AP Business Digest

Here are the AP's top business stories that have moved or are planned to move today. All times U.S. Eastern. For up-to-the minute information on AP's coverage, visit AP Newsroom's Coverage Plan.

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UPCOMING

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US--PHILANTHROPY-PHILANTHROPY 50

DESCRIPTION: The Chronicle of Philanthropy releases its list of the Top 50 donors of 2024.

UPCOMING: By 03/04/2025 11:00 a.m. EST, Photo, Text

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US-XGR--HURRICANE RECOVERY-NORTH CAROLINA

DESCRIPTION: RALEIGH, N.C -- The North Carolina Senate will unveil its version of a Hurricane Helene relief bill in the chamber's budget-writing committee. The House voted unanimously last week to spend an additional $500 million more to assist western North Carolina's recovery. The Senate panel will meet as a House judiciary committee considers giving another $217 million to finish housing repairs and reconstruction still incomplete in eastern North Carolina from hurricanes Matthew and Florence. ON MERITS.

ON MERITS: By 03/04/2025 5:00 p.m. EST, Text

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NEW AND DEVELOPING

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CHINA-US-TARIFFS

China slaps extra tariffs of up to 15% on imports of major US farm exports and adds trade limits

SUMMARY: China has responded to new U.S. tariffs by announcing it will impose additional tariffs of up to 15% on imports of key U.S. farm products. Those include chicken, pork, soy and beef. The tariffs will take effect from March 10. They follow U.S. President Donald Trump's order to raise tariffs on imports of Chinese products to 20% across the board. Those took effect on Tuesday. China's is a major importer of American farm products. One analyst says while the tariffs on U.S. farm products are sweeping, China held back from imposing higher ones across the board, and "both sides showed restraint."

WORDS: 763 - MOVED: 03/04/2025 10:29 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:7442b02ac829347f0d4fc6ad0955d368&mediaType=text

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FINANCIAL MARKETS

Wall Street's losing streak deepens as Trump's tariffs kick in

SUMMARY: Stocks are falling again on Wall Street as companies and investors react to President Donald Trump's decision to impose tariffs on the U.S.'s biggest trading partners. The S&P 500 dropped 1.4% Tuesday morning, the Nasdaq fell 1.4% and the Dow slid 580 points, or 1.3%. The burgeoning trade war between the U.S., China, Canada and Mexico is helping to extend a recent slump for U.S. stocks that was prompted by signs of weakness in the economy. Shares of Target and Best Buy fell after the retailers warned of higher prices for consumers due to tariffs. Markets in Europe fell sharply while stocks in Asia saw more modest declines.

WORDS: 358 - MOVED: 03/04/2025 10:26 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:1ca865fa6abcca716b5e7c9281ea6e07&mediaType=text

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US--STARBUCKS-NEW CFO

Starbucks brings in new finance chief as part of turnaround strategy

SUMMARY: Starbucks has named a new chief financial officer as part of its larger turnaround effort. Starbucks Chairman and CEO Brian Niccol said Tuesday that Cathy Smith will join Starbucks in the next month, Smith has been the CFO of Nordstrom's since 2023 and previously held the same role at Target and Walmart International. Niccol says outgoing Chief Financial Officer Rachel Ruggeri will stay at Starbucks for a period of time to assist with the transition. Niccol is trying to reinvigorate Starbucks' sluggish sales with faster service times, a less complicated menu and others moves intended to restore a community coffeehouse feel to the company's stores. He also has been actively reshaping the company's executive ranks.

WORDS: 285 - MOVED: 03/04/2025 10:18 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:57b5b9d0449a7ba6bab4cce34a3aedb1&mediaType=text

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US--MEDIA-TRUMP-AP

AP again seeks end of its White House ban, saying the Trump administration is retaliating further

SUMMARY: For a second time, the Associated Press is asking a federal judge to immediately restore its access to presidential events. In an amended lawsuit filed late Monday, AP says the White House has doubled down on retaliating against the news outlet for its refusal to rename the Gulf of Mexico. A federal judge last week rejected AP's first bid for an injunction, but urged the White House to reconsider because case law stood against it. The amended lawsuit cited the White House's decision to take full control over which journalists are allowed in pools that cover smaller events. The Trump administration did not immediately return a request for comment on Tuesday.

