Trump considers pausing his auto tariffs as the world economy endures whiplash
WASHINGTON (AP) — President Donald Trump says he might temporarily exempt the auto industry from tariffs he previously imposed on the sector, to give carmakers time to adjust their supply chains. Trump told reporters gathered in the Oval Office on Monday automakers “need a little bit of time” to relocate production to the U.S. The Republican president's statement hints at yet another round of reversals on tariffs. Trump’s onslaught of import taxes has panicked financial markets and raised deep concerns from Wall Street economists about a possible recession. The chief economist for the Northern Trust global financial firm warns damage to consumer, business and market confidence may be irreversible.
Getting the IRS on the phone is more difficult this tax filing season, experts say
WASHINGTON (AP) — Taxpayers calling the IRS for help processing their taxes this filing season may find it harder than normal to get someone on the phone. Experts say that problem is only expected to get worse next year with staffing cuts that could slash the workforce considerably. For this year, data of tax return processing times shows numbers largely in line with those from last year. IRS employees involved in the 2025 tax season were not allowed to accept a buyout offer from the Trump administration until after the taxpayer filing deadline of April 15, though thousands of probationary workers were laid off earlier this year.
Despite a court order, White House bars AP from Oval Office event
The Trump administration has turned a reporter and photographer from The Associated Press away from covering an Oval Office news conference involving President Donald Trump and El Salvador President Nayib Bukele. The decision comes less than a week after a federal judge said the administration should stop denying AP access to events in retaliation for the news outlet's decision not to rename the Gulf of Mexico. Trump's team is appealing U.S. District Judge Trevor N. McFadden's decision. Both the administration and AP are also arguing in court about whether McFadden's ruling should take effect before appeals are exhausted.
Confusion reigns after Trump exempts electronics from new tariff regime. Here's what we know
Confusion over President Donald Trump's tariffs remains following a weekend of questions around trade in consumer electronics. On Friday the Trump administration paused its new taxes on electronics imported into the U.S. — signaling some relief from trade wars that have particularly escalated with China, a major exporter of technology from smartphones to laptops. But these goods remain subject to other levies. And officials have also indicated that additional, sector-specific tariffs targeting electronics are on the way — all of which economists warn will raise costs and lead to higher prices for consumers.
Stocks rally worldwide after Trump eases some of his tariffs on electronics, for now
NEW YORK (AP) — Stocks rallied worldwide after President Donald Trump relaxed some of his tariffs and as stress from within the U.S. bond market seemed to ease. The S&P 500 rose 0.8% Monday. The Dow Jones Industrial Average also rose 0.8%, and the Nasdaq composite climbed 0.6%. Apple and other technology stocks helped lift the market after Trump temporarily exempted smartphones and other electronics from some of his stiff tariffs. Ford and GM also rallied after Trump said pauses for auto tariffs may be next. Perhaps more importantly for Wall Street, the bond market showed signals of increasing calm as Treasury yields eased.
A British billionaire funded therapeutic food production amid USAID 'craziness.' It won't be enough
NEW YORK (AP) — America's nutritional peanut paste manufacturers are having a “yo-yo” of a year. Their lifesaving food packets have been disrupted by the U.S. State Department's sudden pause in foreign assistance. Georgia-based MANA Nutrition and Rhode Island-based Edesia Nutrition produce nutritional mixtures of ground peanuts, powdered milk, sugar and oil that get sent to malnourished children worldwide. Yet upcoming orders are getting scrapped and the U.S. government only recently began paying back debts dating back to December. Keeping MANA afloat is British billionaire hedge fund manager Chris Hohn. But it's hardly enough to assure producers they will keep reaching youth in impoverished countries.
Nvidia plans to manufacture AI chips in the US for the first time
LOS ANGELES (AP) — Nvidia announced Monday that it will produce its artificial intelligence super computers in the United States for the first time. The tech giant said it has commissioned more than one million square feet of manufacturing space to build and test its specialized Blackwell chips in Arizona and AI supercomputers in Texas — part of an investment the company said will produce up to half a trillion dollars of AI infrastructure in the next four years. The announcement comes after the Trump administration said tariff exemptions on electronics like smartphones and laptops are only a temporary reprieve until officials develop a new tariff approach specific to the semiconductor industry.
PepsiCo agrees to meet with Al Sharpton over DEI cuts, potential boycott
Food and beverage giant PepsiCo has agreed to meet this week with civil rights advocates from the National Action Network to discuss the company’s recent decision to roll back some of its diversity, equity, and inclusion initiatives. That's the word from The Rev. Al Sharpton. He said Monday the expected meeting comes after his April 4 letter threatening to lead a boycott against the company. PepsiCo said in February that it will no longer set goals for minority representation in its managerial roles or supplier base. PepsiCo is one of several companies that dropped corporate initiatives aimed at increasing diversity and reducing discrimination since Donald Trump returned to the White House this year.
China warns UK government to treat Chinese owners of British Steel fairly
LONDON (AP) — China has warned the U.K. government to treat the Chinese owners of British Steel fairly or risk undermining investor confidence in the country after British authorities took control of the company. China’s Foreign Ministry made the comment on Monday as government-appointed managers raced to prevent British Steel from shutting down the last two blast furnaces in Britain that make so-called virgin steel from raw materials. Parliament on Saturday passed legislation authorizing the government to take control of the company and its Scunthorpe steelworks from Jingye Group, which has owned British Steel since 2020. Jingye still owns the company but British authorities have taken control of day-to-day operations.
Have you experienced a disaster? You have more time to file your taxes
NEW YORK (AP) — If your life has been upended by a wildfire, hurricane, flood, tornado, or another disaster this past year, the IRS recognizes you may need more time to file your taxes and grants you an automatic extension. What’s more, most disaster relief is not counted as income, and so is not taxed. You're also permitted to write off a certain amount of loss due to disaster, reducing your tax burden. That could be damaged property, lost income, or small business losses. In the wake of a disaster, people are more vulnerable to scams, so be extra vigilant as you prepare your taxes, even with the extra time of an IRS extension.
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