The sign on the side of a Costco is seen in Hawthorne, California, on April 4, 2025.

Jay L Clendenin | Getty Images

Shares of Costco fell slightly on Thursday, despite the warehouse club posting quarterly earnings and revenue that topped estimates and reporting 8% year-over-year sales gains.

Unlike many retailers, Costco does not provide an annual outlook. Yet the company’s leaders spoke on an earnings call about the challenges and higher costs tariffs have meant for its business

Here’s how the warehouse club retailer did in its fiscal third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: $4.28 vs. $4.24 expected
• Revenue: $63.21 billion vs. $63.19 billion expected

Costco’s net income for the three-month period that ended May 11 rose to $1.90 billion, or $4.28 per share, compared with $1.68 billion, or $3.78 a year earlier. Revenue rose from $58.52 billion in the year-ago period.

Comparable sales, an industry metric that takes out one-time factors such as store openings and closures, rose 8%, and e-commerce sales rose nearly 16% compared with the year-ago period, excluding gas and the impact of changes to foreign exchange.

As tariffs raise economic worries, and potentially consumer prices, Costco could stand to benefit. Unpredictable tariff policy could help drive more customers to the warehouse club, which is known for its competitive prices and bulk discounts, and encourage them to renew membership. Its clubs also sell discounted gas and groceries, which are steadier traffic drivers even when consumers pull back on spending. And compared with some other retailers, Costco has a stronger hand in price negotiations with suppliers because of its large size.

About a third of Costco’s U.S. sales are goods brought in from other countries, CFO Gary Millerchip said on the company’s earnings call. He said items imported from China represent about 8% of total US sales.

Some retailers have already warned that higher tariffs will mean higher prices. Best Buy CEO Corie Barry said Thursday that the retailer had already raised prices on some consumer electronics because of tariffs. Cosmetics company E.l.f. Beauty announced a price increase on its makeup last week. And Walmart CFO John David Rainey warned earlier this month that higher prices were coming to the discounter’s stores and website in late May or June.

On the company’s earnings call, CEO Ron Vachris said Costco has looked for ways to reduce tariff costs while keeping prices low. He said its buyers rushed orders to get them to the U.S. ahead of tariffs. It has rerouted goods from countries with higher tariffs to non-U.S. markets. And it’s sourced more items for its private brand, Kirkland Signature, in the countries or regions where the items are sold.

Even with tariffs, he said, Costco has lowered the price of some items including eggs, butter and olive oil. He said it’s also trying to lean into reasons that customers might sign up for or renew membership, such as extending the hours of its gas stations that sell discounted fuel.

Compared to other retailers, Costco sells a slimmer variety of items like having fewer different brands of peanut butter or diapers. Millerchip said that limited approach means Costco is a bigger buyer and can work more closely with suppliers on pricing. He said Costco can also rotate to other items, if needed.

In some cases, Costco has absorbed tariff-related cost differences and in other cases, it has raised prices, Millerchip said. For example, the retailer decided to hold the line on the price of pineapples and bananas from Central and South America because they are staple items for shoppers, he said.

“We felt it was important to to really eliminate the impact there for the member by working with our suppliers and by us finding efficiencies and accepting that there may be a margin impact,” he said.

On the other hand, he said, it decided to increase the price for flowers from Central and South America since those are a more discretionary items.

As of Thursday’s close, shares of Costco are up about 10% so far this year. That has outpaced the S&P 500’s less than 1% gains during the same period.

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A 2025 Ford Expedition with bronze trim at the automaker’s Kentucky Truck Plant, April 30, 2025.

Michael Wayland | CNBC

LOUISVILLE, Ky. — A white 2025 Ford Expedition SUV with bronze exterior trim rolled off the assembly line at Ford Motor‘s Kentucky Truck Plant. It was assembled — from its frame to completion — by American workers at the factory. But it’s far from being completely “Made in the USA.”

A majority of its main parts — at least 58% as stated on a window sticker — were made outside the country, including 22% from Mexico. That includes its Ford-engineered, 3.5-liter twin-turbocharged V-6 Ecoboost engine, the heart of the vehicle.

The popular large SUV is a prime example of how complicated the global automotive supply chain is, and underscores the reality that even vehicles rolling off U.S. assembly lines from quintessentially American companies such as Ford can rely heavily on nondomestic content.

