Supreme Court strikes down Trump’s sweeping tariffs, upending central plank of economic agenda

WASHINGTON (AP) — The Supreme Court has struck down President Donald Trump’s far-reaching global tariffs, handing him a significant loss on an issue crucial to his economic agenda. Friday's 6-3 decision centers on tariffs he unilaterally imposed under an emergency powers law, including the sweeping “reciprocal” tariffs levied on nearly every other country. The Republican president has called the case one of the most important in U.S. history and said a ruling against him would be an economic body blow to the country. But legal opposition crossed the political spectrum, including libertarian and pro-business groups typically aligned with the GOP. Administration officials have said they expect to keep the tariff framework in place under other authorities.

Inflation rose more quickly than expected in December

WASHINGTON (AP) — A key inflation gauge accelerated in December, a sign that many prices are still rising more quickly than most Americans would prefer — and faster than the Federal Reserve’s target of 2% a year. The figures show that inflation remains elevated, even as it has come down from a peak near 7% in 2022. With many prices still rising more quickly than they did before the pandemic, the report points to a key reason that many Americans remain unhappy with the economy, even as unemployment remains low and growth is solid.

Social media companies face legal reckoning over mental health harms to children

For years, social media companies have disputed allegations that they harm children’s mental health through the way they design their platforms, deliberately addicting kids and failing to protect them from sexual predators and dangerous content. Now, these tech giants are getting a chance to make their case in courtrooms around the country, including before a jury for the first time. Some of the biggest players from Meta to TikTok are facing federal and state trials that seek to hold them responsible for harming children’s mental health

US economy grows at 1.4% rate in the fourth quarter, slower than expected

WASHINGTON (AP) — America’s gross domestic product — the nation’s output of goods and services — increased at an 1.4% annual rate  in the fourth quarter, the Commerce Department reported Friday, down from 4.4% in the July-September quarter and 3.8% in the quarter before that. A downturn in government and consumer spending contributed to the slowdown in fourth-quarter growth, the government said. Consumer spending rose just 2.2%, a significant slowdown from the third quarter’s healthy 3.5% gain. The U.S. economy grew 2.2% in 2025, down from 2024’s 2.8% expansion.

Tariffs paid by midsize US companies tripled last year, a JPMorganChase Institute study shows

WASHINGTON (AP) — New research shows midsize U.S. companies pay far more in Trump-era tariffs, and the costs land at home. The JPMorganChase Institute study says tariff payments for these companies tripled over the past year. The report says these businesses may have to raise prices, cut hiring, or accept lower profits. Researchers also see signs companies are shifting purchases away from China and toward other parts of Asia. The study adds to other work, including New York Fed research, that says U.S. firms and consumers bear most tariff costs. The White House has sharply criticized that claim.

Growing number of Americans report experiencing extreme cold, AP-NORC poll finds

WASHINGTON (AP) — A new AP-NORC poll shows more Americans say extreme cold has affected their lives after frigid weather engulfed much of North America at the beginning of 2026. The survey found that 57% of U.S. adults report severe cold or winter storms in the past five years, up from 49% in February 2024. Just in the past year, lives have been upended in multiple ways by cold weather. About 7 in 10 saw higher power or gas bills in the past year because of extreme cold. Many experienced work and school cancellations, power outages and travel cancellations or delays. Scientists say climate change can help drive cold outbreaks by disrupting the polar vortex.

US trade deficit declined in 2025, but gap for goods hits a record despite Trump tariffs

WASHINGTON (AP) — The U.S. trade deficit slipped modestly in 2025, a year in which President Donald Trump upended global commerce by slapping double digit tariffs on imports from most countries. The Commerce Department reported Thursday that the gap the between the goods and services the U.S. sells other countries and what it buys from them narrowed to just over $901 billion from $904 billion in 2024.

US stocks hold relatively steady after Supreme Court strikes down Trump's tariffs

NEW YORK (AP) — U.S. stocks are edging higher in tentative trading after the Supreme Court struck down President Donald Trump’s sweeping tariffs, which had been a source of volatility for the market. The S&P 500 was 0.1% higher a few minutes after the court announced its ruling. It had been drifting between small gains and losses earlier in the morning, after discouraging reports showing slowing growth for the economy and faster inflation created relatively few ripples in the market. The Dow Jones Industrial Average added 20 points, or less than 0.1%, and the Nasdaq composite rose 0.1%. Treasury yields also remained fairly muted in the bond market.

German leader to make his 1st visit to China next week as country seeks 'right balance' in ties

BERLIN (AP) — German Chancellor Friedrich Merz will make his first visit to China next week since taking the helm of Europe’s biggest economy. He is trying to position the country to a world in which assertive great powers play an increasingly dominant role. The government said Merz will be received in Beijing on Wednesday by Premier Li Qiang and Chinese leader Xi Jinping. He will also visit Hangzhou in southeastern China. Germany has tried in recent years to maintain solid ties with China despite wariness over Beijing’s growing assertiveness, while also seeking to avoid overreliance on trade with China and diversifying its commercial links and supplies of key goods.

US applications for jobless aid fall to 206,000 last week as layoffs remain low

WASHINGTON (AP) — U.S. applications for unemployment benefits fell last week as layoffs remain at historically low levels. The number of Americans filing for jobless aid for the week ending Feb. 14 fell by 23,000 to 206,000 from the previous week, the Labor Department reported Thursday. That’s significantly fewer than the 225,000 new applications that analysts had forecast. Filings for unemployment benefits are viewed as representative of U.S. layoffs. The total number of Americans filing for jobless benefits for the previous week ending Feb. 7 increased to 1.87 million, up 17,000 from the previous week, the government said.