A year in, it’s official: Americans, not foreigners, are paying for Trump’s tariffs
CNN
A new report from the Federal Reserve Bank of New York confirms what economists have long warned about: The burden of tariffs is borne almost entirely by the people living in the country that imposes them.
Oil prices surged past $100 per barrel again overnight, three days after it hit a four-year high, as the US and Israel’s war with Iran continues to have a historic impact on global fuel supplies.
Brent crude oil prices shot up as the US and Israeli war against Iran disrupted oil supplies in the Middle East. CNN’s Word of the Week asks: How did the benchmark barrel of oil get the name “Brent”?
Annual inflation was unchanged last month at 2.4%, according to the latest Consumer Price Index, released Wednesday.
Global oil prices have fallen well below their recent peak. But don’t expect to see relief at the pump in the coming days.
Oil prices rebounded Wednesday, as worries about a prolonged supply disruption in the Strait of Hormuz outweighed a report of a potential record release of oil reserves.
President Donald Trump has a sales pitch for Americans worried about high oil and gas prices: Rising fuel prices are a temporary but necessary sacrifice, and they will fall quickly back to earth once the war with Iran is done.
Meta, the company behind some of the world’s most popular social media platforms, just scooped up a new site – for bots.
Oil prices fell sharply Tuesday after US President Donald Trump said the war with Iran would be over “very soon,” though they remain volatile and well above their levels before the conflict started.
Economists warn that the war has increased the risk of a recession. And the longer the crisis lasts, the greater the danger to an economy that already looked vulnerable before the chaos in the Middle East.
Investors rattled by the war in Iran have sent oil prices skyrocketing – and global governments have noticed. The world’s biggest economy are reportedly considering emergency releases of millions of barrels of oil into the market.
Investors have long viewed the closure of the Strait of Hormuz as a “tail risk” event — the kind of thing that was highly unlikely to happen but would be so catastrophic that you can’t afford to be unprepared for it. As black swans go, Hormuz closing for weeks or months could be an economic disaster on par with a global pandemic.
Anthropic is suing the Department of Defense and other federal agencies on Monday over the Trump administration’s decision to label the AI company a “supply chain risk.”
Live Nation and Ticketmaster has reached a settlement with federal authorities over its practices that accused the ticket giant for monopolizing the live events music industry, according to a source familiar with the matter. The industry came under intense scrutiny in 2022 after glitches at Ticketmaster blocked millions from purchasing tickets for Taylor Swift’s tour.