The massive Kentucky assembly plant, which has more than 9,000 people building the Expedition, F-Series pickup trucks and Lincoln Navigator SUV, is exactly the kind of facility President Donald Trump is pressuring automakers to build in the U.S. through his use of aggressive tariffs.

After Trump put 25% tariffs on imported vehicles and many automotive parts, automakers started scrambling to tout U.S. investments and localize supply chains as much as possible. But while the country would benefit from jobs and economic output if all auto parts were sourced and manufactured in the U.S., experts say it’s just not feasible.

“Some parts that have been offshored will still be cheaper to manufacture in those locations rather than the USA at scale even with some of the imposed tariffs,” said Martin French, a longtime supplier executive and partner at Berylls Strategy Advisors USA.

Processing and production plants for things such as steel, aluminum and semiconductor chips, especially older ones used for autos, as well as raw materials such as platinum and palladium, aren’t prevalent enough in the U.S. without establishing new plants or mines. Those are processes experts say would take a decade or more to create at scale.

On top of that, the increased costs of a 100% U.S.-made vehicle could price many consumers out of the new vehicle market. That could in turn lead to less demand and likely lower production.

“We can move everything to the U.S., but if every Ford is $50,000, we’re not going to win as a company,” Ford CEO Jim Farley said last week on CNBC’s “Squawk Box.” “That’s a balancing act that every [automaker] will have to do, even the most American company.”

Farley said 15% to 20% of commoditized vehicle parts are difficult, if not impossible, to source currently in the U.S. That includes things such as small fasteners, labor-intensive wiring harnesses and almost $5,000 in semiconductors per vehicle, which are currently sourced largely from Asia.

S&P Global Mobility reports there are on average 20,000 parts in a vehicle when it’s torn down to its nuts and bolts. Parts may originate in anywhere from 50 to 120 countries.

For example, the Ford F-150, which shares a platform and some parts with the Expedition, is exclusively assembled in the U.S. but has roughly 2,700 main billable parts, which exclude many small pieces, according to Caresoft, an engineering benchmarking and consulting firm.

The Trump administration could ease higher prices for an American-made vehicle by offering tax breaks or consumer incentives, much like the electric vehicle credit of up to $7,500 that Trump previously promised to eliminate.

But the costs of a 100% American-made vehicle are far greater and more complex than they might seem at first blush. It’s even hard to track what comes from the U.S., as automakers are required to report a combined percentage of Canadian and U.S. content in a vehicle, not just U.S. content.

The material costs alone, excluding manufacturing investments, would add thousands of dollars to a vehicle’s price point, which would wipe out profits for automakers and force price increases for consumers, several automotive analysts and executives told CNBC.

The people, who were given anonymity so they could speak freely, estimated it would add thousands of dollars with each step you took to get closer to 100% U.S. and Canadian parts.

100% U.S.-made vehicle

Mark Wakefield, a partner and global automotive market lead at consulting firm AlixPartners, said nothing’s impossible with time, but the investment needed for U.S. and Canadian sourcing and added costs would increase exponentially the closer a company came to a 100% “Made in the USA” vehicle.

“The cost gets quantumly more … the closer you get to 100%,” Wakefield said. “Getting above 90% gets expensive, and getting about 95% would get really expensive, and you just start getting into things that you’d have to take a long time [to do].”

A worker at Ford’s Kentucky Truck Plant on April 30, 2025.

Michael Wayland | CNBC

To get that last 5% to 10%, if, or when, you could, Wakefield said, would start “getting really expensive” and likely take a decade or more to set up raw material sourcing and reshore production of some parts.

“I don’t think you could do it more than about 95% on average, at any cost, at the moment, just because you need to build a lot of stuff that’s going to take a long time,” he said. “The processing and the raw material stuff, it takes a really long time, because those are multibillion-dollar facilities that process it.”

Two executives at auto suppliers told CNBC it would be “unrealistic,” if not impossible, for a company to profitably build a 100% U.S.-made vehicle at this time. Another executive at an automaker estimated the average cost increase for an American-assembled U.S. full-size pickup would jump at least $7,000 to source as many components as currently possible from the U.S. and Canada.

One expert, generalizing the costs, said it could cost $5,000 more to get a vehicle that’s currently under 70% U.S./Canadian parts to 75% or 80%; another $5,000 to $10,000 to hit 90%; and thousands more to a higher percentage than that.

