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.

Trump has threatened a 100% tariff on movies made outside the US. Here's what we know

NEW YORK (AP) — President Donald Trump is threatening to levy all films made outside the U.S. at a steep rate of 100%. Over the weekend, Trump accused other countries of “stealing the movie-making capabilities” of the U.S. and said that he had authorized the Commerce Department and the U.S. Trade Representative to “immediately begin the process." But further specifics or dates weren’t provided, and the White House confirmed that no final decisions had been made as of Monday. A lot remains unclear about how an import tax on international productions could even be implemented. And unlike other sectors that have recently been targeted by tariffs, movies go beyond physical goods, bringing larger intellectual property ramifications into question.

Trump critics launch new group to highlight rising costs

NEW YORK (AP) — A bipartisan group of President Donald Trump’s critics is launching a new organization, dubbed the Cost Coalition, to highlight Trump’s struggle to control rising costs in the early months of his new presidency. The group expects to be active ahead of upcoming elections in Virginia, New Jersey and Pennsylvania. That's according to preliminary plans shared with The Associated Press ahead of a formal announcement. The Cost Coalition plans to push its message through a combination of paid advertising, social media, press interviews and on-the-ground events. Trump vowed to “end inflation” on Day 1 of his new presidency, but he's launched a trade war that has pushed some costs higher and threatens to send the economy into recession.

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.

Asian shares are mostly higher after Wall St breaks its winning streak

Asian shares are mostly higher after stocks closed lower on Wall Street, breaking a nine-day winning streak. Markets in Tokyo and Seoul remained closed for holidays. U.S. futures slipped and crude prices bounced back slightly from a four-year low. On Monday, the S&P 500 slid 0.6%. The Dow Jones Industrial Average fell 0.2%. Drops in Big Tech stocks like Apple helped pull the Nasdaq composite down 0.7%. Berkshire Hathaway slumped after legendary investor Warren Buffett announced over the weekend that he would step down as CEO by the end of the year after six decades at the helm.

Warren Buffett will remain chairman at Berkshire Hathaway when Greg Abel takes over as CEO in 2026

OMAHA, Neb. (AP) — Billionaire Warren Buffett will remain chairman of Berkshire Hathaway after Greg Abel takes over as CEO at the start of the new year. The decision by the board of directors at the conglomerate Sunday is likely to relieve investors worried about the future of Berkshire’s remarkable winning streak amid tariff shocks, financial turmoil and a possible recession. The changes come as the former textile manufacturer faces big questions about how to deploy its massive pile of cash after a stock-market defying six-decade run. Abel has already been managing all of Berkshire's non-insurance businesses for years, so in some ways his job won't be changing all that much, observers say.

Trump’s meme coin business racks up fees as buyers jump at the chance for access to the president

President Donald Trump on Monday promoted a dinner he’s set to attend later this month that’s open to almost anyone who buys enough of his meme coin. The Trump family is parlaying the president’s meme coin into two valuable commodities: serious cash and access to the president. Since the coin was launched earlier this year, it has generated more than $320 million in fees for its creators, the blockchain analysis firm Chainalysis says. The top 220 holders of the meme coin will get to go to the May 22 dinner at Trump’s Washington-area golf club, according to rules set forth by the coin's creators.

Rite Aid returns to bankruptcy protection as it seeks to sell most assets

Rite Aid is again seeking bankruptcy protection as the struggling drugstore chain says it will try to sell substantially all of its assets. The company said Monday that its stores will remain open as it starts Chapter 11 bankruptcy proceedings. Major drugstore chains and independent pharmacies have been closing stores and struggling with several challenges. Rite Aid initially filed for bankruptcy protection in October 2023, with plans to sell parts of its business and restructure. Rite Aid said then the voluntary Chapter 11 reorganization would help slash debt and resolve litigation.

Trump's trade demands go beyond tariffs to target perceived unfair practices

FRANKFURT, Germany (AP) — President Donald Trump's trade war isn't just about tariffs. His new import taxes are based not on specific goods like cars or steel, but on how he thinks other countries have treated the US. And that's across a broad range of issues including taxes, safety rules, and currency exchange rates. He's given other countries 90 days to make a deal and ward off the highest tariffs. Some areas could be up for negotiations. Others, such as country's own tax systems that Trump doesn't like, would be a much tougher sell.

Ford says its Q1 profit fell by two-thirds and it expects a $1.5 billion hit from tariffs this year

DEARBORN, Mich. (AP) — Ford Motor Co. says it expects to take a $1.5 billion hit to its operating profit from tariffs this year and is withdrawing its full-year financial guidance due to the uncertainty created by the Trump administration’s evolving trade policy. Ford said Monday that its net income fell by about two-thirds in the first quarter. Last week, General Motors said it is bracing for a potential impact from auto tariffs as high as $5 billion in 2025. Ford and Tesla are expected to see a smaller impact from tariffs than GM and other automakers because they assemble more of their cars in the U.S.