Trump administration is investing in US rare earths in a push to break China's grip

OMAHA, Neb. (AP) — The U.S. is ramping up efforts to boost production of crucial components used in electric vehicles, smartphones and fighter jets. The Trump administration is pouring money into the critical mineral industry to reduce reliance on China. It's also launched a national security investigation into foreign-made mineral products. Industry insiders have long viewed critical minerals as a national vulnerability because they're critical ingredients in many defense applications and an assortment of high-tech products. Recent export restrictions by Beijing highlighted the issue. President Donald Trump said this week that China “sort of took a monopoly of the world’s magnets” but he expressed confidence in securing supplies because the U.S. has “much bigger and better cards.”

Embattled Fed Governor Lisa Cook's lawyer says she'll sue Trump to keep her job

WASHINGTON (AP) — Federal Reserve Gov. Lisa Cook's lawyer says she'll sue President Donald Trump's administration to try to prevent him from firing her. Longtime Washington attorney Abbe Lowell said Tuesday that Trump “has no authority to remove” Cook. If Trump succeeds in removing Cook from the Fed's board of governors, it could erode the Fed’s political independence, which is considered critical to its ability to fight inflation because it enables the Fed to take unpopular steps like raising interest rates. The Republican president said Monday he was removing Cook because of allegations she committed mortgage fraud. Cook was appointed by Democratic President Joe Biden in 2022.

What to know about Lisa Cook, the Fed Governor who Trump says he's firing

NEW YORK (AP) — Lisa Cook made headlines three years ago when she became the first Black woman to serve on the Federal Reserve’s Board of Governors, one of the most powerful financial institutions in the world. On Monday, President Donald Trump said he was firing Cook, who has worked in the Clinton, G.W. Bush and Obama administrations. Critics say accusations of mortgage fraud against Cook are being used as a tool by Trump to gain control of the Federal Reserve, one of the few remaining independent agencies in Washington. The allegations were raised by Bill Pulte, a Trump appointee who heads the Federal Housing Finance Agency. He has raised similar allegations against Sen. Adam Schiff, D-Calif. and New York Attorney General Letitia James.

India braces for export shock as US tariffs take effect

NEW DELHI (AP) — India faces a major challenge as a steep U.S. tariff on Indian products takes effect. The import duties coming into force on Wednesday threaten over half of India's exports to its largest overseas market. The situation highlights the fragile trade ties between the two allies. President Donald Trump initially announced a 25% tariff on Indian goods, but then imposed an additional 25% tariff due to India’s purchases of Russian oil. That brings the combined U.S. tariffs on India to 50%. The Indian government estimates that $48.2 billion worth of exports will be affected. Labor-intensive sectors like textiles and leather will likely be hit hardest. Prime Minister Narendra Modi has vowed not to yield to U.S. pressure.

Cracker Barrel relents, says its old logo will return

Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize. In a post on its website, Cracker Barrel said it will retain its old logo, which features an older man in overalls sitting next to a barrel and the words “Old Country Store.” The tempest over the logo began last week, when the company announced plans for a simplified design featuring only the company’s name. Lebanon, Tennessee-based Cracker Barrel made the change as part of a wider plan to modernize its restaurants and appeal to younger customers. But many fans protested the move.

Microsoft protesters occupy president's office as company reviews its work with Israel's military

REDMOND, Wash. (AP) — Police have arrested seven people after they occupied an office at Microsoft's headquarters in Washington state. The protest group No Azure for Apartheid says those arrested included current and former Microsoft employees, and that they occupied an office of company President Brad Smith. Azure is Microsoft’s primary cloud computing platform. Smith says Microsoft is looking into reports that the Israeli military has used Azure to help select targets in the ongoing war in Gaza, but that any such use would violate the company's terms of service. Smith told a media briefing Tuesday that Microsoft will uphold its human rights principles and its contractual terms of service.

Why the Federal Reserve has historically been independent of the White House

WASHINGTON (AP) — President Donald Trump says he is firing Federal Reserve Governor Lisa Cook after she was accused of mortgage fraud. It's the latest effort by his administration to exert greater control over one of the few remaining independent agencies in Washington. Cook previously said she would not leave her post. Trump has repeatedly attacked the Fed’s chair, Jerome Powell, for not cutting its short-term interest rate, and even threatened to fire him. Firing Powell or forcing out a governor would threaten the Fed’s venerated independence, which has long been supported by most economists and Wall Street investors.

Trump foes like Fed Governor Lisa Cook find themselves targeted by top housing regulator

WASHINGTON (AP) — Bill Pulte, the country's top housing regulator, has been using his position to target President Trump's political enemies. He has accused them of mortgage fraud and encouraged investigations. This week, Trump used Pulte's allegations to attempt to fire Lisa Cook from the Federal Reserve board of governors. Cook plans to fight her removal. Pulte has also targeted other Democrats but ignored similar cases involving Republicans. His actions align with Trump's efforts to pressure opponents using federal power. Pulte, a housing industry scion, has a history of political donations to Trump and his allies.

Latest launch of SpaceX's Starship deploys 8 dummy satellites, then splashes down into Indian Ocean

SpaceX has launched its latest test of the mega rocket Starship. It included the first-ever deployment of a test payload into space. Starship blasted off from SpaceX's launch site in South Texas on Tuesday evening. The Starship launched eight dummy satellites into space before splashing down as planned in the Indian Ocean. It was the 10th demo test for the world's biggest and most powerful rocket. It also included the successful return of the craft's booster, which splashed down in the Atlantic. SpaceX hopes to use Starship for future moon and Mars missions.

A US tariff exemption for small orders ends Friday. It's a big deal to some shoppers and businesses

NEW YORK (AP) — Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.