The average transaction price of a new vehicle in the U.S. is currently around $48,000, according to Cox Automotive. Say that vehicle is made of $30,000 in materials and parts. Adding the above costs, it would come out to roughly $10,000 to $20,000 more for companies.

Cars.com reports the U.S. is by far the most expensive country to manufacture a vehicle in. The average new-car price of a U.S.-assembled vehicle is more than $53,200, according to its data. That compares with roughly $40,700 in Mexico, $46,148 in Canada and roughly $51,000 in China.

Excluding raw materials, someone could theoretically start a new car company — let’s call it U.S. Motors — from scratch. U.S. Motors could spend billions of dollars to build new factories and establish an exclusively American supply chain, but the vehicle it would produce would likely be low-volume and excessively expensive, experts say.

Think of Ferrari: Every car from the iconic automaker comes from Italy, with as many components as possible sourced from the company’s homeland.

But even Ferrari’s multimillion-dollar sports cars have parts or raw materials for things such as airbags, brakes, tires, batteries and more that come from non-Italian suppliers and facilities.

“If you did it at really low volume and you’re extremely innovative and different with the vehicle, you could make $300,000-$400,000 vehicles that are all-American,” Wakefield said. “To do it at scale, it would be 10-15 [years] and $100 billion to do that.”

What’s more realistic?

Getting vehicles to 75% U.S. and Canadian parts and final assembly in the U.S. is a far more achievable target that “doesn’t really force you to do uneconomic things,” Wakefield said, noting that a few vehicles meet that standard today.

But even reaching that threshold on a larger scale would likely take billions of dollars in new investments from automakers and suppliers to localize production. Some automakers could make the move more easily, while others would require massive shifts in sourcing and production.

Vehicles that meet the 75% U.S./Canada parts standard for the 2025 model year include the Kia EV6, two versions of the Tesla Model 3 and the Honda Ridgeline AWD Trail Sport, according to the latest vehicle content data required by the National Highway Traffic Safety Administration. Nearly 20 others are at 70% or higher, while some vehicles still need to be added to the data.

That compares with 2007 model-year NHTSA data, where the top 16 vehicles — all from GM and Ford — had 90% or more U.S. and Canadian content. Ford’s Expedition at that time was among the highest at 95%, but that was before the expanded globalization of the auto industry supply chain after the Great Recession — and before several major technological advances in cars made new parts and materials more important.

For decades, there has been a trend for less U.S./Canadian content because of the globalization of supply chains and the increase in the use of Mexico as a source of parts and components, according to American University’s Kogod School of Business.

The top 10 vehicles with the most U.S. and Canadian parts on average have 63.6% to 69.2% parts content from those countries from the 2019 through 2024 model years, according to Cars.com.

Imported vehicles from many luxury brands, specifically German manufacturers as well as Toyota’s Lexus, feature little U.S.-sourced content. Many have none or 1%, according to the federal data.

The U.S./Canada percentages, under the American Automobile Labeling Act of 1992, are calculated on a “carline” basis rather than for each individual vehicle and may be rounded to the nearest 5%. They are calculated by automakers and reported to the government.

However, a high threshold of North American parts doesn’t mean the vehicles are produced in the U.S. The 2024 Toyota RAV4, for example, was reported to have 70% U.S./Canadian parts and is built in Canada.

“You could have a vehicle, theoretically, that is made in the U.S., but only has 1% parts, content,” said Patrick Masterson, lead researcher for Cars.com’s “American-Made Index.” 

Cars.com’s annual index of the top U.S. vehicles takes vehicle assembly, parts and other factors into account. No vehicles from Ford or General Motors made the top 10, while two Teslas, two Hondas and a Volkswagen took the top five spots.

The study ranks 100 vehicles judged through the same five criteria it’s used since the 2020 edition: assembly location, parts content, engine origin, transmission origin and U.S. manufacturing workforce. More than 400 vehicles of model-year 2024 vintage were analyzed to qualify the 100 vehicles on the list.

The white 2025 Ford Expedition that recently rolled off the assembly line in Kentucky is expected to score higher than the prior model year, which ranked 78th, because of an increase in domestic content.

