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PULSE POINTS:
❓What Happened: SiriusXM reported a decrease in first-quarter revenue and subscribers. Despite this, CFO Tom Barry indicated that the company is not significantly impacted by tariff-related pressures on car sales. Notably, in 2024, an estimated 92.7 percent of SiriusXM’s revenue came from subscriptions to its satellite radio service, a large portion of which is tied to installation deals with much of the American automobile industry.
👥 Who’s Involved: SiriusXM, CFO Tom Barry, CEO Jennifer Wirtz, and the Trump White House.
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📍 Where & When: The quarterly revenue numbers and comments regarding tariff impacts were revealed on May 1 during SiriusXM’s earnings call.
💬 Key Quote: “Big picture, we sleep well at night,” Barry said, noting the company had not seen a significant negative impact on auto sales stemming from President Donald J. Trump’s imposition of tariffs on foreign imports earlier this year.
⚠️ Impact: SiriusXM’s unique business model, heavily reliant on new car sales and installment contracts with automobile manufacturers, makes the company especially vulnerable to disruptions impacting the auto industry. The comments from company executives indicating that they see tariffs having only a minimal impact on revenue suggest negative economic forecasts pushed by Wall Street may be overblown.
IN FULL:
Executives with SiriusXM, the satellite radio provider, stated during a quarterly earnings call on Thursday that they do not believe the foreign import tariffs imposed by President Donald J. Trump will significantly impact the company’s revenue. The comments are notable as SiriusXM is heavily reliant on revenue derived from subscribers to its satellite radio service, which is pre-installed in many American automobiles.
During the Thursday morning earnings call, SiriusXM CFO Tom Barry stated that the company does not anticipate “that tariff-related pressure on new car sales will have a material impact on our subscriber or financial performance this year.” While Barry cautioned that “like every business, we’ll continue to closely monitor ongoing developments and broader consumer health,” he emphasized to investors, “Big picture, we sleep well at night.”
While SiriusXM did state that its revenue decreased in the first quarter of 2025 by four percent, to slightly over $2 billion, Barry and the company’s CEO, Jennifer Wirtz, stressed that lower-than-expected advertising profits drove the decline. The satellite radio provider’s business model is heavily reliant on new car sales and installment contracts with automakers to grow its subscriber base. In 2024, an estimated 92.7 percent of SiriusXM’s revenue came from subscriptions to its satellite radio service, a large portion of which is tied to the installation deals with much of the American automobile industry.
The confidence expressed by the SiriusXM executives that the Trump administration tariffs will have minimal impact on their future earnings contrasts with the narrative being pushed by economic analysis on Wall Street, which continues to forecast a high likelihood of a recession later this year. Notably, the outlook presented by Barry mirrors consumer data that suggests the U.S. economy remains steady despite a 0.3 percent contraction in GDP in the first quarter announced on Wednesday.
PULSE POINTS:
❓What Happened: A federal judge ruled that the Trump administration cannot use the Alien Enemies Act (AEA) to detain or deport a group of Venezuelan illegal immigrants from a Texas facility.
👥 Who’s Involved: U.S. District Court Judge Fernando Rodriguez, the Trump administration, Venezuelan illegal immigrants alleged to be part of the Tren de Aragua (TdA) gang.
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📍 Where & When: Southern Texas, with the ruling issued on Thursday, May 1.
💬 Key Quote: Judge Rodriguez claims the president’s invocation of the AEA through proclamation “exceeds the scope of the statute and is contrary to the plain, ordinary meaning of the statute’s terms.”
⚠️ Impact: The administration is barred from using the AEA and Trump’s proclamation to detain or remove the migrants, but removal proceedings can still proceed under the Immigration and Nationality Act.
IN FULL:
A federal judge has ruled that President Donald J. Trump‘s March 15 proclamation invoking the Alien Enemies Act (AEA) to expedite the deportation of illegal immigrants residing in the United States exceeds the statutory authority laid out in the law. U.S. District Court Judge Fernando Rodriguez—appointed to the bench in 2018 during Trump’s first term in office—issued the decision on Thursday, determining that the America First leader cannot use the AEA as a legal justification for holding or deporting illegal immigrants either residing or detained in the jurisdiction of the Southern District of Texas.
“The Proclamation makes no reference to and in no manner suggests that a threat exists of an organized, armed group of individuals entering the United States at the direction of Venezuela to conquer the country or assume control over a portion of the nation,” Rodriguez wrote in his ruling. He continued: “Thus, the Proclamation’s language cannot be read as describing conduct that falls within the meaning of ‘invasion’ for purposes of the AEA.”
“Neither the Court nor the parties question that the Executive Branch can direct the detention and removal of aliens who engage in criminal activity in the United States… The question that this lawsuit presents is whether the president can utilize a specific statute, the AEA, to detain and remove Venezuelan aliens who are members of TdA,” the judge continued, concluding: “As to that question, the historical record renders clear that the president’s invocation of the AEA through the proclamation exceeds the scope of the statute and is contrary to the plain, ordinary meaning of the statute’s terms.”
Notably, Tren de Aragua has been officially designated as a foreign terrorist organization, and the FBI reportedly has evidence that the Venezuelan government is aiding its infiltration of the U.S.
The lawsuit, initially filed by the American Civil Liberties Union (ACLU), and the subsequent ruling come as a blow to the Trump White House’s push to swiftly deport dangerous, criminal illegal immigrants. Should the administration appeal Judge Rodriguez’s decision, the conservative-dominated 5th U.S. Circuit Court of Appeals, based in New Orleans, would hear the case. However, the 5th Circuit has shown a penchant in the past to rule against actions it sees as constitutional overreach by the Executive Branch, especially on the issue of immigration. Previously, the appellate court ruled against measures enacted by former Presidents Joe Biden and Barack Obama aimed at allowing illegal immigrants to remain in the country.
Notably, Judge Rodriguez took over the case from James Boasberg, who serves as the chief judge for the United States District Court for the District of Columbia. The change in venue and judge occurred after the U.S. Supreme Court ruled that legal challenges to President Trump’s deportations can only be filed in the court district where the deported person resides or is detained. In addition, the Supreme Court determined that lower court rulings on the matter only apply to the judge’s respective judicial district.
While still presiding over the case earlier this year, Judge Boasberg issued a temporary halt to the deportation of illegal Venezuelan immigrants under the AEA in a bizarre order that demanded the Trump administration recall two planes that were over international waters carrying deportees to El Salvador.
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