Business News

(NEW YORK) -- A carousel ride and 12 flavors of fudge await shoppers at LARK Toys, a family-owned toy shop outside Minneapolis, Minnesota.The glee on offer belies the stress behind the counter as President Donald Trump's 145% tariffs on China, which are set to trigger price increases and product shortages within a matter of a few months, co-owner Kathy Gray told ABC News.The store imports four out of every five […]

(WASHINGTON) -- President Donald Trump on Friday voiced a willingness to ease tariffs on China, saying on social media it "seems right" to slash levies from 145% to 80%.The announcement arrives a day before Treasury Secretary Scott Bessent is set to begin trade negotiations with Chinese officials at a meeting in Geneva, Switzerland.The potential tariff reduction floated by Trump may avert a virtual standstill of trade between the world's two […]

Mortgage rates have dropped over the early months of 2025, offering homebuyers an opportunity for some borrowing relief if they move ahead with the big-ticket purchase.The housing market remains sluggish and wider economic uncertainty looms, however. President Donald Trump's tariffs threaten to upend global trade and tip the U.S. into a downturn, experts said. Federal Reserve Chair Jerome Powell warned on Wednesday of a possible resurgence of inflation, which could […]

(WASHINGTON) -- The Federal Reserve held interest rates steady on Wednesday, just weeks after President Donald Trump intensified calls for lower borrowing costs and voiced eagerness about the potential "termination" of Fed Chair Jerome Powell.In recent days, Trump has dialed back his attacks on Powell, saying he will not fire Powell before the end of the top central banker's term next year. Trump has reiterated his displeasure with the level […]

(FRANKFORT, KY) -- Kentucky's bourbon industry faces potential devastation as President Donald Trump's latest tariff dispute with Canada threatens to halt $43 million in annual whiskey exports. During Tuesday's Oval Office meeting with Canadian Prime Minister Mark Carney, Trump maintained his hard stance on tariffs, declaring that Canada would need to make significant concessions to see any relief.The dispute is part of a broader trade conflict that has particularly impacted […]

(WASHINGTON) -- The Federal Reserve on Wednesday is set to announce its first decision on the level of interest rates since President Donald Trump last month intensified calls for lower borrowing costs and voiced eagerness about the potential "termination" of Fed Chair Jerome Powell.In recent days, Trump has dialed back his attacks on Powell, saying he will not fire Powell before the end of the top central banker's term next […]

(WASHINGTON) -- President Donald Trump late Sunday proposed a 100% tariff on foreign-made films, saying the policy would counteract financial incentives that have drawn Hollywood productions overseas."WE WANT MOVIES MADE IN AMERICA, AGAIN!" Trump said in a post on social media.Movie studios have increasingly moved production abroad in recent years as a means of cutting costs, industry analysts told ABC News, but it remains unclear how adding a tariff would […]

(NEW YORK) -- Think your giant sport-utility vehicle is cooler than the middling station wagon? Think again.German automaker BMW recently entered the U.S. "super wagon" category with its high performance M5 Touring, a ludicrously fast family hauler (starting price $121,500) that can smoke a two-seater sports car on a racetrack -- again and again. This is the wagon you wish your parents drove.The wagon's turbocharged 4.4-liter V8 packs 717 horsepower […]

(NEW YORK) -- President Donald Trump's administration is set to begin collecting defaulted student loan payments next week -- which could harm the credit scores of millions of borrowers.Roughly 5 million borrowers will have their university and college loans sent for collections beginning May 5, the Department of Education said last month.When that happens, the borrowers' credit scores could be impacted, since ratings agencies are often alerted when collections ensue, […]