Trump joins Japan trade talks. Yesterday, Japanese...
Trump joins Japan trade talks. Yesterday, Japanese and US officials began the first face-to-face trade talks aimed at securing a deal after President Trump announced his “reciprocal” tariffs and paused them hours later. As a sign of how important that is, the president made the surprise move to sit in on the talks alongside the Treasury and Commerce secretaries. Without revealing details, the president said that “big progress” had been made during the negotiations. The administration is hoping to secure deals with many countries before the 90-day pause on “reciprocal” tariffs ends, while isolating China in an escalating trade war.
Temu, the purveyor of cheap Chinese goods first introduced to many Americans through a Super Bowl ad, is slashing its US advertising spending in the face of President Trump’s tariffs. Both Temu and its competitor Shein plan to raise prices.
Hertz’s shares leapt 56% yesterday, after Bill Ackman’s Pershing Square disclosed its large stake in the car rental company.
The Trump administration sued Maine for defying its ban on transgender athletes participating in girls’ and women’s sports. Meanwhile, the UK’s top court found that a woman is someone born biologically female for the purposes of discrimination law, meaning protections for women don’t apply to transgender women.
California sued to try to block President Trump’s tariffs, claiming they’re unlawful and hurt the state’s economy.
Scientists say they’ve found the strongest evidence for alien life yet: Gases detected on a faraway planet are the same as ones produced by algae on Earth.
Competition for Haynesville Shale mineral rights is intensifying as available...
Competition for Haynesville Shale mineral rights is intensifying as available core acreage shrinks and ownership becomes more concentrated, according to experts at the World Oilman's Mineral & Royalty Conference in Houston. Falling drilling and completion costs are reviving interest in fringe areas, where success depends on capital strength and risk tolerance.
The US energy grid is crucial to the nation's economy and individuals' health and safety, but the outdated infrastructure is increasingly vulnerable to electromagnetic pulses, cyberattacks and physical threats, as well as cascading failures, writes consultant Chuck Brooks. Integration of operational technology and IoT has expanded potential attack surfaces, necessitating robust security measures and modernization efforts to protect critical infrastructure and reduce vulnerabilities.
EIA: US oil production to peak earlier than gas output
The Energy Information Administration's latest Annual Energy Outlook...
The Energy Information Administration's latest Annual Energy Outlook projects that US crude oil production will crest at 14 million barrels per day in 2027, then gradually decline to around 11.28 million bpd by 2050. Meanwhile, natural gas output is seen peaking at 43.44 trillion cubic feet in 2032 and remain above 40 Tcf through 2050.
Stocks close sharply lower after Powell says Fed will keep waiting to cut rates
Major U.S. stock indexes had their worst performances...
Major U.S. stock indexes had their worst performances in almost a week on Wednesday, with the Dow Jones Industrial Average closing down by almost 700 points, after Federal Reserve Chair Jerome Powell pointed to the possibly detrimental impacts of tariffs.
Powell said officials face a challenging scenario of rising inflation amid labor-market weakening, and they can wait for greater clarity before making any adjustments to interest rates.
The Fed chair "was basically saying that to get the economy back on track, there's probably going to be difficult trade-offs," said Ryan Jacobs, founder of Florida-based advisory firm Jacobs Investment Management. "Any measures he could take to help the economy would be inflationary, which might lead to a lasting unstable market. I don't think the trade war is over anytime soon, and I think we are in the position of moving toward higher inflation.''
The Dow Jones Industrial Average fell 699.57 points, or 1.7%, to finish at 39,669.39, based on preliminary data.
The S&P 500 dropped 120.93 points, or 2.2%, to end at 5,275.70.
The Nasdaq Composite declined 516.01 points, or almost 3.1%, to close at 16,307.16.
It was the worst day for all three indexes since last Thursday.
