Business News

(WASHINGTON) -- A tariff loophole for low-cost shipments helped fuel an explosion of U.S. consumers purchasing shoes, sunglasses and a host of other items directly from sellers overseas. The Trump administration closed that exemption on Friday, bringing the era of duty-free online buying to an end.President Donald Trump closed what's known as the "de minimis" loophole, which allowed for duty-free import of goods valued at less than $800. Now, such […]

(WASHINGTON) -- Federal Reserve Governor Lisa Cook sued President Donald Trump on Thursday over his move to fire her, saying she should retain her position as a top policymaker at the central bank.The lawsuit, filed in U.S. District Court for the District of Columbia, describes Trump's effort as "illegal and unprecedented," claiming Cook's ouster violates the independence of the Fed, a cornerstone of the nation's economy.Trump's action violates Cook's constitutional […]

(NEW YORK) -- Chip giant Nvidia delivered more revenue than expected over a recent three-month period, the company said on Wednesday, defying concern among some prominent figures about a possible bubble in the artificial intelligence industry.The California-based company recorded $46.7 billion in sales over three months ending in July, which exceeded analyst expectations of $46.2 billion. The jump in revenue marked 56% growth compared to the same quarter a year […]

(NEW YORK) -- An earnings report to be released by chip giant Nvidia on Wednesday will offer a window into the health of the artificial intelligence (AI) industry, which in recent years has become a key engine for stock market gains and economic growth.Nvidia, the $4 trillion company behind many of the chips fueling AI products, has expanded at a breakneck pace since an AI boom set off by the […]

(NEW YORK) -- Consumer confidence worsened slightly in August, erasing some gains from the previous month and resuming a downward trend suffered at the outset of 2025, the Conference Board said on Tuesday.The souring of shopper attitudes followed a weak jobs report and a set of sweeping new tariffs issued by President Donald Trump. A lower-than-expected inflation report this month eased some concerns about significant tariff-induced price increases, though a measure of underlying […]

(NEW YORK) -- Elon Musk-owned xAI on Monday sued tech giants Apple and OpenAI over an alleged scheme to illegally dominate the artificial intelligence industry through a collaboration that equipped iPhones with AI tools.The exclusive agreement between the world's largest smartphone producer and a top AI firm effectively shut other AI companies out of an opportunity to reach tens of millions of customers, according to the lawsuit filed in a […]

(NEW YORK) -- The United States and European Union on Thursday released new details of their trade agreement, including tariff levels for consumer staples like pharmaceuticals and autos.Prior to the agreement last month, the European Union faced the prospect of a 30% tariff rate. Instead, products from one of the largest U.S. trade partners will be slapped with a 15% tariff.In exchange, the EU will remove tariffs on U.S. goods and European […]

(NEW YORK) -- SpaceX's Starship is about to face its 10th test flight following explosions on previous launches. SpaceX CEO Elon Musk has promised that the world's most powerful rocket and spacecraft will one day take humans to Mars and beyond. But leading up to its 10th launch, scheduled for Sunday at 7:30 p.m. ET, Starship has yet to achieve all its mission goals. And the last three flight tests, plus […]

(NEW YORK) -- Target CEO Brian Cornell will step down early next year after more than a decade at the helm of the $107 billion retail giant, the company said on Wednesday.In recent years, Target has suffered sluggish sales as the company weathered consumer boycotts over its Pride collection and a rollback of its diversity, equity and inclusion policies.Michael Fiddelke, who currently serves as chief operating officer, will assume the role of CEO […]