AP Business Digest
Here are the AP's top business stories that have moved or are planned to move today. All times U.S. Eastern. For up-to-the minute information on AP's coverage, visit AP Newsroom's Coverage Plan.
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NEW AND DEVELOPING
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AS--CHINA-TRUMP-TARIFFS
China hits back at US and will raise tariffs on American goods from 84% to 125%
SUMMARY: China has announced that it will raise tariffs on U.S. goods from 84% to 125%. It was the latest salvo in an escalating trade war between the world's two largest economies that has rattled markets and raised fears of a global slowdown. While U.S. President Donald Trump paused import taxes this week for other countries, he raised tariffs on China and they now total 145%. China has denounced the policy as "economic bullying" and promised countermeasures. The new tariffs begin Saturday. A Chinese Finance Ministry spokesman said in a statement announcing the new measures Friday that Washington's repeated raising of tariffs "will become a joke in the history of the world economy."
WORDS: 602 - MOVED: 04/11/2025 10:28 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:2e05057e973e1e26d1b95c5be003b4cd&mediaType=text
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US--WALMART SHOOTING
Sheriff: Walmart employee kills co-worker in Georgia store, woman at nearby home, wounds another
SUMMARY: Authorities say a Walmart employee shot and killed a co-worker inside a Georgia store and critically wounded another worker outside while the business was closed to the public. The Newton County Sheriff's Office says that after leaving Walmart early Friday, the gunman forced his way into a home nearby, where he fatally shot an acquaintance. Employees were working inside the store in Covington, southeast of Atlanta, when the shooting occurred around 1:30 a.m. The store was closed for business at the time. Authorities say the suspect was later apprehended in Aiken, South Carolina.
WORDS: 305 - MOVED: 04/11/2025 10:28 a.m. EDT
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FINANCIAL MARKETS
US stocks are shaky, while the falling US dollar and bonds indicate more fear about the trade war
SUMMARY: U.S. stocks are shaky as Wall Street's monstrous week veers toward its close. The S&P 500 rose 0.4% Friday after swinging between early gains and losses. The Dow Jones Industrial Average added 123 points, and the Nasdaq composite rose 0.6%. More fear was evident in other financial markets, where gold's price rose, the value of the U.S. dollar fell and Treasury yields climbed. The yield on the 10-year Treasury jumped to 4.53% even though another report on U.S. inflation came in better than expected, as expectations for inflation keep rising among U.S. households because of President Donald Trump's tariffs.
WORDS: 946 - MOVED: 04/11/2025 10:22 a.m. EDT
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US-PRODUCER-PRICES
US wholesale inflation fell last month but trade war threatens to reverse that trend
SUMMARY: The Labor Department is reporting that its producer price index -- which tracks inflation before it hits consumers -- was fell 0.4% from February. Compared to a year earlier, producer prices rose 2.7%, down from a 3.2% year-over-year gain in February and much lower than the 3.3% economists had forecast. The Friday report comes a day after the Labor Department delivered good news on inflation at the consumer level. Its consumer price index rose just 2.4% last month from March 2024, the smallest year-over-year gain since September.
WORDS: 659 - MOVED: 04/11/2025 10:13 a.m. EDT
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CLIMATE-INTERNATIONAL-SHIPPING
Major nations agree on first-ever global tax on greenhouse gases with plan that targets shipping
SUMMARY: Many of the world's largest shipping nations decided on Friday to impose a minimum tax of $100 for every ton of carbon dioxide emitted by ships, if their planet-heating emissions are not already accounted for, making it effectively the first global tax on greenhouse gas emissions. The fee will be charged if they have not contributed to the International Maritime Organization's net zero fund and they are not meeting their compliance target. IMO members -- with the United States noticeably absent -- reached the agreement, which will become effective by 2028. Some environmentalists in attendance called the emission taxes historic but say more could have been achieved.
WORDS: 661 - MOVED: 04/11/2025 10:02 a.m. EDT
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AS--CHINA-TARIFFS-VOICES
Here's what some exporters in China say about Trump's trade war
SUMMARY: The trade war between the world's two largest economies is escalating as China slapped a 125% tariff on U.S. goods in response to President Donald Trump's 145% tariff on Chinese products. Caught in the crosshairs are businesses that are part of the more than $582.4 billion trade between the countries, with Chinese exporters making up the bulk of that exchange.
WORDS: 591 - MOVED: 04/11/2025 9:47 a.m. EDT
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US--TRUMP-FUNDING FREEZE-ELECTRIC SCHOOL BUSES
Schools lined up for help getting cleaner school buses. Then came the EPA freeze
SUMMARY: Hundreds of school districts around the U.S. may have to abandon plans to acquire electric buses after the EPA froze the latest round of money that was part of President Biden's infrastructure law. The electric buses would replace diesel-burning buses that are particularly unhealthy for the children who ride them. The buses would also would save districts on fuel costs. About 500 districts nationwide are in limbo waiting on around $1 billion to cover more than 3,400 electric buses.
WORDS: 947 - MOVED: 04/11/2025 9:13 a.m. EDT
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US--BANK RESULTS
JPMorgan logs Q1 profit of $14.6 billion as CEO warns of uncertainty over global trade, other events
SUMMARY: JPMorgan's net income rose 9% to $14.6 billion in the first quarter and the New York bank beat Wall Street's profit and revenue targets, but the bank warned of global economic uncertainties ahead due to President Donald Trump's ongoing trade war and other geopolitical calamities. CEO Jamie Dimon said a strong performance by the bank's markets division helped lift JPMorgan to another strong quarter. Well Fargo's first-quarter profit also beat Wall Street forecasts and the San Francisco bank said it is prepared for a slowing economy this year, depending on the outcome of the administration's actions on trade.
