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

Trump digs in his heels, telling people to be patient as global markets keep dropping over tariffs

SUMMARY: President Donald Trump is telling people to “Be Strong, Courageous, and Patient” as he remains defiant in the face of plunging global markets and increasing recession fears after his tariff announcement. The Dow Jones Industrial Average dropped 1,200 points as trading began Monday morning. The Republican president says other countries have been taking advantage of the U.S. for years and insists his tariffs are necessary to rebalance global trade and rebuild domestic manufacturing. Trump posted online “GREATNESS will be the result!” Trump spent the weekend in Florida, where he golfed at his properties. Trump is expected to welcome the Los Angeles Dodgers to the White House on Monday and meet with Israeli Prime Minister Benjamin Netanyahu.

WORDS: 1007 - MOVED: 04/07/2025 10:16 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:52a00ea2bb92a067ee72343941b02cd4&mediaType=text

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AS--CHINA-US-TARIFFS

China accuses US of unilateralism, protectionism and economic bullying with tariffs

SUMMARY: China on Monday accused the U.S. of unilateralism, protectionism and economic bullying with tariffs, while calling on representatives of American companies including Tesla, to “take concrete actions” to resolve the tariffs. Last week, Trump put an additional 34% tariff on Chinese goods as part of “Liberation Day,” coming on top of two rounds of 10% tariffs already declared in February and March. In response, China announced its own 34% tariff rate on U.S. goods, mirroring Trump’s tariff rate for China. Though it struck a confident tone Monday, China in a meeting on Sunday called on American companies to resolve the problem at its source.

WORDS: 584 - MOVED: 04/07/2025 9:38 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:5dd928eabb83b9cc560e1d6971f52e7f&mediaType=text

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US--LOTTERY GAME-BIGGER JACKPOTS

Will new Mega Million odds make you a jackpot winner? Don’t get your hopes up

SUMMARY: Lottery players are going to have a shot at more billion-dollar jackpots under new Mega Millions rules that go into effect with Tuesday’s drawing. The downside: Tickets will cost $5 each, more than double the previous price. And the lowered odds are still not all that encouraging: 1 in 290 million compared to the previous 1 in 303 million. On the other hand, the higher ticket price means the jackpot can start at $50 million, rather than the previous $20 million, and the grand prize is expected to grow more quickly. Officials believe sales will rise as people are stopped in their tracks by massive prizes.

WORDS: 998 - MOVED: 04/07/2025 8:51 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:900bf62127057b4124d8302f3200497a&mediaType=text

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US--REPUBLIC AIRWAYS-MESA AIR

Regional airlines Republic Airways, Mesa Air Group are combining in an all-stock deal

SUMMARY: Republic Airways and Mesa Air Group Inc. are combining in an all-stock deal that will create a regional airline with access to more planes to service routes. The combined company will be called Republic Airways Holdings Inc. and will be listed on the Nasdaq under the new ticker symbol “RJET.” Its board will include six existing directors from Republic’s board and one independent director from the Mesa’s board.

WORDS: 432 - MOVED: 04/07/2025 8:50 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:e93c911c6253f57e040cf8ae6e8af7d8&mediaType=text

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ML--TRUMP-TARIFFS-MIDEAST MARKETS

Mideast stock markets tumble as US tariffs and low oil prices squeeze energy-producing nations

SUMMARY: Middle East stock markets are tumbling as they struggle with the dual hit of U.S. tariffs and a sharp decline in oil prices. That’s squeezing energy-producing nations that rely on those sales to power their economies and government spending. Benchmark Brent crude is down by nearly 15% over the last five days of trading, with a barrel of oil costing just over $64. That’s down nearly 30% from a year ago, when a barrel cost over $90. That cost per barrel is far lower than the estimated break-even price for Saudi Arabia and most other countries producing energy in the Middle East.

WORDS: 672 - MOVED: 04/07/2025 8:33 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:546a2d4a86138458987131c5c347151f&mediaType=text

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US--TRUMP-TARIFFS-Q&A

Answering your questions about President Trump’s vast new tariffs

SUMMARY: After weeks of anticipation and speculation, President Donald Trump followed through on his reciprocal tariff threats by declaring on Wednesday a 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States. In announcing the reciprocal tariffs, Trump was fulfilling a key campaign promise by raising U.S. taxes on foreign goods to narrow the gap with the tariffs the White House says other countries impose on U.S. products. But economists don’t share Trump’s enthusiasm for tariffs since they’re a tax on importers that usually get passed on to consumers. The Associated Press asked for your questions about reciprocal tariffs. Here are a few of them, along with our answers.

