Trump pauses tariffs on millions of low-value packages from China
WASHINGTON (AP) — President Donald Trump has paused the imposition of tariffs on small-value packages arriving from China. It’s apparently to give federal agencies time to sort out how to process millions of such shipments that have come through the U.S. border every day without paying taxes. The executive order, dated Wednesday, didn’t say when the pause would end but said it would cease when the Department of Commerce could put in place “adequate systems” to “fully and expediently process and collect tariff revenue.” Earlier this week, the U.S. Postal Service had announced it would not accept parcels from mainland China and Hong Kong, only to reverse the decision the next day.
Sony PlayStation Network outage enrages gamers around the world
ROME (AP) — Sony’s PlayStation Network (PSN) is experiencing a major outage across the world, leaving tens of thousands of gamers unable to access online services, stores and multimedia apps. “We are aware some users might be currently experiencing issues with PSN,” PlayStation said on its social media platforms, confirming users’ mounting complaints around the globe. Reports of connectivity issues spread quickly across social media, with users reporting error messages and login failures. According to Downdetector, an outage tracker, users started to report issues with PSN around late Friday.
Trump is trying to halt the EV charger buildout. Experts say it’s not that easy
DETROIT (AP) — Experts are questioning President Donald Trump’s latest effort to slow the electric vehicle charging buildout in the U.S. In a letter Thursday night, the Trump administration directed states to stop spending money for EV charging infrastructure, money they were allocated under former President Joe Biden. Trump may need an act of Congress to accomplish this, and it’s unclear if that will happen. Industry leaders say customer demand will continue to support the expansion of the charging network regardless of federal funding.
US employers added 143,000 jobs in unspectacular January hiring and jobless rate fell to 4%
WASHINGTON (AP) — U.S. employers added just 143,000 jobs last month, but the jobless rate fell to 4% to start 2025. The first monthly jobs report of Donald Trump’s second presidency suggested he’s inherited a solid but unspectacular U.S. labor market. January job creation was down from the 261,000 added in November, and the 307,000 created in December. Economists had expected about 170,000 new jobs in January. Most Americans still enjoy unusual job security. But for those looking for work, the job hunt has been getting harder as the labor market cools from the red-hot hiring days of 2021-2023.
Trump says US Steel will get investment from Nippon Steel, instead of being bought by it
WASHINGTON (AP) — President Donald Trump is suggesting that Nippon Steel will no longer buy U.S. Steel as planned, but the Japanese company will instead invest in the symbolically important American business. The U.S. president mistakenly referred to Nippon Steel as “Nissan,” the Japanese automaker. But it’s Nippon Steel’s bid that generated controversy as both Trump and his predecessor in the White House, Joe Biden, vowed to block the merger. Trump said at a news conference Friday with Japanese Prime Minister Shigeru Ishiba that Nippon Steel “is going to be doing something very exciting about U.S. Steel.”
Stock market Friday: Wall Street slumps as worries worsen about inflation and tariffs
NEW YORK (AP) — U.S. stocks slumped as worries flared again on Wall Street about tariffs and inflation. The S&P 500 fell 0.9% Friday and erased what had been a modest gain for the week. The Dow Jones Industrial Average sank 1%, and a sharp fall for Amazon after its latest profit report dragged the Nasdaq composite to a market-leading loss of 1.4%. Treasury yields rose after a preliminary report suggested U.S. consumers’ expectations for inflation are jumping and the latest update on the U.S. job market came in mixed. President Donald Trump also said an announcement on tariffs is likely early next week.
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