Business News

Trump grants one-month exemption for US automakers from new tariffs on imports from Mexico, Canada

WASHINGTON (AP) — President Donald Trump is granting a one-month exemption on his stiff new tariffs on imports from Mexico and Canada for U.S. automakers. The announcement comes after Trump spoke with leaders of the “big 3” automakers, Ford, General Motors, and Stellantis on Wednesday. Asked if 30 days was enough for the auto sector to prepare for the new taxes, White House press secretary Karoline Leavitt says Trump told them: “He told them that they should get on it, start investing, start moving, shift production here to the United States of America where they will pay no tariff.”

The IRS is drafting plans to cut as much as half of its 90,000-person workforce, AP sources say

WASHINGTON (AP) — The IRS is drafting plans to try to cut its workforce of roughly 90,000 people in half through a mix of layoffs, attrition and incentivized buyouts, according to two people familiar with the situation and not authorized to speak on the record. A reduction in force of tens of thousands of people would render the IRS “dysfunctional,” said John Koskinen, a former IRS Commissioner. The federal tax collector employs roughly 90,000 employees total across the United States, according to the latest IRS data. People of color make up 56% of the IRS workforce, and women represent 65%. The reductions are part of the Trump administration’s efforts to shrink the size of the federal workforce through the Department of Government Efficiency.

Novo Nordisk cuts Wegovy prices, following similar move by Zepbound-maker Eli Lilly

Makers of the popular obesity treatments Wegovy and Zepbound are cutting prices for people without insurance. Danish drugmaker Novo Nordisk said Wednesday that it will drop prices 23% for all doses of Wegovy. The new monthly price of $499 takes effect immediately. The new pricing is available to both the uninsured and people who have insurance that doesn’t cover the weight-loss drugs. Last week, rival Eli Lilly said it would cut the monthly price of its starter dose of Zepbound to $349. The U.S. drugmaker also is making larger doses available for $499 through its self-pay program.

Stock market today: Wall Street rallies after Trump pulls back on some of his tariffs

NEW YORK (AP) — U.S. stocks are rallying after President Donald Trump pulled back on some of his tariffs, raising hopes he may avoid a worst-case trade war that grinds down economies and sends inflation higher. The S&P 500 rose 1.3% Wednesday, bouncing back from its sell-off that had erased all of its “Trump bump” since Election Day. The Dow Jones Industrial Average rose 573 points, and the Nasdaq composite gained 1.6%. The market turned higher after Trump said he’s granting a one-month exemption for U.S. automakers on his stiff new tariffs for Mexican and Canadian imports. Jumps for Ford and GM stock helped lead the market.

Major retailers tamper expectations for 2025 as Americans slow their spending

Some retailers are beginning to take a more cautious approach with their financial forecasts as they keep a closer eye on signs of a pullback in consumer spending. Among the retailers being a bit more watchful is Abercrombie & Fitch, which is predicting 2025 sales growth of 3% to 5% even as its 2024 sales grew 16%. While Neil Saunders, managing director of GlobalData, said in a statement that U.S. market conditions are becoming more challenging, he also noted that Abercrombie is up against a very strong performance in the year-ago period, making it a tough comparison.

Tom Llamas to succeed Lester Holt as NBC “Nightly News” anchor

NEW YORK (AP) — Tom Llamas will succeed Lester Holt as NBC “Nightly News” anchor this summer, but he’ll be working double duty. Llamas will also continue hosting a one-hour newscast on the NBC News Now streaming service, that will begin each weeknight after “Nightly News” ends on television. Llamas’ elevation to the top role was anticipated after Holt announced last week that he was stepping down as NBC News’ top anchor. Holt has been doing that job for a decade, and will stay at the network on “Dateline NBC.” Llamas, who is 45 and joined NBC from ABC News in 2021, has been Holt’s top substitute.

Trump administration deletes list of hundreds of federal buildings targeted for potential sale

NEW YORK (AP) — The Trump administration published a list of more than 440 federal properties it identified to close or sell, including the FBI headquarters and the main Department of Justice building, after deeming them “not core to government operations.” Hours later on Tuesday, however, the administration issued a revised list with only 320 entries — none in Washington, D.C. And by Wednesday morning, the list was gone entirely. “Non-core property list (Coming soon)” the same page read. The General Services Administration, which published the list, did not immediately respond to questions about the changes. The initial list had included some of the country’s most recognizable buildings and spanned nearly every state.

Google leans further into AI-generated overviews for its search engine

Google is updating its ubiquitous search engine with the next generation of its artificial intelligence technology as part of an effort to provide instant expertise amid intensifying competition from smaller competitors. The company announced Wednesday that it will feed its Gemini 2.0 AI model into its search engine so it can field more complex questions involving subjects such as computer coding and math. Google is also going to begin rolling out an “AI mode” option that will result in even more AI Overviews. When search is in AI mode, Google says the overviews are likely to become more conversational and sometimes head down online corridors that result in falsehoods.