Brass bands in Beijing make way for sticker shock at home as Trump returns to escalating inflation
WASHINGTON (AP) — President Donald Trump has returned from his state visit to China to face a challenging U.S. economy. Consumer inflation rose to 3.8% annually in April, driven by the Iran war and tariffs. The Cleveland Federal Reserve estimates inflation could reach 4.2% in May. Trump's trip to China seems unlikely to help despite his claims of trade deals. Many U.S. voters are facing rising costs for essentials. Democrats criticize Trump for being indifferent to inflation concerns. Trump insists he's focused on growth and affordability, but inflation continues to affect businesses and interest rates. The November elections could be influenced by these economic pressures.
Trump's description of Taiwan as a ‘good negotiating chip’ with China raises anxieties
U.S. President Donald Trump has described arms sales to Taiwan as a "very good negotiating chip" in dealings with China. This comment, made in a Fox News interview, has heightened anxieties in Taiwan, which China claims as its own. Trump suggested that a $14 billion arms package to Taiwan depends on China, raising concerns about Taiwan's security. China has warned of potential conflicts over Taiwan, framing it as a crucial issue in China-U.S. relations. Trump's remarks also included a call for Taiwan's microchip makers to move to the U.S., adding to the island's concerns.
Walmart and Amazon race to win over rural America with speedier deliveries
PEA RIDGE, Ark. (AP) — Walmart and Amazon are racing to speed up order deliveries in rural areas of the U.S. Small cities and towns are a rich source of untapped sales for whichever retailer builds a loyal base of online shoppers. Analysts at investment bank Morgan Stanley estimate the underserved market could be worth up to $1 trillion in annual sales. The turf battle between the nation's two biggest retailers has intensified as remote workers swell the populations of communities on the far fringes of metropolitan areas. It's also taking place as FedEx, UPS and the U.S. Postal Service are scaling back or slowing deliveries to some rural areas.
North America’s largest commuter rail system shuts down as workers strike
NEW YORK (AP) — North America’s largest commuter rail system has shut down after unionized workers went on strike. The Long Island Rail Road in New York ceased operations early Saturday morning as five unions representing about half its workforce walked off the job. The two sides have been negotiating for months on a new contract. But the unions were legally allowed to strike starting at 12:01 a.m. The MTA has said it would provide limited shuttle buses to New York City subway stations in the event of a strike. Gov. Kathy Hochul urged Long Islanders to work from home if possible.
Powell's tenure as Fed chair marked by fight for independence while trying to tame inflation
WASHINGTON (AP) — When Jerome Powell was sworn in as chair of the Federal Reserve eight years ago, economists worried that inflation and interest rates were too low and that too few Americans had jobs. Now, as Powell steps down after eight tumultuous years atop the Fed, the U.S. economy is transformed. Along the way, Powell shrugged off relentless personal attacks from President Donald Trump that began just months after his appointment. But in January, he pushed back against an unprecedented legal investigation by the Justice Department, becoming one of the few top officials in Washington to stand up to the Trump White House. His success at protecting the Fed’s independence from day-to-day politics will be a key part of his legacy.
Trump weighs Taiwan arms package after summit aimed at steadying US-China ties
BEIJING (AP) — President Donald Trump says he’s not yet made a decision on whether a major sale of U.S. arms to Taiwan can move forward following his three-day visit to China. The president spoke to reporters Friday as he flew back on Air Force One. Trump's Republican administration has authorized the sale, but it has yet to proceed. Some Republicans in Congress expressed displeasure at the president's comments on weapons to Taiwan. China opposes the deal and has suggested that Washington’s relationship with the self-governing island is the key factor in China-U.S. relations. Trump also says he raised a potential three-way nuclear deal involving the U.S., Russia and China.
Takeaways from Trump's trip to China: Taiwan, a new framework for relationship and flattery for Xi
BEIJING (AP) — President Donald Trump’s three-day trip to China was unexpectedly dominated by discussions about Taiwan and a new framework for managing Washington and Beijing's complicated relationship. Chinese President Xi Jinping kicked off Trump’s whirlwind visit with a warning: If Washington mishandles its relations with the self-governing island of Taiwan, the U.S. and China could end up clashing or even in open conflict. Trump did not respond publicly, refraining from mentioning Taiwan while in Beijing. But he suggested aboard Air Force One on his way home that Xi’s staunch opposition might make him rethink a planned U.S. arms sale to Taipei.
The Latest: After China visit, Trump says he’s undecided on sending weapons to Taiwan
U.S. President Donald Trump departed Beijing following a final day meeting with Chinese President Xi Jinping. The leaders say they made progress in stabilizing U.S.-China relations, but deep differences remain after two days of meetings and meals. On Friday they walked the grounds of Zhongnanhai and had a working tea and lunch. During meetings and events Thursday the two discussed divisive issues such as the Iran war, trade, technology and Taiwan. China has shown little public interest in getting more involved in solving the war in Iran. Xi also suggested differences over Taiwan could put his country and the U.S. on the path toward conflict. Threats of each side imposing steep tariffs also still loom.
Argentina’s beef consumption falls to lowest level in 20 years as prices soar
BUENOS AIRES, Argentina (AP) — Argentina’s beef consumption has fallen to its lowest level in two decades as soaring prices and weakening purchasing power push many families to replace beef with cheaper proteins like chicken and pork. Analysts say the decline has been driven by economic austerity measures under President Javier Milei, lower cattle supply and the opening of Argentina’s beef market to international trade, which pushed domestic prices closer to global levels. Beef exports rose sharply this year, helped by increased demand from the United States amid American cattle shortages. At butcher shops in Buenos Aires, sellers and consumers say beef — once affordable across much of Argentine society — is increasingly becoming a luxury.
Berkshire Hathaway triples Alphabet stake and invests in Delta and Macy's under new CEO
OMAHA, Neb. (AP) — Berkshire Hathaway more than tripled the size of its investment in Google’s parent company and bought over $2.6 billion worth of Delta Airlines stock as Greg Abel settled into the CEO job after taking over from Warren Buffett at the start of the year. Buffett was always reluctant to invest in tech companies because he said he didn’t understand them well enough. Buffett did make an exception to that rule near the end of his career by buying a massive Apple stake. But Abel appears to be more comfortable because by the end of March Berkshire owned nearly 58 million Alphabet shares worth almost $17 billion. That is up from only 17.8 million Alphabet shares worth $5.6 billion three months earlier.
