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By JOSH BOAK and FATIMA HUSSEIN

WASHINGTON (AP) — U.S. Treasury Secretary Scott Bessent said in a Tuesday speech that the ongoing tariffs showdown against China is unsustainable and expects a “de-escalation” in the trade war between the world’s two largest economies.

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But in a private speech in Washington for JPMorgan Chase, Bessent also cautioned that talks between the United States and China had yet to formally start. Trump placed import taxes of 145% on China, which has countered with 125% tariffs on U.S. goods. Trump has placed tariffs on several dozen countries, causing the stock market to stumble and interest rates to increase on U.S. debt as investors worry about slower economic growth and higher inflationary pressures. read more

Tesla reports first-quarter financial results after the bell Tuesday with the electric vehicle maker coping with sluggish sales and fallout from its CEO’s prominent role in the Trump administration.

Wall Street expects Tesla to report a profit of 41 cents per share, down slightly from the year-ago quarter. Sales are estimated at $21.3 billion, on par with last year’s quarter.

Tesla is fighting an enormous public backlash due to Elon Musk’s leadership of a federal government cost-cutting group that has divided the country and sparked angry protests at Tesla dealerships nationwide. Some analysts have called for Musk to abandon his role in the Trump administration to focus on Tesla.

Shares of Tesla Inc. have tumbled more than 40% this year.

Tesla investors will be listening closely for updates on several strategic initiatives. The company is expected to roll out a cheaper version of its best-selling vehicle, the Model Y SUV later in the year. Tesla has also said it plans to start a paid driverless robotaxi service in Austin, Texas, in June. read more

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stocks jumped in a widespread rally and more than made up for their sharp drops from the day before. The S&P 500 rose 2.5% Tuesday to erase Monday’s loss, which came on worries about President Donald Trump’s trade war and his attacks on the head of the Federal Reserve. The Dow Jones Industrial Average rose 2.7%, and the Nasdaq composite climbed 2.7%. Equifax, 3M and other companies reporting better profits than analysts expected helped lead the way. The value of the U.S. dollar also stabilized after sliding against the euro and other competitors, while Treasury yields held steadier in the bond market.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

NEW YORK (AP) — U.S. stocks are jumping in a widespread rally Tuesday, and other U.S. investments are steadying a day after falling sharply on worries about President Donald Trump’s trade war and his attacks on the head of the Federal Reserve.

The S&P 500 was up 2.4% in late trading. The Dow Jones Industrial Average was up 996 points, or 2.6%, with an hour remaining in trading, and the Nasdaq composite was 2.7% higher. All three indexes more than made up their big losses from the start of the week. read more

By CHRISTOPHER RUGABER, Associated Press Economics Writer

WASHINGTON (AP) — The U.S. and global economies will likely slow significantly in the wake of President Donald Trump’s tariffs and the uncertainty they have created, the International Monetary Fund said Tuesday.

The IMF said that the global economy will grow just 2.8% this year, down from its forecast in January of 3.3%, according to its latest World Economic Outlook. And in 2026, global growth will be 3%, the fund predicts, also below its previous 3.3% estimate.

And the Fund sees the world’s two largest economies, China and the United States, weakening: U.S. economic growth will come in at just 1.8% this year, down sharply from its previous forecast of 2.7% and a full percentage point below its 2024 expansion. The IMF doesn’t expect a U.S. recession, though it has raised its odds of one this year from 25% to about 40%.

China is now projected to expand 4% this year and next, down roughly half a point from its previous forecasts. read more

Pharmacy giant Walgreens has reached a $300 million settlement with the U.S. Department of Justice over allegations it filled millions of invalid opioid and other drug prescriptions during the height of the nation’s opioid epidemic.

The lawsuit filed against Walgreens involved multiple agencies and prosecutors from across the country, including in Florida.

“Pharmacies have a legal responsibility to prescribe controlled substances in a safe and professional manner, not dispense dangerous drugs just for profit,” U.S. Attorney General Pam Bondi said in a DOJ news release announcing the settlement Monday. “This Department of Justice is committed to ending the opioid crisis and holding bad actors accountable for their failure to protect patients from addiction.”

In its lawsuit, the justice department alleged Walgreens filled the invalid prescriptions between August 2012 and March 2023 — even after previously acknowledging that it failed to comply with the Controlled Substances Act and reaching a settlement with the DOJ and the Drug Enforcement Administration in 2013, according to court records. read more