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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UPCOMING

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US--TRUMP-ECONOMY

Trump doubles planned tariffs on Canadian steel and aluminum to 50% as trade war intensifies

SUMMARY: President Donald Trump says that he will double his planned tariffs on steel and aluminum from 25% to 50% for Canada, escalating a trade war with the United States' northern neighbor. Trump says the increase of the tariffs set to take effect on Wednesday is a response to the price increases that the provincial government of Ontario put on electricity sold to the United States. Trump says on Truth Social that he will double the tariffs. The U.S. stock market promptly fell following the social media post.

WORDS: 688 - MOVED: 03/11/2025 10:17 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:8a5f28d9bb16e0b8a924d99ead0907fa&mediaType=text

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US--TRUMP-MUSK-TESLA

Trump says he'll buy a Tesla to show support for Musk as his company faces financial trouble

SUMMARY: President Donald Trump says he'll buy a Tesla to show support for his adviser Elon Musk, who faces escalating political blowback and financial troubles. It's the latest and most unusual example of how the Republican president is backing his most powerful adviser. Trump made the announcement early Tuesday, calling Musk "a truly great American." The White House hasn't elaborated on Trump's plans for buying the vehicle. Tesla is facing sagging sales and plunging stock prices as Musk dedicates himself to overhauling and downsizing the federal government as part of Trump's administration. Musk continues to run the automaker, the social media platform X and the rocket manufacturer SpaceX.

WORDS: 561 - MOVED: 03/11/2025 10:21 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:9a43c57a0591a4c7ed8d3f1b2c7ef8d9&mediaType=text

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SLUMPING TESLA

Trump says he's going to buy a Tesla as more Americans say they won't

SUMMARY: After one of the worst single day sell-offs in Tesla's history, President Donald Trump is throwing his support behind his advisor, billionaire Elon Musk, vowing to buy one of his cars. Tesla has been pummeled this year under competition from rival electric vehicles, particularly out of China, as well as his close association with Trump and with far right causes globally. Shares have plummeted 45% in 2025 and on Monday tumbled more than 15%. On a Truth Social post, Trump blamed "Radical Left Lunatics" for tanking Tesla sales and said he would buy one of Musk's cars on Tuesday.

WORDS: 674 - MOVED: 03/11/2025 8:00 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:b3118cbab69fbfaa3abcceb059ba8c58&mediaType=text

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NEW AND DEVELOPING

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FINANCIAL MARKETS

Stock market today: Wall Street's sell-off eases as Tesla and other recent market losers steady

SUMMARY: Wall Street's sell-off is easing following a scary stretch where worries about the economy and tariffs sent it close to 9% below its all-time high. The S&P 500 was 0.2% higher Tuesday. While only modest, the gain would provide a respite after the index swung by at least 1% seven times in the last eight days. The Dow Jones Industrial Average dipped 132 points following the prior day's drop of nearly 900 points. The Nasdaq composite rose 0.8%. Several Big Tech stocks supported the market by holding steadier after getting walloped in recent months, including Elon Musk's Tesla and Nvidia.

WORDS: 570 - MOVED: 03/11/2025 9:57 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:33b8562c7b76fe3b967ea6cd9d61719b&mediaType=text

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US-JOB-OPENINGS

US job openings rose to 7.7 million in January, a sign Trump inherited a strong labor market

SUMMARY: U.S. job openings rose at the start of the year, another sign the job market was solid when President Donald Trump returned to the White House. The Labor Department reported Tuesday that U.S. employers posted 7.7 million vacancies in January, up from 7.5 million The outlook for the labor market is murky as Trump wages a trade war with foreign countries, purges federal workers and threatens to deport millions of immigrants. Layoffs fell slightly, and the number of Americans quitting rose.

WORDS: 237 - MOVED: 03/11/2025 10:29 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:b501b566251e0b54216f521dab11b19e&mediaType=text

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US--SOUTHWEST-CHECKED BAGS

Southwest Airlines breaks with another tradition and checked bags will cost you now

SUMMARY: Southwest Airlines says it's going to begin charging certain customers a fee to check bags, as the budget airline continues to look for ways to increase its revenue. The company also announced Tuesday that it will roll out a new, basic fare on its lowest priced tickets bought on or after May 28. In a regulatory filing, Southwest disclosed that it now anticipates first-quarter revenue per available seat mile will be up 2% to 4%. Its prior forecast was for an increase of 5% to 7%. The airline said it expects capacity to be down about 2%.

