Editor's Note: Some linked articles may be behind subscription paywalls.
1. Stock market plummets, posts worst day of the year
Stocks are down in light of the United States President Donald Trump's inconsistent threats, enforcements, pauses, and resumptions of tariffs on three the country's major trade partners, the New York Times reports. On Monday, the S&P 500 fell 2.7%, which was the worst daily decline of the year and amid a three-week-long stretch of selling. The index is now about 9% below a record set last month.
“The market volatility is much less about the bad news of tariffs and much more about the uncertainty of tariffs, especially uncertainty as to what the policy is, where it is headed, how long it will last and what the end result will be,” said David Bahnsen, the chief investment officer at the Bahnsen Group.
Beginning Wednesday, the Trump administration is set to impose a 25% tariff on all U.S. steel and aluminum imports.
2. Canadian province applies tax on electricity imported to US
On Monday, Ontario, Canada, which provides electricity to about 1.5 million homes and businesses in New York, Michigan and Minnesota, has implemented a retaliatory tariff of 25% on electricity provided to the U.S., Forbes reported.
Ontario Premier Doug Ford said he expects this to add around $69 a month to the bills of Americans in the areas receiving Canadian electricity.
“Until these tariffs are off the table, until the threat of tariffs is gone for good, Ontario will not relent,” Ford said at a press conference Monday. “We will not back down — pausing some tariffs, making last-minute exemptions won’t cut it, we need to end the tariffs once and for all.”
3. Extended Stay America eyes growth by conversions this year
With the cost of construction skyrocketing, Extended Stay America is focused on growing its portfolio by way of conversions this year, Hotel News Now's Sean McCracken reports. Mark Williams, managing director of franchise development for the company, said in a video with HNN that this growth strategy gets new hotels online a lot quicker, too.
"We look at conversion as being a good opportunity for us because of struggling interest rates, cost of construction and conversions will be good for us because to if you're doing new construction it's a three-year process," he said. "If I'm doing a conversion, from time I signed the deal, I can get that open in six to eight months. We're to market a heck of a lot faster. And the the cost to the owners is considerably less. They already own the asset."
4. Sonesta to erect supertall condo-hotel in Miami
Sonesta International Hotels is partnering with South Florida’s Mint Development to build one of the city's tallest towers, an 82-story condo-hotel, CoStar News' Joshua S. Andino reports.
The proposed James Hotel & Residences Downtown Miami at 231 E. Flagler St. will include 336 fully furnished residences, with 200 rooms expected to be part of the building’s hotel-leaseback program. Sales at the James Hotel & Residences are expected to begin in the second quarter. Prices of the units were not disclosed.
The project is being touted as the first new-construction development for Sonesta's James brand in the U.S. The new tower “embodies the modern sophistication and dynamic energy that will define The James brand... situated in one of the most important markets in the world,” said Brian Quinn, Sonesta’s chief development officer, in a statement from the hotel company.
5. Southwest Airlines changes another one of its hallmark offerings
Checked bags will no longer be free with any Southwest Airlines ticket, the airline announced Tuesday. Only Southwest's business class customers and its top rewards program members will receive the two free checked bags perk. Other A-List rewards members, Southwest credit card holders and select customers will be able to check one bag for free.
Additionally, Southwest has altered how many Rapid Rewards points its customers earn on each flight, and changed its points and credits expiration policy. All of the announced changes, which Southwest disclosed in a news release on Tuesday, will begin on flights booked on or after May 28.
"We have tremendous opportunity to meet current and future customer needs, attract new customer segments we don't compete for today, and return to the levels of profitability that both we and our shareholders expect," said Bob Jordan, president, CEO and vice chairman of the board of directors at Southwest Airlines.
Last summer, Southwest announced it will be implementing assigned seating, ending its unique open seating policy. The new policy is expected to go into effect in the second half of 2025.