AP Business Digest
Here are the AP's top business stories that have moved or are planned to move today. All times U.S. Eastern. For up-to-the minute information on AP's coverage, visit AP Newsroom's Coverage Plan.
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NEW AND DEVELOPING
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US--TRUMP-TARIFFS TIMELINE
Trump's tariffs have launched global trade wars. Here's a timeline of how we got here
SUMMARY: Long-threatened tariffs from U.S. President Donald Trump have plunged the country into trade wars abroad -- all while on-again, off-again new levies continue to escalate uncertainty. Trump is no stranger to tariffs. He also launched a trade war during his first term in office, but has more sweeping plans now. Economists stress there could greater consequences this time -- and that higher prices will likely lead consumers to foot the bill. There's also been a sense of whiplash from Trump's back-and-forth tariff threats and responding retaliation, including some recently-postponed levies. Still, Trump has announced sweeping trade actions -- most recently with his launch of "reciprocal" tariffs.
WORDS: 2861 - MOVED: 05/12/2025 10:14 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:e8300b457256d4c23d64928c09ce2b63&mediaType=text
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FINANCIAL MARKETS
Dow jumps nearly 1,000 and S&P 500 climbs 2.6% following a 90-day truce in the US-China trade war
SUMMARY: U.S. stocks are leaping after China and the United States announced a 90-day truce in their trade war. The S&P 500 jumped 2.6% Monday. The Dow Jones Industrial Average rose 957 points, and the Nasdaq composite gained 3.6%. Hopes for a less-encumbered economy also sent crude oil prices up more than 3%. The U.S. dollar climbed against other currencies, and Treasury yields jumped on expectations the Federal Reserve won't have to cut interest rates so deeply this year. Analysts warned conditions could still quickly change, as has so often happened in President Donald Trump's trade wars.
WORDS: 713 - MOVED: 05/12/2025 9:56 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:62fbd84396aaea011c68231363b283de&mediaType=text
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US--TRUMP-PRESCRIPTION DRUGS
Trump will sign an executive order calling on health department to negotiate lower drug prices
SUMMARY: President Donald Trump will sign an executive order calling on the nation's health department to negotiate lower prices for U.S. medications with drugmakers. The order being signed Monday sets a 30-day deadline for the health department to broker new price tags for drugs. That's according to a White House official who briefed the press on the executive order ahead of its signing. If a deal is not reached, a new rule will kick in tying the price of what the U.S. pays for medications to lower prices paid by other countries. The Republican president teased the order in a social media post Sunday. Drugmakers argue threats to their profits could impact research to develop new drugs.
WORDS: 689 - MOVED: 05/12/2025 9:50 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:4c620a32ccd193b793ba1558f3fe93e0&mediaType=text
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US-DEI-NONPROFITS
Amid Trump's battle against DEI, nonprofits filling critical labor gaps are caught in the crossfire
SUMMARY: Recruiting women into construction and manufacturing has for years been a painstaking but broadly popular effort to address persistent labor shortages. But President Donald Trump's aim to stamp out diversity and inclusion programs threaten to cripple community-based organizations that have been critical to that goal. The Trump administration has moved swiftly to cut off federal funding to dozens of community groups that implement programs on the ground. While companies have scrambled to figure out how to adapt DEI policies to avoid violating the federal government's orders, many of their partner nonprofits say such compliance is impossible because their very mission involves providing services to historically marginalized communities.
WORDS: 1375 - MOVED: 05/12/2025 9:28 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:058eb023e6d176f023886332fb0a5745&mediaType=text
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US-CONGRESS-TAX CUTS
House Republicans unveil Medicaid cuts that Democrats warn will leave millions without care
SUMMARY: House Republicans have unveiled the cost-saving centerpiece of President Donald Trump's "big, beautiful bill." The legislation revealed Sunday tallies hundreds of pages and involves at least $880 billion in cuts largely to Medicaid, the nation's health care program for more than 70 million Americans. The savings are needed to help cover the cost of $4.5 trillion in tax breaks. But it's setting off the biggest political fight over health care since Republicans tried but failed to repeal and replace the Affordable Care Act, or Obamacare, during Trump's first term in 2017. Republicans insist they're rooting out "waste, fraud and abuse" to generate health care savings. Democrats warn millions of Americans will lose coverage.
WORDS: 814 - MOVED: 05/12/2025 9:11 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:1e2b12a91a3d12ceb0420ce7053de58e&mediaType=text
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SWITZERLAND-US-CHINA-TARIFFS
US and China take a step back from sky-high tariffs and agree to pause for 90 days for more talks
SUMMARY: U.S. and Chinese officials say they have called a 90-day truce in their trade war, rolling back most of their recent tariff hikes and saying they're planning more talks on resolving trade disputes. U.S. Trade Representative Jamieson Greer says that the U.S. has agreed to drop its 145% tariff rate on Chinese goods by 115 percentage points to 30%, while China has agreed to lower its rate on U.S. goods by the same amount to 10%. Greer and Bessent announced the tariff reductions at a news conference in Geneva on Monday. Bessent later spoke to CNBC.
WORDS: 1018 - MOVED: 05/12/2025 9:07 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:b3f5174d086e39b2522ab848ddad9372&mediaType=text
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ML--SAUDI ARABIA-FLYNAS
Saudi Arabia's low-cost carrier Flynas sells out all shares from initial public offering
WORDS: 235 - MOVED: 05/12/2025 6:00 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:7b3e16e9c51b22a12a81821a5370a159&mediaType=text
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