Trump’s promised steel and aluminum tariffs go into effect

NEW YORK (AP) — U.S. President Donald Trump hiked nearly all of his tariffs on steel and aluminum imports to a punishing 50% on Wednesday in a move that’s set to hammer businesses from automakers to home builders, and likely push up prices for consumers even further. Foreign-made steel and aluminum is used in household products like soup cans and paper clips, as well as big-ticket items like a stainless-steel refrigerators and cars. Economists warn that such heightened levies could significantly squeeze the wallets of both companies and shoppers alike. But Trump argues that his latest import taxes are necessary to protect U.S. industries.

Trump tax bill will add $2.4 trillion to the deficit and leave 10.9 million more uninsured, CBO says

WASHINGTON (AP) — President Donald Trump’s big bill will cut taxes by $3.75 trillion but increase deficits by $2.4 trillion and leave 10.9 million more people without health insurance over the next decade. That’s according to an analysis released Wednesday by the nonpartisan Congressional Budget Office. The analysis comes as the Republican president is pushing to have the final product on his desk by July Fourth. The CBO's findings will be weighed by lawmakers and others seeking to understand the budgetary impacts of the sprawling bill. The White House and Republican leaders have been sowing doubt on the CBO’s work. Democrats say Republicans explode the debt when they’re in power.

Broadway has found its Gen Z audience — by telling Gen Z stories

NEW YORK (AP) — “John Proctor is the Villain” is about high schoolers studying “The Crucible” as the #MeToo movement arrives in their Georgia town. It earned seven Tony nominations, the most of any this season. It’s among a group of Broadway shows that have centered the stories of young people and attracted audiences to match. Producers reported that Sam Gold’s take on “Romeo + Juliet,” nominated for best revival of a play, drew the youngest ticket-buying audiences recorded on Broadway. The shows share some DNA: pop music, Hollywood stars with established fanbases and stories that reflect the complexity of young adulthood.

Spike in steel tariffs could imperil Trump promise of lower grocery prices

NEW YORK (AP) — President Donald Trump’s doubling of tariffs on foreign steel and aluminum could hit Americans in an unexpected place: grocery aisles. Staggering 50% levies on those imports have gone into effect, stoking fear that big-ticket purchases from cars to washing machines to houses could see major price increases. But those metals are so ubiquitous in packaging, they’re likely to pack a punch across consumer products from soup to nuts. Among those opposing the hiked tariffs is the Can Manufacturers Institute. It says American consumers will pay for those taxes in increased costs of canned goods.

US and Europe trade negotiators say progress but no breakthroughs on tariff talks in Paris

PARIS (AP) — Europe and the United States say progress has been made but there were no breakthroughs during a meeting in Paris to negotiate a settlement of a tense tariff spat with global economic ramifications. European Union top trade negotiator Maroš Šefčovič met Wednesday with U.S. Trade Representative Jamieson Greer on the sidelines of a meeting of the Organization for Economic Co-operation and Development. Šefčovič said in a post on X that the sides are “advancing in the right direction at pace” and staying in close contact. Brussels and Washington, though, are unlikely to reach a substantive trade agreement in Paris. The issues dividing them are too difficult to resolve quickly.

Amazon planning $10B investment in North Carolina for data center and AI campus

HAMLET, N.C. (AP) — Amazon is expanding its cloud computing infrastructure and artificial intelligence activities into a rural North Carolina county. The company said Wednesday it intends to invest $10 billion toward building a campus in Richmond County. This will bring a shot in the arm to a region where textile and apparel jobs dried up a generation ago. Amazon said its investment should create at least 500 jobs and support thousands more through construction and data center supply chain providers. Gov. Josh Stein says the investment is one of the largest in state history.

Germany's new government launches a program to encourage investment and boost the economy

BERLIN (AP) — Germany’s new government has launched a package of tax breaks and eventual tax cuts for companies. It is moving to encourage investment as it tries to give new momentum to an economy that has shrunk for the past two years and is expected to stagnate this year. Chancellor Friedrich Merz’s Cabinet on Wednesday approved the so-called growth booster program. It must still be passed by lawmakers. The program's central component is a hefty tax write-off on investments in machinery and other equipment over the next three years. That would be followed by a gradual reduction of the corporate tax rate from 15% to 10% between 2028 and 2032.

Ukraine seeks air defense systems as Western backers meet without the Pentagon chief

BRUSSELS (AP) — Ukraine’s president wants his Western backers to speed up deliveries of air defense systems to counter Russian missile strikes. He also wants them to help boost weapons production. President Volodymyr Zelenskky on Wednesday emphasized U.S.-made Patriot missile systems. The Ukraine Defense Contact Group was formed to help the country repel Russia's all-out invasion. But U.S. Defense Secretary Pete Hegseth did not attend, for the first time. His absence is the latest step that the Trump administration has taken to distance itself from Ukraine’s war efforts. The meeting was chaired by the U.K. and Germany.

Wall Street drifts following some discouraging updates on the economy

NEW YORK (AP) — U.S. stocks are drifting following some potentially discouraging updates on the U.S. economy. The S&P 500 rose 0.2% Wednesday, as momentum slowed following a big rally that had brought it back within 2.8% of its all-time high. The Dow Jones Industrial Average added 40 points, and the Nasdaq composite rose 0.3%. The action was stronger in the bond market. Treasury yields fell as traders upped expectations for cuts to interest rates by the Federal Reserve following weaker-than-expected reports on activity for U.S. services businesses and on the U.S .job market. Stock indexes rose across Europe and Asia.

The euro is about to get a new member, Bulgaria. What's the eurozone and how do countries join?

FRANKFURT, Germany (AP) — Bulgaria has the green light to join the euro next year and become the 21st member of the European Union's currency union. The European Commission and European Central Bank say the Balkan country of 6.4 million people has checked all the boxes by keeping inflation, deficits and debt under control. Here's how joining the euro works.