Greetings N2K reader!

This week’s world famous news haiku competition™ is about new limits for a rent algorithm that prosecutors say lets landlords drive up prices. Send me your entry — to our spiffy new email address, haiku at cheddar dot com — by noon ET on Thursday for consideration by your Cheddar peers! Also…

Don’t miss the Sunset gift guide!

Need the perfect gift? Sunset’s 2025 Holiday Gift Guide has you covered! With beautifully curated selections, there’s something for everyone on your list. Cozy up in the luxurious Flock Robe ($165) or add charm to any table with the Otto Napkin ($20). For the chefs, the Little Zipper Pot Holder ($35) is as stylish as it is practical. Nature lovers will adore the Case Study® Ceramics Birdhouse ($75) or the stunning Ceramics Small Cylinder with Stand. Want to give experiences? Share joy with the Sunset Box ($69.99) or a subscription to Sunset Magazine ($29.95). Shop now for thoughtful, unique gifts!

And now for something completely different!

—Matt Davis, Need2Know Chedditor

News You Need2Know

What’s the stock market up to, eh?

$SPX ( ▲ 0.25% )   $DJI ( ▲ 0.39% )   $NDX ( ▲ 0.59% )

Companies mentioned in today’s newsletter

$COST ( ▲ 1.1% )   $DIS ( ▼ 1.82% )   $TFC ( ▼ 0.19% )   $REVRQ ( 0.0% )  

Costco sues to recover tariff payments

Costco $COST ( ▲ 1.1% ) (where I’m an executive member, btw…and where I like the rotisserie chicken) is taking legal action against the Trump administration's tariffs, filing a lawsuit to demand a refund on duties imposed under the International Emergency Economic Powers Act (IEEPA). The retailer argues that the tariffs, implemented through a presidential executive order, are unlawful. In its filing, Costco claims, “Because IEEPA does not clearly authorize the president to set tariffs... the Challenged Tariff Orders cannot stand and the defendants are not authorized to implement and collect them.”

The lawsuit comes as various companies challenge the sweeping tariffs enacted during Trump’s presidency. Since their imposition, importers have paid nearly $90 billion, with the government collecting $205 billion in total tariffs through late October.

Although the scope of Costco’s financial losses due to the tariffs has not been disclosed, the company noted significant impacts on its imports, which include many fresh food staples. In a May earnings call, Chief Financial Officer Gary “Lite” Millerchip highlighted that products imported from China comprised about 8% of Costco's U.S. sales. Despite these challenges, he emphasized that Costco had chosen not to increase prices on key items like pineapples and bananas to “make sure that we're protecting the member." Which I appreciate.

Costco now joins companies like Revlon $REVRQ ( 0.0% ) and Kawasaki in seeking tariff refunds. The Supreme Court is likely to rule on the legality of the tariffs soon.

Song of the Day: Aerosmith with Yungblud, ‘My Only Angel’

Aerosmith and Yungblud’s (aka English genre-melder Dominic Harrison, who was born in 1997…) single “My Only Angel” blends energetic rock with Joe Perry’s iconic guitar work. Praised for its catchy chorus, it’s a fresh departure for Aerosmith and a modern rock intro for Yungblud fans. A commercial hit, it debuted at #1 on the Hard Rock Songs chart. You can’t help wondering when Stephen Tyler is going to start looking older than Yungblud, though.

Disney sets 2026 deadline to appoint new CEO

Disney $DIS ( ▼ 1.82% ) is on a mission to address its CEO succession plan by announcing Bob Iger’s replacement by early 2026. The move comes after Iger’s unexpected return to the top position in 2022 following Bob Chapek’s departure, after Iger, let’s say…knifed him in the back in the Battle of the Bobs™.

As his contract ends in December 2026, Iger aims to work closely with the upcoming CEO, ensuring a seamless handover. If it’s anything like last time around it’s possible, of course, that the new person might not make it through that