WORDS: 709 - MOVED: 03/04/2025 10:12 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:dd2a9c7994c2542f4936f045540f006e&mediaType=text

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US--TRUMP-TARIFFS

US tariffs take effect and Mexico, Canada and China retaliate with their own tariffs on the US

SUMMARY: President Donald Trump's long-threatened tariffs against Canada and Mexico have gone into effect, kicking off a trade war with America's neighbors. Starting just past midnight Tuesday, imports from Canada and Mexico are now taxed at 25%, with Canadian energy products subject to 10% import duties. In addition, the 10% tariff that Trump placed on Chinese imports in February was doubled to 20%. China retaliated Tuesday with additional tariffs of up to 15% on a wide array of U.S. farm exports, among other measures. Canada and Mexico both announced tariffs on American goods. Trump's moves have raised inflation fears, even as he has promised the American public that taxes on imports are the easiest path to national prosperity.

WORDS: 1181 - MOVED: 03/04/2025 10:00 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:643086a6dc7ff716d876b3c83e3255b0&mediaType=text

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EU--TRUMP-UKRAINE AID-EXPLAINER

Trump's halt on military aid will hurt Ukraine's defenses. But it may not be fatal

SUMMARY: The U.S. has been Ukraine's biggest military backer since Russia's full-scale invasion began three years ago. The suspension of that aid by the Trump administration doesn't mean Ukraine's defenses will quickly collapse. But it's a major blow that threatens to remove some of the most formidable weapons in Ukraine's battlefield arsenal. And it ratchets up pressure on Kyiv to accept a peace agreement. The U.S. provides about 20% of Ukraine's military supplies. And it includes the most lethal and important equipment like longer-range missiles and Patriot air defense systems. Malcolm Chalmers of the RUSI think tank says much will depend on whether the U.S. cuts off technical assistance as well as weapons and ammunition.

WORDS: 782 - MOVED: 03/04/2025 9:46 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:123551e5d86b49fdaa977eae685d32a8&mediaType=text

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US--TARGET-RESULTS

Target posts strong fourth quarter profits and sales, but warns on impact of tariffs

SUMMARY: Sales and profits slipped for Target during the crucial holiday quarter as customers held back on spending and the company said there will be "meaningful pressure" on its profits to start the year because of tariffs and other costs. The retailer beat most estimates however, and shares fell in morning trading. Target reported net income of $1.1 billion, or $2.41 per share, far better than the $2.26 that Wall Street was expecting. That is down from the $1.38 billion profit the company reported in the same period last year, though the most recent quarter had one fewer week. Sales fell to $30.91 billion from $31.9 billion in the year-ago period, but also beat expectations.

WORDS: 422 - MOVED: 03/04/2025 9:44 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:345efc8c9edc03994f13dd6d624c719b&mediaType=text

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MEXICO-US-TARIFFS

Mexico to impose retaliatory tariffs on US following China and Canada as trade war heats up

SUMMARY: Mexico will respond to 25% tariffs imposed by the United States with its own retaliatory tariffs on U.S. goods. Mexico President Claudia Sheinbaum said Tuesday that said she will announce the products Mexico will target on Sunday in a public event in Mexico City's central plaza, perhaps indicating Mexico still hopes to de-escalate the trade war set off by U.S. President Donald Trump.

WORDS: 530 - MOVED: 03/04/2025 9:42 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:9cefdded035a0b35e700a7ba0bfc34b4&mediaType=text

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US--SUPREME COURT-GUNS-MEXICO

Supreme Court will hear from US gun makers sued by Mexico for $10 billion

SUMMARY: The Supreme Court will hear arguments in a $10 billion lawsuit Mexico filed against top U.S. firearm manufacturers, alleging their business practices have fueled cartel gun violence there. The U.S. gun makers reject those claims. The gun makers appealed to the Supreme Court to overturn a ruling that let Mexico's lawsuit move forward even though U.S. law largely shields them from lawsuits. The court hears arguments Tuesday. Depending on how the court rules, it could also affect a narrow legal path that helped families of the mass shooting at Sandy Hook Elementary School in Newtown, Connecticut, secure a $73 million settlement from the gun maker Remington.

