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By MARÍA VERZA and FABIOLA SÁNCHEZ

MEXICO CITY (AP) — Mexico celebrated Thursday having dodged the latest round of tariffs from the White House taking aim at dozens of U.S. trading partners around the world, but was also quickly reminded that in a global economy the effects of uncertainty can’t be entirely avoided.

President Claudia Sheinbaum said the free-trade agreement signed by Mexico, Canada and the U.S. during Trump’s first administration had shielded Mexico.

Now her government will focus on the existing 25% U.S. tariffs on imported autos, steel and aluminum, while accelerating domestic production to safeguard jobs and reduce imports.

“During my last call with President Trump, I said that, in the case of reciprocal tariffs, my understanding was that there wouldn’t be tariffs (on Mexico), because Mexico doesn’t place tariffs on the United States,” Sheinbaum said.

Economy Secretary Marcelo Ebrard noted that despite having free-trade agreements with the U.S., many countries were targeted by the tariffs U.S. President Donald Trump announced Wednesday on what he dubbed “Liberation Day.” Trump framed the tariffs as a way to bring manufacturing jobs back to the U.S. read more

By MATT OTT, AP Business Reporter

U.S. companies had billions of dollars in value wiped out after President Donald Trump slapped sweeping tariffs on foreign imports.

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Virtually every sector suffered big losses Thursday as U.S. financial markets careened toward their biggest one-day drop since COVID-19 flattened the global economy five years ago.

Banks, retailers, clothing, airlines and technology companies were among the hardest hit, with consumers expected to cut spending if tariffs lead to higher prices for goods and services.

Many economists called the tariffs much worse than expected, and investors dumped shares in companies they predict will suffer most from what is effectively a business tax. read more

WASHINGTON (AP) — President Donald Trump is placing steep new tariffs on virtually all U.S. trading partners, stoking fears of rising prices for consumers and deepening trade wars.

The tariffs hit allies and rivals alike. The Republican president is placing a 10% baseline tax on trading partners around the globe and is setting heftier levies on major partners with which the U.S. has a trade deficit like China, the European Union and Japan.

While Trump had suggested the tariffs were a negotiating tool to lower the taxes paid on U.S. exports, he described his plan as one that would boost domestic manufacturing and raise federal revenues. It has unsettled global financial markets and sparked concerns about inflation and slowing global growth.

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NEWARK, N.J. (AP) — Creating and sharing deceptive media made with artificial intelligence is now a crime in New Jersey and open to lawsuits under a new state law.

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Democratic Gov. Phil Murphy signed legislation Wednesday making the creation and dissemination of so-called deceptive deepfake media a crime punishable by up to five years in prison, and establishing a basis for lawsuits against perpetrators.

New Jersey joins a growing list of states enacting measures taking aim at media created using generative AI. At least 20 states have passed similar legislation that targets such media involving elections. read more

By CHRISTOPHER RUGABER, AP Economics Writer

WASHINGTON (AP) — President Donald Trump’s expansive new tariffs flips on its head a decades-long global trend of lower trade barriers and is likely, economists say, to raise prices for Americans by thousands of dollars each year while sharply slowing the U.S. economy.

The White House is gambling that other countries will also suffer enough pain that they will open up their economies to more American exports, leading to negotiations that would reduce the tariffs imposed Wednesday. Or, the White House hopes, more companies — both American and foreign — will reverse their moves toward global supply chains and bring more production to the United States to avoid higher import taxes.

But a key question for the Trump administration will be how Americans react to the tariffs. If prices rise noticeably and jobs are lost, voters could turn against the duties and make it harder to keep them in place for the length of time needed to encourage companies to return to the U.S. read more