Republicans look to make a U-turn on federal commitment to electric vehicles for the Postal Service

WASHINGTON (AP) — The U.S. Postal Service is facing congressional attempts to strip billions in federal EV funding. The effort comes a year after the agency was honored for its plan to replace thousands of aging, gas-powered mail trucks with a mostly electric fleet. In June, the Senate parliamentarian in June blocked a Republican proposal to sell off the agency's new electric vehicles and infrastructure and rescind any remaining money, but the push continues. Republican Sen. Joni Ernst says she's going ahead with a bill to rescind what’s left of the $3 billion in federal funding.

US seeks shipbuilding expertise from South Korea and Japan to counter China

WASHINGTON (AP) — American lawmakers are using a trip to South Korea and Japan to explore how the United States can tap those allies’ shipbuilding expertise and capacity to help boost its own capabilities. The U.S. commercial shipbuilding accounted for 0.1% of global capacity in 2024, while China produced 53%, followed by South Korea and Japan, according to a report by the Center for Strategic and International Studies. Two Democratic senators, Tammy Duckworth of Illinois and Andy Kim of New Jersey, plan to meet top shipbuilders from the world’s second- and third-largest shipbuilding countries. Their trip comes as President Donald Trump demands a plan to revive U.S. shipyards and engage foreign partners.

Fatal explosion at U.S. Steel's plant raises questions about its future, despite heavy investment

HARRISBURG, Pa. (AP) — The explosion this week at U.S. Steel's Pittsburgh-area plant has reignited debate about its future. The Clairton plant is part of a long-standing steelmaking tradition in the Mon Valley and faces uncertainty despite recent investments. Nippon Steel's acquisition of U.S. Steel promised continued operations, but the explosion that killed two workers could challenge that commitment. The plant has a history of accidents and fines, raising concerns about safety and maintenance. While Nippon Steel pledged to invest in U.S. Steel's aging facilities, it's unclear if Clairton will see modernization. The plant's future remains uncertain amid changing market dynamics and economic pressures.

Asian shares mostly gain as eyes turn to meetings at the White House and Jackson Hole

BANGKOK (AP) — Asian shares are mostly higher after U.S. stocks edged back from their record levels on Friday. U.S. futures were little changed as investors watched for developments in the Ukraine crisis following a summit between President Donald Trump and Russian President Vladimir Putin that brought no breakthroughs. Trump was preparing to meet with Ukrainian President Volodymyr Zelenskyy and other European leaders in Washington. An annual meeting in Jackson Hole, Wyoming, of top central bankers later this week is also drawing attention. On Friday, the S&P 500 slipped 0.3% from an all-time high, while the Dow inched 0.1% to its own record set in December. The Nasdaq composite dipped 0.4%. U.S. Treasury yields inched higher following several mixed updates on the U.S. economy.

Retail sales rise 0.5% in July as some shoppers step up purchases ahead of tariffs

NEW YORK (AP) — Shoppers spent at a healthy pace in July, particularly at the nation’s auto dealerships, even as President Donald Trump’s tariffs start to take a toll on jobs and lead to some price increases. But the figures also underscore how uncertainty around the expansive duties is pushing shoppers to step up their purchases of dishwashers, furniture and other items ahead of the expected price increases. Retail sales rose a solid 0.5% last month, and June spending was stronger than expected, according to the Commerce Department’s report released Friday. June’s retail sales were revised upward to 0.9% from the original 0.6% increase, the agency said. The pace in July matched economists’ estimates.

Inflation or jobs: Federal Reserve officials are divided over competing concerns

WASHINGTON (AP) — Federal Reserve policymakers will be debating whether stubborn inflation or slower hiring is the bigger problem for the economy as they prepare for an annual conference in Jackson, Wyoming, next week and a crucial policy meeting in September. Weak job gains since April have led some officials to support a rate cut. Others remain more concerned about sticky inflation. That could make the Fed’s ultimate move at its September 16-17 meeting a close call. There will be another jobs report and another inflation report before then, and both will likely heavily influence the decision of whether to cut or not.

UnitedHealth Group shares climb as Buffett's Berkshire Hathaway discloses stake in the insurer

Shares of UnitedHealth Group are surging before the market open Friday as Warren Buffett’s Berkshire Hathaway disclosed that it recently purchased shares of the beleaguered insurer. Berkshire Hathaway bought around 5 million shares of UnitedHealth last quarter, according to a regulatory filing. The stock was valued at about $1.57 billion.

Wall Street finishes its latest winning week with a fade

NEW YORK (AP) — U.S. stocks edged back from their record levels in a quiet finish to another winning week. The S&P 500 slipped 0.3% Friday from the all-time high it set the day before as it closed its fourth winning week in the last five. The Dow Jones Industrial Average flirted with its own record, which was set in December, before ending just below the mark with a gain of 0.1%. The Nasdaq composite dipped 0.4%, though it’s still near its record set on Wednesday. Treasury yields inched higher following several mixed updates on the U.S. economy. Stock indexes were mixed in Europe and Asia.

FACT FOCUS: No, taxpayers will not receive new stimulus checks this summer

Rumors spreading on social media claim the U.S. government will soon be issuing stimulus checks to taxpayers in certain income brackets. But for now it's only wishful thinking. Congress has not passed legislation to authorize such payments. And the IRS says no new stimulus checks will be distributed in the coming weeks. Republican Sen. Josh Hawley of Missouri last month introduced a bill that would send tax rebates to qualified taxpayers using revenue from tariffs instituted by President Donald Trump. Hawley's bill has not passed the Senate or the House.

The US plans to build a $750M fly factory in Texas to stop a flesh-eating cattle parasite

The U.S. plans to build a $750 million factory in southern Texas to breed billions of sterile flies to ramp up its efforts to keep flesh-eating maggots now in Mexico from damaging the American cattle industry. U.S. Agriculture Secretary Brooke Rollins announced Friday that the U.S. hopes to be producing and releasing sterile male New World screwworm flies into the wild within a year from the new factory. It would be built outside Edinburg, Texas, about 20 miles from the border. American officials worry that if the fly reaches Texas, its flesh-eating maggots could cause huge economic losses and cause already record retail beef prices to rise even more.