WORDS: 516 - MOVED: 03/04/2025 9:28 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:4a3b726ffd7aabf4eee5d0225dd51769&mediaType=text

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US--TARIFFS-IMPACT-LATINO BUSINESSES

Prices rose along border ahead of Trump's tariffs -- now disruption looms

SUMMARY: Companies that depend on cross-border trade were already facing higher prices in anticipation of the tariffs on imports from Mexico and Canada that took effect Tuesday. Now disruption looms, and if consumers won't accept steep price hikes, they'll have to downsize operations and lay off workers. Jaime Chamberlain distributes about five million boxes of Mexican produce each year through Nogales, Arizona. He can't support the Mexican farmers for more than a week or two if consumers don't accept steep price hikes. Tomatoes and other perishable vegetables will be left in the fields and in his two warehouses. He predicts shorter supplies and higher prices across the country.

WORDS: 757 - MOVED: 03/04/2025 9:17 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:0b7ccff363e647a49feb2fcc852cf8c5&mediaType=text

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ML--MIDEAST-WARS

Arab leaders gather to endorse counterproposal to Trump's Gaza plan, with ceasefire's fate uncertain

SUMMARY: Arab leaders meeting in Cairo are set to endorse a counterproposal to President Donald Trump's call for the Gaza Strip to be depopulated and transformed into a beach destination. Tuesday's summit is expected to include the leaders of regional heavyweights Saudi Arabia and the United Arab Emirates, whose support is crucial for any postwar plan. Israel has meanwhile embraced what it says is an alternative U.S. proposal for the ceasefire itself and the release of hostages taken in Hamas' Oct. 7, 2023, attack that triggered the war. It has halted the supply of aid to Gaza to pressure Hamas to accept the proposal.

WORDS: 988 - MOVED: 03/04/2025 9:16 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:35f1959c28ad3c57a209f5464f2b5411&mediaType=text

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EU--ITALY-EARNS-PRADA

Prada posts double-digit growth in 2024 as it eyes Versace acquisition

SUMMARY: The Prada Group has posted double-digit growth for the fourth consecutive year, bucking the luxury sector slide amid talk of a possible Versace acquisition. The group, which owns the Prada and Miu Miu fashion brands along with Church's footwear, reported a 17 percent boost in revenues to 5.4 billion euros ($5.7 billion) last year from 4.7 billion euros in 2023. Sales at Prada rose 4 percent while they nearly doubled at younger Miu Miu. Prada has been eyeing the possible acquisition of the rival Versace brand, which has been owned since 2018 by the U.S. group Capri Holding, which includes Michael Kors and Jimmy Choo.

WORDS: 341 - MOVED: 03/04/2025 9:10 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:e4897df17aeeeb67d049b513176faaad&mediaType=text

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EU--FRANCE-NUCLEAR-EXPLAINER

Macron to discuss nuclear deterrence with European allies. A look at France's unique strategy

SUMMARY: French President Emmanuel Macron says he's ready to start discussions on nuclear deterrence with European allies. Macron has hinted that France could help to protect other nations. The comments gained urgency after U.S. President Donald Trump raised questions about the trans-Atlantic alliance and the defense of Ukraine. Trump's remarks raised concerns of European NATO allies which have for decades counted on the powerful U.S. nuclear deterrent. European Union leaders are set to address the issue during a special summit in Brussels on Thursday. The summit will focus on support for Ukraine and European defense. France's nuclear deterrence is conceived as strictly defensive to protect France's "vital interests." Macron said those "vital interests" have a "European dimension."

WORDS: 853 - MOVED: 03/04/2025 8:26 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:a53dc73395455c753287ae2ecbb7a9a5&mediaType=text

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SCI--REVIVING EXTINCT SPECIES

Scientists genetically engineer mice with thick hair like the extinct woolly mammoth

SUMMARY: Extinction is still forever. But scientists at a biotech company are trying what they say is the next best thing to restoring ancient beasts. They're genetically engineering living animals with qualities to resemble extinct species like the woolly mammoth. Colossal Biosciences announced Tuesday that it has simultaneously edited seven genes in mice embryos to create mice with long, thick, woolly hair. Scientists nicknamed them the "Colossal woolly mouse." The results posted online have not yet been published in a journal or vetted by independent scientists. Outside scientists have mixed views on whether this strategy will be helpful for conservation.

