Wall Street tumbles 10% below its record for first 'correction' since 2023 on Trump's trade war
NEW YORK (AP) — Wall Street’s sell-off hit a new low following President Donald Trump’s latest escalation in his trade war. The S&P 500 fell 1.4% Thursday to finish more than 10% below its record, which was set just last month. Professional investors call such a decline a ‘correction,’ and it’s the first for the index since 2023. The Dow Jones Industrial Average fell 1.3%, and the Nasdaq composite lost 2%. Even a pair of encouraging reports showing better-than-expected readings on inflation and joblessness couldn’t offset worries about escalating tariffs around the world. Treasury yields sank in the bond market as pessimism built about the economy.
A 10% drop for stocks is scary, but isn't that rare
NEW YORK (AP) — The U.S. stock market has just dropped 10% from its high set last month, hurt by worries about the economy and a global trade war. It’s an arbitrary number, but it’s big enough that Wall Street has a name for such a decline: a “correction.” Such drops have been regular occurrences through history, and some investors see them as potentially healthy things that can clear out excessive and dangerous risk-taking. But they’re frightening in the moment, particularly for a new generation of investors who got in the market when it seemed like stocks only go up.
Trump has begun another trade war. Here's a timeline of how we got here
NEW YORK (AP) — Long-threatened tariffs from U.S. President Donald Trump have plunged the country into a trade war abroad — all while on-again, off-again new levies continue to escalate uncertainty. Since taking office less than two months ago, Trump has rolled out hefty import taxes on goods coming from America’s three biggest trading partners — Mexico, Canada and China — and promises that more targets are on the horizon. Trump is no stranger to tariffs. He also launched a trade war during his first term in office, but has more sweeping plans now. Economists stress there could greater consequences on businesses and economies worldwide this time — and that higher prices will likely lead consumers to foot the bill.
Don't click on those road toll texts. Officials issue warnings about the smishing scam
WASHINGTON (AP) — State officials are warning Americans not to respond to a surge of scam road toll collection texts. The texts impersonating state road toll collection agencies attempt to get phone users to reveal financial information, such as credit or debit cards or bank accounts. They’re so-called smishing scams — a form of phishing that relies on SMS texts to trick people into sending money or share sensitive information.
Trump threatens retaliatory 200% tariff on European wine after EU proposes American whiskey tax
WASHINGTON (AP) — President Donald Trump is threatening a 200% tariff on European wine, Champagne and spirits if the European Union goes forward with a planned tariff on American whiskey. The European import tax, which was unveiled in response to steel and aluminum tariffs by the U.S. administration, is expected to go into effect April 1, just ahead of separate reciprocal tariffs that Trump plans to place on the EU. Trump on Thursday called the EU among “the most hostile and abusive taxing and tariffing authorities," complaining about the lack of U.S. auto sales in Europe and about lawsuits and fines against U.S. tech companies there. The European Commission says Europe wants to “negotiate to avoid tariffs.”
Donatella Versace out as creative director of the Milan fashion house, in a shakeup by US owner
ROME (AP) — Donatella Versace has been replaced as creative director of the fashion house founded by her late brother Gianni Versace. She will assume the new role of chief brand ambassador, Versace’s U.S. owner Capri Holdings announced Thursday. Versace will be replaced by Dario Vitale, who most recently was design director at the Miu Miu brand owned by the Prada Group. The shift comes amid speculation that the Prada Group is in talks to buy Versace from Capri Holdings, which paid 2 billion euros for the fashion house in 2018. Versace welcomed Vitale, emphasizing in a statement that "championing the next generation of designers has always been important to me."
February US wholesale prices unchanged showing inflation easing, though trade wars threaten trend
WASHINGTON (AP) — U.S. wholesale inflation decelerated last month, suggesting that price pressures are easing for now. The Labor Department reported Thursday that its producer price index — which tracks inflation before it reaches consumers — was unchanged from January after rising 0.6% the month before. Compared to a year earlier, producer prices were up 3.2%, down from a year-over-year gain of 3.7% in January. The readout comes as President Donald Trump ramps up his trade war with a wide range of U.S. trade partners, threatening to send inflation higher
US wine shops and importers say Trump's threatened 200% tariff on European wines would kill demand
The U.S. is suddenly looking less bubbly for European wines. President Donald Trump on Thursday threatened a 200% tariff on European wine, Champagne and spirits if the European Union goes forward with a planned 50% tariff on American whiskey. Wine sellers and importers said a tariff of that size would essentially shut down the European wine business in the U.S. European wine and spirits made up 17% of the total consumed in the U.S. in 2023, according to IWSR, a global data and insight provider specializing in alcohol. Most of those were from Italy and France.
IRS swaps its chief counsel for a lawyer friendly with DOGE, AP sources say
WASHINGTON (AP) — The Internal Revenue Service’s acting chief counsel, William Paul, has been removed from his role at the agency and replaced by Andrew De Mello, an attorney in the chief counsel’s office who is deemed supportive of Elon Musk’s Department of Government Efficiency, according to two people familiar with the plans who were not authorized to speak publicly. The people say Paul was demoted from his position because he clashed with the Department of Government Efficiency’s alleged push to share tax information with multiple agencies. The news also comes as the agency is planning to institute massive cuts to its workforce.
One Tech Tip: Wasting too much time on social media apps? Tips and tricks to curb smartphone use
LONDON (AP) — If you’ve got a smartphone, you probably spend too much time on it. It can be hard to curb excessive use of smartphones and social media, which are addictive by design but there are tips and tricks. First, delete any apps you’ve been wasting time on. You can always install them if you need to. Also, both iPhones and Android devices have onboard controls to help regulate screen time. Change your phone display to grayscale from color so that it doesn’t look so exciting. There are also many third-party apps, like Jomo, Opal, Forest, Roots and LockMeOut that are designed to cut down screen time.
