ABC Business

Trump tariffs go into effect against Canada, Mexico; China retaliates

Tuesday, March 4 by ABC News

(WASHINGTON) -- President Donald Trump's broad tariffs on imported goods from Mexico and Canada went into effect on Tuesday, along with increased duties on goods from China, a move that prompted a swift retaliation from Beijing."President Trump continues to demonstrate his commitment to ensuring... Read More.

Automakers head north to test new cars. This year is proving more difficult

Sunday, March 2 by ABC News

VolvoWhen Swedish automaker Volvo opened its proving ground in Kiruna, Sweden, 30 years ago, the mission was clear: "Making sure that our products are truly fit for the harshest of winter conditions."The remote location was ideal. Kiruna, situated about 90 miles north of the... Read More.

Economists say Trump tariff threats, DOGE job cuts are chilling the economy

Thursday, February 27 by ABC News

(WASHINGTON) -- Economists say the uncertainty from President Donald Trump’s tariff threats and mass layoffs of government workers are starting to have a “chilling” effect on the U.S. economy.“It’s a very difficult business environment, because they can’t plan for what their cost structure is... Read More.

Consumer confidence falters, signaling worry about economy under Trump

Tuesday, February 25 by ABC News

(NEW YORK) -- Consumer confidence plummeted in February, indicating worry about the direction of the U.S. economy under President Donald Trump.A gauge of consumer confidence registered its largest monthly drop since August 2021, the nonpartisan Conference Board said on Tuesday.Meanwhile, the share of... Read More.

Americans credit card debt reaches new record high: New York Federal Reserve

Thursday, February 13 by ABC News

(NEW YORK) -- Americans' household debt -- including credit cards, mortgages, auto loans and student loans -- is at a new all-time high $18.04 trillion, according to a report released Thursday by the Federal Reserve Bank of New York.Overall debt grew by $93 billion... Read More.

Tesla shares have plunged while Musk takes on Washington. Is that the reason?

Thursday, February 13 by ABC News

(NEW YORK) -- While Elon Musk has vaulted into a powerful role overhauling government agencies and upending Washington, the world's richest person has suffered a $106 billion drop in wealth due to steep decline in shares of his Tesla electric car company.Tesla's stock price... Read More.

Inflation increased in January, posing obstacle for Trump tariff plans

Wednesday, February 12 by ABC News

(NEW YORK) -- Consumer prices rose 3% in January compared to a year ago, ticking up from the previous month and posing an obstacle for Trump administration tariff policies that many economists expect to raise some prices, government data on Wednesday showed. The inflation... Read More.

Ex-employees say Tom Krause, tapped by Musk to overhaul Treasury, was a hatchet man

Tuesday, February 11 by ABC News

(NEW YORK) -- An Elon Musk ally hired to overhaul the U.S. Department of Treasury has a lengthy record of undertaking hardline reforms in the private sector that demoralized staff and made them fear for their jobs, according to interviews with several former employees... Read More.

Quiksilver, Billabong and Volcom stores are closing in the US in 2025

Saturday, February 8 by ABC News

(NEW YORK) -- Quiksilver, Billabong, and Volcom, known for their surf and skate products, are closing stores in the United States.The parent company of the brick-and-mortar stores, Liberated Brands, filed voluntary Chapter 11 bankruptcy on Sunday, which will result in over 100 retail... Read More.

Trumps tariffs could increase home prices and mortgage rates, some experts say

Wednesday, February 5 by ABC News

(WASHINGTON) -- Housing prices are soaring twice as fast as overall inflation. The average rate on a 30-year mortgage topped 7% in January for the first time since last spring. Observers as disparate as J.P. Morgan and the left-leaning nonprofit Center for American Progress have declared... Read More.