Author: News Room

Source: The National Highway Traffic Safety Administration The New York Times President Trump’s 25 percent tariffs on goods from Canada and Mexico could be felt particularly acutely by automakers — and car buyers — because of the number of vehicles and parts that come into the United States every day as they head to market.Over the last three decades, since the North American free trade zone was created in 1994, automakers have built supply chains that cross the borders. U.S. car imports by country since 1989 Source: United States International Trade Commission By The New York Times Manufacturers achieve economies…

The crypto market gives and takes: After President Trump’s plan for a national crypto reserve drew backlash from both Republicans and investors, the prices of digital tokens that would be involved soared higher — and then tumbled. (Bitcoin was trading at about $83,800 early on Tuesday, down nearly $10,000 from a day ago.)The plan has spurred a lot of questions about how it would work and the risks that would be involved.How would a national reserve work?Mr. Trump campaigned last summer on creating a federal Bitcoin stockpile and appointed the venture capitalist David Sacks as his crypto czar. Advisers have…

Europe was not directly targeted in the wave of U.S. tariffs that took effect on Tuesday, but the effects are being felt here.Keyu Jin, a professor at the London School of Economics, said that tit-for-tat tariffs would not necessarily lead to less global trade, but a “fragmentation and regionalism” that forges new blocs aiming to be “nonaligned” in the intensifying trade war between the United States, its neighbors and China.She was speaking on a panel Tuesday in Barcelona at one of the world’s biggest tech trade shows, which runs this week. The annual event, known as Mobile World Congress, attracts…

Global stock markets and shares in European carmakers tumbled on Tuesday as President Trump’s broad tariffs against Canada, Mexico and China came into effect.European stocks slumped as investors weighed the prospects of a global trade war after China and Canada quickly retaliated with tariffs of their own. U.S. futures signaled that the S&P 500 would open slightly lower, after it dropped 1.8 percent on Monday, its worst day this year.The Euro Stoxx 50 index, which comprises the eurozone’s largest companies, fell as much as 2.3 percent, its worst performance in about four months. Germany’s benchmark index, the DAX, dropped as…

Target had a tough 2024: Its stock price declined, it struggled to deliver consistent sales growth, and it faced lawsuits related to its diversity, equity and inclusion practices and then calls for boycotts when it abandoned them.On Tuesday, the retailer tried to offer Wall Street some optimism for the year ahead — predicting flat comparable sales and a “modest” increase in its operating margin rate. But even that muted outlook came with warnings about slightly lower sales in February and uncertainty over tariffs and consumer confidence.The company reported a solid holiday season, with fourth-quarter sales increasing 1.5 percent from a…

Claudia Sheinbaum, the president of Mexico, stood underneath a giant Mexican flag and before troops at a military installation in Mexico City. It was Flag Day last month and she used her speech as an opportunity to, figuratively and literally, rally around it.“Mexico must be respected,” she said, adding later: “Its people are brave. We know that when our people unite around their history, their country and their flag, there is no force in the world that can break their spirit.”Times had changed, she said: Mexico would not bow down to foreign governments.Given the circumstances — President Trump’s steep tariffs…

The new head of the Food and Drug Administration division that regulates infant formula was in recent months a corporate lawyer defending a top formula maker from claims that its product gave rise to debilitating harm to premature babies.Kyle A. Diamantas joined the F.D.A. last month to lead the food division, leaving the law firm Jones Day, which has served as a pipeline of talent to both Trump administrations.As a partner in Jones Day’s Miami office, Mr. Diamantas’s recent work included defending Abbott Laboratories in lawsuits accusing the company of failing to adequately warn parents that its specialized formula for…

China signaled on Tuesday that it is willing to go further than before in its trade tit-for-tat with President Trump by hitting a top American biotechnology company.China’s Ministry of Commerce said it would ban Illumina, a San Diego company, from importing its gene-mapping products in China. Illumina is the world’s leading producer of gene-sequencing machines and counts on China for 7 percent of its sales.Beijing also said it took action against dozens of other companies from the United States as part of a volley of action against Washington in retaliation for another of tariffs.Chinese officials singled out 15 companies, including…

Minutes after President Trump’s latest tariffs took effect, the Chinese government said on Tuesday that it was imposing its own broad tariffs on food imported from the United States and would essentially halt sales to 15 American companies.China’s Ministry of Finance put tariffs of 15 percent on imports of American chicken, wheat, corn and cotton and 10 percent tariffs on other foods, ranging from soybeans to dairy products. In addition, the Ministry of Commerce said 15 U.S. companies would no longer be allowed to buy products from China except with special permission, including Skydio, which is the largest American maker…

President Trump’s rancorous threat to abandon Ukraine is stoking support for a long-debated proposal to use billions of dollars in frozen Russian assets to buy weapons for Ukraine and finance its reconstruction.The money — roughly $300 billion owned by Russia’s central bank — was frozen by the United States, the European Union, Britain and others after Russia invaded Ukraine in February 2022. The aim was to punish President Vladimir V. Putin for his unprovoked attack and to cut off funds he could use to wage war.As the war grinds on into its fourth year, a growing number of officials in…