US employers defy economic shock from Iran war and add a surprisingly strong 115,000 jobs in April
WASHINGTON (AP) — America’s employers delivered a surprising 115,000 new jobs last month despite an economic shock from the Iran war. Hiring was better than the 65,000 that economists had expected, though it decelerated from the 185,000 jobs created in March. The unemployment rate remained at a low 4.3%. The war has caused the biggest disruption of global oil supplies in history and sent average U.S. gasoline prices surging past $4.50 a gallon this week. But the conflict hasn’t done much damage to the American job market so far.
China says exports jump 14.1% from a year ago ahead of Trump-Xi summit
HONG KONG (AP) — China says exports have risen 14.1% in April from a year earlier, despite the Iran war and lingering impacts from higher U.S. tariffs. The data were released Saturday, just days ahead of a planned meeting next week between President Donald Trump and Chinese leader Xi Jinping in Beijing. That beat analysts’ estimates and is a significant improvement from March’s 2.5% year-on-year expansion. Imports have climbed 25.3%, slower than the 27.8% growth in March but still robust. The Trump-Xi summit comes at a time when relations are beset by multiple troubles, with efforts to end the war in Iran topping the list.
US stocks rise to records after a solid jobs report overshadows higher oil prices
NEW YORK (AP) — U.S. stocks rose to records following the latest sign that the nation’s job market is doing better than economists expected. The S&P 500 climbed 0.8% Friday to an all-time high after a report said employers added more jobs last month than expected, even though the war with Iran is raising fuel costs and uncertainty. The Dow Jones Industrial Average edged up less than 0.1%, and the Nasdaq composite rallied 1.7% to its own record. Monster Beverage and Akamai Technologies helped lead the market after reporting better profits for the latest quarter than analysts expected. Oil prices climbed on uncertainty about the war with Iran.
Shipping firms are being whipsawed by changing stances and risks as they wait for Hormuz to reopen
NEW YORK (AP) — With hundreds of vessels still stuck in the Persian Gulf and costs piling up, shipping companies are being whipsawed by uncertainty over how and when the Strait of Hormuz might reopen more than two months into the Iran war. U.S. President Donald Trump first announced an effort in which the U.S. military would “guide” ships through the strait, then paused that to allow time for a deal to end the war. A French-operated ship was damaged attempting to transit the strait. Industry figures say a return to normal transit will take weeks even if there's a deal.
These numbers show the global impact of Iran's grip on the Strait of Hormuz
Iran’s grip on the Strait of Hormuz has jolted the world economy. It has also left tens of thousands of mariners and hundreds of ships stranded in the Persian Gulf. Iran effectively seized control of the critical waterway for global energy after the U.S. and Israel attacked it on Feb. 28. Weeks of heavy bombing and a U.S. naval blockade imposed last month have yet to loosen its grip. Iran says it will only reopen the strait if the war ends and the blockade is lifted. U.S. President Donald Trump is seeking wider concessions, including on Iran’s nuclear program.
Trump administration settles meatpacking antitrust case in bid to bring down grocery prices
WASHINGTON (AP) — The Trump administration has reached a proposed settlement in an antitrust case against Agri Stats, a data-sharing company for the meatpacking industry. The federal government accused the company of helping drive up grocery prices. Justice Department officials, who initially brought the case under the Biden administration, see this as a victory in reclaiming competitive prices in the meat industry. Acting Attorney General Todd Blanche emphasized the importance of affordable food. Agri Stats would be required to share information with U.S. buyers under the settlement. U.S. beef prices have been climbing steadily since 2020 and are near record highs. But there are many reasons for that, and the solutions aren’t simple.
Trump says EU has until July 4 to approve last year’s trade deal or it will face higher tariffs
WASHINGTON (AP) — President Donald Trump says goods from the European Union will face higher tariff rates if the 27-member bloc fails to approve last year’s trade framework by July 4. Trump's announcement on social media Thursday appears to be a deadline extension after the president said last Friday that EU autos would face a higher 25% tariff starting this week. Trump is displeased that the European Parliament has yet to finalize the trade arrangement reached last year. It was further complicated in February by the U.S. Supreme Court ruling that Trump lacked the legal authority to declare an economic emergency to impose the initial tariffs used to pressure the EU into talks.
Federal court rules against new global tariffs Trump imposed after loss at the Supreme Court
WASHINGTON (AP) — A federal court has ruled against the new global tariffs that President Donald Trump imposed after a stinging loss at the Supreme Court. A split three-judge panel of the Court of International Trade in New York found the 10% global tariffs were illegal after small businesses sued. The court ruled 2-1 Thursday that Trump overstepped the tariff power that Congress had allowed the president under the law. The tariffs are “invalid″ and “unauthorized by law,” the majority wrote. At issue are temporary 10% worldwide tariffs the Trump administration imposed after the Supreme Court in February struck down even broader tariffs the president had imposed last year on almost every country on Earth.
Lower-income Americans hit hardest by gas price spike, widening inequalities, study finds
WASHINGTON (AP) — Lower-income Americans sharply reduced their gas consumption in the month following the Iran war, yet spiking prices still forced them to spend more at the pump, worsening the economy’s disparities, new research released Wednesday showed. Higher-income households, meanwhile, ratcheted up their spending on gas while barely reducing their consumption, according to a report from the Federal Reserve Bank of New York. Middle-income households fell in-between. The figures suggest the gas-price surge has worsened what many economists call the “K-shaped economy.”
Why gasoline costs 52% more in the US than it did before the Iran war
NEW YORK (AP) — The price of a gallon of regular gasoline in the U.S. has climbed 31 cents in the past week and is now 52% higher than before the Iran war began. That's according to the latest data from AAA, which said regular gasoline reached an average of $4.54 per gallon on Wednesday. The main reason drivers are paying more for gas is because the war has stranded oil tankers near the Strait of Hormuz. Oil prices fell below $100 a barrel on Wednesday on renewed hopes of an agreement to end the war. That could pull gasoline prices down as well, but energy experts say it will take months for prices to return to pre-war levels.
