Trump branded, browbeat and prevailed. But his big bill may come at a political cost

WASHINGTON (AP) — Donald Trump has made tax cuts a central part of his political legacy. There were his first-term cuts. And now the Republican has pushed through an extension of those cuts and added new tax breaks. But the bill he signed into law Friday also comes with significant cuts to Medicaid and food assistance, contradicting promises to protect such programs. Democrats plan to make that expected fallout a campaign focus, while Republicans argue the bill will boost the economy. Historically, major legislation that's been backed mostly by just one party has rarely translated into political rewards. So the long-term effects of Trump’s tax policy are unclear.

OPEC+ to boost oil production by 548,000 barrels per day in August

NEW YORK (AP) — Eight members of the OPEC+ alliance of oil exporting countries say they will boost production by 548,000 barrels per day in August in a move that could further reduce gas prices. The group that includes Saudi Arabia and Russia made the decision at a virtual meeting Saturday. They cited a “steady global economic outlook” and low oil inventories.

What's open and closed on July Fourth

Government offices, post offices, courts, and schools are closed for the Fourth of July in the U.S. U.S. stock markets and banks are also closed, with limited FedEx and UPS services. Costco is closed, but most major retailers like Target and Walmart remain open, often with sales. AAA expects record travel this year, with 72.2 million Americans traveling between June 28 and July 6. Most will drive, and AAA advises drivers to get their vehicles inspected to avoid issues. Last year, AAA handled nearly 700,000 roadside assistance calls during the holiday period.

House GOP struggles to win over holdouts on Trump's tax bill in late-night session

WASHINGTON (AP) — House Republicans strained through a day of starts and stops trying to advance President Donald Trump’s tax and spending cuts package. A procedural vote that started late Wednesday was held open  into Thursday morning as holdouts refused to support the legislation. Republican leaders spent the day working furiously to convince skeptics and send it to Trump’s desk by the Fourth of July deadline. Speaker Mike Johnson had recalled lawmakers to Washington, eager to seize on the momentum of the 887-page bill's passage the day before in the Senate. Some GOP lawmakers are criticizing the legislation as straying from the party's fiscal goals. Johnson expects votes later Thursday morning.

China retaliates against EU with a ban on European medical devices

BANGKOK (AP) — China has barred European medical device companies from selling to its government in response to EU trade restrictions. The Finance Ministry announced Sunday that the ban applies to procurement budgets over $6.2 million unless the companies manufacture in China. The move follows escalating trade disputes including China imposing anti-dumping duties on European brandy and investigating EU pork and dairy products. In June, the EU excluded Chinese firms from government contracts over 5 million euros, citing unfair barriers. China claims it sought dialogue to resolve issues but accuses the EU of ignoring its efforts and adopting protectionist policies.

World shares are mostly down as Trump’s tariff deadline looms, while US stocks set records

MANILA, Philippines (AP) — Global shares mostly fell even as U.S. stocks climbed further into record heights as the clock ticks on President Donald Trump’s July 9 tariff deadline. In early trading in Europe, Germany’s DAX shed 0.8%, while the CAC 40 in Paris fell 1.1%. Britain’s FTSE 100 was down 0.4%. In Asia, Japan’s Nikkei 225 recovered early losses, gaining 0.1%, while South Korea’s KOSPI index fell 2%. On Thursday, after a report showed a U.S. job market stronger than Wall Street expected, the S&P 500 rose 0.8% and set an all-time high for the fourth time in five days. The Dow Jones Industrial Average added 344 points, or 0.8%, and the Nasdaq composite gained 1%.

Strike by French air traffic controllers causes flight delays and cancellations

PARIS (AP) — A strike by French air traffic controllers seeking better working conditions is disrupting travel to, from and over France. About 40% of flights at Paris airports were canceled on Friday, along with half of flights in Nice and 30% of flights in Marseille, Lyon and some other cities. The strike has affected tens of thousands of passengers during the busy summer travel season. Ryanair reports canceling 400 flights, impacting 70,000 passengers, and has called for EU air traffic reforms. France’s transport minister criticizes the timing of the strike, calling it unacceptable during peak vacation travel.

China shows signs of tackling the price wars that are taking a toll on its EV industry

BEIJING (AP) — The Chinese government is signaling enough is enough when it comes to the fierce competition in the country’s electric car market. China’s industrial policy has engineered a remarkable transformation to electric vehicles. In so doing, it has spawned far more makers than can possibly survive. Now, long-simmering concerns about oversupply and debilitating price wars are coming to the fore. The government is trying to rein in what is called “involution.” It's a term initially applied to the rat race for young people in China and that has been extended to companies and industries engaged in meaningless competition that leads nowhere.

Egypt says Ethiopia's completed power-generating dam lacks a legally binding agreement

CAIRO (AP) — Egypt says that Ethiopia has consistently lacked the political will to reach a binding agreement on its now-complete dam. The issue involves Nile River water rights and the interests of Egypt and Sudan. Ethiopia’s prime minister said Thursday that the country’s power-generating dam on the Nile is now complete and that the government is “preparing for its official inauguration” in September. Egypt has long opposed the construction of the dam because it would reduce the country’s share of Nile River waters. Egypt almost entirely relies on for agriculture and to serve its more than 100 million people. Egypt's water ministry said Friday that the country “firmly rejects Ethiopia’s continued policy of imposing a fait accompli through unilateral actions concerning the Nile River.”

Pakistan’s biggest brewery is evolving from its 165-year-old liquor legacy

RAWALPINDI, Pakistan (AP) — Pakistan's top brewery has healthy financials despite an alcohol ban for Muslims in the Islamic country. The business thrives thanks to Murree Brewery's 165-year-old history, scant competition and a small, thirsty and predominantly elite consumer base. But the Pakistani government exerts significant control over the alcoholic beverage market. The brewery chairman wants to expand the company's footprint in the soda and soft drinks sector. That part of his business is experiencing double-digit growth in Pakistan, mostly fueled by the country's young population.