Morning Brew Daily – Episode Summary

Episode: Trump Reduces Beef and Coffee Tariffs & Hollywood Stars Aren’t Bankable Anymore?
Date: November 17, 2025
Hosts: Neal Freyman & Toby Howell

Episode Overview

This episode of Morning Brew Daily tackles two major topics:

1. President Trump’s newly announced rollback of tariffs on common grocery staples (like beef and coffee) and whether it will do anything to reduce food prices for American shoppers.
2. Hollywood’s current crisis—big name actors are no longer a guarantee for box office success, with recent high-profile flops signaling a changing industry.

Alongside these deep dives, Neal and Toby highlight eye-watering legal bills at JP Morgan, a wave of generational CEO retirements at iconic companies, and what to watch for in the week ahead across business, sports, and the box office.

Key Discussion Points & Insights

1. Tariff Rollbacks: Will Grocery Prices Drop?

[02:57]–[06:39]

• Announcement: President Trump announced significant rollbacks on tariffs for everyday food goods (tomatoes, coffee, nuts, beef, bananas, avocados) after GOP election losses underscored affordability issues with basic groceries.
• Stats:
  • Ground beef is up 11.5% YoY.
  • Bananas up 8.6%; coffee up 40% from last September.
  • These spikes vastly outpace the overall inflation rate (~3%).
• Tariff Economics Explained:
  • Quote (Neal, 03:58): “By admitting that lowering tariffs will lower prices for US Consumers, the Trump administration is acknowledging what economists have pointed out all along. Tariffs raise prices across the board.”
• Why These Tariffs Never Made Sense:
  • Quote (Toby, 04:30): “The banana and the coffee, these food items were always held up as a symbol of why this tariff logic never made sense. Because you’re right, we literally do not have the conditions to grow these things here. So why are we tariffing them? It just makes things more expensive for consumers.”
• Will Prices Actually Fall?
  • Retailers typically slow to pass savings back to consumers. Even with reduced tariffs, price drops will be slow and likely modest.
  • Neal, 05:34: “There’s this famous saying when it comes to inflation that prices take the elevator up and the stairs down. Now, grocers have set the expectation that you’re going to pay a lot…they don’t have a lot of incentive to lower prices that quickly.”
  • Example: Brazil’s coffee tariffs only lowered from 50% to 40%.
• Supreme Court Looming: The legality of Trump’s use of emergency powers to impose tariffs remains under question, with possible forced refunding of tariff revenue.
  • Toby, 06:39: “The big albatross that is still percolating in the background is the Supreme Court threat to Trump’s entire tariff agenda.”

2. Hollywood in Crisis: The End of 'Bankable' Movie Stars

[06:39]–[11:09]

• Recent Box Office Busts: Despite starring A-listers and receiving critical acclaim, recent original movies have bombed.
  • Examples:
    • “The Hunt” (Julia Roberts): $70M budget, $3.3M gross.
    • “Christie” (Sydney Sweeney): $1.3M opening weekend, one of the worst for a wide release.
    • Disappointing movies from Jennifer Lawrence, Robert Pattinson, The Rock, and more.
• Industry Reaction:
  • Quote (Neal, 08:49): “Matt Baloney…said it’s the fall of Rome. It’s the real time disintegration of a 100-year-old industry. Owen Gliberman…said it has seriously begun to look like the bottom is falling out…Kevin Goats…said, it’s not a phase, it’s an event you can’t reverse.”
• Why Are Studios Still Making These Films?
  • Awards eligibility—require theatrical runs.
  • Streaming deals post-release (e.g., MUBI buys “Die My Love” for $24M).
  • Audience behavior is inconsistent: claim to want "originals," but turnout is for franchises.
    • Toby, 09:55: “The math isn’t mathing right now. Which begs the question, why do studios keep making these movies?...Audiences technically are saying, we want original films…And yet, if you look at how Predator’s 9th installment did at the box office, it actually crushed.”
• Current Successes:
  • Franchises dominate: 20 of 26 movies earning $20M+ last summer were franchises.
  • 2025’s summer was the least attended since 1981.

3. Winners of the Weekend

[11:09]–[17:09]

a. Charlie Javice & Her Legal Bills

[11:09]–[15:05]

• Background: Charlie Javice, convicted of fraud after JP Morgan bought her startup “Frank” for $175M (the user base was fabricated), now running up $142M+ in legal bills, also paid by JP Morgan due to the acquisition agreement.
  • Quote (Neal, 12:30): “The largest bank in the US is accusing Javice of racking up exorbitant legal bills which they are on the hook for…In total, JP Morgan says it’s paid over $142 million in legal fees for Javice and her co-conspirators so far, nearly as much as the $175 million they were duped out of in the first place.”
  • Expenses include luxury hotels, celebrity lawyers, and surprising items like “cellulite butter.”
• Toby, 13:11: “She went for the absolute top lawyers here…the who’s who of a legal defense team.”
• Charlie’s response: Denial via spokesperson; claims all purchases followed JP Morgan employee policy and expense codes.
  • Neal, 14:29: “Her spokesperson said Charlie says she has nothing to do with that and it’s a ridiculous allegation…she never sought reimbursement for anything that wasn’t expressly under the guidelines.”