WORDS: 573 - MOVED: 03/11/2025 9:18 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:463d2b0e1176fed222a11cf244648f1a&mediaType=text

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US--TRUMP-TARIFFS-KENTUCKY BOURBON

Kentucky bourbon makers fear becoming 'collateral damage' in Trump's trade war

SUMMARY: The owners of Brough Brothers bourbon in Kentucky are ready to put their business plan into action. They have a new distillery set to open soon. They hope to cultivate new markets in Canada and Europe, but those plans have been complicated by an emerging trade war instigated by President Donald Trump. Victor Yarbrough, the distiller's CEO, says efforts to gain a foothold in Canada are on pause, as are plans to break into Germany and France with its bourbon. Other U.S. whiskey makers face similar dilemmas. Yarbrough calls distillers "collateral damage" in the disputes.

WORDS: 1299 - MOVED: 03/11/2025 12:05 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:11bbb928bcacccb6ba35c31522783e14&mediaType=text

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US--CONGRESS-BUDGET

Republicans are marching ahead with a government funding bill despite Democratic opposition

SUMMARY: Vice President JD Vance is visiting Capitol Hill to rally support as Republicans face a critical test of their unity. A spending bill that would avoid a partial government shutdown and keep federal agencies funded through September is coming up for a vote. House Speaker Mike Johnson is teeing up the bill for a vote as soon as Tuesday despite the lack of buy-in from Democrats, essentially daring them to vote against it and risk a shutdown that would begin Saturday if lawmakers fail to act. Johnson says he's confident the measure will pass. Some Senate Democrats are waiting on the House vote before taking their stand. President Donald Trump tells Republicans to "remain UNITED."

WORDS: 1184 - MOVED: 03/11/2025 10:00 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:e027a644af4152377b8cf99f6a91102f&mediaType=text

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US--CHINA-SHIPBUILDING

China's shipbuilding dominance poses economic and national security risks for the US, a report says

SUMMARY: A report details how China in two decades has grown to be the dominant global player in shipbuilding, dwarfing the U.S., which now has only 0.1% of the global market. The report released Tuesday by the Center for Strategic and International Studies warns the imbalance poses economic and national security risks for the U.S. and its allies. Concerns about the poor state of U.S. shipbuilding have been growing in recent years. The latest warning in the Washington-based bipartisan think tank's report comes a week after President Donald Trump declared it a priority to resurrect the U.S. shipbuilding industry. The Republican president says he's creating a new office of shipbuilding in the White House.

WORDS: 675 - MOVED: 03/11/2025 10:00 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:c995b06f35041e4ca1928e40f53adec5&mediaType=text

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EU--BRITAIN-SHIPS COLLIDE

UK fears environmental damage after ships' collision in the North Sea

SUMMARY: British officials are concerned about environmental damage after a cargo ship hit a tanker transporting jet fuel off eastern England. The crash set both vessels ablaze and the fires were still burning on Tuesday. Jet fuel from a ruptured tank poured into the North Sea after the container ship Solong broadsided the fuel tanker MV Stena Immaculate. The British government says there is no indication of foul play. Scientists say the environmental impact will depend on factors including the size of the spill, sea currents, wind patterns and the type of oil. All but one of the vessels' 37 crew members were brought safely ashore. The U.K. coast guard agency has ended a search for a person missing from the cargo ship.

WORDS: 711 - MOVED: 03/11/2025 8:50 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:47b208024d166aece39b66e216c05229&mediaType=text

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EU--HUNGARY-ORBAN-PRICE CONTROLS

Hungary's leader orders price controls on basic foods as inflation spikes

SUMMARY: Hungary's government is limiting the profit margin for grocers on a number of basic food items in response to growing inflation hitting consumers in the Central European country. Prime Minister Viktor Orbán said in a video on social media Tuesday that commercial grocers must limit their markup to no more than 10% of wholesale price on 30 different food items. The policy will be in effect from mid-March until the end of May. But it could be extended. Orbán said that the government would monitor grocers' compliance with the policy. But he didn't specify which foods would be included in the requirement. Hungary has struggled with some the European Union's worst inflation in recent years.