Masterson said there’s been increased interest and popularity for the “American-Made Index” this year amid Trump’s tariff policies and nationalism.

“Traffic on the ‘American-Made Index’ this year is way, way up. … People are concerned about this, perhaps more than ever,” Masterson said, later adding “it would be extremely difficult to make a 100% U.S.-made [vehicle].”

The post How much a 100% ‘Made in the USA’ vehicle might cost appeared first on Our Story Insight.

An Apple store in Walnut Creek, California, U.S., on April 30, 2025.

Paul Morris | Bloomberg | Getty Images

Apple is asking a court to pause a recent decision in its case against Epic Games and allow the iPhone maker to once again charge a commission on in-app transactions that link out for payment.

Last month, U.S. District Judge Yvonne Gonzalez Rogers in Oakland found that Apple had violated her original court order from the Epic trial, originally decided in 2021, that forced Apple to make limited changes to its linking out policy under California law.

Judge Rogers’ new ruling is more expansive, ordering Apple to immediately stop imposing its commissions on purchases made for iPhone apps through web links inside its apps, among other changes.

Apple is now looking to get a stay on that order, as well as another one from the case that prevents it from restricting app developers from choosing the language or placement of those links, until the entire decision can be appealed. Apple says that required changes in their current form will cost the company “substantial sums.”

“This is the latest chapter in Epic’s largely unsuccessful effort to use competition law to change how Apple runs the App Store,” Apple said in the emergency motion for a stay. The motion cites a previous order in the case that found that new linking policies would cost Apple “hundreds of millions to billions” of dollars annually.

If Apple succeeds, it will allow the company to roll back changes that have already started to shift the economics of app development. Developers including Amazon and Spotify have been able to update their apps to avoid Apple’s commissions and direct customers to their own website for payment.

Prior to the ruling, Amazon’s Kindle app told users they could not purchase a book in the iPhone app. After a recent update, the app now shows an orange “Get Book” button that links to Amazon’s website.

Epic also plans to introduce new software to allow app and game developers to easily link to their websites to take payments.  

“This forces Apple to compete,” Epic Games CEO Tim Sweeney said shortly after last month’s decision. “This is what we wanted all along.”

Apple said in the filing that “non-party developers are already seizing upon the Order to reduce consumer choice (and damage Apple’s business) by, among other things, impeding the use of” in-app purchases.

Rogers made a criminal referral in the case, saying that Apple misled the court and that a company vice president “outright lied” about when and why Apple decided to charge 27% for external payments. The real decision, the judge said, took place in meetings involving Apple CEO Tim Cook.

Wednesday’s filing from Apple doesn’t address Rogers’ accusations that the company misled the judge, but it does argue that the ruling was punitive. Apple’s lawyers also claimed that civil contempt sanctions can only coerce compliance with an existing order, not punish non-compliance.

Apple said earlier this week in a court filing it would appeal the contempt ruling.

“We’ve complied with the court’s order and we’re going to appeal,” Cook told investors on the company’s quarterly earnings call last week.

WATCH: Apple says it strongly disagrees with Epic Games decision

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Autoworkers at Nissan’s Smyrna Vehicle Assembly Plant in Tennessee, June 6, 2022. The plant employs more than 7,000 people and produces a variety of vehicles, including the Leaf EV and Rogue crossover.

Michael Wayland / CNBC

DETROIT — As President Donald Trump’s 25% tariffs on imported vehicles remain in effect despite a pullback this week on other country-based levies, analysts are expecting massive global implications for the automotive industry due to the policies.

They’re expecting to see a drop in vehicle sales in the millions, higher new and used vehicle prices, and increased costs of more than $100 billion for the industry, according to research reports from Wall Street and automotive analysts.

“What we’re seeing now is a structural shift, driven by policy, that’s likely to be long-lasting,” Felix Stellmaszek, Boston Consulting Group’s global lead of automotive and mobility, told CNBC. “This may well be the most consequential year for the auto industry in history – not just because of immediate cost pressures, but because it’s forcing fundamental change in how and where the industry builds.”

BCG expects tariffs to add $110 billion to $160 billion on an annual run rate basis in costs to the industry, which could impact 20% of U.S. new-vehicle market revenues, increasing production costs for both U.S. and non-U.S. manufacturers.

