Trudeau says Americans will pay more whenever Trump decides to impose tariffs on Canada
TORONTO (AP) — Outgoing Canadian Prime Minister Justin Trudeau says prices for Americans will go up if President Donald Trump follows through with his vow to apply sweeping tariffs on Canadian products. Trump told reporters in the Oval Office that he still plans to tariff Canada and Mexico at 25% rates starting as soon as Feb. 1. Trudeau says if Trump does impose tariffs Canada “will have a strong robust response” and says “prices for American consumers on just about everything will go up.” Canada is also looking at imposing retaliatory tariffs.
Trump says he will ‘demand’ that interest rates come down, but it won’t be that simple
WASHINGTON (AP) — President Donald Trump has pledged cheaper prices and lower interest rates, but an economy transformed by the pandemic will make those promises difficult to keep. Economic growth is solid, driven by healthy consumer spending. And budget deficits are huge and could get even larger. And if Trump follows through on his promises to impose widespread tariffs on imports and deport millions of immigrants, economists expect inflation could worsen — making it less likely the Federal Reserve will cut its key interest rate much this year. All of these trends will likely keep borrowing costs higher, including for homes and cars.
Purdue Pharma and owners to pay $7.4 billion in settlement of lawsuits over the toll of OxyContin
Members of the Sackler family who own OxyContin maker Purdue Pharma, and the company itself, agreed to pay up to $7.4 billion to settle lawsuits over the toll of the powerful prescription painkiller. The deal announced Thursday represents an increase over a previous settlement deal. The earlier one was rejected last year by the U.S. Supreme Court. The court ruled the earlier version improper because it protected members of the wealthy family from civil lawsuits over OxyContin — even though the family members themselves were not in bankruptcy. Besides this deal, there have been about $50 billion in opioid settlements announced in recent years.
Boeing took nearly $3 billion hit in Q4 related to strike, layoffs and troubled government programs
Boeing Co. said it incurred nearly $3 billion worth of charges in the fourth quarter of 2024 due to a lengthy labor stoppage, job cuts and problems with a number of government programs. As a result, the Chicago-based aerospace giant said Thursday that it will report a loss of $5.46 per share next week when it issues its full financial results. Wall Street had been expecting a fourth-quarter loss of $1.80 per share.
Utah Republicans take aim at teachers unions amid political clash over education
SALT LAKE CITY (AP) — Utah lawmakers have advanced a bill that experts say would establish one of the most restrictive labor laws in the country. Republicans are seeking to curb the political influence of unions serving teachers and other public service professionals. The GOP proposal advanced Thursday would ban collective bargaining across all of Utah’s public sectors. It would bar labor unions from negotiating on behalf of workers for better wages and working conditions. Many educators view the bill as a way for Republicans to weaken teachers unions and clear a path for their own education agenda. The bill’s Republican sponsor says it would let employers engage directly with employees when addressing workplace concerns.
Stock market today: Asian shares gain after S&P 500 climbs to a record and Bank of Japan raises rate
HONG KONG (AP) — Asian shares have advanced after U.S. stocks rose to a record and the Bank of Japan raised its key lending rate. U.S. futures edged lower and oil prices fell. Markets showed little obvious reaction to U.S. President Donald Trump’s most recent comments about imposing higher tariffs on products from China and other countries. The S&P 500 climbed 0.5% to surpass its record set early last month. It was the seventh gain in eight days for the main measure of Wall Street’s health. The Dow Jones Industrial Average piled on 0.9%, while the Nasdaq composite added 0.2%.
Davos 2025: Trump leaves an impression with his video address to the World Economic Forum
DAVOS, Switzerland (AP) — U.S. President Donald Trump drew pockets of laughter and a few moans with his blunt comments to an international audience while appearing by video link at the World Economic Forum meeting in Davos, Switzerland. Trump’s address and answers to a handful of questions were the highlight of the fourth day of the annual gathering of political and business leaders. His return to the White House this week also shaped other sessions on Thursday, from a panel on tariffs to a fiery speech by Javier Milei, the brash president of Argentina. Trump is no stranger to the Davos meeting. He came twice during his first term.
UnitedHealth promotes leader of retirement business to replace slain CEO Thompson
UnitedHealth Group will promote one of its top insurance executives to replace Brian Thompson, the slain CEO of its UnitedHealthcare arm. The company said Thursday that Tim Noel will become the next UnitedHealthcare leader. Noel most recently led UnitedHealthcare’s Medicare and retirement business. UnitedHealthcare is the nation’s largest insurer, covering more than 49 million people. It also is the biggest provider of Medicare Advantage plans, which are privately run versions of the government’s Medicare program mostly for people age 65 and over. The 50-year-old Thompson was fatally shot Dec. 4 in New York as he walked to UnitedHealth’s investor meeting.
Supreme Court allows small business registration rule to take effect, aimed at money laundering
WASHINGTON (AP) — The Supreme Court has revived a requirement that owners of millions of small businesses register with an arm of the Treasury Department under an anti-money laundering law. The justices on Thursday granted an emergency plea made by the Justice Department in the waning days of the Biden administration to allow enforcement of the Corporate Transparency Act, enacted in 2021 to crack down on the illicit use of anonymous shell companies. Owners of an estimated 32.6 million small businesses must register personal information with Treasury’s Financial Crimes Enforcement Network, or FinCEN. The information includes photo IDs and home addresses. It’s unclear whether the Trump administration will enforce the registration requirement, which Republican-led states and business groups have opposed.
Trump signs executive order on developing artificial intelligence ‘free from ideological bias’
President Donald Trump signed an executive order on artificial intelligence Thursday that will revoke past government policies his order says “act as barriers to American AI innovation.” The order says that to maintain global leadership in AI technology, the U.S. “must develop AI systems that are free from ideological bias or engineered social agendas.” The new order doesn’t name which existing policies are hindering AI development but sets out to review all of the actions that stemmed from former President Joe Biden’s sweeping 2023 executive order on AI safeguards. Trump’s order also calls for the development of an AI action plan within 180 days.
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