🇨🇳 🇺🇸This week in tariffs: China’s retaliatory measures take effect.
Earlier today, China’s counter-tariffs went live,...
Earlier today, China’s counter-tariffs went live, adding 10% to 15% levies on US exports of natural gas, oil, and coal, as well as some automotive parts and farm equipment headed for China. President Trump described the tariffs that went into effect against China on February 4 as an “opening salvo,” and experts are monitoring the situation to see if the trade war between the two countries will escalate or if the fight will be called off after further negotiations. Consumer electronics, furniture, and appliances may soon get more expensive in the US due to the retaliatory tariffs, the AP reported. Fast fashion and home goods from Temu and Shein are safe for now, as the Trump administration is keeping the de minimis exemption in place.
Americans will learn if their new fears about rising inflation are justified...
Americans will learn if their new fears about rising inflation are justified when the January consumer price index is released on Wednesday. A survey by the University of Michigan showed that respondents expect the inflation rate to be 4.3% a year from now, and Reuters expects to see the CPI rise by 0.3% on a monthly basis. On the earnings front, McDonald’s will report today, although it will be too early to gauge the impact of the return of Uncle O’Grimacey, and Coca-Cola reports tomorrow.
Meta’s performance-based layoffs begin today: According...
Meta’s performance-based layoffs begin today: According to a memo obtained by Business Insider, US-based Meta employees will learn their fate in an e-mail that will also contain details of their severance package. CEO Mark Zuckerberg informed staff in January that the company would “move out low-performers,” which reportedly includes 3,600 workers. Meta has a market cap of $1.8 trillion, and shares are up more than 19% this year.
Consumer Financial Protection Bureau(CFPB) employees were ordered to essentially stop working by its new director, although only congressional action can officially close the bureau.
Elon Musk said last month that he’s not interested in purchasing TikTok in a video released on Saturday.
Three Israeli hostages were freed by Hamas on Saturday, and Israel released almost 200 Palestinian prisoners as part of the latest ceasefire exchanges.
President Trump said he and Vladimir Putin have spoken by phone about ending the war in Ukraine.
The Philadelphia Eagles won Super Bowl LIX last night,...
The Philadelphia Eagles won Super Bowl LIX last night, beating the Kansas City Chiefs 40-22 in a dominating defensive showing. The victory marks the second Super Bowl title in franchise history and avenges a 2022 championship loss to the Chiefs while ending Kansas City's bid to become the first team in NFL history to win three straight Super Bowls.
The Eagles swarmed Kansas City quarterback Patrick Mahomes all night, forcing four turnovers, including an interception return for a touchdown by defensive back Cooper DeJean. Mahomes was sacked six times, and the offense managed a meager 23 yards and a single first down in the first half. Kansas City didn't score until 34 seconds left in the third quarter, down 34-0.
Philadelphia quarterback Jalen Hurts was named Super Bowl MVP, throwing for 221 yards and two touchdowns while adding 72 yards and another score on the ground. See celebration photos here.
U.S. energy firms this week added oil and natural gas rigs for a second week in a row for the first time since July 2024, energy services firm Baker Hughes said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output,rose by four to 586in the week to February 7. Despite this week's rig increase, Baker Hughes said the total count was still down 37 rigs, or 6% below this time last year.
Baker Hughes said oil rigs rose by one to 480 this week, while gas rigs increased by two to 100.
Growth in oil output from the U.S. Permian Basin, the country's top oilfield, is expected to slow by at least 25% this year despite President Donald Trump's vow to maximize production, energy executives forecast on Thursday.
While the U.S. is already the world's top oil producer with output of about 13.2 million barrels per day (bpd) in 2024, total U.S. production growth has slowed in recent years, climbing only about 280,000 bpd last year.
The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on paying down debt and boosting shareholder returns while increasing drilling efficiencies to raise output.
