WASHINGTON — President Donald Trump is painting a false picture of a U.S. economy unaffected by his trade war with China and other countries. He describes a blue-sky world in which rapidly escalating tariffs have no impact on American consumers even as a raft of businesses and economists say otherwise, chastising those...
AP FACT CHECK: Trump's Illusory Claims of Gains From Tariffs
WASHINGTON — President Donald Trump is painting a false picture of a U.S. economy unaffected by his trade war with China and other countries. He describes a blue-sky world in which rapidly escalating tariffs have no impact on American consumers even as a raft of businesses and economists say otherwise, chastising those...
Markets Tumble on Growing Tariffs Rift Between US, China
WASHINGTON — President Donald Trump declared Friday that he had "hereby ordered" American companies "to immediately start looking" for alternatives to operating in China, hours after Beijing announced new trade sanctions on U.S. products. But as markets in the U.S., Asia and Europe tumbled, the White House offered no further...
Markets Tumble on Growing Tariffs Rift Between US, China
WASHINGTON — President Donald Trump declared Friday that he had "hereby ordered" American companies "to immediately start looking" for alternatives to operating in China, hours after Beijing announced new trade sanctions on U.S. products. But as markets in the U.S., Asia and Europe tumbled, the White House offered no further...
Smuggler of Erectile Dysfunction Drugs Gets 8 Years Hard Time
LOS ANGELES — A Southern California man who smuggled $11 million worth of erectile dysfunction drugs into the U.S. from China has been sentenced to more than eight years in federal prison for conspiracy and smuggling contraband. Prosecutors say the drugs sold by 41-year-old John Lee of Walnut were dangerous...
Stocks Slide After Bond Market Warns Again of Recession
NEW YORK — Stocks fell sharply Wednesday after the bond market threw up another warning flag on the economy. The yield on the 10-year Treasury briefly dropped below the two-year Treasury's yield Wednesday morning for the first time since 2007. The so-called inversion has correctly predicted many past recessions and is the...
US Stock Indexes Slide as China's Currency Hits 11-Year Low
NEW YORK — U.S. stocks nosedived in morning trading on Wall Street Monday as China's currency fell sharply and stoked fears that the trade war between the world's two largest economies would continue escalating. China let its currency, the yuan, sink to an 11-year low against the dollar and under...
China Threatens Retaliation for Trump's Planned Tariff Hike
BEIJING — China on Friday threatened retaliation if U.S. President Donald Trump's planned tariff hikes go ahead, while the renewed acrimony between the two biggest global economies sent stock markets tumbling. China's government accused Trump of violating his June agreement with President Xi Jinping to revive negotiations aimed at ending...
July US Jobs Report Shows Solid Gains Amid Trade Frictions
WASHINGTON — U.S. employers slowed their hiring in July but still added a solid 164,000 jobs to an economy that appears poised to extend its decade-long expansion. The unemployment rate remained at 3.7% for a second straight month, the government said Friday. Average hourly earnings rose 3.2% from a year...
US Economy Slowed to 2.1% Growth in Second Quarter
WASHINGTON — The U.S. economy slowed sharply in the April-June quarter even as consumers stepped up their spending. The gross domestic product, the economy's total output of goods and services, grew at a 2.1% annual rate last quarter, down from a 3.1% gain in the first quarter, the Commerce Department...