China launches a blitz of policies to help its economy, plans talks with the US on trade

BEIJING (AP) — China has cut interest rates and bank reserve requirements as part of a barrage of measures meant to counter the blow to its economy from U.S. President Donald Trump's trade war. People’s Bank of China Governor Pan Gongsheng said Wednesday that its lending rate to commercial banks would be reduced by 0.25 percentage points to 1.5%. High tariffs imposed by Trump have begun to take a toll on China’s export-dependent economy, which was already under pressure from a prolonged downturn in the property sector. China and the U.S. have announced plans for talks between Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng later this week in Geneva, Switzerland.

US trade deficit hits record high as businesses, consumers try to get ahead of Trump tariffs

NEW YORK (AP) — The U.S. trade deficit soared to a monthly record of $140.5 billion in March, signaling a rush for imports from businesses and consumers alike ahead of President Donald Trump’s latest — and most sweeping — tariffs taking effect. According to federal data released on Tuesday, U.S. exports for goods and services totaled about $278.5 billion in March, while imports climbed to nearly $419 billion. That’s up $0.5 billion and $17.8 billion, respectively, from February trade. The latest jump arrived as trade wars deepened abroad. The recent surge in imports arrived as companies across the country tried to bring in foreign goods before more duties kicked in. And all of this contributed to shrinking economic growth in the first three months of the year.

Top US officials will meet with Chinese delegation in Switzerland in first major talks of trade war

WASHINGTON (AP) — Top U.S. officials are set to meet with a high-level Chinese delegation this weekend in Switzerland. The administration on Tuesday announced the first major talks between the two nations since President Donald Trump sparked a trade war with stiff tariffs on imports. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer will meet with their counterparts in Geneva in the most-senior known conversations between the two countries in months. The Chinese Commerce Ministry confirmed the meeting, saying they agreed to have contact “after fully considering global expectations, Chinese interests and calls from U.S. businesses and consumers.” It comes amid growing U.S. market worry over the impact of the tariffs.

UK and India sign a 'landmark' trade agreement after years of tough negotiations

LONDON (AP) — Britain and India have agreed on a hard-wrought free trade agreement that will reduce or eliminate tariffs on Scotch whisky and scores of other products. The deal announced Tuesday comes more than three years after negotiations started — and stalled — under a previous British government. Indian Prime Minister Narendra Modi said on X that the deal was “ambitious and mutually beneficial.” The British government called it a “landmark.” It said the deal will slash Indian import taxes on whisky, cosmetics, medical goods, car and airplane parts and other goods from the U.K. Talks started in 2022 but had not made a breakthrough by 2024, when they were suspended while both countries held elections.

Merz's stumble casts shadow over hopes for rebooting Germany's struggling economy

FRANKFURT, Germany (AP) — Friedrich Merz’s unprecedented failure to win election as German chancellor in the first round of voting in parliament has raised doubts about his new government’s ability to carry through on plans to push Europe’s largest economy out of stagnation. Merz did win election on a hastily called second ballot Tuesday. But the stumble at the start of his new coalition government between his Union bloc and the Social Democrats gave an added dose of uncertainty about the future of an economy that hasn’t seen significant growth since before the COVID-19 pandemic.

WeightWatchers files for bankruptcy protection to eliminate debt burden

NEW YORK (AP) — WeightWatchers said Tuesday it is filing for Chapter 11 bankruptcy protection to eliminate $1.15 billion in debt and focus on its transition into a telehealth services provider. Parent WW International Inc. said it has the support of nearly three-quarters of its debt holders. The New York company expects to emerge from bankruptcy within 45 days, if not sooner.

Controllers briefly lost contact with Newark planes before wider flight disruptions

The nation’s air traffic controllers union says the flight cancellations plaguing Newark Liberty International Airport in new Jersey and spilling over to U.S. airports can be traced to a week ago when controllers temporarily lost contact with planes. The union says that's when crews in the Philadelphia air traffic control center that line up flights going in out and of Newark lost radar and communications with the planes. The flight disruptions have now entered a second week and brought about renewed calls to upgrade aviation technology and infrastructure and to address the nationwide air traffic controller shortage.

Federal Reserve likely to defy Trump, keep rates unchanged this week

WASHINGTON (AP) — The Federal Reserve will likely keep its key short-term interest rate unchanged on Wednesday, despite harsh criticism from President Donald Trump and his demand that the Fed reduce borrowing costs. After causing a sharp drop in financial markets two weeks ago by saying he could fire Fed Chair Jerome Powell, the Republican leader backed off and said he had no intention of doing so. Still, he and Treasury Secretary Scott Bessent have said the Fed should cut rates. The heightened scrutiny shows that even as the Trump administration backs off its threats to fire Powell, the Fed is still subject to unusually sharp political pressures, despite being an independent agency.

Threatened by Trump tariffs, Japan walks a delicate tightrope between US and China

WASHINGTON (AP) — Among all U.S. allies being wooed by Beijing in its tariff stare-down with Washington, Japan stands out as a peculiar case. That's not only for its staunch commitment to its alliance with the U.S. but also for its complicated and uneasy history with its neighboring Asian giant, particularly the war history from the 20th century that overshadows politics of today. Its senior officials are visiting Washington and Beijing as Tokyo seeks a delicate balance, while its prime minister recently traveled to Vietnam and the Philippines in a rivalry with Beijing.

As Trump battles elite colleges, House GOP looks to hike endowment tax by at least tenfold

WASHINGTON (AP) — As Congress looks to slash spending and raise revenue for President Donald Trump’s tax bill, Republicans have turned attention to the huge endowments amassed by the country’s wealthiest colleges. Varying proposals have called for raising the rate to 14% or 21%, treating traditionally tax-free universities like major corporations. Trump previously said he wants to see Harvard stripped of its tax-exempt status as he presses for reforms at colleges he accuses of “indoctrinating” students with “radical left” ideas. Republicans appear to be chipping away at the long-held notion that colleges provide the kind of public benefit that deserves to be protected from heavy taxation.