U.S. trade deficit in goods is wider than it’s ever been
The U.S. posted a record trade deficit in good in 2024,...
The U.S. posted a record trade deficit in good in 2024, spotlighting what is likely to be constant eye sore under the second administration of President Trump as it aims to encourage more production domestically.
The U.S. deficit in goods totaled $1.2 trillion last year, slightly above the prior record set in 2022, the government reported Wednesday.
Trump has promised to raise tariffs sharply on other countries to reduce imports and try to lure more companies to make their products in the U.S.
“There will be no better place on Earth to create jobs, build factories, or grow a company than right here in the good old USA,” Trump said in a virtual speech to global political and business leaders in Davos, Switzerland last week.
The president took the same hard-as-tacks approach in his first term, but the trade deficit continued to rise as it done under every president since Jimmy Carter.
A federal judge temporarily blocked the Trump administration's order yesterday to pause funding for all federal grants, loans, and other financial assistance just minutes before the directive was scheduled to go into effect. The block lasts until Monday afternoon and sets a hearing for arguments that morning.
The White House's order intended to temporarily halt trillions of dollars in aid to initiatives including education, healthcare, child care, disaster relief, housing assistance, and small businesses. The Office of Management and Budget sent a two-page memo and an 836-page spreadsheet to federal agencies Monday night, asking them to provide details about their spending programs.
Separately, Trump is reportedly offering buyouts to federal workers who don't want to return to the office as long as they resign by Feb. 6.
Google Maps says it will change Gulf of Mexico to “Gulf of...
Google Maps says it will change Gulf of Mexico to “Gulf of America” for US users. The gulf best known for oil spills and spring break debauchery will soon have a new name in your Google Maps app. Google said yesterday it is complying with President Trump’s executive order to change the name of the Gulf of Mexico to the Gulf of America. US users will see the new Americentric name, while users in Mexico will still see the original name (and users everywhere else will see both). Google will also change the name of Denali back to Mount McKinley in accordance with Trump’s order. President Obama renamed the Alaska peak in 2015 to honor the region’s Koyukon people, who have called it Denali for centuries.
Oil prices rebound from multi-week lows as investors brace for Trump tariffs
Oil prices settled up on Tuesday, bouncing back from multi-week lows,...
Oil prices settled up on Tuesday, bouncing back from multi-week lows, after the White House reaffirmed U.S. President Donald Trump's plans to issue tariffs on Canadian and Mexican imports this week.
Fears of weaker demand linked to soft economic data from China and rising temperatures elsewhere capped gains.
Brent crude oil futures settled up 41 cents, or 0.53%, at $77.49 per barrel. U.S. West Texas Intermediate crude futures were up 60 cents, or 0.82%, at $73.77.
Brent settled on Monday at its lowest since Jan. 9, while WTI hit its lowest since Jan. 2.
Dow ends higher, S&P 500 and Nasdaq bounce back after Monday's AI-inspired rout
U.S. stocks finished higher on Tuesday, as the S&P...
U.S. stocks finished higher on Tuesday, as the S&P 500 and the Nasdaq Composite recovered most of their losses from the previous session after the sudden rise of Chinese AI startup DeepSeek sent shockwaves through Wall Street.
The Dow Jones Industrial Average rose 0.3% to end near 44,850, according to preliminary data from FactSet.
The S&P 500 was up 0.9% to finish around 6,067, snapping a two-day losing streak.
The Nasdaq Composite surged over 2%, ending near 19,733. It was the best day for the tech-heavy index since Jan. 15, according to Dow Jones Market Data.
Investors were turning their attention to corporate earnings due this week amid concerns that a low-cost Chinese AI model could challenge American companies' dominance in the sector and their lofty valuations that have powered the bull market for the last two years. Microsoft Corp., Meta Platforms Inc. and Tesla Inc. are due to report their quarterly results on Wednesday after the closing bell, while Apple Inc. will report on Thursday.
The Federal Reserve also kicked off its two-day policy meeting on Tuesday, with fed-funds futures traders expecting no change in interest rates on Wednesday from the current range of 4.25% to 4.50%.
