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AP Business SummaryBrief at 8:27 a.m. EDT

Posted 11/1/25

A Vermont cycling apparel company is trying to survive Trump's tariffs. Will the Supreme Court help?

BURLINGTON, Vt. (AP) — A small company in Vermont that specializes in women's cycling …

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AP Business SummaryBrief at 8:27 a.m. EDT

Posted

A Vermont cycling apparel company is trying to survive Trump's tariffs. Will the Supreme Court help?

BURLINGTON, Vt. (AP) — A small company in Vermont that specializes in women's cycling apparel is at the center of the fight over President Donald Trump's contentious tariff policy. Terry Precision Cycling is challenging Trump's tariffs at the Supreme Court. The company has been hit hard by increased costs due to tariffs on imports from countries like China. These tariffs have forced them to raise prices and hurt their ability to compete. Terry Precision Cycling, along with other small businesses, argues that the tariffs exceed presidential power. The case could redefine the limits of presidential authority and has significant implications for the global economy.

Uncertainty over federal food aid deepens as the shutdown fight reaches a crisis point

WASHINGTON (AP) — The twin crises at the heart of the government shutdown fight in Washington are coming to a head. The federal food assistance program is facing delays and uncertainty. Meanwhile, millions of Americans are set to see a dramatic rise in health insurance bills. The Trump administration’s plans to freeze payments to the Supplemental Nutrition Assistance Program have been halted by federal judges. But a delay in payouts will still likely leave millions of people short on their grocery bills. The shutdown is the second longest in history and entered its second month on Saturday, yet there's little urgency in Washington to end it.

Deal between the US and China is undoing damage from a self-inflicted trade war

BUSAN, South Korea (AP) — After months of posturing, arguing and threatening, U.S. President Donald Trump and Chinese leader Xi Jinping have essentially turned back the clock. While the meeting between the two leaders was hailed by Trump as a “roaring success,” the agreement that came out of it may only serve to undo some of the damages Trump inflicted with his trade war upon his return to the White House. Nevertheless, the deal has injected a degree of stability, giving the world’s two largest economies — as well as the rest of the world — time and room to readjust.

Nvidia partners with South Korean government, companies to boost AI development

GYEONGJU, South Korea (AP) — Silicon Valley chipmaker Nvidia plans to supply its graphics processing units for projects with the South Korean businesses and government to advance the country’s artificial intelligence infrastructure and technologies. The government and companies announced the plan after South Korean President Lee Jae Myung met Friday with Nvidia Chief Executive Jensen Huang. He has gotten a rockstar treatment reminiscent of Apple's Steve Jobs since arriving in South Korea on Thursday to attend meetings of the Asia-Pacific Economic Cooperation forum in Gyeongju. As APEC host, South Korea has used the gathering of world leaders to showcase its ambitions in AI.

South Korea calls for greater Chinese efforts to bring North Korea back to talks

GYEONGJU, South Korea (AP) — South Korean President Lee Jae Myung has asked Chinese President Xi Jinping to make greater efforts to convince North Korea to return to talks. The appeal came as the two leaders agreed a set of steps to boost their economic and other ties. Their one-on-one meeting on Saturday came hours after they and other Asia-Pacific leaders wrapped up their annual summit in the South Korean city of Gyeongju with a joint statement pledging cooperation and investment. U.S. President Donald Trump, known for his dismissal of multilateralism, met with Xi and agreed to cool the trade war between them, then quickly left South Korea.

Republican leaders reject Trump's demands to scrap the Senate filibuster to end the shutdown

WASHINGTON (AP) — President Donald Trump is calling on the Senate to scrap the filibuster. That's so the Republican majority can bypass Democrats in the Senate and reopen the federal government. But the GOP leaders swiftly rejected the idea, putting them at odds with the president. Trump targeted the 60-vote threshold for passing legislation in a social media post, suddenly inserting himself into the shutdown debate. But Senate Majority Leader John Thune has strongly opposed changing the filibuster and his spokesman says that position remains unchanged. House Speaker Mike Johnson also panned the idea.

Pfizer sues to stop rival bid for drugmaker Metsera by Denmark's Novo Nordisk

Pfizer is suing over some unsolicited competition in its nearly $5 billion bid to buy the drugmaker Metsera. New York-based Pfizer said Friday after markets closed that it was suing Metsera and a third drugmaker, Denmark’s Novo Nordisk, over a bid for Metsera that Novo announced Thursday. Novo said it planned to buy Metsera in a deal that could be worth up to $9 billion. Metsera said the offer appeared to be superior to Pfizer’s bid. Metsera has no products on the market, but it is developing potential treatments that could target lucrative fields for treating obesity and diabetes.

Amazon carries Wall Street to the finish of another winning week and month

NEW YORK (AP) — Amazon carried the U.S. stock market to the finish of another winning week and month. The S&P 500 rose 0.3% and pulled closer to its all-time high set on Tuesday. It closed out its third straight winning week and sixth straight winning month, its longest monthly winning streak since 2021. The Dow Jones Industrial Average added 0.1%, and the Nasdaq composite gained 0.6%. Amazon led the way after reporting a much bigger profit than analysts expected. That helped offset continued losses for Microsoft and Meta Platforms. Treasury yields eased in the bond market.

Billie Eilish to billionaires: 'No hate, but give your money away, shorties'

Grammy and Oscar winner Billie Eilish called on billionaires to give away more of their wealth. Speaking at the WSJ. Magazine Innovator Awards on Wednesday night, Eilish asked, "If you’re a billionaire, why are you a billionaire? And no hate, but give your money away, shorties.” In the audience at the New York’s Museum of Modern Art were Meta CEO Mark Zuckerberg and his wife Priscilla Chan, as well as “Star Wars” creator George Lucas. The “Bad Guy” singer will donate $11.5 million of the proceeds from her Hit Me Hard and Soft tour.

How hunger relief groups say you can help feed your neighbors during the shutdown and beyond

NEW YORK (AP) — Many people might be wondering how they can help their neighbors put food on the table with federal food aid set to be frozen on Nov. 1. The U.S. Department of Agriculture plans to freeze the Supplemental Nutrition Assistance Program, a cornerstone of the nation's social safety net relied upon by 1 in 8 Americans for groceries. Philanthropy cannot fill that gap entirely. But there are ways everyday people can ease the hardship in their communities. Charitable food groups recommend donating money to food banks, volunteering at food pantries, joining mutual aid groups or giving directly to people in need through online fundraising campaigns.

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