Court rules Lisa Cook can remain a Fed governor for now while fighting Trump’s attempt to fire her
WASHINGTON (AP) — A federal court has ruled that embattled Federal Reserve Governor Lisa Cook can remain in her position while she fights President Donald Trump’s efforts to fire her. The ruling late Tuesday, which will almost certainly be appealed, is a blow to the Trump administration’s efforts to assert more control over the traditionally independent Fed. Trump said he was firing Cook on Aug. 25 over allegations that she committed mortgage fraud in 2021, before she joined the Fed. Cook’s lawyers argued that firing her was unlawful because presidents can only fire Fed governors “for cause.” U.S. District Judge Jia Cobb granted Cook’s request for a preliminary injunction blocking her firing while the dispute makes its way through the courts.
Trump is upsetting the US allies needed to counter China
WASHINGTON (AP) — President Donald Trump's trade and immigration policies are straining key international relationships, especially with South Korea and India. Recently, South Korean workers were detained at a Hyundai plant in Georgia, causing tension. The U.S. relationship with India has also cooled due to tariffs imposed by Trump as punishment for India's Russian oil purchases. Despite Trump's past friendship with Indian Prime Minister Narendra Modi, recent actions have caused friction. Experts warn these issues could have lasting effects on U.S. alliances, as countries may seek stronger ties with China. The situation highlights growing concerns about America's diplomatic standing.
Supreme Court to quickly consider if President Donald Trump has power to impose sweeping tariffs
WASHINGTON (AP) — The Supreme Court is granting an unusually quick hearing on whether President Donald Trump has the power under federal law to impose sweeping tariffs. The justices agreed Tuesday to hear the case in November, lightning-fast by the usual standards of the nation’s highest court. The tariffs will stay in place in the meantime. The small businesses and states that challenged the tariffs in court also agreed to the fast timetable. They say Trump illegally used an emergency powers law. The Trump administration argues the law does allow him to regulate imports and tariffs are necessary to strike new trade deals.
Apple's iPhone 17 line-up includes a new ultra-thin model and $100 price hike for Pro model
CUPERTINO, Calif. (AP) — Apple has rolled out its next generation of iPhones that includes a new ultra-thin model and a slight price hike for one of its high-end models, while the company feels the squeeze of a global trade war. The iPhone 17 line-up includes a new slimmed-down model that will adopt the “Air” name that Apple already uses for its sleekest iPads and Mac computers. The new iPhones are the first to be released since President Donald Trump returned to the White House and unleashed a barrage of tariffs, in what his administration says is an attempt to bring overseas manufacturing back to the U.S. — a crusade that has thrust Cook into the hot seat.
Apple has unveiled its iPhone 17 lineup, including the first iPhone Air. Here's what's new
NEW YORK (AP) — Apple’s iPhone 17 lineup is here. The tech giant has unveiled four new models that mark the latest editions to its marquee product. That includes the introduction of the iPhone Air, which Apple says is its thinnest smartphone yet. And, as seen in years past, its newest phones boast better cameras, longer lasting batteries and a handful of other upgrades across the board. Tuesday’s lineup mark the first phones Apple has released since President Donald Trump returned to the White House and unleased a barrage of tariffs. But for the most part, Apple is sticking with the same price tags it’s slapped on its newest iPhones over recent years.
New data shows the US job market was much weaker than thought in 2024, and this year as well
WASHINGTON (AP) — The U.S. job market was much weaker in 2024 and early this year than originally reported, adding to concerns about the health of the U.S. economy. The Labor Department reported Tuesday that employers added 911,000 fewer jobs than originally reported in the year that ended in March 2025. The department issues the so-called benchmark revisions every year. They are intended to better account for new businesses and ones that had gone out of business. The numbers issued Tuesday are preliminary. Final revisions will come out in February.
Trump's tariffs seen cutting into China sales of US companies, survey finds
BEIJING (AP) — Many U.S. companies in China expect sales to take a hit this year because of the tariffs imposed by U.S. President Donald Trump and China's retaliatory measures. This is according to a survey by the American Chamber of Commerce in Shanghai, released Wednesday. Nearly two-thirds of the 254 companies surveyed say tariffs have reduced expected revenues for their China operations in 2025. Trump has imposed a 30% tax on imports from China, while China has responded with a 10% tax on U.S. imports. The tariffs mainly affect companies exporting to the U.S. or importing American parts for production in China.
Klarna prices IPO at $40, valuing buy now, pay later company at $15 billion ahead of trading debut
NEW YORK (AP) — Klarna priced its long awaited initial public offering at $40 a share late Tuesday, valuing the Swedish buy now, pay later company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Founded in 2005 as a payments company, Klarna entered the U.S. buy now, pay market in 2015 in partnership with department store operator Macy’s. Since then, Klarna has expanded to hundreds of thousands of merchants and has embedded itself in internet browsers and digital wallets as an alternative to credit cards.
Asian shares mostly rise, cheered by Wall Street rally to more records
TOKYO (AP) — Asian shares are mostly higher, echoing the record rally on Wall Street after the latest update on the job market bolstered hopes the U.S. Federal Reserve will cut interest rates. Benchmarks rose in Wednesday morning trading in Tokyo, Seoul, Sydney and Hong Kong, while being little changed in Shanghai. On Wall Street, the S&P 500 gained 0.3%, topping its all-time high set last week. The Dow Jones Industrial Average added 196 points, and the Nasdaq composite climbed 0.4%, both records. Oil prices rose moderately, despite the escalation of tensions in the Middle East. Israel struck the headquarters of Hamas in Qatar.
Home Depot stores, long a hub for day laborers, now draw immigration agents out on raids
LOS ANGELES (AP) — Home Depot stores in Southern California have long been an informal hub for day laborers in the country both legally and illegally who are seeking work. Now the locations have become a prime target for immigration agents. Day laborers say one store location in the Van Nuys area of Los Angeles has been raided by immigration authorities at least five times since June. While seeking work in the store parking lot, they now carry whistles to sound the alarm if agents arrive.
