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Trump says he’ll place tariffs on Canada, Mexico and China on Saturday

WASHINGTON (AP) — President Donald Trump says he will put in place 25% tariffs on imports from Canada and Mexico and 10% tariffs on goods from China effective Saturday. That raises the specter of swift price increases for U.S. consumers, although Trump suggests he will try to blunt the impact on oil imports. Trump had been threatening the tariffs to ensure greater cooperation on stopping illegal immigration and the smuggling of chemicals used for fentanyl. He has also pledged to use tariffs to boost domestic manufacturing and raise revenues for the federal government. Both Canada and Mexico say they’ve prepared the option of retaliatory tariffs if necessary.

Stock market today: Wall Street surrenders gains after White House confirms Trump tariff move

Stocks surrendered early gains and closed lower after the White House said President Donald Trump would impose promised tariffs on some key U.S. trading partners. The S&P 500 fell 0.5% and the Nasdaq composite dropped 0.3%. Each showed solid gains in morning trading. The Dow Jones Industrial Average dropped 0.8%. Trump will put in place 25% tariffs on imports from Canada and Mexico and 10% tariffs on goods from China effective Saturday. Apple reversed course from market leading gains to post a slight loss. Shares of Nvidia, considered the poster child for the AI frenzy, fell 3.7% to close out a rough week for chipmakers.

A busy stock market week bookended by DeepSeek and Trump tariffs, by the numbers

News from China upset U.S. markets Monday and disrupted the frenzy that had built up around artificial intelligence. A company called DeepSeek said it had developed a large language model that can compete with U.S. AI giants but at a fraction of the cost. Nvidia, Broadcom and Micron Technology were among the high-flying stocks that fell to earth. Still, the noise in the tech sector obscured some solid gains in other parts of the market. Stocks got a slight jolt late Friday after the White House said President Donald Trump would impose promised tariffs on some key U.S. trading partners.

Trump targets FAA diversity efforts in plane crash probe despite no evidence they played any role

NEW YORK (AP) — President Donald Trump’s remarks this week blaming diversity recruitment at the FAA as a potential reason for the plane crash that killed 67 people has drawn attention to the agency’s attempts to address its most pressing and long-standing staffing problem. The FAA had a persistent shortage of air traffic controllers for years and has used a diversity hiring program as one strategy to fill those and other slots. No evidence has emerged that rules seeking to diversify the FAA played any role in the collision. The diversity program has been ongoing for years, including during Trump’s first term, and experts familiar with it say all candidates must meet the same FAA qualifications no matter the job.

Trump tariffs on Mexico and Canada could land this weekend. Here are some goods in the crosshairs

President Donald Trump said this week that tariffs on U.S. neighbors Canada and Mexico will arrive Saturday. The two nations are not only close geographically, but economically as well. The business between the North American nations now exceeds China, totaling $1.8 trillion in 2023. That is far greater than the $643 billion in commerce that the U.S. did with China in that same year. Following are just a few imported goods that could be hit first.

US inflation is lingering and tariffs threatened by Trump could nudge prices in wrong direction

WASHINGTON (AP) — An inflation gauge closely watched by the Federal Reserve rose slightly last month, the latest sign that some consumer prices remain stubbornly elevated, even as inflation is cooling in fits and starts. Friday’s report from the Commerce Department showed that consumer prices rose 2.6% in December from a year earlier, up from a 2.4% annual pace in November and the third straight increase. Excluding the volatile food and energy categories, prices increased 2.8% compared with a year ago, the same as in November and October. The figures arrive just two days after Federal Reserve officials, led by Chair Jerome Powell, decided to pause their interest rate cuts.

President Trump to meet with Nvidia CEO Jensen Huang at the White House

President Donald Trump is meeting Friday with Nvidia CEO Jensen Huang, whose company designs and supplies the advanced computer chips that play an integral role in developing artificial intelligence. The meeting was confirmed by a person familiar who insisted on anonymity to discuss the conversation between Huang and Trump. The person said the meeting was set up weeks ago and would enable them to get acquainted and talk about AI policy.

CEO of the nation’s largest public utility plans to retire

NASHVILLE, Tenn. (AP) — The CEO of the nation’s largest public utility plans to retire by September after nearly six years. On Friday, the Tennessee Valley Authority announced Jeff Lyash’s planned departure as president and CEO. During Lyash’s tenure, The federal utility has focused on nuclear power, worked toward retiring all its coal-fired plants by 2035, and kept retail rates 80% lower than the rest of the U.S. But Lyash also was criticized for plans to replace several coal plants with another fossil fuel in gas. TVA’s rolling blackouts in December 2023 likewise drew scrutiny. And President Donald Trump skewered Lyash in 2020 over his pay, though TVA is funded by electricity customers, not tax dollars. TVA says Lyash’s retirement isn’t related to Trump.

In win for Trump, oil giant Shell walks away from major New Jersey offshore wind farm

In the first serious fallout from President Donald Trump’s early actions against offshore wind power, oil and gas giant Shell is walking away from a major project off the coast of New Jersey. Shell told The Associated Press it was writing off the project, citing increased competition, delays and the changing market. Shell co-owns the large Atlantic Shores project, which has most of its permits and would generate enough power for 1 million homes if both of two phases were completed. That’s enough for one-third of New Jersey households. It’s unclear whether Shell’s decision kills the project — partner EDF-RE Offshore Development says it remains committed to Atlantic Shores.