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.
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.
Stock markets worldwide drop from records as worries about oil prices rattle the bond market
NEW YORK (AP) — The U.S. stock market fell from its records and joined a worldwide drop for stocks after higher oil prices sent a shiver through the bond market. The S&P 500 fell 1.2% Friday from its all-time high. The Dow Jones Industrial Average dropped 1.1%, and the Nasdaq composite sank 1.5% from its own record. Technology stocks led the market lower, particularly AI winners. They had shot so high that some critics said they had gone too far. Yields jumped in the bond market on worries about how much rising oil prices will worsen inflation. The 30-year Treasury yield is back to where it was in 2007.
War worsens Lebanon's economic crisis with job losses, price gouging and slow business
CHIYAH, Lebanon (AP) — The U.S.-Israeli war with Iran, and the closure of the Strait of Hormuz, have sent economic shock waves across the Mideast. In Lebanon, those woes have been compounded by the country’s existing economic problems and by largely unregulated markets that are vulnerable to price gouging. Lebanon was already battered in Hezbollah and Israel’s last war, which ended in late 2024 and cost the country an estimated $11 billion in damage and economic losses. The renewed fighting made the situation worse. Now 1.2 million Lebanese have been displaced. Many are sheltering in schools with no work or draining whatever money they have renting out apartments or hotel rooms.
Tech CEOs summoned to Congress for another hearing on social media's risks for children
Social media CEOs have been called to testify before Congress amid growing pressure to protect young users. Iowa Senator Chuck Grassley, chairman of the Senate Judiciary Committee, has invited the CEOs of Meta, Alphabet, TikTok, and Snap to a hearing titled “Examining Tech Industry Practices and the Implications for Users and Families.” The hearing is set for June 23, which is recognized as Social Media Victims Remembrance Day. This comes as court cases and proposed legislation increase pressure on tech companies to safeguard children. Recent verdicts have held social media companies accountable for harm to young users.
AP finishes US restructuring with round of 20 layoffs, part of strategic pivot from print journalism
The Associated Press implemented a round of layoffs Friday of U.S.-based journalists. The layoffs finish a restructuring aimed at turning the news organization’s focus away from print journalism and newspapers to visual journalism and other revenue sources. The AP would not say how many employees were affected. The News Media Guild, which represents AP journalists, said 20 journalists had been laid off. AP said the layoffs were in Iine with a restructuring that would “align our operations with what our top customers need from us today."
Trump and Boeing say China agreed to buy 200 aircraft, reopening a key market for the US planemaker
President Donald Trump says American aircaft manufacturer Boeing has a deal to sell at least 200 planes to China. Trump told reporters about the sale on Air Force One as he returned from a summit with Chinese President Xi Jinping. Trump says China reserved the right to buy as many as 750 Boeing planes. Boeing confirmed the 200-plane order later on Friday but did not specify the types of planes or provide any other details. The deal would represent a significant breakthrough for Boeing in a market that was once central to its long-term growth. Trump says the deal also calls for General Electric to supply China with at least 400 engines.
