Trump's nominee to oversee jobs, inflation data faces shower of criticism

WASHINGTON (AP) — President Donald Trump has selected E.J. Antoni, chief economist at the conservative Heritage Foundation, to be the next commissioner at the Labor Department’s Bureau of Labor Statistics. Antoni’s nomination has been met with a cascade of criticism from other economists, from across the political spectrum. His selection threatens to bring a new level of politicization to what for decades has been a nonpartisan agency widely accepted as a producer of reliable measures of the nation’s economic health. While many former Labor Department officials say it it unlikely Antoni will be able to distort or alter the data, particularly in the short run, he could change the currently dry-as-dust way it is presented.

‘Crazy!!’: How Labor Statistics staff reacted to Trump firing commissioner after dismal jobs report

WASHINGTON (AP) — Staff at the Bureau of Labor Statistics called President Donald Trump's firing of its commissioner “depressing” and “CRAZY!!” That's according to emails obtained by The Associated Press under the Freedom of Information Act. The emails suggest an agency with little of the corrupting partisanship that Trump had claimed was behind the downward revision of added jobs. Instead, after the commissioner’s firing, BLS employees talked about the importance of accurate numbers and professional integrity in producing data that is foundational for measuring the economy and holding elected officials accountable for how the nation performs.

World shares charge higher after US stocks rally to records on hopes for interest rate cuts

BANGKOK (AP) — Shares have advanced in Europe and Asia after the U.S. stock market rallied to records when data showed inflation across the United States improved slightly last month. U.S. futures also gained, while benchmarks in Tokyo and several other Asian markets jumped more than 1%. A recent rally in share prices has been driven partly by relief over an extended truce in President Donald Trump's trade war with China, and partly by persisting hopes the Federal Reserve will cut interest rates. On Tuesday, the S&P 500 rose 1.1% and topped its all-time high. The Dow industrials jumped 1.1% and the Nasdaq composite surged 1.4% to set its own record. Lower rates can help boost the economy and investment prices.

US national debt reaches a record $37 trillion, the Treasury Department reports

WASHINGTON (AP) — The U.S. government’s gross national debt has surpassed $37 trillion, setting a new record. This highlights the rapid acceleration of debt on America’s balance sheet and the increasing cost pressures on taxpayers. The Treasury Department reported this update on Tuesday. The national debt reached this level years sooner than pre-pandemic projections due to heavy borrowing during the COVID-19 pandemic. Experts warn that the growing debt could lead to reduced living standards and increased interest rates. The Joint Economic Committee estimates another trillion dollars could be added in about 173 days.

GE Appliances shifts more production to US as part of a $3 billion investment

LOUISVILLE, Ky. (AP) — GE Appliances plans to shift production of refrigerators, gas ranges and water heaters out of China and Mexico as part of a more than $3 billion investment to expand its U.S. operations. The investment announced Wednesday ranks as the second-largest in the Louisville-based company’s history. GE Appliances says it expects to add more than 1,000 jobs and modernize its U.S. plants in the next five years. Most of its appliance production is in the United States, and the company’s announcement will transfer more work to its domestic plants. It says the first phase of the investment will begin at plants in Kentucky, Alabama, Georgia, Tennessee and South Carolina.

US July budget deficit up 20% year-over-year despite record Trump tariff income

WASHINGTON (AP) — The U.S. has seen a record increase in tariff income, with a 273% rise in customs revenue from last year. However, the budget deficit is still up by 20% year over year, according to Treasury Department data released Tuesday. Tariff revenues are not yet offsetting federal spending, which is outpacing income from taxes and other sources. Increased spending includes growing interest payments on public debt and Social Security cost of living increases. While some see tariffs as meaningful revenue, others believe they will only modestly reduce federal debt. The Trump administration remains focused on reducing the deficit.

Vietnam wants to be the next Asian tiger and it’s overhauling its economy to make it happen

HANOI, Vietnam (AP) — Vietnam is launching its biggest economic overhaul in a generation, aiming to become Asia’s next “tiger economy.” The Communist Party calls it a “new era,” with reforms focused on tech, green energy, infrastructure, and unleashing private-sector growth. For the first time, the ruling Communist Party is calling Vietnam's private sector the most important force in the economy. Policies now favor local firms, offering better access to credit, contracts, and overseas expansion. But challenges loom: an aging workforce, climate change, and pressure from President Donald Trump on Vietnam's trade surplus with the U.S. The country is racing to escape what economists call the middle-income trap as typhoons and a shrinking Mekong Delta are already hurting growth.

McDonald's Japan's Pokemon card Happy Meals promotion comes to an unhappy end

TOKYO (AP) — Fast-food chain McDonald’s Japan has canceled a Happy Meal campaign that came with coveted Pokemon cards. The company apologized after resellers rushed to buy the meals and then discarded the food, leaving trash outside stores. The meals meant for children came with a toy, such as a tiny plastic Pikachu and a Pokemon card. Japanese media reports said the meals sold out in one day. The company said it was not adequately prepared and that the situation went against its philosophy of providing a “fun dining experience for children and families."  Unusually large crowds were seen flocking to McDonald’s stores when the meals with Pokemon cards went on sale.

US stocks rally to records on hopes for cuts to interest rates

NEW YORK (AP) — The U.S. stock market rallied to records after data suggested inflation across the country was a touch better last month than economists expected. The S&P 500 rose 1.1% Tuesday and topped its all-time high set two weeks ago. The Dow Jones Industrial Average climbed 483 points, and the Nasdaq composite jumped 1.4% to set its own record. Stocks got a lift from hopes that the better-than-expected inflation report will give the Federal Reserve leeway to cut interest rates at its next meeting in September. Lower rates can give the economy and investment prices a boost.

US and China extend trade truce another 90 days, easing tension between world's largest economies

WASHINGTON (AP) — President Donald Trump extended a trade truce with China for another 90 days Monday, at least delaying once again a dangerous showdown between the world’s two biggest economies. The previous deadline was set to expire at 12:01 a.m. Tuesday. Had that happened the U.S. would have ratcheted up taxes on Chinese imports from an already high 30%, and Beijing would have responded by raising retaliatory levies on U.S. exports to China. The pause buys time for the two countries to work out some of their differences, perhaps clearing the way for a summit later this year between Trump and Chinese President Xi Jinping.