BUSINESS HEADLINES

US trade deficit declined in 2025, but gap for goods hits a record despite Trump tariffs

WASHINGTON (AP) — The U.S. trade deficit slipped modestly in 2025, a year in which President Donald Trump upended global commerce by slapping double digit tariffs on imports from most countries. The Commerce Department reported Thursday that the gap the between the goods and services the U.S. sells other countries and what it buys from them narrowed to just over $901 billion from $904 billion in 2024.

US applications for jobless aid fall to 206,000 last week as layoffs remain low

WASHINGTON (AP) — U.S. applications for unemployment benefits fell last week as layoffs remain at historically low levels. The number of Americans filing for jobless aid for the week ending Feb. 14 fell by 23,000 to 206,000 from the previous week, the Labor Department reported Thursday. That’s significantly fewer than the 225,000 new applications that analysts had forecast. Filings for unemployment benefits are viewed as representative of U.S. layoffs. The total number of Americans filing for jobless benefits for the previous week ending Feb. 7 increased to 1.87 million, up 17,000 from the previous week, the government said.

Average US long-term mortgage rate dips to 6.01%, lowest level in more than 3 years

The average long-term U.S. mortgage rate slipped this week to its lowest level in more than three years, but remains around 6% in the same narrow range it has been in this year. Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed rate mortgage rate fell to 6.01% from 6.09% last week. One year ago, the rate averaged 6.85%. The modest pullback brings the average rate to its lowest level since Sept. 8, 2022, when it was 5.89%. That was the last time the average rate was below 6%.

Walmart delivers another quarter of impressive sales but offers a muted outlook

NEW YORK (AP) — Walmart delivered another impressive quarter as the promise of lower prices and speedy deliveries attracted a broader spectrum of Americans from cash-strapped to wealthier households during the critical holiday shopping period. The subdued outlook, offered Thursday, from the Bentonville, Arkansas, company, however, hinted at a volatile economic environment ahead. Subdued consumer sentiment, a fragile job market and student loan delinquencies are among the issues that Walmart is monitoring.

US civil rights agency sues Coca-Cola distributor for excluding men from casino work trip

The U.S. federal agency that enforces workplace civil rights is suing a regional Coca-Cola bottler for sex discrimination, alleging the company discriminated against male employees by only inviting women to a company-sponsored networking event. The U.S. Equal Employment Opportunity Commission filed the lawsuit on behalf of a male employee of Coca-Cola Beverages Northeast who complained about a two-day networking trip for about 250 women in September 2024 at the Mohegan Sun Casino resort in Connecticut. The lawsuit challenges the sort of diversity programming the EEOC has aggressively targeted since President Donald Trump overhauled the agency.

Mark Zuckerberg quizzed on kids’ Instagram use in social media trial

LOS ANGELES (AP) — Mark Zuckerberg and opposing lawyers dueled in a Los Angeles courtroom Wednesday, where the Meta CEO answered questions about young people’s use of Instagram, his congressional testimony and internal advice he’s received to be “authentic” and not “robotic.” The plaintiff, a now 20-year-old woman, is seeking to hold social media companies responsible for harms to children who use their platforms. Meta and YouTube are the two remaining defendants in the case, which TikTok and Snap settled.

Modi pitches India as global artificial intelligence hub at AI summit

NEW DELHI (AP) — Prime Minister Narendra Modi has pitched India as a major hub for artificial intelligence, built at home and used worldwide. On Thursday, Modi told an AI summit in New Delhi that India wants to “design and develop in India” and deliver to humanity. The summit was also addressed by world leaders and tech CEOs, including French President Emmanuel Macron, Google’s Sundar Pichai and U.N. Secretary-General António Guterres. Guterres called for a $3 billion global AI fund to help poorer countries build skills, data access and computing. India highlighted its digital ID and payments systems as a model for low-cost AI. But it still trails in building top AI models.

Indonesian leader signs trade deal with Trump while in Washington for the Board of Peace

WASHINGTON (AP) — Indonesian leader Prabowo Subianto has signed a reciprocal trade agreement with U.S. President Donald Trump. It happened Thursday while Prabowo was in Washington to attend the first meeting of the Trump-led Board of Peace. The countries already had reached a framework trade deal that would drop most Indonesian tariffs on U.S. goods and have the U.S. set a 19% tariff on Indonesian exports. A White House statement called it a “great deal” that will “help both countries to strengthen economic security.” Indonesian and U.S. companies also reached several business deals a day earlier. They cover large farm purchases and new cooperation on critical minerals and computer chips.

WH adviser Hassett urges ‘discipline’ for Fed economists over tariff study

WASHINGTON (AP) — President Donald Trump’s top economist on Wednesday urged that Federal Reserve economists be punished for research last week that showed American companies and consumers paying for nearly all the new tariffs imposed by the White House last year. Hassett’s comments represent the latest attack from the Trump administration on the Fed, which has traditionally been independent of day-to-day politics. It also suggests the White House remains sensitive to concerns about rising costs for groceries, housing, and big-ticket items such as furniture and cars, as surveys show Americans remain disgruntled about the economy.