WORDS: 587 - MOVED: 03/04/2025 8:16 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:b381f6f48eeed0828535cf9604263140&mediaType=text

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ML--SAUDI ARABIA-EARNS-ARAMCO

Low energy prices sting Aramco profits and squeeze Saudi development plans

SUMMARY: Saudi Arabia's state-owned oil giant Aramco has reported a $106.25 billion profit in 2024, down 12% from the prior year on lower energy prices. A filing Tuesday on Riyadh's Tadawul stock exchange showed the oil company, formally known as the Saudi Arabian Oil Co., had revenues of $436 billion in 2024. Aramco reported a $121 billion annual profit in 2023, down from its 2022 record due to lower energy prices. Stock in Aramco traded around $7.33 a share Tuesday, down from a high over the last year of $8.71. It has fallen over the past year as oil prices have dropped. Benchmark Brent crude is at $73 -- down 10% this year.

WORDS: 727 - MOVED: 03/04/2025 7:59 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:f3d8eb648b0deba0c5c000c2ead43fce&mediaType=text

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EU--ALBANIA-TOXIC WASTE

Environmental groups criticize Albania for delay in probing suspected toxic waste

WORDS: 319 - MOVED: 03/04/2025 7:58 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:984794ee364be0ca0664a22d085fca3b&mediaType=text

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AS--PAKISTAN-AFGHANISTAN

Residents flee border area as Afghan and Pakistani forces clash over crossing closure

SUMMARY: A Pakistani official says residents have fled a border area with Afghanistan after forces from both sides clashed into the early hours of the morning. Tuesday was the second consecutive day of tit-for-tat gunfire at Torkham. The key crossing between the two countries has been closed since Feb. 21 because of a dispute between Pakistan and Afghanistan. The Pakistani official said that overnight gunfire spread fear and panic among residents. The Interior Ministry in Kabul said Afghan authorities will continue their efforts to resolve the issue through talks. Torkham is vital for trade and travel between the two countries.

WORDS: 198 - MOVED: 03/04/2025 7:43 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:ef491fddc6503d6093d2be27aecc5fa2&mediaType=text

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US-UBER-WAYMO-ROBOTAXIS

Uber teams up with Waymo to start selling driverless rides in Austin, Texas

SUMMARY: Uber is shifting into a new gear in Austin, Texas where its ride-hailing service will begin dispatching self-driving cars to pick up passengers looking for a way to get around that city. The autonomous option starting Tuesday is being provided through partnership that is bringing together Uber's leading ride-hailing service with robotaxi pioneer Waymo, which already sells rides in its self-driving vehicles through its own app in Phoenix, San Francisco and Los Angeles. After hitting the road in Austin, Uber and Waymo plan to team up to being offering robotaxi rides in Atlanta later this year. Uber's network of human-driven cars will continue to operate in Austin, too.

WORDS: 517 - MOVED: 03/04/2025 7:06 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:988aba46988e649be8cf59979587a8e5&mediaType=text

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US-MONEY MATTERS-HSA-RETIREMENT

What happens to your HSA in retirement?

SUMMARY: Health savings accounts can be valuable components of individuals' savings toolkits, especially for those who can afford to pay their actual healthcare expenses out of pocket while leaving their health savings account assets in place to grow. If investors are able to pay out of pocket for healthcare costs and allow their HSA accounts to grow, the HSA assets can better harness the power of compounding, and the tax benefits are also more valuable when stretched over a longer period of time. Before they employ an HSA as a long-term investment vehicle, though, investors need to do their due diligence.

WORDS: 654 - MOVED: 03/04/2025 6:00 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:8a759415344230a293ba1203bf43c092&mediaType=text

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AS--CHINA-ECONOMY

Beijing's deflation dilemma: Falling prices signal bigger troubles ahead for China's economy

WORDS: 1189 - MOVED: 03/04/2025 4:55 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:36d116f4657aa3064882af9b2dd57b14&mediaType=text

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US--TARIFFS-WHAT TO KNOW

Here's what tariffs are and how they work

SUMMARY: Tariffs are in the news at the moment. But what are they? Tariffs are typically charged as a percentage of the price a buyer pays a foreign seller. In the United States, tariffs are collected by Customs and Border Protection agents at 328 ports of entry across the country. Tariffs can be lower for countries with which the United States has trade agreements. For example, most goods moved between the United States, Mexico and Canada tariff-free because of President Donald Trump's US-Mexico-Canada trade agreement. On Tuesday, the U.S. began charging 25% tariffs on imports from Mexico and Canada and 20% on Chinese products. Mainstream economists are generally skeptical about tariffs.