The Center for Automotive Research, a Michigan-based nonprofit think tank, believes costs for automakers in the U.S. alone will increase by $107.7 billion. That includes $41.9 billion for Detroit automakers General Motors, Ford Motor and Chrysler parent Stellantis.

Both analyses take into account the 25% tariffs on imported vehicles implemented by Trump on April 3 as well as forthcoming levies of the same amount on automotive parts that are set to begin by May 3.

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Auto stocks

Automakers and suppliers may be able to bear some of the cost increases, but they’re also expected to pass them along to U.S. consumers, which could in turn lower sales, according to analysts.

“We believe the tariffs as proposed will raise the cost of both importing and manufacturing vehicles in the US by at least a low to mid single digit thousand dollar level on average, and we believe it will be hard for the auto industry to fully pass this on, especially with softening consumer demand more generally,” Goldman Sachs analyst Mark Delaney said in a Thursday investor note.

Goldman Sachs assumes new vehicle net prices in the U.S. will rise by roughly $2,000 to $4,000 over the next six- to 12-month timeframe to better reflect tariff costs.

Automakers have responded to the tariffs in a variety of ways. Manufacturers that are mostly domestic, such as Ford and Stellantis, have announced temporary deals for employee pricing, while others, such as British carmaker Jaguar Land Rover, have ceased U.S. shipments. Hyundai Motor also has said it would not raise prices for at least two months to ease consumer concerns.

Consumer sentiment grew even worse than anticipated in April as the expected inflation level hit its highest since 1981, a closely watched University of Michigan survey showed Friday.

Sam Abuelsamid, vice president of insights at auto advisory firm Telemetry, expects many automakers have at least a roughly two-month supply of non-tariff impacted vehicles that they will be able to sell down before needing to increase prices due to tariffs.

Telemetry expects the higher costs for production, parts and other factors to result in upward of 2 million fewer vehicles sold annually in the U.S. and Canada, which will have ripple effects on the broader economy.

“A couple million-unit reduction in sales will have a broad impact economically,” Abuelsamid said. “That’s driven by higher prices, not just for vehicles, but across the board … which is going to limit people’s’ spending power.”

Affordability of new and used vehicles has been a problem for several years. On average, Cox Automotive reports new vehicles cost nearly $50,000. That figure doesn’t include the cost of financing such a vehicle, which has risen significantly in recent years in an attempt to combat inflation.

Auto loan rates remain near decades-high levels of more than 9.64% for a new vehicle and nearly 15% for a used car or truck, according to Cox.

“We expect to see declining discounting and then accelerated price increases as the tariffs are passed through and supply tightens, leading to price increases on all types of most new vehicles,” Cox Automotive Chief Economist Jonathan Smoke said during a virtual event Monday. “Over the longer term, we expect production and sales to fall, newly used prices to increase, and some models to be eliminated.”

Expected price increases vary based on vehicle, but Cox estimates a $6,000 increase to the cost of imported vehicles due to the 25% tariff on non-U.S. assembled vehicles, as well as a $3,600 increase to vehicles assembled in the U.S. due to upcoming 25% tariffs on automotive parts. Those are in addition to $300 to $500 increases as a result of previously announced tariffs on steel and aluminum.

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The production line for the Boeing P-8 Poseidon maritime patrol aircraft is pictured at Boeing’s 737 factory in Renton, Washington, November 18, 2021.

Jason Redmond | Reuters

President Donald Trump’s sweeping tariffs are set to drive up the cost of Boeing and Airbus planes, GE Aerospace engines, and hundreds of other aerospace and defense products, threatening an industry that helps soften the U.S. trade deficit by more than $100 billion a year.

“It certainly makes things more expensive for the industry,” Dak Hardwick, vice president of international affairs at the Aerospace Industries Association, which represents Boeing, GE Aerospace, Airbus and dozens of other aerospace and defense companies, said of the tariffs.

The industry group said it is asking the Trump administration to uphold provisions in a nearly half-century old trade agreement that allows for duty-free trade of civilian aircraft and imports tied to defense and national security.

“The line is certainly long” for requests to the White House, Hardwick said.

Read more CNBC airline news

Trump’s executive order announcing the tariffs said trade and economic policies around the world have exacerbated a decline in overall U.S. manufacturing.

