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Q: What are the changes in the One Big Beautiful Bill Act (OBBBA) signed into law in July that will benefit children?

A. The OBBBA established tax-advantaged investment accounts for children, known as “Trump accounts,” that are structured similarly to traditional (non-Roth) IRA accounts. For U.S. citizens born after January 1, 2025 through December 31, 2028 and who have a Social Security number, the federal government will deposit $1,000 in each account.

No contribution will be made before July 4, 2026, even for children born in 2025, and earlier in 2026. This will give the Treasury Department time to develop rules for parents to initiate these accounts and about how these accounts will be established.

Children born before January 1, 2025, can get a Trump account, but they will not get the federal contribution. Parents, or any other person, may contribute to a child’s Trump account. Total annual contributions on behalf of one child cannot exceed $5,000, indexed for inflation starting in 2028. No contribution will be allowed before July 4, 2026. (Parts or all of the $5,000 annual contribution may also be made by the parents’ employers without adding to the parents’ taxable income. No single employer can contribute more than $2,500 per year to a single account.) read more

By DEE-ANN DURBIN and BARRY HATTON

RIO FRIO, Portugal (AP) — U.S. winemakers have something to celebrate: the corks they’re popping aren’t subject to tariffs.

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Cork comes from the spongy bark of the cork oak tree, which is primarily grown and harvested in the Mediterranean basin. The framework trade agreement between the United States and the European Union singled out the material as an “unavailable natural product.”

So as of Sept. 1, cork joined a handful of other items, including airplanes and generic pharmaceuticals, that are exempt from a 15% U.S. tariff on most EU products. read more

By Will Wade, Bloomberg News

Swelling U.S. demand for electricity has the potential to boost coal consumption as much as 57%, according to mining giant Peabody Energy Corp., in what would be a major shift for an industry that’s been waning for years.

With the U.S. seeking to meet skyrocketing demand and the Trump administration pushing to prop up the coal industry, Peabody expects utilities to ramp up output from coal plants that are running well below full speed, the company said in an investor presentation on Wednesday. Boosting usage to “historic capacity factors” could lead to more than 250 million tons of additional annual demand in the coming years, it said.

Still, analysts see this forecast as a mathematical maximum that’s unlikely to be achieved in the real world.

U.S. coal usage has been steadily declining as utilities shift away from the dirtiest fossil fuel. But President Donald Trump’s pro-coal and anti-renewable approach has included blocking plans to shut down this from a Michigan power plant that burns fuel from Peabody. Total consumption is expected to be 439 million tons this year, according to the U.S. Energy Information Administration. That’s up 6.7% from last year, but well down from its 2007 peak of 1.13 billion tons. read more

By KELVIN CHAN, AP Business Writer

LONDON (AP) — European Union regulators on Friday hit Google with a 2.95 billion euro ($3.5 billion) fine for breaching the bloc’s competition rules by favoring its own digital advertising services, marking the fourth such antitrust penalty for the company.

The European Commission, the 27-nation bloc’s executive branch and top antitrust enforcer, also ordered the U.S. tech giant to end its “self-preferencing practices” and take steps to stop “conflicts of interest” along the advertising technology supply chain.

It’s the fourth time that the Commission has hit Google with a multibillion-euro fine in an antitrust case. It’s a move that is likely to anger U.S. President Donald Trump, whose administration has lashed out at the European Union over digital regulations it has imposed on Big Tech companies.

The Commission said its investigation found that Google “abused its power” by favoring its own online display advertising technology services to the detriment of competitors, online advertisers and publishers. read more

By CATHY BUSSEWITZ

NEW YORK (AP) — When Kate Smith worked a 9-to-5 office job, she was burned-out, suffering from daily migraines and thinking, “I can’t do this for the rest of my life.”

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She didn’t have to. For her next role, Smith landed a remote, full-time marketing job that enabled her to travel the world.

Her laptop lifestyle took her to Bali, where she lived and worked for a year-and-a-half. “Every day, I was riding my scooter through the rice fields and thinking, ‘I love my life, this is amazing,’” she said. “And that feeling never fades. … I feel so grateful for the freedom and flexibility.” read more