Latest Economic policy News

President Donald Trump speaks during a news conference at the Trump National Golf Club in Bedminster, N.J., Saturday, Aug. 8, 2020. (AP Photo/Susan Walsh)

Trump orders encroach on Congress' powers, invite challenges

Aug. 9, 2020 8:50 AM EDT

BEDMINSTER, N.J. (AP) — President Donald Trump has bypassed the nation's lawmakers as he claimed the authority to defer payroll taxes and replace an expired unemployment benefit with a lower amount after negotiations with Congress on a new coronavirus rescue package collapsed. Trump's orders on Saturday...

FILE - In this March 9, 2020, file photo, a security person wears a mask as he checks vehicles entering a compound for Saudi Aramco in Jiddah, Saudi Arabia. Saudi Aramco's net income plunged by 50% in the first half of the year, according to figures published Sunday, Aug. 9, 2020, offering a revealing glimpse into the impact of the coronavirus pandemic on one of the world's biggest oil producers. (AP Photo/Amr Nabil, File)

Saudi Aramco half-year profits plunge 50% from virus impact

Aug. 9, 2020 5:01 AM EDT

DUBAI, United Arab Emirates (AP) — Saudi Aramco's net income plunged by 50% in the first half of the year, according to figures published Sunday, offering a revealing glimpse into the impact of the coronavirus pandemic on one of the world's biggest oil producers. Profits for the first six months of the...

President Donald Trump speaks during a news conference at the Trump National Golf Club in Bedminster, N.J., Saturday, Aug. 8, 2020. (AP Photo/Susan Walsh)

Trump allows some unemployment pay, defers payroll tax

Aug. 8, 2020 11:24 PM EDT

BEDMINSTER, N.J. (AP) — President Donald Trump on Saturday bypassed the nation's lawmakers as he claimed the authority to defer payroll taxes and replace an expired unemployment benefit with a lower amount after negotiations with Congress on a new coronavirus rescue package collapsed. Trump's orders...

FILE - In this April 29 2020, file photo, a resident from the Alexandra township gets tested for COVID-19 , in Johannesburg, South Africa. Africa’s confirmed coronavirus cases have surpassed 1 million, but global health experts tell The Associated Press the true toll is several times higher.  (AP Photo/Jerome Delay, File)

The Latest: Brazil surpasses 100,000 deaths from COVID-19

Aug. 8, 2020 6:26 PM EDT

RIO DE JANEIRO -- Brazil has surpassed a grim milestone — 100,000 deaths from COVID-19. And five months after the first reported case, the country is showing no signs of crushing the disease. The nation of 210 million people has been reporting an average of more than 1,000 daily deaths from the pandemic...

Hong Kong Chief Executive Carrie Lam listens to reporters' questions during a press conference in Hong Kong, Friday, Aug. 7, 2020. The semi-autonomous city of Hong Kong reports 95 new cases and three additional fatalities reported. The city of 7.5 million people has restricted indoor dining and require faces masks to be worn in all public places. (AP Photo/Vincent Yu)

US sanctions pro-China leader of Hong Kong, other officials

Aug. 8, 2020 12:03 AM EDT

WASHINGTON (AP) — The U.S. on Friday imposed sanctions on Hong Kong officials, including the pro-China leader of the government, accusing them of cooperating with Beijing’s effort to undermine autonomy and crack down on freedom in the former British colony. The sanctions are the latest in a string...

A visitor to an Apple store wears a t-shirt promoting Tik Tok in Beijing on Friday, July 17, 2020. U.S. President Donald Trump on Thursday, Aug 6, 2020 ordered a sweeping but unspecified ban on dealings with the Chinese owners of consumer apps TikTok and WeChat, although it remains unclear if he has the legal authority to actually ban the apps from the U.S. (AP Photo/Ng Han Guan)

Q&A: What's up with Trump's orders on TikTok and WeChat?

Aug. 7, 2020 9:50 PM EDT

NEW YORK (AP) — President Donald Trump has ordered sweeping but vague ban on dealings with the Chinese owners of popular apps TikTok and WeChat, saying they are a threat to U.S. national security, foreign policy and the economy. But it's far from clear what the administration intends to actually do when...

FILE - People pass the New York Stock Exchange, Thursday, July 30, 2020.  Wall Street is stalling on Friday, Aug. 7 as a whirlwind of worries about rising U.S-China tensions and whether Congress can deliver more aid for the economy threaten to halt its big run.(AP Photo/Mark Lennihan)

S&P 500 ekes out 6th straight gain following jobs report

Aug. 7, 2020 5:32 PM EDT

NEW YORK (AP) — Wall Street’s big rally let off the accelerator on Friday, despite a better-than-expected report on the U.S. job market, amid worries about worsening U.S.-China tensions and whether Washington can deliver more aid for the economy. The S&P 500 inched up 2.12 points, or 0.1%, to...

Canada says it will impose retaliatory tariffs on US imports

Aug. 7, 2020 4:11 PM EDT

TORONTO (AP) — Canada’s deputy prime minister said Friday that the country plans to impose $3.6 billion Canadian (US$2.69 billion) tariffs on U.S. imports in response to President Donald Trump saying the U.S. is reinstating a 10% import tax on Canadian aluminum. Deputy Prime Minister Chrystia...

FILE - In this July 15, 2020, file photo, job seekers exercise social distancing as they wait to be called into the Heartland Workforce Solutions office in Omaha, Neb. The extra $600 in weekly unemployment benefits has expired, the federal eviction moratorium has ended and federal money to help businesses retain workers has grown lean. Meanwhile, the pandemic rages on and there is no consensus from Washington on another relief package. (AP Photo/Nati Harnik, File)

AP Explains: 5 key takeaways from the July jobs report

Aug. 7, 2020 3:10 PM EDT

WASHINGTON (AP) — A resurgence in COVID-19 cases didn’t shut off the American job creation machine last month — but it did slow it down. Employers added 1.8 million jobs in July, slightly more than had been expected but far fewer than the gains of the previous two months. And while the...

FILE - In this file photo dated Thursday, Jan. 30, 2020, a woman holds up the British Union and the European Union flags together during an event in Brussels, Belgium. The number of Britons moving to live in European Union countries has soared since the Brexit vote in 2016, a U.K.-German study has revealed Tuesday Aug. 4, 2020. (AP Photo/Francisco Seco, FILE)

UK to spend millions to ease Brexit red tape for N Ireland

Aug. 7, 2020 1:03 PM EDT

The British government will spend up 355 million pounds ($465 million) to help businesses in Northern Ireland deal with the red tape caused by Brexit, officials said Friday. Brexit’s supporters, including British Prime Minister Boris Johnson, say leaving the European Union will be a boon for U.K....