WORDS: 517 - MOVED: 04/11/2025 9:13 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:be31f6305b847f5f555edb2f251e36c2&mediaType=text
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US--TRUMP-TARIFFS TIMELINE
Trump's tariffs have launched global trade wars. Here's a timeline of how we got here
SUMMARY: Long-threatened tariffs from U.S. President Donald Trump have plunged the country into trade wars abroad -- all while on-again, off-again new levies continue to escalate uncertainty. Trump is no stranger to tariffs. He also launched a trade war during his first term in office, but has more sweeping plans now. Economists stress there could greater consequences this time -- and that higher prices will likely lead consumers to foot the bill. There's also been a sense of whiplash from Trump's back-and-forth tariff threats and responding retaliation, including some recently-postponed levies. Still, Trump has announced sweeping trade actions -- most recently with his launch of "reciprocal" tariffs.
WORDS: 2035 - MOVED: 04/11/2025 9:02 a.m. EDT
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CHINA-US-TARIFFS-Q&A
Q&A: What has China done so far? What could China do next?
SUMMARY: A reordering of global trading relationships could be underway as the world's two largest economies clash and relations spiral into a trade war. On Friday, Beijing raised its tariffs on U.S. goods from 84% to 125%, starting Saturday. The U.S. has pushed its tariffs on Chinese products to a total of 145%. Early on, it focused higher tariffs on American farm products like beef and pork. It also has imposed export controls on strategically vital minerals and targeted big companies like DuPont China and Google with antitrust investigations.
WORDS: 947 - MOVED: 04/11/2025 8:29 a.m. EDT
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EU--GERMANY-CRUMBLING BRIDGES
Crumbling bridges slow traffic and the economy in Germany. Can more money fix the problem?
SUMMARY: Germany's reputation for efficiency is taking a hit from crumbling concrete. Cracks and collapses are also a risk to its economy, Europe's biggest. The European Union's most populous member is trying to turn around a problem with worn-out infrastructure -- including about 4,000 bridges that need modernizing or replacing over the next decade. All too frequently, unexpected scares about the state of bridges cause short-notice closures that bring local gridlock. Occasionally, it is worse than that, such a bridge in Dresden that partially collapsed in September, although nobody was hurt. The prospective new government has set up a huge fund to improve Germany's infrastructure even before it takes office.
WORDS: 845 - MOVED: 04/11/2025 8:05 a.m. EDT
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EU--SPAIN-CHINA
China's Xi tells Spanish PM that partnership needed, no mention of talks with US
SUMMARY: China and the West should join in supporting multilateralism and open cooperation, Chinese President Xi Jinping has told Spain's visiting Prime Minister Pedro Sánchez, underscoring China's opposition to U.S. demands amid global economic uncertainty caused by a chaotic U.S. tariff policy. Xi made no direct mention of U.S. President Donald Trump or the latest tariffs, that have risen to 145% on Chinese goods imported to the U..S., with China left off the list of countries benefiting from a 90-day pause in implementation of the new tariffs. But he referred to "multiple risks and challenges" facing the world that can only be dealt with through "unity and cooperation."
WORDS: 856 - MOVED: 04/11/2025 6:08 a.m. EDT
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EU--BRITAIN-ECONOMY
UK economy enjoyed unexpected growth spurt in February before Trump tariff turmoil
SUMMARY: Official figures show that the British economy, the world's sixth-largest, enjoyed a growth spurt in February, the month before U.S. President Donald Trump started to roll out tariffs on imported goods. The Office for National Statistics said Friday that the British economy grew by 0.5% in February, ahead of market expectations for a more modest increase of 0.1%. It also revised up January's figure to no change from the previous estimate of a 0.1% decline. Were these more normal times, hopes for the year ahead would be high. But the recent market turmoil prompted by Trump's tariff policies is expected to lead to a downturn around the world.
WORDS: 273 - MOVED: 04/11/2025 6:05 a.m. EDT
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ML--SAUDI ARABIA-TESLA
Tesla launches in Saudi Arabia with its first showroom and service center in Riyadh
SUMMARY: Tesla has officially launched in Saudi Arabia, marking a new chapter in the company's global expansion after Elon Musk's troubled relationship with the kingdom. But the Middle East country's extreme heat could pose a challenge for its electric vehicle performance and battery efficiency. Tesla made its long-anticipated entry into the Saudi market on Thursday with the launch of its first showroom and service center in the Saudi capital, Riyadh. The facility will offer models, including Model 3, Model Y and the Cybertruck. Tesla pop-up stores are also opening in Riyadh, Jeddah, and Dammam. The Riyadh event drew a large and diverse crowd -- from content creators and car enthusiasts to visitors excited about Tesla's launch.
WORDS: 559 - MOVED: 04/11/2025 3:51 a.m. EDT
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US--CALIFORNIA WILDFIRES-SMOKE DAMAGE
In fight over insurance, neighbors crowdsource LA fire contamination data
SUMMARY: Los Angeles-area residents whose homes survived the Eaton wildfire in January face a whole different set of struggles to their neighbors whose homes were burned to the ground. Some are paying privately for contamination testing, worried that the smoke carried toxins into their homes, even as insurance companies pressure them to return. The crowdsourced tests show elevated lead levels in every home tested so far and residents hope this information will support their argument for insurers to cover testing of all properties. Advocates say testing should be covered but some major insurance companies disagree.
WORDS: 1129 - MOVED: 04/11/2025 12:05 a.m. EDT
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