Trump says US and Canada have reached last-minute deal to delay 50% US tariffs on Canadian imports
WASHINGTON (AP) — President Donald Trump says he is delaying the 50% U.S. tariffs on $20 billion worth of Canadian imports after the two countries reached a last-minute deal hours before the sanctions were to go into effect. The announcement, which Trump made late Tuesday on his social media platform, buys time for more negotiations and avoids, for now, another strain in already tense relations between the historic allies. Trump said he had paused the tariffs “based on the fact that Canada and the U.S.A., subject to the finalization of documents, have a DEAL!” Trump’s import taxes would have hit about 5% of what Canada ships to the United States every year, including products ranging from hockey sticks to tongue depressors.
Trial for Meta begins with states arguing its platforms preyed on vulnerability of young brains
OAKLAND, Calif. (AP) — Opening statements started Tuesday in a pivotal trial for Meta Platforms in a California federal court, where states are seeking billions of dollars in damages for social media harms to children. Attorneys general from California, Colorado, Kentucky and New Jersey are seeking extensive financial damages plus changes to how the company operates Facebook and Instagram. Twenty-nine states sued the tech giant in 2023 over child safety and privacy. The other 25 will go to trial later. The company also faces lawsuits in state courts. Meta said in a statement that it believes it has a strong case.
In Meta's trial, families of social media victims see a pivotal moment for online safety
Advocates and parents of social media victims see the trial underway against Meta Platforms as a significant moment in their fight for online child safety. The trial involves attorneys general from four states seeking billions in damages for social media harms to children. This lawsuit is not focused on any individual person, case or specific harm tied to social media, but rather broader claims that Meta made decisions in designing Instagram and Facebook that put young users at risk. Meta has rejected the allegations and said the trial will show the work it has done to make its platforms safer.
Shares fall in Asia, with Kospi down 5.2%, while oil prices jump
BANGKOK (AP) — Shares are sharply lower in Asia after Wall Street pulled further from its all-time high as artificial-intelligence stocks resumed their decline. South Korea's Kospi dropped 5.2% and Tokyo's Nikkei 225 sank 2.6%. Oil prices jumped about 1%. On Tuesday, the S&P 500 fell 0.7% for a third straight loss. The Dow Jones Industrial Average dipped 0.2%, and the Nasdaq composite sank 1.3%. Nvidia, Micron Technology and Broadcom were some of the heaviest weights on the market on criticism that their prices shot too high in the frenzy around AI. Treasury yields held relatively steady.
Trump is threatening to bomb Oman, but why?
U.S. President Donald Trump is angry with Oman over its talks with Iran about managing the Strait of Hormuz that lies between the countries. Trump this week threatened to bomb the sultanate if it “gets in the way.” This comes as Trump faces pressure over his promises for a quick war and a weakened Iran. Talks between the U.S. and Iran have stalled, while Oman and Iran continue discussions. Oman had been trying to mediate peace but is now caught between the powers. It's unclear if Trump's threat will impact Oman’s negotiations with Iran as global economic pressures grow as well.
ABC sues FCC over challenge to its broadcast licenses, saying actions present 'existential threat'
ABC has filed a lawsuit against the Trump administration’s Federal Communications Commission, alleging violation of its First Amendment rights. Tuesday's lawsuit was a sharp escalation of the network's battle against what it sees as the administration's efforts to police its content. FCC Chairman Brendan Carr has defended his agency’s actions against ABC, saying broadcasters have a duty to “operate in the public interest.” The FCC launched a review in April of eight ABC-owned broadcast licenses years before they expire. The order came after a joke by ABC late night host Jimmy Kimmel infuriated President Donald Trump.
Small projects lift Home Depot quarterly sales, but outlook unchanged in a slumping housing market
Home Depot’s sales improved during its fiscal second quarter as customers spent more during the summer months and concentrated on smaller projects. Revenue for the Atlanta-based company increased to $47.86 billion from $45.28 billion. Wall Street was calling for $47.24 billion. Sales at stores open at least a year, a key indicator of a retailer’s health, climbed 1.7%. In the U.S., comparable store sales rose 1.3%.
Drug prices have declined sharply, and Trump is taking credit. The reason behind the drop is complex
NEW YORK (AP) — President Donald Trump has been promoting new data showing U.S. prescription drug prices fell 0.8% in July and are down 3.1% from a year ago. Trump's Republican administration credits “most favored nation” drug deals and the TrumpRx website for the drop. However, experts say the picture is more complex. They point to factors like a law from Democratic President Joe Biden's time in office allowing Medicare to negotiate drug prices and increased competition from generic and biosimilar products. In addition, experts caution that consumers may not feel the impact of the price drop as many are facing rising insurance premiums and out-of-pocket costs.
OpenAI introduces ChatGPT for Teens, promising a more age-appropriate chatbot
SAN FRANCISCO (AP) — OpenAI is launching a version of ChatGPT designed for teenagers. As the first generation to grow up with artificial intelligence, teens are already using it for schoolwork, questions about daily life and even companionship. The San Francisco-based company says ChatGPT for Teens is tailored for children ages 13 to 17, with stronger protections including content restrictions around things like suicide, self-harm and romantic or sexual chats. It also provides homework and study support designed to help students learn rather than spit out answers and school essays. The idea is to guide teens toward healthy AI use in an age-appropriate environment, the company said.
Watchdog calls for US import ban as forced labor persists in Dominican sugarcane fields
SAN JUAN, Puerto Rico (AP) — A human rights group says that forced labor persists on massive sugarcane plantations across the Dominican Republic. The U.S. is its largest market for sugar and other products. The nonprofit Corporate Accountability Lab said in a report published Tuesday that it spent more than three years investigating working conditions on plantations owned by Central Romana Corporation, Ltd. It is the largest employer and landowner in the Dominican Republic, and its owners have ties to U.S. President Donald Trump. The human rights group called on the U.S. to reinstate a 2022 ban on imports of sugar and related products made by the company that was reversed last year.
