ZEELAND, Mich. ֱ A Michigan clock company that has helped people keep time for 99 years says itֱs going out of business due to tariffs and oth…
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Europe and Israel have reached a new deal to allow more food and fuel into Gaza. The European Unionֱs foreign policy chief says the plan could result in ֱmore crossings open, aid and food trucks entering Gaza, repair of vital infrastructure and protection of aid workers.ֱ Also on Thursday, an Israeli airstrike killed 14, including 9 children, waiting outside a medical clinic to receive critical nutritional supplements and other care. The Israeli military says it was targeting a militant when it struck near the clinic. Prime Minister Benjamin Netanyahu said Israel continues to pursue a deal for a 60-day pause in the fighting and the release of half of the hostages still held in Gaza.
Canadian Prime Minister Mark Carney says Canada will keep working toward a new trade framework with the United States despite U.S. President Donald Trump saying he'll raise taxes on many imported goods from Canada to 35%. Trump's move deepens a rift between two North American countries that have suffered a debilitating blow to their decades-old alliance. Trump's letter Thursday to Carney is an aggressive increase to the top 25% tariff rates the Republican president first imposed in March after months of threats. Carney says through the current trade negotiations with the U.S., Canada has defended its workers and business. Stock market futures are down Friday, a sign Trumpֱs tariff letters may be concerning investors.
Brazilian President Luiz Inácio Lula da Silva says he will impose retaliatory tariffs on the United States if President Donald Trump follows through on a pledge to boost import taxes by 50%. Lulaֱs comments raise the risk of a tariffs war erupting between the two countries, similar to what has happened between the U.S. and China. Trump has vowed to respond forcefully if countries seek to punish the U.S. The letter that Trump sent to Brazil on Wednesday railing against the ֱwitch huntֱ trial against former President Jair Bolsonaro opened up a new front in his trade wars.
Stocks fell on Wall Street as the Trump administration stepped up pressure on trading partners to make deals before punishing tariffs imposed by the U.S. take effect. The S&P 500 lost 0.8% Monday. The Dow Jones Industrial Average gave back 0.9%, and the Nasdaq composite fell 0.9%. Tesla tumbled as the feud between CEO Elon Musk and President Donald Trump reignited over the weekend. Musk, once a top donor and ally of Trump, said he would form a third political party in protest over the Republican spending bill that passed last week.
The U.S. job market delivered another upside surprise last month, churning out a better-than-expected 147,000 jobs. The unemployment rate ticked down unexpectedly, too. But the headline numbers masked some weaknesses as the U.S. economy contends with fallout from President Donald Trumpֱs economic policies, especially his sweeping import taxes and the erratic way he rolls them out. Here are five key takeaways from the jobs report the Labor Department released on Thursday.
The U.S. stock market added to its record as Wall Street closed out a second straight winning month. The S&P 500 rose 0.5% Monday in its first trading after completing a stunning rebound from its springtime sell-off of roughly 20%. The Dow Jones Industrial Average added 0.6%, and the Nasdaq composite gained 0.5%. Oracle helped lead the way after saying it's off to a strong start in its fiscal year. Banks were also solid in their first trading after the Federal Reserve said they're financially strong enough to survive a downturn in the economy. Treasury yields eased in the bond market.
U.S. stocks closed at an all-time high, another milestone in a remarkable recovery from a springtime plunge caused by fears that the Trump administrationֱs trade policies could harm the economy. The S&P 500 rose 0.5% and finished above its previous record set in February. The Nasdaq composite gained 0.5% and set its own all-time high. The Dow Jones Industrial Average rose 1%. President Donald Trump's decision Friday to halt trade talks with Canada threatened to derail Wall Street's run to a record, but the market steadied. Nike was the biggest gainer in the S&P 500 with a gain of more than 15%.
Young people graduating from college this spring and summer are facing one of the toughest job markets in more than a decade. The unemployment rate for degree holders ages 22 to 27 has reached its highest level in a dozen years, excluding the coronavirus pandemic. Joblessness among that group is higher than the overall unemployment rate, and the gap is larger than it's been in more than three decades. That worries many economists as well as officials at the Federal Reserve because it could be an early sign of trouble for the economy. It suggests businesses are holding off on hiring new workers because of rampant uncertainty stemming from the Trump administrationֱs tariff increases
Federal Reserve governor Michelle Bowman on Monday said the central bank should consider cutting its key interest rate as soon as its next meeting in July, underscoring deep divisions among Fed officials as they endure sharp criticism from the White House. Bowman, who was appointed to the Fedֱs board of governors by Donald Trump in 2018, is the second high-profile official to express support for a potential July cut in as many days. On Friday, Christopher Waller, also a Trump appointee to the Fedֱs board, said in a television interview that the Fed should consider cutting borrowing costs next month.