Money

By David Goldman and John Towfighi, CNN New York (CNN) — The US stock market tumbled deeply into the red on Thursday as the White House clarified its plan for a massive 145% tariff on China, escalating a trade war. The Dow, after rising nearly 3,000 points Wednesday, had a volatile day in the red

By Nathaniel Meyersohn, CNN New York (CNN) — President Donald Trump’s auto tariffs are expected to lift car prices by thousands of dollars. That’s an opportunity for America’s trains and buses. Public transit advocates hope soaring car costs will push more people to the US transit system and spur government investment to improve service. Trump’s

By Christian Edwards, Thom Poole and James Frater, CNN London (CNN) — The European Union has announced a 90-day pause on countermeasures against the United States, a day after President Donald Trump unveiled a similar pause on his “reciprocal” tariffs. “We want to give negotiations a chance,” European Commission President Ursula von der Leyen said

By Lisa Eadicicco, CNN New York (CNN) — If paying $1,000 for a new iPhone already sounded expensive, consumers should brace for even greater sticker shock later this year. President Donald Trump’s tariffs on foreign goods – specifically those sourced from China – are expected to heighten the prices of everyday tech products, from iPhones

By Clare Duffy and Alex Matthews, CNN New York (CNN) — Silicon Valley leaders donated to President Donald Trump’s campaign or inaugural fund. They visited him at Mar-a-Lago and sat front-and-center as he was sworn into office. But in the first three months of his presidency, their wallets have taken a hit from his policies.

By Jordan Valinsky, CNN New York (CNN) — JCPenney’s fledgling parent company, Catalyst Brands, is undergoing the second round of layoffs of its corporate employees as part of an ongoing review of the newly formed business. Catalyst said in a statement on Wednesday that it’s in the “early stages of our integration” and that following

By Jeanne Sahadi, CNN (CNN) — There is just under a week left before the official April 15 tax filing deadline. More than half of all expected federal tax returns have been filed – nearly 90 million as of March 28, according to the latest filing statistics from the Internal Revenue Service. If yours isn’t

By Ramishah Maruf, CNN New York (CNN) — The beauty stores in Manhattan’s Koreatown are packed, even on a rainy Tuesday afternoon. But this time, an associate that spoke to CNN in one of the stores had some warnings: One popular sunscreen had changed its formula since it’s now manufactured in the United States. Another

By Nathaniel Meyersohn, CNN New York (CNN) — Walmart, the largest retailer in the world, pulled its financial guidance for the quarter because of uncertainty over the impact of sweeping tariffs on China, Vietnam and other global sources of goods. Walmart said Wednesday it was unsure of its operating profit for the first quarter of

By Bryan Mena, CNN Washington (CNN) — President Donald Trump’s top trade official said he wasn’t informed of the 90-day pause on most new tariffs until after it was announced. At the same moment that US Trade Representative Jamieson Greer was defending Trump’s stiff tariffs during a House hearing, Trump said on his social media

By Chris Isidore, CNN (CNN) — Delta Air Lines warned that revenue could fall in the current quarter and that “growth has largely stalled,” as its CEO warned that he’s concerned the economy is likely to fall into a recession. The airline attributed the weakness in its guidance to “broad economic uncertainty around global trade.”

By Nectar Gan and Juliana Liu, CNN Hong Kong (CNN) — China unveiled retaliatory tariffs of 84% on imports of US goods on Wednesday, matching additional tariffs imposed by US President Donald Trump earlier in the day and further inflaming a trade war between the world’s two biggest economies. Trump’s sweeping “reciprocal” tariffs took effect

By Alicia Wallace, CNN (CNN) — “Liberation Day” came and went, with President Donald Trump’s sweeping new tariffs battering markets, unsettling the global order, and prompting businesses and households to reconsider their spending. And it’s far from over. There’s the immediate aftermath: Trump’s actions, based on economically questionable math, have triggered retaliatory tariffs, stoked trade

By Nathaniel Meyersohn, CNN New York (CNN) — President Donald Trump, during his announcement last week of sweeping tariffs on countries around the world, called groceries an “old-fashioned” and “beautiful term.” But his policies will make America’s groceries more expensive today, supermarket executives and food industry experts say. Supermarkets sell imported items in every section

By Nectar Gan, CNN Hong Kong (CNN) — China has promised to take “resolute and effective measures” to safeguard its rights and interests, hours after US President Donald Trump’s 104% tariffs on Chinese imports took effect on Wednesday. “The United States is still imposing arbitrary tariffs on China and relentlessly applying extreme pressure. China firmly

By John Liu, CNN (CNN) — US President Donald Trump has boasted “jobs and factories will come roaring back” as he unleashed unprecedented tariffs around the world during his “Liberation Day” address. With his sweeping global tariffs now in effect, steep price hikes on products ranging from clothing to electronics could largely be borne by

CNN By John Liu, CNN (CNN) — US President Donald Trump has boasted “jobs and factories will come roaring back” as he unleashed unprecedented tariffs around the world during his “Liberation Day” address. With his sweeping global tariffs now in effect, steep price hikes on products ranging from clothing to electronics could largely be borne

By John Towfighi, David Goldman and Anna Cooban, CNN New York (CNN) — US stocks skyrocketed higher after President Donald Trump announced that he authorized a 90-day pause on the “reciprocal” tariffs that had gone into effect Wednesday, with the exception of China. Wall Street had been on edge, looking for any sign that Trump

By Elisabeth Buchwald, CNN New York (CNN) — Despite rattled financial markets, threats of retaliation and some of President Donald Trump’s biggest supporters encouraging him to back off his signature economic policy, he didn’t give in. His administration piled on heaps of new “reciprocal” tariffs Wednesday on dozens of American allies and adversaries alike, aiming