WORDS: 460 - MOVED: 03/11/2025 8:29 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:d023ade0d2ea7d6eda8044e79cde1005&mediaType=text

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AS--JAPAN-FUKUSHIMA

'Nervous and rushed': Massive Fukushima plant cleanup exposes workers to high radiation and stress

SUMMARY: The Fukushima Daiichi nuclear power plant's radiation levels have significantly dropped since the cataclysmic meltdown 14 years ago Tuesday. Workers walk around in many areas wearing only surgical masks and regular clothes. It's a different story for those who enter the reactor buildings, including the three damaged in the 2011 earthquake and tsunami. They must use maximum protection -- full facemasks with filters, multi-layered gloves and socks, shoe covers, hooded hazmat coveralls and a waterproof jacket, and a helmet. As workers remove melted fuel debris from the reactors in a monumental nuclear cleanup effort that could take more than a century, they are facing both huge amounts of psychological stress and dangerous levels of radiation.

WORDS: 985 - MOVED: 03/11/2025 7:01 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:4efe204a48f952137cac5a44b41f93ae&mediaType=text

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JAPAN-NISSAN

Japanese automaker Nissan's chief executive steps down after dismal results

WORDS: 604 - MOVED: 03/11/2025 6:27 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:6341d68967fbcc677904620c2640ce29&mediaType=text

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US-MONEY MATTERS-401(K)S

How to roll over an old 401(k)

SUMMARY: Old 401(k)s are a little like the old clothes in the back of your closet. You know you should do something about them, but there they sit, mostly out of sight and mind. And so it is with your old 401(k). If deciding what to do with an old (k) plan has been on your to-do list for a while, here are the key steps you should take to get it done.

WORDS: 745 - MOVED: 03/11/2025 6:10 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:2a2647800456fa6a97e06aaa2eddf635&mediaType=text

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AS--CHINA-CONGRESS

China is ending its annual Congress with questions open over how to revive its slowing economy

SUMMARY: China has wrapped up its biggest political event of the year leaving one question unanswered: How far will it go to try to revive economic growth in 2025? A recurring theme throughout the weeklong meeting of the nearly 3,000-member National People's Congress was the need to boost investment and consumer spending. How much will be done to translate words into action will only become clear in the months ahead as the ruling Communist Party juggles priorities. What is clear is that a trade war with the United States has left the outlook for the coming months uncertain.

WORDS: 968 - MOVED: 03/11/2025 5:54 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:aac0a8931a14c0d2f17087351914a068&mediaType=text

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AS--MYANMAR-SPECIAL ENVOY

Activist groups urge UN probe of its Myanmar envoy after report alleges ties to Chinese companies

WORDS: 603 - MOVED: 03/11/2025 5:20 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:621d0c62b201e8bfe5d8de0237cf9bd0&mediaType=text

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AS--JAPAN-US-TARIFFS

Japan's trade minister fails to win US assurances on tariff exemptions

SUMMARY: Japan's trade minister says he has not gotten assurances from U.S. officials that the key U.S. ally will be exempt from higher tariffs, some of which take effect on Wednesday. Yoji Muto headed to Washington for last ditch negotiations over the tariffs on a range of Japanese exports including cars, steel and aluminum. Muto said Japan, which contributes to the U.S. economy by heavily investing and creating jobs in the United States, "should not be subject to" 25% tariffs on steel, aluminum and auto exports to America. U.S. President Donald Trump also has criticized Japan's contributions to the two countries' mutual defense arrangements, adding to tensions with Tokyo.

WORDS: 445 - MOVED: 03/11/2025 4:33 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:3ed396d24cdafef6f22570fbb386edd7&mediaType=text

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EU--EUROPE-DEFENSE

EU chief says member countries must use a new defense loan to buy European, not American

WORDS: 326 - MOVED: 03/11/2025 10:24 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:8cbd54ba81c086aa8e47ea3a0971febb&mediaType=text

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AS-INDIA-ADANI-SOLAR

US legal troubles for tycoon Adani expose shortcomings in India's booming solar sector

WORDS: 1250 - MOVED: 03/11/2025 4:19 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:4f27c3d155d048d78f0c2321ebdfec69&mediaType=text

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AS--JAPAN-ECONOMY

Japan's economy grew at a 2.2% annual rate in Oct-Dec, as consumers held back on spending

WORDS: 363 - MOVED: 03/11/2025 12:35 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:92e577dec78b4cd903fd25ac81d0ecd4&mediaType=text

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