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AP Business SummaryBrief at 12:08 a.m. EST

Posted 11/5/25

Trump tariffs face Supreme Court test in trillion-dollar test of executive power

WASHINGTON (AP) — President Donald Trump’s power to unilaterally impose far-reaching tariffs is coming before …

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AP Business SummaryBrief at 12:08 a.m. EST

Posted

Trump tariffs face Supreme Court test in trillion-dollar test of executive power

WASHINGTON (AP) — President Donald Trump’s power to unilaterally impose far-reaching tariffs is coming before the Supreme Court on Wednesday in a pivotal test of executive power with trillion-dollar implications for the global economy. The challengers say Trump is illegally using an emergency law to claim nearly limitless tariff power, something no president has done before, and American small businesses are paying the price. The Trump administration says the law gives the president the power to regulate importation, and that includes tariffs. The president has called the case one of the most important in the country’s history and said a ruling against him would be “catastrophic” for the economy.

What to know about the Supreme Court arguments over Trump's tariffs

WASHINGTON (AP) — Three lower courts have ruled illegal President Donald Trump’s use of emergency powers to impose sweeping worldwide tariffs. Now the Supreme Court, with three justices Trump appointed and generally favorable to muscular presidential power, will have the final word. In roughly two dozen emergency appeals, the justices have largely gone along with Trump in temporarily allowing parts of his aggressive second-term agenda to take effect while lawsuits play out. But the case being argued Wednesday is the first in which the court will render a final decision on a Trump policy. The stakes are enormous, both politically and financially, for a central piece of Trump's economic and foreign policy.

Trump heads to Miami to speak about his economic agenda on the anniversary of his election win

WASHINGTON (AP) — President Donald Trump is heading to Miami, speaking on the anniversary of his reelection to a second term. Trump on Wednesday will address a forum of business leaders and global athletes and plans to discuss his economic agenda and recent trade and investment deals made on his trip to Asia. The event, called the American Business Forum, is designed to be a more accessible version of gatherings like the World Economic Forum in Davos. Miami is playing a key role in Trump's second term. He's hosting the G20 in nearby Doral next year, and Miami is one of the U.S. host cities for next year's World Cup.

At least 7 dead, 11 injured in UPS plane crash and explosion at Kentucky airport

LOUISVILLE, Ky. (AP) — At least seven people are dead and 11 injured after UPS plane crashed in Kentucky. The Federal Aviation Administration said the plane crashed about 5:15 p.m. as it was departing for Honolulu from Louisville’s Muhammad Ali International Airport. Video showed flames on the plane’s left wing and a trail of smoke. The plane then lifted slightly off the ground before crashing and exploding in a huge fireball. Video also revealed portions of a building’s shredded roof next to the end of the runway.

Asian shares sink after losses for Big Tech pull US stocks lower

BANGKOK (AP) — Tokyo's benchmark Nikkei 225 index has fallen more than 4% and other shares in Asia also sank after a retreat on Wall Street spurred by selling of Big Tech shares. South Korea's Kospi lost 3.7%, while Hong Kong's Hang Seng shed more than 1%. On Tuesday, losses for the same big tech companies that have been the main drivers of the market's rally so far this year pulled the S&P 500 1.2% lower. The Dow lost 0.5%. The drops in tech pulled the Nasdaq composite down 2%. Palantir Technologies, which had more than doubled so far this year, slumped 7.9% despite reporting results that beat analysts' forecasts. Nvidia also reversed course with a loss of 4%.

Pfizer COVID-19 vaccine sales tumble after government guidance on the shots narrows

The fall COVID-19 vaccine season is starting slowly for Pfizer, with U.S. sales of its Comirnaty shots sinking 25% after federal regulators narrowed recommendations on who should get them. Approval of updated shots also came several weeks later than usual, and Pfizer said Tuesday that hurt sales as well. Many Americans get vaccinations in the fall, to give their bodies protection from disease surges in the coming winter. Experts say interest in COVID-19 shots has been declining, and that trend could pick up this fall due to anti-vaccine sentiment and confusion about whether the shots are necessary.

Australia adds Reddit and Kick to social media platforms banning children under 16

MELBOURNE, Australia (AP) — Australia has added Reddit and Kick to its list of social media platforms that must ban children under 16 from having accounts. Communications Minister Anika Wells said Wednesday the platforms will join others like Facebook and TikTok in enforcing this rule starting Dec. 10. Platforms failing to comply could face fines up to 50 million Australian dollars ($33 million). Australia’s eSafety Commissioner Julie Inman Grant will enforce the ban, which aims to protect children online. The move is being closely watched by other countries concerned about social media's impact on young users. Critics worry about privacy implications for all users.

Transportation Secretary Sean Duffy warns of 'mass chaos' in skies if shutdown continues

Transportation Secretary Sean Duffy predicted Tuesday that there could be chaos in the skies next week if the government shutdown drags on and air traffic controllers miss a second paycheck. The FAA slows down or even stops flights temporarily anytime it is short on controllers or if there is an equipment problem. There have already been numerous delays at airports across the country — sometimes hours long — during the shutdown. Duffy warned that the situation will only get worse the longer the shutdown continues and the financial pressure continues to grow on people who are forced to work without pay. FAA employees already missed one paycheck on Oct. 28. Their next payday is scheduled for next Tuesday.

Trump says he 'won't be extorted' by Democrats, shuns negotiations as shutdown drags on

WASHINGTON (AP) — President Donald Trump says he “won’t be extorted” by Democrats to reopen the government, making clear that he has no plans to negotiate as the government shutdown will soon enter its sixth week. In an interview on CBS’s “60 Minutes” that aired on Sunday, Trump predicted that Democrats will eventually capitulate to Republicans. Trump’s comments signal that the shutdown could continue to drag on for some time as federal workers, including air traffic controllers, are set to miss additional paychecks and as there is uncertainty over whether 42 million Americans who received federal food aid will be able to access the assistance.

Flight delays persist as government shutdown leads to air traffic controller shortages

Flight delays are continuing at U.S. airports amid air traffic controller shortages as the government shutdown enters its second month. Newark airport in New Jersey was experiencing delays of two to three hours on Sunday. George Bush Intercontinental Airport in Houston, Dallas Fort Worth International Airport and Chicago O’Hare were also seeing dozens of delays and one or two cancellations. Other delays were being reported at major airports in Los Angeles and Miami.

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