Money

By Bryan Mena, CNN Washington (CNN) — Inflation is likely to pick up because of President Donald Trump’s sweeping tariffs, and could remain elevated, Federal Reserve Chair Jerome Powell said Friday. “We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation,” he said at an event just outside Washington,

By Alicia Wallace, CNN (CNN) — As of March, the US labor market remained on solid footing: Job gains were broad-based and better than expected and participation picked up. However, a lot has changed for the US economy — and the world — in the first few days of April. President Donald Trump levied sweeping

By Nathaniel Meyersohn, CNN New York (CNN) — Restaurant industry icons where Americans went out for decades for wings, dinner, and celebrations are facing a crisis. Hooters filed for bankruptcy this week, the latest casual dining chain to go belly up. Red Lobster, TGI Fridays and Buca di Beppo also filed for bankruptcy in the

By David Goldman and John Towfighi, CNN New York (CNN) — US stocks were battered by a steep sell-off Friday after China retaliated against the United States for President Donald Trump’s tariffs in a tit-for-tat that escalates a global trade war. The Dow plunged by 2,231 points, or 5.5%. The broader S&P 500 was 5.97%

By Juliana Liu and Nectar Gan, CNN Hong Kong (CNN) — China said Friday that it will impose reciprocal 34% tariffs on all imports from the United States from April 10, making good on a promise to strike back after US President Donald Trump escalated a global trade war. On Wednesday, Trump unveiled an additional

By John Liu, CNN (CNN) — For Tim Hsu, who sells modern lamps and ceiling lights mostly to American customers, US President Donald Trump’s historic tariff announcement has upended his carefully made plans. Last year, the Taiwanese businessman decided to invest in Cambodia to diversify his production base beyond his traditional stronghold of south China.

CNN By Chris Isidore, CNN (CNN) — Stellantis has “paused production” at some of its Canadian and Mexican auto assembly plants due to the newly announced tariffs — and as a result, some US workers will also be temporarily laid off. Among those to be laid off are 900 US hourly employees who make powertrains

CNN By Elisabeth Buchwald, CNN (CNN) — President Donald Trump on Wednesday launched a US trade war with every country via a barrage of tariffs that are set to go into effect almost immediately. American consumers and businesses stand to pay a hefty price for that battle. For the first time since Trump’s return to

By Chris Isidore, CNN (CNN) — Stellantis has “paused production” at some of its Canadian and Mexican auto assembly plants due to the newly announced tariffs — and as a result, some US workers will also be temporarily laid off. Among those to be laid off are 900 US hourly employees who make powertrains and

By Rachel Wilson, CNN (CNN) — President Donald Trump unveiled sweeping 10% tariffs on all imports to the United States Wednesday. About 60 countries or trading blocs will see even higher rates in an escalating move that is poised to initiate a global trade war. Many major US trading partners will be hit hard by

By Elisabeth Buchwald, CNN (CNN) — President Donald Trump on Wednesday launched a US trade war with every country via a barrage of tariffs that are set to go into effect almost immediately. American consumers and businesses stand to pay a hefty price for that battle. For the first time since Trump’s return to the

By Jordan Valinsky, CNN New York (CNN) — Zelle, the popular person-to-person money transferring service, shut down its standalone app Tuesday — but the service itself is not disappearing. Zelle had warned of the shutdown last year, explaining in an announcement that only 2% of transactions happen on its app. A “vast majority” of Zelle’s

By David Goldman, CNN (CNN) — President Donald Trump’s massive tariffs announced on dozens of nations Wednesday were pitched as “reciprocal,” matching what other countries charge the United States dollar for dollar, even taking into account non-tariff barriers like value-added taxes and other such measures. But the actual calculation the Trump administration used is not

By Jordan Valinsky, CNN New York (CNN) — Subway is adding nachos to its menu, but with an unusual twist. The chain is partnering with Doritos to sell footlong nachos for $5, marking Subway’s latest addition to its popular Sidekicks menu that aims to attract budget-conscious customers. In a press release, Subway said the new

By Alicia Wallace, CNN (CNN) — More than 275,000 layoffs were announced last month, reaching a level not seen since the pandemic, according to a new report published Thursday. The biggest culprit was one particular employer: The federal government. The federal government announced plans to axe 216,215 jobs, accounting for nearly 80% of the 275,240

By Matt Egan, CNN New York (CNN) — There is nowhere to hide in the auto industry from President Donald Trump’s auto tariffs, according to former Ford CEO Mark Fields. “The cost of vehicles will go up. It’s just math. The bottom line is there is absolutely no vehicle that won’t be impacted by tariffs,”

By Clare Duffy, CNN New York (CNN) — Two US senators are demanding that artificial intelligence companies shed light on their safety practices. This comes months after several families — including a Florida mom whose 14-year-old son died by suicide — sued startup Character.AI, claiming its chatbots harmed their children. “We write to express our