WORDS: 1602 - MOVED: 04/07/2025 7:23 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:025d996838e64d7f1b33eb288e34d892&mediaType=text

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TRUMP-TARIFFS-WORLD

As markets implode, US trading partners puzzle over whether there’s room for negotiations

SUMMARY: The impact from U.S. President Donald Trump’s blast of tariff hikes is reverberating across world markets as America’s trading partners puzzle over whether there is room for negotiating better deals. China struck a note of confidence even as markets in Hong Kong and Shanghai tumbled. South Korea and Pakistan say they’re planning to send officials to Washington to see what might be done to soften the impact. Malaysia’s Trade Minister said his country will seek this week to forge a united response among Southeast Asian nations to the sweeping U.S. tariffs.

WORDS: 773 - MOVED: 04/07/2025 6:13 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:4e130e740f3955feccec226d6c0084d9&mediaType=text

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AS--SOUTH KOREA-SALT FARM SLAVERY

US blocks sea salt imports from South Korean salt farm over forced labor concerns

SUMMARY: The United States has blocked imports of sea salt products from a major South Korean salt farm accused of using slave labor, becoming the first trade partner to take punitive action against a decadeslong problem on salt farms in remote islands off South Korea’s southwest coast. U.S. Customs and Border Protection issued a withhold release order against the Taepyung salt farm, saying information “reasonably indicates” the use of forced labor at the company in the island county of Sinan, where most of South Korea’s sea salt products are made. The order issued last Wednesday requires Customs personnel at U.S. ports to hold sea salt products sourced from the farm.

WORDS: 799 - MOVED: 04/07/2025 5:21 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:8699fa8b1b4efb4fa1d350e097d18a95&mediaType=text

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CLIMATE-INTERNATIONAL-SHIPPING

Here’s what to know about nations considering the 1st global tax on emissions for shipping

SUMMARY: Nations are trying to reach an agreement to charge commercial vessels a fee for their emissions in what would effectively be the world’s first global carbon tax. The International Maritime Organization, which regulates international shipping, set a target for the sector to reach net-zero greenhouse gas emissions by about 2050. It’s also committed to ensuring that fuels with zero or near-zero emissions are used more widely. Its Marine Environment Protection Committee meets Monday through Friday in London. The committee is working to approve proposed new global regulations to put a price on maritime greenhouse gas emissions and to set a marine fuel standard to phase in cleaner fuels.

WORDS: 865 - MOVED: 04/07/2025 4:10 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:25de476e26d3a2abd642bdfd49430d1f&mediaType=text

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AS-INDONESIA-DEFORESTATION-BIOETHANOL

World’s largest deforestation project fells forests for bioethanol fuel, sugar and rice in Indonesia

WORDS: 949 - MOVED: 04/07/2025 2:22 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:fafbc84bba685d05acd75f78db68da63&mediaType=text

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AF--KENYA-REFUGEE CITY

Can one of Africa’s largest refugee camps evolve into a city?

SUMMARY: One of Africa’s most famous refugee camps could transform into a city. The Kakuma camp in a remote part of Kenya houses 300,000 refugees. Many rely on aid to survive, and some of them recently protested against shrinking rations. Now Kenya’s government has redesignated Kakuma as a municipality. It’s part of broader goal of incorporating refugees more closely into local populations. But there are challenges to people becoming more self-reliant. Obtaining bank loans is one. So some charities have started offering low-cost loans or microloans so refugees can create and grow businesses.

WORDS: 918 - MOVED: 04/07/2025 1:38 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:5ade4e335987ef0535fb7ea9e21ba183&mediaType=text

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SPRING HOMEBUYING SEASON

More homes for sale and easing rates favor homebuyers this spring, but affordability hurdles remain

SUMMARY: This spring homebuying season is shaping up to be more favorable for home shoppers than it’s been in recent years — as long as they can afford to buy. The inventory of homes for sale nationally remains low by historical standards, but has risen sharply compared to this time last year. Home prices are rising more slowly. Mortgage rates remain elevated, but have been mostly easing and are slightly below year-ago levels. Property listings in many metros are priced lower than a year ago. The trends should give homebuyers more leverage, but are unlikely to be a game-changer for many aspiring homeowners priced out of after years of soaring home prices.

WORDS: 1359 - MOVED: 04/07/2025 12:01 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:c845172a7bcb8b5866dc4802361caf9e&mediaType=text

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