Business News

(WASHINGTON) -- A fresh inflation report to be released on Wednesday will provide the latest test for President Donald Trump's tariffs as some retailers and economists warn the policy will raise prices.So far, the economy has defied fears of price hikes, instead giving way to a cooldown of inflation over the months since Trump took office.Economists expect inflation to have jumped slightly in May, registering year-over-year price increases of 2.4%. […]

(NEW YORK) -- A feud between President Donald Trump and Tesla CEO Elon Musk hammered shares of the electric carmaker on Thursday, before a lull in the acrimony on Friday prompted a recovery of some losses.Still, as of midday Friday, shares had dropped nearly 10%, wiping out tens of billions of dollars in company value.The falling out between Trump and Musk raises serious concern for Tesla, threatening crucial regulatory approvals […]

(NEW YORK) -- The U.S. trade deficit narrowed significantly in April as President Donald Trump sharply escalated tariffs before pausing a large swath of the levies, U.S. Commerce Department data on Thursday showed.Trump touted the tariffs as an effort to slash the nation's trade deficit, which the president has said he considers a threat to the nation's economic prosperity. Many economists disagree, however, saying the trade deficit reflects the consumer-driven […]

(NEW YORK) -- Executives at major corporations, including Target, Goldman Sachs and Pepsi, have invoked the same one-word boogeyman on recent earnings calls: "Uncertainty."Concern among companies big and small about the unsteady business environment has centered on President Donald Trump's tariff policies, which the White House has altered numerous times since Trump took office.A pair of court rulings last week thrust Trump's steepest tariffs into limbo, adding another layer of […]

(WASHINGTON) -- A digital asset company has collaborated with the firm behind President Donald Trump's $TRUMP meme coin to launch what it's calling the "Official $TRUMP Wallet" -- but the president's sons, who run Trump's crypto businesses, say they have no involvement with the offering.In a post on X Tuesday, Jack Lu, the CEO of a digital asset marketplace called Magic Eden, said his firm had collaborated with GetTrumpMemes -- […]

(NEW YORK) -- The United States' economic growth forecast was cut sharply on Tuesday by the Organization for Economic Co-operation and Development, or OECD, which attributed the gloomy outlook in part to tariffs issued by President Donald Trump.The OECD expects the U.S. economy to grow 1.6% in 2025, marking a substantial reduction from a 2.2% expansion forecast in March.The nation's economic growth will slow further in 2026, the OECD said, cutting its forecast for […]

(WASHINGTON) -- Price increases could hit canned soup, dishwashers, cars and an array of other products as a result of President Donald Trump’s planned hike of steel and aluminum tariffs, experts told ABC News.The tariff escalation, set to take effect on Wednesday, ratchets up a tax on all foreign steel and aluminum from 25% to 50%. The move comes alongside a host of other levies, though it arrives days after a pair of federal court […]

(NEW YORK) -- Snapchat influencer Caryn Marjorie arrives at the ABC News headquarters in New York City carrying a shopping bag from Apple. She pulls out a brand-new iPhone and turns it on, confirming there are no messages, no missed calls, no notifications. "Do you want to see a magic trick?" she asks.Marjorie's team leaks the iPhone's number to her most loyal fans on social media, and suddenly the room […]

(NEW YORK) -- Stocks closed higher on Thursday after a panel of federal judges blocked President Donald Trump from slapping some of his far-reaching tariffs on China and other major U.S. trading partners.A federal appeals court moved to temporarily reinstate the tariffs on Thursday afternoon, however, leaving the ultimate fate of the policy uncertain.The Dow Jones Industrial Average closed up 117 points, or 0.2%, while the S&P 500 increased 0.4%. The tech-heavy […]