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By JOSH BOAK and ALEXA ST. JOHN, Associated Press

WASHINGTON (AP) — U.S. automakers are concerned about President Donald Trump’s agreement to tariff Japanese vehicles at 15%, saying they will face steeper import taxes on steel, aluminum and parts than their competitors.

“We need to review all the details of the agreement, but this is a deal that will charge lower tariffs on Japanese autos with no U.S. content,” said Matt Blunt, president of the American Automotive Policy Council, which represents the Big 3 American automakers, General Motors, Ford and Jeep-maker Stellantis.

Blunt said in an interview the U.S. companies and workers “definitely are at a disadvantage” because they face a 50% tariff on steel and aluminum and a 25% tariff on parts and finished vehicles, with some exceptions for products covered under the United States-Mexico-Canada Agreement that went into effect in 2020.

The domestic automaker reaction reveals the challenge of enforcing policies across the world economy, showing that for all of Trump’s promises there can be genuine tradeoffs from policy choices that risk serious blowback in politically important states such as Michigan and Wisconsin, where automaking is both a source of income and of identity. read more

By Kristina Peterson, Bloomberg News

Hershey Co. is raising prices on its candy due to historically high cocoa costs.

The Pennsylvania-based maker of Hershey’s chocolates and Reese’s Peanut Butter Cups told its retailers last week that it would be implementing a roughly double-digit price increase, company officials said Tuesday. That increase reflects a higher list price as well as adjustments to the weight and number of candies in a bag, a practice known as shrinkflation.

“This change is not related to tariffs or trade policies,” Andrew Archambault, president of US confection at Hershey, said in a statement. “It reflects the reality of rising ingredient costs including the unprecedented cost of cocoa.”

The company previously announced a price increase a year ago.

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By KELVIN CHAN

LONDON (AP) — Britain’s antitrust watchdog has proposed labeling Google’s and Apple’s mobile ecosystems with “strategic market status,” which would mandate changes at the Big Tech companies to improve competition.

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The Competition and Markets Authority’s announcement Wednesday follows separate investigations it opened at the start of the year into Google’s Android and Apple’s iOS, using newly acquired digital market regulations designed to protect consumers and businesses from unfair practices by Big Tech companies. read more

By Georgina Boos, Bloomberg News

Who’s paying for Donald Trump’s tariffs? So far, American businesses and consumers.

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  Google’s AI push pays off with solid second quarter, but doubts about company’s future persist

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  Tesla profit plunges in latest quarter as Musk’s turn to politics continues to keep buyers away

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  Meta launches new teen safety features, removes 635,000 accounts that sexualize children

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  US automakers say Trump’s 15% tariff deal with Japan puts them at a disadvantage

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  Hershey raising candy prices by double digits on high cocoa costs

General Motors Co. was the latest U.S. company to disclose how the levies are raising costs, with the automaker saying Tuesday that the duties dented profits by more than $1 billion as it chose to absorb the blow. That helps explain why car prices didn’t rise in last week’s inflation data, while robust price increases for other commonly imported goods like toys and appliances showed those tariff expenses are being passed on to consumers. read more

Madame Tussauds has created 13 new Taylor Swift wax figures for installation in attractions around the globe, including the Icon Park location on Orlando’s International Drive.

The looks are tied to Swift’s global Eras Tour, which had 149 sell-out dates. In Orlando, the Swift figure is outfitted in a black sequinned Roberto Cavalli catsuit, which has red snake embellishments, plus black boots. It also sports a matching Rebel microphone. It represents the “reputation” era.

Tussauds says the multi-figure introduction is the most ambitious in its 250-year history. It released eight Lady Gaga figures in 2011 and seven Harry Styles figures in 2023. More than 40 artists worked on the figures for 14 months.

“Madame Tussauds has a centuries-old legacy of holding a mirror up to the world of fame, immortalizing the profiles that are making an imprint on the day’s culture. Taylor Swift’s influence spans music, fashion, film, activism and even the economy,” Laura Sheard, global brand director at Madame Tussauds, said in a news release. read more