inflation data, Governing Council decided to hold the policy rate as we gain more information on US trade policy and its impacts,' the Bank said in a statement. 'We will continue to assess the timing and strength of both the downward pressures on inflation from a weaker economy and the upward pressures on inflation from higher costs.' Governor Tiff Macklem also noted that while it's too soon to see tariff-related inflation broadly in consumer prices, the US-Canada trade conflict is "the biggest headwind facing the Canadian economy." Read live updates about the Bank of Canada's policy meeting here. British Prime Minister Kier Starmer said on Wednesday he is confident the tariffs on US imports of British steel will be reduced to zero within a "couple of weeks" and that the UK will avoid the July deadline, which could see levies rise up by 50%. Britain managed to avoid the 50% tariff on steel imports into the US, but President Trump has said if a deal is not made by July 9, British steel will face the same fate as other countries. Reuters reports: Read more here. Like many other retailers, tariffs have hit the discount store Dollar Tree (DLTR), who have blamed President Trump's trade war for its weak second-quarter profit. Shares of the company were down about just over 1% in premarket trading. Reuters reports: Read more here.
