US declines to label China a currency manipulator, but blasts its transparency policies
WASHINGTON (AP) — The U.S. declined to label China a currency manipulator in a new Treasury report, but accuses Beijing of standing out among America’s major trading partners for lacking transparency. Treasury’s semi-annual report to Congress comes as the Trump administration seeks to strike a trade deal with China, averting a trade war that has been brewing between the two nations. A Treasury official told reporters previewing the report that the U.S. could in the future find evidence that China is manipulating its currency and will make a determination in the fall whether China has been manipulating the renminbi, also known as RMB. The U.S. labeled China a currency manipulator in 2019.
Trump says after Xi call that US and China will resume trade talks
WASHINGTON (AP) — President Donald Trump says his first conversation with Chinese leader Xi Jinping since returning to the White House had a “very positive conclusion," announcing the two countries will hold trade talks in hopes of breaking an impasse over tariffs and global supplies of rare earth minerals. The Chinese foreign ministry says Xi asked Trump on Thursday's call to “remove the negative measures” the U.S. has taken against China. The discussion followed the Republican president suggesting it was tough to reach a deal with Xi. Trade negotiations between the United States and China stalled shortly after a May 12 agreement between both countries to reduce their tariff rates to have talks.
Trump and Musk's relationship flames out just as intensely and publicly as it started
WASHINGTON (AP) — President Donald Trump is threatening to cut Elon Musk’s government contracts as their fractured alliance rapidly escalated into a public feud. Hours after Trump lamented his breakup with Musk and said Thursday that he was “disappointed” in his former backer and adviser and Musk responded on social media, Trump then escalated the feud by threatening to use the U.S. government to hurt Musk’s bottom line.
Asian shares mostly gain ahead of Friday's US jobs report
TOKYO (AP) — Asian shares are mostly higher ahead of an update Friday about the U.S. job market that will offer insights into how the economy is faring. U.S. futures edged higher and oil prices fell. On Thursday, the S&P 500 fell 0.5% and the Dow Jones Industrial Average lost 0.3%. The Nasdaq composite sank 0.8%. Tesla shares regained more than 2% in after-hours trading after tumbling as ties soured CEO Elon Musk and President Donald Trump. Treasury yields held relatively steady after Trump said trade talks are set to resume with China following an encouraging phone call with Xi Jinping, the leader of the world’s second-largest economy.
Goodbye Mr. Nice Guy? Investors dump Tesla on bet Trump may lash out at Musk through his car company
Shares of Elon Musk’s electric vehicle maker fell sharply Thursday as investors fear his dispute with President Donald Trump could end up hurting the company. Tesla closed down more than 14% as a disagreement over the U.S. president's budget bill turned nasty. After Musk said that Trump wouldn’t haven’t gotten elected without his help, Trump implied that he may turn the federal government against his his companies, including Tesla and SpaceX. The drop on Thursday wiped out more than $150 billion from Tesla’s market value, partially reversing a big runup in the eight weeks since Musk confirmed that Tesla would be testing an autonomous, driverless “robotaxi” service in Austin, Texas.
Fans around the world queue up in long lines for the highly anticipated Nintendo Switch 2 launch
TOKYO (AP) — Throngs of gamers stood in long lines outside of stores hours before they opened from Tokyo to New York City in hopes of snaring a long-awaited Nintendo Switch 2 video game console. Enthusiasts have been clamoring for an upgrade to Nintendo’s eight-year-old predecessor for years. Nintendo, which is counting on the Switch 2 to boost sagging sales, has added new social features meant to lure players into online gaming. The new console, released Thursday, comes with a larger and higher resolution screen than its predecessor, with improved processing power, offering smoother and more vivid graphics.
What to know about the much-anticipated Nintendo Switch 2 on launch day
NEW YORK (AP) — The Nintendo Switch 2 finally hit store shelves on Thursday, eight years after the initial release of Japanese video-game maker Nintendo’s popular video-game console. Even with a hefty $450 price tag, fans around the world, from Japan to the U.S., lined up outside stores to pick-up pre-orders or have a chance to buy the device. The release ends months of anticipation that included pre-order hiccups and fears that tariffs would delay the release of the Switch 2. Nintendo said it expects to sell 15 million Switch 2 consoles for the fiscal year through March 2026.
Pampers maker Procter & Gamble to cut up to 7,000 jobs as companies are buffeted by higher costs
Procter & Gamble will cut up to 7,000 jobs, or approximately 6% of its global workforce, over the next two years as the maker of Tide detergent and Pampers diapers implements a restructuring program amid an environment dealing with trade wars and customers anxious about the economy. The job cuts, announced at the Deutsche Bank Consumer Conference in Paris on Thursday, make up about 15% of its current nonmanufacturing workforce, said Chief Financial Officer Andre Schulten. The cuts are part of a broader restructuring program. Procter & Gamble will also end sales of some of its products in certain markets. Procter & Gamble said it will provide more details about that in July.
Judge and lawmakers question the Trump administration's plan to gut Job Corps centers
Members of Congress and a federal judge are questioning the Trump administration’s plan to shut down Job Corps centers nationwide. Job Corps is a residential career training program for low-income youth that was established more than 50 years ago. The Department of Labor last week announced a nationwide “pause of operations” for dozens of residential Job Corps campuses run by private contractors. The department cited an internal review that concluded the program was costly and had a low success rate. A federal judge has temporarily blocked the Labor Department from terminating jobs, removing students or eliminating the Job Corps program without congressional approval.
Lambda Legal, a nonprofit supporting LGBTQ+ rights, exceeded fundraising goal by $105M
NEW YORK (AP) — The legal aid group Lambda Legal has raised $285 million at a time when attacks on the rights of gay, intersex and transgender people have again intensified. The nonprofit, which advocates for LGBTQ+ rights, said Thursday that they exceeded their original fundraising goal by $105 million. CEO Kevin Jennings said the group launched the campaign quietly in 2022 in response to a wave of bills in state legislatures that targeted gay, trans and intersex communities. They plan to spend $80 million in the next five years, in part to hire more attorneys.
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