During the first three months of 2025, airlines in the United States had to address several shocks to the commercial air travel market, most of which stemmed from both geopolitical shifts and macroeconomic uncertainty. From a relatively stable operating environment with low fuel prices, airlines were thrown into a world where geopolitical uncertainty and global trade wars have altered both the demand and supply of air travel. As a result, many airlines have seen weak financial performance during the first quarter, a period of the year that is typically one of the least lucrative for airlines already.
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