The high-stakes game of tariff chicken may have temporarily worked Monday...
The high-stakes game of tariff chicken may have temporarily worked Monday with Mexico and Canada, but China and the US just barreled right on through. In response to President Trump imposing a sweeping 10% duty on all Chinese imports, China announced its own import tax on US goods that is set to go into effect on February 10.
The details: China is preparing to impose a 15% tariff on coal and liquefied natural gas and a 10% tariff on about 80 products—including crude oil, ag machinery, and some large vehicles. Some other changes:
China will tighten export controls on minerals critical to US defense or tech supply chains like tungsten, tellurium, and bismuth.
Minutes after the tariff announcement, a Chinese government agency said it would investigate Google on anti-monopoly grounds.
The Chinese Commerce Ministry added two American companies to its “unreliable entities” list: PVH Group, the parent company of Calvin Klein and Tommy Hilfiger, and the biotech company Illumina.
Trump says US should “own” Gaza. In a joint press...
Trump says US should “own” Gaza. In a joint press conference with Israel’s Benjamin Netanyahu, President Donald Trump said he sees “a long-term ownership position” for the US in Gaza, an area devastated by the 15-month war between Israel and Hamas. Trump said the 2 million Palestinians who live there should go to other countries while the area is redeveloped and eventually turned into “the Riviera of the Middle East,” where “the world’s people,” Palestinians included, could live.
At least 10 people, including the shooter, were killed in an attack on an adult education center in what Sweden’s prime minister called the nation’s worst mass shooting.
RFK Jr. and Tulsi Gabbard cleared key hurdles to becoming health secretary and director of national intelligence, respectively, as their nominations were approved by committees and sent to the full Senate, likely clearing the way for confirmation.
The Trump administration said it had sent its first flight deporting migrants to Guantánamo Bay. Meanwhile, Trump and the president of El Salvador said they’d made a deal to send both deported migrants and US citizens convicted of crimes to the Central American nation’s mega-prison.
State Farm, California’s largest home insurer, has sought permission from the state to raise rates by an average of 22% in the wake of the LA wildfires.
McDonald’s is bringing back the Shamrock Shake and, in a play for recreating its recent viral magic, is bringing back Grimace’s uncle to promote it.
U.S. stocks end higher, recovering much of Monday's tariff-induced losses
U.S. stocks ended higher Tuesday, with the S&P 500...
U.S. stocks ended higher Tuesday, with the S&P 500 largely clawing back the previous session's tariff-induced fall, as tech stocks jumped and enthusiasm over artificial-intelligence plays was reignited.
Analysts said markets saw some relief after Trump on Monday delayed tariffs against Canada and Mexico until March 1. An additional tariff of 10% on Chinese goods drew little lasting reaction, with Beijing's response seen as symbolic and perhaps leaving room for negotiation, analysts said. Meanwhile, a report showing job openings in December fell to a nearly four-year low helped keep alive expectations for further Federal Reserve interest-rate cuts.
The Dow Jones rose 134.13 points, or 0.3%, to finish at 44,556.04.
The S&P 500 gained 43.31 points, or 0.7%, to end at 6,037.88.
The Nasdaq Composite closed at 19,654.02, up 1.4%.
Oil Falls as Trade War Fallout Concerns Outweigh Iran Sanctions
Oil edged lower as concerns that trade war between the US and China would hurt global growth outweighed...
Oil edged lower as concerns that trade war between the US and China would hurt global growth outweighed the announcement of reinforced sanctions on Iran.
West Texas Intermediate crude for March delivery fell 46 cents, or 0.6%, to settle at $72.70 a barrel on the New York Mercantile Exchange, after climbing 0.9% Monday.
April Brent crude the global benchmark, climbed 24 cents, or 0.3%, to $76.20 a barrel on ICE Futures Europe.
March gasoline shed 0.9% to $2.10 a gallon, while March heating oil lost 1.4% to $2.43 a gallon.
Natural gas for March delivery settled at $3.25 per million British thermal units, down 3%, after climbing 10.1% Monday.
U.S. job openings are near a four-year low. Finding work has gotten harder.
The numbers: It’s gotten harder for the unemployed...
The numbers: It’s gotten harder for the unemployed to find work: Job openings in the U.S. fell at the end of 2024 to the second lowest level since the end of the pandemic.
In December, job openings in the U.S. decreased to 7.6 million from 8.2 million in November, marking a significant drop from the 2022 peak of 12.2 million. This decline reflects a broader trend over the past two years where openings have decreased sporadically by over a third. Additionally, the labor market is showing signs of cooling as it now takes longer for people to find jobs after losing them, with unemployment benefits claims reaching their highest levels since 2018, excluding the pandemic years. There has also been a notable increase in the number of people unemployed for over six months. The recent job openings data suggests that the labor market may not be as robust as suggested by the job growth reported in November and December. Further insights are expected with the January employment report, which will also include revisions to last year’s job estimates, amidst speculations by some economists that these gains have been overstated.
