Business

The Trump administration on Friday moved to review the use of regulatory guidance at the Consumer Financial Protection Bureau (CFPB) to root out what it views as an unlawful rulemaking process.Russell Vought, director of the Office of Management and Budget (OMB) and acting director of the CFPB, wrote in a memo viewed by FOX Business, "For too long this agency has engaged in weaponized practices that treat legal restrictions on its […]

The area around Bristol, Tennessee, gets an economic boost when NASCAR comes to town, FOX Business correspondent Max Gorden reported Friday.The Bristol Motor Speedway, nicknamed "The World’s Fastest Half-Mile," is hosting the Food City 500 on Sunday. The race is part of the NASCAR Cup Series.Gorden reported that some 150,000 people come to the Bristol Motor Speedway to watch the NASCAR racing.While they’re in town, the NASCAR fans spend money […]

President Donald Trump is promising to halt federal funding for cities with "sanctuary" policies, including New York City, as part of his crackdown on illegal immigration."No more Sanctuary Cities! They protect the Criminals, not the Victims. They are disgracing our Country, and are being mocked all over the World. Working on papers to withhold all Federal Funding for any City or State that allows these Death Traps to exist!!!" Trump […]

President Donald Trump is "optimistic" that the U.S. and China can strike a deal over tariffs, White House press secretary Karoline Leavitt said Friday.Her remarks came just hours after China increased its tariffs on U.S. imports to 125%, up from 84%, in Beijing’s latest escalation of a trade war with the Trump administration. ‘The president has made it very clear he's open to a deal with China," Leavitt said, adding that […]

President Donald Trump rolled out additional tariffs on China this week despite bipartisan warnings that the move could hurt American consumers and businesses.The Trump administration announced Wednesday it would alleviate reciprocal tariffs on other countries for 90 days, while also revealing that his administration would immediately hike tariffs on Chinese goods to 145%. In response, China raised its tariffs on U.S. goods to 125%. It won’t take long for consumers and […]

Consumer sentiment declined sharply in April as 12-month inflation expectations surged to the highest level since 1981 amid President Donald Trump's escalating trade war.The University of Michigan's Surveys of Consumers on Friday reported that its Consumer Sentiment Index dropped to 50.8 this month from 57 in April, a steeper decline than the 54.5 forecasted by economists polled by Reuters. It marked the fourth straight monthly decline in consumer sentiment."This decline was pervasive […]

The CEOs of two of America's largest banks discussed how President Donald Trump's tariffs and other factors are impacting the economy and markets with the release of their quarterly earnings reports on Friday.JPMorgan Chase CEO Jamie Dimon and Wells Fargo CEO Charlie Scharf each discussed Trump's tariffs in letters included with their firms' respective earnings reports on Friday. Dimon, who wrote in a letter to shareholders earlier in the week that tariffs are […]

A top Siemens AG executive from Spain, along with his wife and three children, have been identified as being among the six victims who died when a helicopter plunged into New York City's Hudson River on Thursday. The helicopter's 36-year-old pilot also perished.Agustin Escobar worked for the German global technology company for more than 27 years, most recently as global CEO for rail infrastructure at Siemens Mobility, a Siemens spokesperson told […]

Corporate bankruptcies among U.S. companies increased in the first quarter to their highest level since 2010, new data showed.S&P Global Market Intelligence reported that from January through the end of March, there were 188 bankruptcies filed among large U.S. companies, an increase from 139 bankruptcy filings in the first quarter of 2024, which was a 14-year high at the time.The 188 bankruptcies in the last three months are the most in […]