The party-line vote marked the first time in the 55-year history of the Clean Air Act that Congress has moved to weaken the power of the landmark environmental law.
The Senate on Thursday approved an effort to overturn an Environmental Protection Agency rule tied to the Clean Air Act and designed to limit 7 of the most hazardous air pollutants that are emitted by heavy industry.
The 52-46 party-line vote marked the first time in the 55-year history of the Clean Air Act that Congress has moved to weaken the power of the landmark environmental law.
…
The rule tied to the Clean Air Act was finalized last year to close a loophole that required all "major" sources of seven hazardous air pollutants to reduce their emissions by the maximum achievable amount, a policy called "Once in, Always In."
The rule requires that industrial facilities — often chemical plants, oil refineries, and other industrial factories classified as "major" sources of toxic air pollution — always maintain strict pollution controls. Even if they comply and limit those pollution levels, those facilities would always be labeled "major" sources under the rule.
A massive tariff on millions of Americans’ purchases just went into effect — cue the chaos
Many Americans might not have felt major effects from President Donald Trump’s sweeping tariffs – until now.
Many Americans might not have felt major effects from Donald Trump’s sweeping tariffs – until now.
That’s because a major shipping loophole expired at one minute past midnight on Friday. The de minimis exemption, as it’s known, allowed shipments of goods worth under $800 to come into the US duty free, often more or less skipping time-consuming inspections and paperwork.
The loophole helped reshape the way countless Americans shop, allowing ultra-low-cost Chinese e-commerce sites like Shein, Temu and AliExpress to pour everything from yarn to patio furniture, clothes to photography equipment and more into US homes.
…
At the heart of the issue: the sheer volume of packages. More than 80% of total US e-commerce shipments in 2022 were de minimis imports, the vast majority of which come from China, according to a congressional research report.
McDonald's narrowly beat on earnings per share for the first quarter, but fell short on revenue.
McDonald’s on Thursday reported mixed quarterly results as its U.S. same-store sales fell for the second straight quarter, posting their largest domestic decline since the onset of the Covid pandemic.
McDonald’s U.S. same-store sales shrank 3.6% as the chain faced bad weather and a more cautious consumer. That drop is the worst in McDonald’s home market since the 8.7% plunge during the second quarter of 2020, when states imposed lockdowns to slow the spread of Covid.
Analysts surveyed by StreetAccount were expecting the company to report domestic same-store sales declines of 1.7% for the first quarter.
Could tarriffs deflate some food prices?
The u.s. produces a surplus of staples, especially corn and soybeans that are exported mostly to China. If China does retaliatory tarriffs won't that lower demand for those staples and thus the price in the US? And theoretically couldn't that also reduce the price of downstream animal products since feeding them will be cheaper?
This assumes:
The US president blames the first quarterly GDP decline in three years on his Democratic predecessor.
Donald Trump has asked for more time on the US economy as it contracted for the first time in three years, stoking recession fears.
He claimed the figure was misleading because companies had stockpiled imports ahead of his imposition of tariffs.
The US economy contracted at an annual rate of 0.3%, the US commerce department said, a sharp downturn after growth of 2.4% in the previous quarter. It comes as Trump marks 100 days in office, with opinion polls indicating public discontent over his economic stewardship.
Nvidia CEO Jensen Huang spoke about China's position in artificial intelligence at a tech conference in Washington, D.C.
Nvidia CEO Jensen Huang said Wednesday that China is “not behind” in artificial intelligence, and that Huawei is “one of the most formidable technology companies in the world.”
Speaking to reporters at a tech conference in Washington, D.C., Huang said China may be “right behind” the U.S. for now, but it’s a narrow gap.
“We are very close,” he said. “Remember this is a long-term, infinite race.”
Gross domestic product was expected to rise at a 0.4% annualized pace in the first quarter, according to the Dow Jones consensus estimate.
Amazon said Tuesday it considered displaying import charges on items sold via its site for ultradiscount items, but that the plan "was never approved and not going to happen."
KEY POINTS
Top Trump adviser struggled to soothe investors in talks after market tumult
Stephen Miran met hedge funds and big asset managers after tariffs sparked Wall Street turmoil
President Trump’s China trade embargo is projected to devastate containerized shipments moving through U.S. ports.
Shein hikes prices by up to 377% thanks to Trump’s tariffs war
Prices have surged as the costs of the president’s tariffs are passed along to consumers.
Prices have surged as the costs of the Trump’s tariffs are passed along to consumers.
Chinese fast-fashion giant Shein hiked its prices for American customers by up to 377 percent in order to offset the costs of Donald Trump’s tariff war.
In what looks to be an early indication of how the Trump administration’s escalating tariffs will impact consumers, data Bloomberg compiled shows astronomical markups on the retailer’s most popular items, which took effect on Friday night.
The average price for Shein’s top 100 beauty and health products surged by 51% overnight, with many items more than doubling in cost. Home and kitchen goods rose by an average of 30%, while women’s clothing increased by a more modest 8%.
White House blasts Amazon over tariff cost report: 'Hostile and political act'
Amazon founder Jeff Bezos has cozied up to President Donald Trump since the Republican won a second White House term.
KEY POINTS
A sign that consumers are anxious: they’re cutting back on snacks
PepsiCo’s earnings call pointed to anxious consumers as to why sales had slowed, echoing comments by Chipotle and Procter & Gamble.
PepsiCo’s earnings call pointed to anxious consumers as to why sales had slowed, echoing comments by Chipotle and Procter & Gamble.
Consumers, worried about the economy, are pulling back on their spending, and that anxiety is translating into lower sales and profits for some of the country’s largest consumer-oriented companies.
On Thursday, PepsiCo cut its full-year guidance outlook, citing a reduction in consumer spending as well as the impact the company is feeling from increased global tariffs.
“Relative to where we were three months ago, we probably aren’t feeling as good about the consumer now,” Jamie Caulfield, the chief financial officer of PepsiCo, told Wall Street analysts and investors on an earnings call Thursday morning.
Pension funds likely to have offloaded US bonds because of tumble in Wall Street stocks, investors say
From rare earths to billions in US debt, here's what China has in its arsenal - and how strong they are.
U.S. consumers could start to notice trade-related shortages in their local stores next month, according to Apollo.
The comments come with markets on edge over the direction of tariffs.
