Business News

Photo by Joe Raedle/Getty Images (WASHINGTON) -- In the latest reversal of his signature economic policy, President Donald Trump is rolling back tariffs on furniture, kitchen cabinets and vanities.Higher tariff rates on those goods that were set to take effect Jan. 1 will now be delayed for another year, according to a White House fact sheet.In October, the White House imposed a 25% tariff on upholstered furniture, kitchen cabinets and […]

(NEW YORK) -- Holiday shopping season sets forth an annual gut check for the U.S. economy, prompting buyers to splurge in a show of optimism or cut back out of fear of what next year holds.In 2025, shoppers opened their wallets with gusto, though consumers appeared to favor low-cost options and discounts, according to spending data shared with ABC News.The performance defied concerns overhanging the economy for months, as hiring slowed and inflation ticked higher. […]

(NEW YORK) -- If you're looking for a new set of wheels next year, the choices can be overwhelming.From 3-row SUVs to wagons and futuristic electric vehicles, buyers can select from a wide range of powertrains, prices and body styles.Which models are already generating excitement in the industry? ABC News spoke to several insiders to get their take on the hottest vehicles headed to showrooms.Mercedes-Benz CLA and GLBThe German automaker […]

(NEW YORK) -- The stock market surged to record highs in 2025, hurtling past tariffs, a government shutdown and fears of a bubble in artificial intelligence.The S&P 500 -- the index that most people's 401(k)s track -- climbed about 17% this year, as of Dec. 23. That performance marks a slight slowdown from two consecutive years of more than 20% growth, but the latest uptick extends a run of gangbusters […]

(NEW YORK) -- Silver prices on Monday suffered their largest single-day drop in almost five years, before rebounding nearly 8% in midday trading on Tuesday. Some other precious metals, including gold, rode a similar rollercoaster.The turbulent stretch comes near the end of a banner year for gold and silver, which rose far faster than even the robust stock market. Gold has climbed 66% in 2025, while silver has soared a […]

(NEW YORK) -- The Walt Disney Company announced on Tuesday that Josh D'Amaro will become the company's next CEO in March, replacing current chief executive Bob Iger when he steps down from the role this year. Dana Walden will become the company's president and chief creative officer.D’Amaro, chair of Disney’s experiences unit, oversees a global network of theme parks and hotel resorts. He also leads the company’s cruise ships and […]

(NEW YORK) -- Nearly 20 U.S. states are set to raise their minimum wage in 2026, boosting pay for millions of workers spanning from Arizona to New Jersey.A mix of Republican- and Democrat-controlled states will raise their wage floors on Jan. 1 in keeping with inflation-adjusted increases or as part of scheduled hikes that take effect at the beginning of each calendar year.The pay increases will affect about 8.3 million […]

(NEW YORK) -- Tax season kicked off this week as the U.S. Internal Revenue Service began allowing filers to submit completed tax forms.Americans can file anytime before April 15. The IRS said earlier this month that it expects more than 164 million individual tax returns to be filed by that deadline.Refunds are typically sent within 21 days, the agency says. For paper returns, the IRS says turnaround time can last more than four […]

(NEW YORK) -- The Federal Reserve held interest rates steady on Wednesday, ending a string of three consecutive quarter-point rate cuts as the central bank grapples with a combination of elevated inflation and sluggish hiring.The move marked the first interest-rate decision since news surfaced earlier this month of a federal criminal investigation into Fed Chair Jerome Powell.The choice to maintain interest rates at their current level aligned with a cautious […]