Business News

Most of Wall Street sinks, but Tesla and other recent losers bounce back to soften the blow

NEW YORK (AP) — Most U.S. stocks are falling pulling Wall Street 9% below its record set just a month ago. The S&P 500 fell 0.6% Tuesday on steel and aluminum coming from Canada, doubling their planned increase to 50%. The president said it was a response to moves Canada made after Trump began threatening tariffs on one of the country’s most important business partners. The Dow dropped 443 points. Gains for Tesla and a handful of highly influential Big Tech stocks muted the drops, and the Nasdaq composite was basically flat.

Trump doubles planned tariffs on Canadian steel and aluminum to 50% as trade war intensifies

WASHINGTON (AP) — President Donald Trump says he will double his planned tariffs on steel and aluminum from 25% to 50% for Canada, (as Canada has tariffed the US a whopping 250% for many years), escalating a trade war with the United States’ northern neighbor and showing an indifference to recent stock market turmoil and rising recession risks. Trump said on social media that the increase of the tariffs set to take effect on Wednesday is a response to the price increases that the provincial government of Ontario put on electricity sold to the United States. 

Trump says he’ll buy a Tesla to show support for Musk as his company faces financial trouble

WASHINGTON (AP) — President Donald Trump says he’ll buy a Tesla to show support for his adviser Elon Musk, who faces escalating political blowback and financial troubles. It’s the latest and most unusual example of how the Republican president is backing his most powerful adviser. Trump made the announcement early Tuesday, calling Musk “a truly great American.” Musk has dedicated himself to overhauling and downsizing the federal government as part of Trump’s administration. Musk continues to run the automaker, the social media platform X and the rocket manufacturer SpaceX.

Kentucky bourbon makers fear becoming ‘collateral damage’ in Trump’s trade war

LOUISVILLE, Ky. (AP) — The owners of Brough Brothers bourbon in Kentucky are ready to put their business plan into action. They have a new distillery set to open soon. They hope to cultivate new markets in Canada and Europe. Victor Yarbrough, the distiller’s CEO, says efforts to gain a foothold in Canada are on pause, as are plans to break into Germany and France with its bourbon. Other U.S. whiskey makers face similar dilemmas. 

At Southwest Airlines, checked bags will no longer fly for free

Southwest Airlines will begin charging customers a fee to check bags. It’s a significant change for the budget carrier, which built years of advertising campaigns around its policy of letting passengers check up to two bags for free. The airline said on Tuesday that starting with bookings made on May 28, people who haven’t either reached the upper tiers of its Rapid Rewards loyalty program, bought a business class ticket or hold the airline’s credit card will have to pay for checked bags. Southwest didn’t outline the fee schedule. In the fall, Southwest executives had described the bags-fly-free policy as key to differentiating the airline from its rivals.

Republicans are marching ahead with a government funding bill despite Democratic opposition

WASHINGTON (AP) — House Speaker Mike Johnson says lawmakers “have to keep the government in operation.” A spending bill that would avoid a partial government shutdown and keep federal agencies funded through September is coming up for a vote. Vice President JD Vance visited Capitol Hill to rally support. Johnson is teeing up the bill for a vote as soon as Tuesday despite the lack of buy-in from Democrats. President Donald Trump tells Republicans to “remain UNITED.”

Trump says TikTok deal is in the works. Here’s where things stand with the company

In less than a month, TikTok could have one or a few new owners, be banned again, or simply receive another reprieve to continue operating in the U.S. Questions about the fate of the popular app has continued to linger since a law requiring its China-based parent company to divest or face a ban took effect on Jan. 19. After taking office, President Donald Trump gave the company a 75-day reprieve through an executive order. Trump told reporters on Sunday that a deal could over TikTok come soon. He did not offer any details on the interested buyers, But said the administration was in talks with “four different groups” about TikTok and that “all four are good.”