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CHICAGO — It’s been a little over six months since President Donald Trump assumed office for his second term. In that time, the economic landscape has shifted quite drastically: The new administration has implemented broad tariffs on U.S. trade partners, the stock market has both plummeted and soared to historic heights, hiring is down, fears of a recession are on the rise and, perhaps most notably for everyday Americans, consumer prices are changing.

Now $6.34, the cost of ground beef hit all-time highs for the sixth consecutive month, jumping another 4% since June. But it’s not just backyard barbecues and ballpark dogs that are getting more expensive — bananas, electricity and chicken also remain at or less than a cent away from their record prices, according to the latest data from the consumer price index.

Across the board, consumer prices are about 2.7% higher than they were this time last year, an increase economists largely attribute to the president’s sweeping tariffs pushing costs higher. And with even greater import taxes on more than 90 countries taking effect last week, it may not be the last time the price of consumer goods and services tips the scale. read more

By SAM McNEIL, DAVID McHUGH and FATIMA HUSSEIN, Associated Press

BRUSSELS (AP) — American and European Union officials released a bare-bones account Thursday of their trade deal that imposes a 15% import tax on 70% of European goods exported to the United States, but they left blank key areas such as wine and spirits as well as steel and indicated that talks would continue on those and a slew of other important sectors.

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The two sides said the document was only “a first step in a process that can be further expanded to cover additional areas.” They are dealing with the vast range of goods traded between the two economies in what is the largest bilateral trading relationship in the world, involving $2 trillion in annual trans-Atlantic business. read more

By ANNE D’INNOCENZIO, Associated Press Retail Writer

NEW YORK (AP) — Walmart Inc. powered through an uncertain economic environment and tariff concerns and delivered solid second-quarter financial results that showed it keeps pulling in shoppers and outpacing peers like Target.

The nation’s largest retailer also on Thursday increased its annual profit and sales outlook.

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The Bentonville, Arkansas-based reported an increase of 4.6% in comparable sales for the latest quarter — those coming from established stores and online channels. And executives noted it’s wooing consumers across all income cohorts, particularly higher income shoppers, with its speedy deliveries, grocery discounts, and trendier fashion. read more

By MICHAEL LIEDTKE, AP Technology Writer

Google on Wednesday unveiled a new line-up of Pixel smartphones injected with another dose of artificial intelligence that’s designed to do everything from fetch vital information stored on the devices to help improve photos as they’re being taken.

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The AI expansion on the four Pixel 10 models amplifies Google’s efforts to broaden the use of a technology that is already starting to reshape society. At the same time, Google is taking a swipe at Apple’s Achilles’ heel on the iPhone.

Apple so far has only been able to introduce a few basic AI features on the iPhone while failing to deliver on last year’s promise to deliver a more conversational and versatile version of its often-blundering virtual assistant Siri. read more

By ANNE D’INNOCENZIO, AP Business Writer

NEW YORK (AP) — Target is counting on a company veteran to revive its magic as it struggles to compete with rivals like Walmart.

The Minneapolis-based retailer said Wednesday that Chief Operating Officer Michael Fiddelke, who has been with Target for 20 years, will become CEO Feb. 1.

He succeeds Brian Cornell, who helped reenergize the company when he took the helm in 2014 but has struggled to turn around weak sales in a more competitive retail landscape since the COVID pandemic.

Fiddelke has overhauled Target’s supply network and expanded the company’s stores and digital services while cutting costs. In May, the company announced that he would lead a new office focused on faster decision-making to help accelerate sales growth.

Fiddelke is taking over at time when Target’s sales are in a funk, its stores are messy and understocked, and it’s losing market share to rivals.

He said he’s stepping into the role with three urgent priorities: reclaiming the company’s merchandising authority; improving the shopping experience by making sure shelves are consistently stocked and stores are clean; and investing in technology at the company’s stores and in its supply network. read more