Regarding innovation in the defense sector, the order stated, “If the United States wishes to maintain an effective security umbrella to defend its citizens and homeland, as well as for its allies and partners, it needs to have a large upstream manufacturing and goods-producing ecosystem to manufacture these products without undue reliance on imports for key inputs.”

The aerospace industry has long been a top exporter for the United States. At Boeing alone, more than two-thirds of its airplane orders over the past decade came from customers outside of the United States, according to company data.

“Free trade is very important to us,” Boeing CEO Kelly Ortberg said at a Senate hearing Wednesday. “We really are the ideal kind of an export company where we’re outselling internationally. It’s creating U.S. jobs, long-term high value U.S. jobs. So it’s important that we continue to have access to that market and that we don’t get in a situation where certain markets become closed to us.”

President and CEO of Boeing Kelly Ortberg testifies before the Senate Commerce, Science, and Transportation Committee in the Dirksen Senate Office Building on April 02, 2025 in Washington, DC. 

Win Mcnamee | Getty Images News | Getty Images

The industry has mostly bought and sold planes and parts without having to pay tariffs under a 45-year-old trade agreement, which would be derailed by Trump’s new tariffs. The president this week introduced levies of 10% on countries around the world, with higher duties on certain countries and regions, some of which like Europe, are key to the aerospace industry.

Imported steel and aluminum, other key materials in airplanes, are subject to separate sector-level duties that Trump announced earlier this year.

“President Trump has been clear: if you make your product in America, you won’t have to worry about tariffs,” White House spokesman Kush Desai said in an email.

Tariffs are paid by the importer, and the increased prices due to the levies would either have to be absorbed by the airplane or engine maker, by the still-fragile supply chain or by the end consumer, said Hardwick.

Jefferies analyst Sheila Kahyaoglu said in a note Thursday that a price jump on “any product within 12 months is eaten by the [original equipment manufacturer], assuming new inventory buy. Outside that time period, ultimately the buyer and hence consumer.”

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Boeing and the S&P 500

Prices for planes are negotiated in advance, and airlines have to often wait years for aircraft, so material costs can shift dramatically over that period.

“This is not where you put money down for an automobile and it ends up in your driveway” in three months, Hardwick said.

Shares of Boeing, engine maker GE and airlines tumbled again Friday, adding to the market rout after Trump announced the tariffs Wednesday.

“This is the one manufacturing sector where America has, has enjoyed a tremendous trade surplus,” said Richard Aboulafia, managing director at AeroDynamic Advisory. “So the idea of fighting a trade war for this industry, it’s living in a crystal palace hurling giant boulders.”

Global supply chain

The tariffs are also a new strain on the aerospace industry, which still has a fragile supply chain in the wake of Covid, with some parts in short supply. Major supplies have tried to quickly hire workers and ramp up production during a post-pandemic travel boom.

But airplane makers still haven’t kept up with demand.

An Airbus SE A321 plane fuselage is lifted with a crane at the company’s final assembly line facility in Mobile, Alabama

Luke Sharrett | Bloomberg | Getty Images

Even a “Made in the USA” label for an airplane is a misnomer.

For example, the supply chain for a Boeing 787 Dreamliner, which is assembled in South Carolina, spans from Japan to Italy.

Its European rival, Airbus, has a Mobile, Alabama, factory but is still on the hook for tariffs for imported parts, from wings to fuselages.

“It doesn’t matter who owns the company. If an item crosses the border, it will have to be paid by importer of record,” Hardwick said.

Airbus has expanded the factory since the first Alabama-assembled Airbus A321, an aircraft for JetBlue Airways named “BluesMobile,” rolled out nine years ago. Its bet on increasing U.S. output of its jets, which are still largely made in Europe, also includes assembly of smaller A220s in Alabama, for customers that include JetBlue and Delta Air Lines.

American Airlines workers perform maintenance on CFM-56 engine in Tulsa, Oklahoma

Erin Black | CNBC

Meanwhile, continuing along the supply chain, General Electric and France’s Safran have a joint venture in which they make top-selling CFM engines, which power both Boeing and Airbus narrow-body jets. Each company manufactures certain portions of engines, which are sent to factories in Ohio, Indiana and North Carolina for GE and outside of Paris for Safran.

Thousands of imported replacement parts for engines and other aircraft parts, many of which come from abroad, could also become more expensive.

“There’s no such thing as a national jet,” Aboulafia said.

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