Government shutdown could be the longest ever, Speaker Johnson warns

WASHINGTON (AP) — Republican Speaker Mike Johnson predicts the federal government shutdown may become the longest in history. He says he “won’t negotiate” with Democrats until they hit pause on their health care demands and reopen the government. It's the 13th day of the shutdown and the closures are taking a toll nationwide, halting routine government operations, shuttering the Smithsonian museums and other landmark cultural institutions and leaving airports scrambling with flight disruptions. It's all injecting more uncertainty into an already precarious economy. The White House ensured military troops are paid this week. But the Trump administration is firing other federal workers.

Vance warns 'deeper' cuts ahead for federal workers as shutdown enters 12th day

Vice President JD Vance is warning of deeper cuts to the federal workforce the longer the government shutdown goes on. Vance spoke Sunday as the shutdown entered its 12th day. He warned that the new cuts would be “painful,” even as he said the Trump administration is working to ensure that the military would be paid and some services would be preserved for low-income Americans, including food assistance. Hundreds of thousands of workers have been furloughed in recent days. In a court filing on Friday, the White House said well over 4,000 employees would soon be fired. Vance said the new cuts would be “painful.”

China shows no sign of backing down while issuing call for US to withdraw tariff threat

BANGKOK (AP) — China has called for the U.S. to withdraw a new threat of a 100% tariff and other export control measures. The statement Monday came after President Donald Trump announced the new tariff threat in the latest escalation of the ongoing trade war. Trump issued a 100% tariff threat on all Chinese imports into the U.S. China last week placed stricter restrictions on rare earths, which is a vital resource used in electronics. Trump on Sunday did not withdraw his tariff threat but seemed more conciliatory. The latest economic indicators show the retaliatory actions and uncertainty is having an impact on existing trade between the two nations.

Uncertainty over the economy and tariffs forces many retailers to be cautious on holiday hiring

NEW YORK (AP) — Rising tariff costs and other economic factors are forcing retailers to pull back or even delay their plans to hire seasonal workers. These temp workers typically pack orders at distribution centers, serve shoppers at stores and build holiday displays during the most important selling season of the year. A job placement firm forecasts that hiring for the last three months of the year will likely fall to its lowest level since the 2009 recession, or fewer than 500,000 positions. That’s fewer than last year’s 543,000 temp jobs. The average seasonal gain since 2005 has been 653,363 workers.

Wall Street rallies to recover some of Friday's sell-off after Trump softens his criticism of China

NEW YORK (AP) — U.S. stocks are rising and recovering some of their sell-off from Friday. The S&P 500 climbed 1.5%. The Dow Jones Industrial Average rose 561 points, and the Nasdaq composite jumped 2%. The indexes are still below where they were when President Donald Trump threatened much higher tariffs on China on Friday. But they clawed back some of those losses after Trump softened his criticism of the world's second-largest economy. That raised hopes for another trade truce that could allow stocks to keep setting records. Trading in the U.S. bond market is closed for a holiday.

OpenAI partners with Broadcom to design its own AI chips

SAN FRANCISCO (AP) — OpenAI has announced a collaboration with chipmaker Broadcom to design its own AI computer chips. The companies plan to start deploying customized "AI accelerators" next year. The deal marks the latest between OpenAI, maker of ChatGPT, and the companies building the chips and data centers required to power AI. Broadcom shares surged more than 9% on Monday after the morning announcement.

JPMorgan to invest up to $10 billion in US companies with crucial ties to national security

JPMorgan Chase will directly invest up to $10 billion in U.S. companies with crucial ties to national security. The investment is part of the bank’s Security and Resiliency Initiative, a $1.5 trillion, 10-year plan to facilitate, finance and invest in industries critical to national economic security. The investment plan revealed Monday will focus on four areas: supply chain and advanced manufacturing in critical minerals, pharmaceutical precursors and robotics; defense and aerospace; energy independence, with investments in battery storage and grid resilience; and strategic technologies, including artificial intelligence, cybersecurity and quantum computing.

Trump says inflation is 'defeated' and the Fed has cut rates, yet prices remain too high for many

WASHINGTON (AP) — Inflation has risen in three of the last four months and is slightly higher than it was a year ago. Yet you wouldn’t know it from listening to President Donald Trump or even some of the inflation fighters at the Federal Reserve who have dismissed or even downplayed inflation. That could prove risky for both the White House and the Fed while inflation is still above the Fed’s target of 2%. Surveys show that many Americans still see high prices as a major burden on their finances. And the Fed’s inflation-fighting credibility could take a hit if prices keep going up.

Dutch government takes control of Chinese-owned chipmaker Nexperia over governance shortcomings

THE HAGUE, Netherlands (AP) — The Dutch government has intervened in the business of Nexperia, a Chinese-owned semiconductor company, due to concerns about governance. The Dutch ministry of economic affairs announced this decision on Sunday, citing risks to Dutch and European technological security. Nexperia is owned by Wingtech, a Chinese company. Wingtech's stock fell 10% on Monday following the announcement. The Dutch government said that it could block or reverse company decisions if they harm European interests. Wingtech is exploring legal options and seeking government support. Last year, the U.S. also imposed export controls on Wingtech.

China's exports to US drop in September, while rise in global shipments hits a 6-month high

HONG KONG (AP) — China has reported its exports to the United States fell 27% in September from the year before, even though growth in its global exports hit a six-month high. Customs figures released Monday showed that China's worldwide exports were 8.3% higher than a year earlier, at $328.5 billion, surpassing economists' estimates. That was markedly better than the 4.4% year-on-year increase in August. China's exports to the United States have fallen for six straight months. In August they dropped 33%. The outlook is cloudy as a truce between Beijing and Washington unravels and both sides  hit out with new tariffs and other retaliatory measures.