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Month: April 2025

Trump renews attack on Federal Reserve Chair Powell, Dow Jones tumbles 1,000 points

Trump renews attack on Federal Reserve Chair Powell, Dow Jones tumbles 1,000 points

By CHRISTOPHER RUGABER, AP Economics Writer

WASHINGTON (AP) — President Donald Trump repeated his attacks Monday against the chair of the Federal Reserve, demanding that the central bank lower its key interest rate to boost the economy.

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Trump called Powell “a major loser” and said that energy and grocery prices are “substantially lower” and “there is virtually No Inflation.” Yet Trump said the economy could slow without rate cuts.

Gas prices have fallen for the past two months, in part because oil costs have dropped on fears of slower growth, but food prices jumped in January and March and overall inflation remains above the Fed’s 2% target. read more

China warns countries against making trade deals with the US unfavorable to Beijing

China warns countries against making trade deals with the US unfavorable to Beijing

BEIJING (AP) — China on Monday warned other countries against making trade deals with the United States to China’s detriment.

Governments including those of Taiwan, Japan and South Korea have begun negotiations with Washington after President Donald Trump announced sweeping tariffs against almost all of America’s trading partners on April 2. The import taxes were quickly paused against most countries after markets panicked, but he increased his already steep tariffs against China.

“China firmly opposes any party reaching a deal at the expense of China’s interests,” China’s Commerce Ministry said in a statement. “If this happens, China will never accept it and will resolutely take countermeasures in a reciprocal manner. China is determined and capable of safeguarding its own rights and interests.”

U.S. Treasury Secretary Scott Bessent said earlier this month the countries currently negotiating trade deals with the U.S. should “approach China as a group” together with Washington. read more

Disney: Hotel deal for 2026 includes free dining for kids

Disney: Hotel deal for 2026 includes free dining for kids

Walt Disney World is rolling out a hotel-kids dining plan offer for 2026, and reservations for next year can be made as of Tuesday, the resort has announced.

Visitors who stay at one of the more than 25 Disney hotels will get a free dining plan for the kids. As usual, Disney defines kids as ages 3-9. As always with the Disney Dining Plan, everyone in the party (age 10 and older) must participate in the program to get the kids dining plan. Pricing varies with dates and length of stay.

This plan may be used in conjunction with other offers that may appear for 2026, Disney says.

The Disney Dining Plan is a prepaid program for on-property meals and snacks at select locations.

Disney World is currently offering a kids half-price ticket for theme park visits between May 27 and Sept. 20 with certain hotel stays.

This year, Disney is throwing in water park admission on check-in day for its hotel guests, which will likely be in place for summer 2026, too. Other continuing benefits for an on-property stay include early theme park entry, free parking, early access to dining and Lightning Lane reservations. read more

Wall Street and the dollar tumble as investors retreat further from the United States

Wall Street and the dollar tumble as investors retreat further from the United States

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stocks are tumbling Monday as worries about President Donald Trump’s trade war and his criticism of the Federal Reserve cause investors to pull further from the United States.

The S&P 500 was 3.1% lower in another wipeout, and the index at the center of many 401(k) accounts is more than 16% below its record set two months ago.

The Dow Jones Industrial Average was down 1,138 points, or 2.9%, as of 1:21 p.m. Eastern time. Tesla and other Big Tech stocks had some of the sharpest losses, which dragged the Nasdaq composite down a market-leading 3.4%.

Perhaps more worryingly, the value of the U.S. dollar also sank as a retreat continues from U.S. markets. It’s an unusual move because the dollar has historically strengthened during past episodes of nervousness. But this time around, it’s policies directly from Washington that are causing the fear and potentially weakening the dollar’s reputation as a pillar of the global economy. read more

Big Tech’s ‘Magnificent Seven’ heads into earnings season reeling from Trump turbulence

Big Tech’s ‘Magnificent Seven’ heads into earnings season reeling from Trump turbulence

By MICHAEL LIEDTKE, AP Technology Writer

SAN FRANCISCO (AP) — As Big Tech kicks off its quarterly earnings season this week, the industry’s bellwether companies have been thrust into a cauldron of uncertainty and turmoil that they didn’t anticipate when Donald Trump re-entered the White House nearly 100 days ago.

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Since President Trump’s Jan. 20 inauguration, Big Tech stocks have been on a see-sawing ride that has eviscerated trillions of dollars in shareholder wealth amid an onslaught of tariffs and other potentially detrimental actions. read more