WORDS: 1027 - MOVED: 03/04/2025 2:56 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:62d52742c0bb0a5b8304755c6ee9af4d&mediaType=text

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AS--CHINA-CONGRESS

The economy and AI are likely to be among the top issues for China's legislature

SUMMARY: Harnessing the power of artificial intelligence and shoring up the economy are among the issues expected to top the agenda when China's legislature meets Wednesday in Beijing. Almost 2,900 delegates have arrived in Beijing for the annual session of the largely rubber-stamp parliament, the National People's Congress. Concomitantly, an advisory body of business leaders, athletes and academics, the Chinese People's Political Consultative Conference, convened Tuesday. The two bodies' concurrent meetings are known as the Two Sessions. The parliamentary session, though largely ceremonial, helps to signal government priorities for the year.

WORDS: 500 - MOVED: 03/04/2025 2:54 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:d1e35d763d97dfd9204145126a477468&mediaType=text

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LT--BRAZIL-CARNIVAL-STREET-VENDORS

Street vendors dispense the party fuel for Rio's Carnival, but face pushback as their numbers grow

SUMMARY: Vendors are a fixture at Rio's Carnival street parties. They scour Instagram pages for times and locations, coordinate on WhatsApp groups, then race across parks and up hills, from Rio's downtown to Copacabana beach, all to place themselves and their carts in the thronging crush of thousands -- or hundreds of thousands -- of thirsty revelers. Peddlers provide much-needed party fuel and hydration, and can themselves partake in the joyous atmosphere. More than that, though, it's an economic lifeline that can set them up for the rest of the year. But as opportunity to cash in has grown, more and more vendors have joined the rush -- and drawn pushback.

WORDS: 1040 - MOVED: 03/04/2025 2:46 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:c90c3974ddcad8a21e22112f865d69fa&mediaType=text

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US-TRUMP TARIFF TARGETS

Here are some goods in the crosshairs of Trump's tariffs on Mexico, Canada and China

SUMMARY: President Donald Trump was poised to impose 25% taxes on imports from Canada and Mexico Tuesday and to double to 20% his levies on Chinese products. All three countries are America's top trading partners and they are threatening retaliation. The United States last year did nearly $2.2 trillion in the trade of goods -- exports plus imports -- with the countries the president is targeting. Trump has declared an economic emergency in order to justify the duties, marking the most aggressive use of tariffs by the United States since the 1930s. He claims that the sanctions are designed to reduce the flow of undocumented migrants and illicit drugs across the U.S. border.

WORDS: 1160 - MOVED: 03/04/2025 1:33 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:2bb4853d6c68d8d3b11d9a061c895aff&mediaType=text

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TRUMP TARIFFS-STEEL-INDIA

India's steel industry contemplates potential fallout from Trump administration tariffs

SUMMARY: The recently announced U.S. tariffs on steel imports mean that countries like China, which export to the U.S., will need to find new markets -- and that could lead to steel dumping in places like India. India mostly relies on its own steel industry for its needs, and many are working toward establishing less polluting practices, or even producing so-called green steel that emits fewer greenhouse gases. But if India's steel industry suddenly has more competition from cheap steel dumping, it could delay businesses' costly efforts to cut down their emissions in a bid to be more cost-effective. That's particularly concerning, experts say, because the steel industry in India is growing rapidly, so efforts to make it cleaner can't afford to be slashed.

WORDS: 845 - MOVED: 03/04/2025 1:03 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:0e242ee521a15759e73278304affba0b&mediaType=text

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US--IMMIGRATION-BUSINESS ENFORCEMENT

The White House talks tough on illegal immigration but ignores a key tool that could reduce it

SUMMARY: President Donald Trump's efforts to reduce illegal immigration have not included going after the businesses that hire workers in the U.S. illegally. A nearly 30-year-old government system called E-Verify makes it easy to check if potential employees can legally work in the U.S. But employers are almost never held to account. The debate over workplace enforcement is, in many ways, a reflection of America's complex views on immigration, its economic dependence on immigrant labor and a quietly bubbling Republican divide. Yet a 2017 study from the Federal Reserve Bank of Dallas found that most states with E-Verify mandates saw reduced numbers of immigrants working illegally.

WORDS: 1033 - MOVED: 03/04/2025 12:00 a.m. EST

https://newsroom.ap.org/home/search?query=itemid:8776045494550675c02736152d7c3992&mediaType=text

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