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By KEN SWEET, Associated Press

NEW YORK (AP) — President Donald Trump on Thursday signed an executive order mandating a probe into whether banks have discriminated against conservatives and certain industries like gun manufacturers and cryptocurrency companies, invoking the vast powers to go after entities that the Republican president alleges have discriminated against him and his allies.

The executive order deals with an issue known as “debanking,” which is when banks close accounts of individuals or declines to go into business with certain industries. Trump has accused JPMorgan and Bank of America of debanking him and his companies in the past, something both banks have denied.

Trump ordered federal bank regulators to make sure banks do not discriminate against individuals or companies for their political or religious beliefs. He also ordered bank regulators to probe when banks may have allegedly discriminated and refer the cases to the Department of Justice.

The move could open banks to potential civil or criminal investigations, fines or punishments. read more

By KEN SWEET, Associated Press

NEW YORK (AP) — Millions of Americans saving for retirement through 401(k) accounts could have the option of putting their money in higher-risk private equity and cryptocurrency investments, according to an executive order signed Thursday by President Donald Trump that could give those financial players long-sought access to a pool of funds worth trillions.

There is no immediate change in how people invest part of their work earnings. Federal agencies would need to rewrite rules and regulations to allow the expanded choices, and that would take months or more to complete. But once done, employers could offer a broader array of mutual funds and investments to workers, according to the White House. New plans could invest in alternative assets, particularly private equity, cryptocurrencies and real estate.

The Republican president’s order directs the Labor Department and other agencies to redefine what would be considered a qualified asset under 401(k) retirement rules. read more

By ALEXA ST. JOHN and MATTHEW DALY, Associated Press

WASHINGTON (AP) — The Environmental Protection Agency on Thursday terminated a $7 billion grant program that was intended to help pay for residential solar projects for more than 900,000 lower-income U.S. households.

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It’s the latest Trump administration move hindering the nation’s shift to cleaner energy.

The funding, part of Democratic President Joe Biden’s Solar for All program, was awarded to 60 recipients including states, tribes and regions for investments such as rooftop solar and community solar gardens. read more

By ANNE D’INNOCENZIO and DEE-ANN DURBIN, AP Business Writers

American businesses and consumers soon will have a better idea of how President Donald Trump’s foreign trade agenda might affect them now that the United States has imposed higher tariffs on products from dozens of countries.

It’s been nearly 100 years since the nation had an overall import tax rate as high as the one set Thursday. But the individual impact on business costs and consumer prices could vary as much as the tariffs applied to goods of nearly 70 U.S. trading partners, from complicated economies like the European Union to the small African nation of Lesotho.

Exports from a majority of them are getting taxed at 15%. For a handful of countries in Asia, the rate is 19%. Products from the rest are subject to taxes of 20% to 50%. Meanwhile, a 55% tariff on Chinese-made goods is scheduled to take effect next week if a U.S.-China trade deal is not agreed on before then.

Businesses in the U.S. and abroad have been dealing in various ways since February with Trump’s fluctuating tariffs on specific products and countries. Many automakers appeared to have absorbed the costs for now. But recent government data indicated that retail prices for groceries, furniture and appliances started creeping up in June. read more

By STAN CHOE, Associated Press Business Writer

NEW YORK (AP) — Stocks are rising on Wall Street Thursday, even as President Donald Trump’s latest tariffs kicked into effect on dozens of countries.

The S&P 500 was 0.5% higher in early trading and sitting just a bit below its record, which was set late last month. The Dow Jones Industrial Average was up 254 points, as of 9:31 a.m. Eastern time, and the Nasdaq composite was 0.8% higher.

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Worries are still high that Trump’s tariffs are damaging the economy, particularly after last week’s worse-than-expected report on the job market. But hopes for coming cuts to interest rates by the Federal Reserve and a torrent of stronger-than-expected profit reports have been overshadowing the concerns on Wall Street, at least for now. Lower interest rates can give the economy and investment prices a boost, though the downside is that they can also push inflation higher. read more