Capital One cleared a significant obstacle to its proposed acquisition of Discover Financial Services after the Justice Department told regulators that it doesn’t see sufficient competition concerns to block the deal, according to two people with knowledge of the matter. The deal, a $35 billion merger of some of the nation’s largest credit card companies … Read more
President Trump’s tariffs have spared almost no corner of the Earth. Even tiny, sparsely populated islands that export close to nothing. Among the countries and territories listed on sheets of paper that were distributed to reporters in the White House Rose Garden on Wednesday were Heard Island and McDonald Islands, Australian territories near Antarctica where … Read more
Through Covid, political chaos, and economic disarray, Sri Lanka and Bangladesh kept one industry central to their hopes of prosperity afloat: the manufacturing of ready-made garments, with the United States as their main market. Then came President Trump’s tariffs. The two countries are reeling after Sri Lanka was hit with 44 percent tariffs and Bangladesh … Read more
The global economic system that the United States has shaped and steered for more than three-quarters of a century was animated by a powerful guiding vision: that trade and finance would be based on cooperation and consent rather than coercion. That system, for all its faults, entrenched the United States as the world’s richest nation … Read more
Through Covid, political chaos, and economic disarray, Sri Lanka and Bangladesh kept one industry central to their hopes of prosperity afloat: the manufacturing of ready-made garments, with the United States as their main market. Then came President Trump’s tariffs. The two countries are reeling after Sri Lanka was hit with 44 percent tariffs and Bangladesh … Read more
Apple led a sell-off of tech stocks on Thursday, falling about 9 percent. Its drop was one of its steepest intraday declines since early 2019, when the company plunged 10 percent after it warned that iPhone sales in China would fall short of its expectations at the time. Wall Street analysts who follow the company … Read more
Ford Motor said on Thursday that it was lowering prices on most of its vehicles to the same levels it charges employees in a bid to boost sales as President Trump’s tariffs on imported cars took effect. The tariffs began on Thursday on vehicles imported from Mexico, Canada, Japan, Germany and other countries. The duties … Read more
This article is part of Overlooked, a series of obituaries about remarkable people whose deaths, beginning in 1851, went unreported in The Times. Katharine Dexter McCormick, who was born to a life of wealth, which she compounded through marriage, could have sat back and simply enjoyed the many advantages that flowed her way. Instead, she … Read more
President Trump, as he announced sweeping tariffs, batted away “very tired predictions” from critics of his economic agenda by citing a large decline in the price of eggs. “The price of eggs dropped now 59 percent, and they’re going down more and the availability is fantastic,” Mr. Trump said on Wednesday. The wholesale price of … Read more
Oil prices plunged Thursday on fears that President Trump’s latest round of tariffs would slow economic growth around the world, curbing demand for gasoline, diesel, jet fuel and other forms of energy. The U.S. oil price was down more than 7 percent Thursday morning, trading below $67 a barrel, or around mid-March levels. Prices for … Read more