b. Mytai Cocktails – Symbolizing CEO Retirements

[17:17]–[21:23]

• A slew of iconic CEOs are stepping down:
  • Doug McMillon (Walmart), Tim Cook (Apple), Bob Iger (Disney).
• Their legacies:
  • Tim Cook grew Apple’s market cap from $350B to $4T (2011–2025).
  • Toby, 17:17: “Under Cook, Apple stock has nearly 20x since he took the helm…Walmart shares have quadrupled since McMillon took over…and Disney is now five times the size since Iger first took the reins.”
• Why now?
  • The next generation of CEOs will face AI disruption, cost-cutting, and geopolitical challenges.
  • S&P 500 CEO average tenure is now only seven years.
  • Neal, 18:26: “About 1 in every 5 people around the world uses an iPhone. About 1 in every 50 people on Earth visits a Disney property each year. And then when it comes to Walmart…has the most revenue and employees of any company in the world.”
  • The focus at Walmart shifts to e-commerce, AI, and new revenue streams like advertising.

4. Week Ahead: Major Events & Releases

[21:56]–[25:15]

• Cable News: Disney and YouTube TV have ended their carriage dispute, bringing back ESPN/ABC for 10M YouTube TV subscribers.
• Corporate Earnings: Major week for the U.S. economy: Walmart, Target, Home Depot, Gap, and Nvidia all report.
  • Neal, 23:05: "It really does have more to do with how many yoga pants and cheeseburgers a consumer wants to buy."
• Jobs Report drops Thursday, but expected to be out of date due to delays.
• Box Office Watch: “Wicked for Good”— the sequel to the hit musical adaptation, starring Cynthia Erivo and Ariana Grande — is reported as the biggest advance ticket-seller of 2025.
  • Toby, 24:37: “You don’t need movie stars, you just need obviously an awesome and epic story... In a post-Barbie world, we're seeing these movies become events.”

Notable Quotes & Memorable Moments

• On Tariffs: “By admitting that lowering tariffs will lower prices for US Consumers, the Trump administration is acknowledging what economists have pointed out all along. Tariffs raise prices across the board.”
  — Neal, 03:58

• On Grocery Prices: “Prices take the elevator up and the stairs down.”
  — Neal, 05:34

• On the Hollywood Slump: “It’s the real time disintegration of a 100-year-old industry.”
  — Matt Baloney, quoted by Neal, 08:49

• On Legal Bills: “If someone else is paying your bills... why not?”
  — Neal & Toby, 14:08

• On Incoming New CEOs: “We are seeing or entering a time of upheaval right now. If you want to read between the lines. I mean, they want leaders fluent in AI coming in…”
  — Toby, 19:09

• On the Changing Movie Landscape: “You don’t need movie stars, you just need obviously an awesome and epic story.”
  — Toby, 24:37

Timestamps for Key Segments

• [02:57] Trump’s Tariff Rollback Announcement
• [05:34] Will Grocery Prices Fall? Explanation and Outlook
• [06:39] Supreme Court Threat to Tariff Agenda
• [06:39] Hollywood’s Bankable Stars No Longer Bankable
• [08:49] Industry Experts on Hollywood’s Crisis
• [11:09] “Winners of the Weekend” Segment Begins
• [12:30] JP Morgan v. Charlie Javice Legal Bill Drama
• [17:17] CEO Retirement Wave: Walmart, Apple, Disney
• [21:56] Preview of Big Events in the Week Ahead
• [24:10] “Wicked for Good” & The New Age of Movie Event Marketing

Tone & Style

The episode retains Morning Brew’s signature tone: sharp, conversational, lightly irreverent, but always informative. Neal and Toby blend humor (“What would you buy if Jamie Dimon was paying your bills?”) with incisive analysis, offering clear takeaways even on complex or potentially wonky economic stories.

Bottom Line

• The rollback of tariffs on key food imports is a tacit admission by the Trump administration that tariffs were raising prices for American consumers, but any relief at the grocery store will be slow and limited.
• Hollywood is undergoing a fundamental shift—star power isn’t enough anymore, as franchises and event films dominate what little box office success remains.
• JP Morgan’s ongoing legal headaches with Charlie Javice highlight the pitfalls of dealmaking gone wrong.
• The retirement of legendary CEOs at companies like Walmart and Apple signals the end of an era—and the beginning of a new, AI-driven corporate age.
• Keep your eyes on earnings reports this week and whether the sequel “Wicked for Good” can cast a financial spell on a struggling box office.