Food costs rose in May. (Jeenah Moon/Bloomberg) WASHINGTON — U.S. inflation picked up a bit last month as food costs rose, though overall inflation remained mostly tame. Consumer prices increased 2.4% in May compared with a year ago, according to a Labor Department report released June 11. That is up from a 2.3% yearly increase ...more
Assembly team leader Piego Connally works at the Fairfax Assembly plant in Kansas City, Kan. (General Motors) Shares of General Motors rose before the opening bell after announcing plans to invest $4 billion to shift some production from Mexico to U.S. manufacturing plants as the automaker navigates tariffs that could drive prices higher. President Donald ...more
Merging with an affiliate of the same investment group that took electric automaker Lucid Motors public is Plus’ second attempt to go public. (Plus) Self-driving truck developer Plus is set to go public after inking a merger with Nasdaq-listed special purpose acquisition company Churchill Capital Corp IX. Merging with an affiliate of the same investment ...more
A Tesla Cybercab prototype at a Tesla store in San Jose, Calif. (David Paul Morris/Bloomberg News) AUSTIN, Texas — Elon Musk says Tesla is “tentatively” set to begin providing robotaxi service in Austin, Texas, on June 22. In a post on his X social media platform, Musk said the date could change because Tesla is ...more
A woman demonstrates remote mining equipment at a supply chain expo in Beijing. (Ng Han Guan/AP) WASHINGTON — President Donald Trump announced June 11 that the United States will get magnets and rare earth minerals from China under a new trade deal and that tariffs on Chinese goods will go to 55%. In return, Trump ...more
Spools of steel in Hamilton, Ontario. (Cole Burston/Bloomberg) Canadian Industry Minister Melanie Joly said the government will soon announce measures to clamp down on steel dumping from foreign countries and help domestic manufacturers hit by punishing U.S. tariffs. “We cannot accept any form of unfair practices from different countries when it comes to our Canadian ...more
A containership passes under the International Gateway Bridge at the Port of Long Beach. (Tim Rue/Bloomberg) U.S. customs duties climbed to a record in May, helping shrink the budget deficit for the month, while doubts remain about the persistence of the inflows as the Trump administration negotiates with trading partners and faces a judicial challenge ...more
“While we have made progress advancing these priorities, the current state of our critical infrastructure must be further improved," McMaster said in May. (Kent Nishimura/Bloomberg News) A Senate committee on June 11 approved the nomination of Sean McMaster to become administrator of the Federal Highway Administration. His nomination advanced to the floor by a vote ...more
A containership leaves the Port of Newark in Elizabeth, N.J. (Michael Nagle/Bloomberg) Trade talks between the U.S. and China this week cemented a seismic change in Washington’s approach to the countries’ economic relationship: U.S. export curbs, meant to keep sensitive technologies out of Beijing’s hands, are now explicitly up for negotiation. At the heart of ...more
XPO operates the Carlisle service center LTL freight facility. (Dan Gleiter/pennlive.com/TNS) XPO Inc. has opened its largest operation, a 273,000-square-foot facility on a 121-acre property near Carlisle, Pa. The 281-door facility opened in November but officially celebrated its arrival on June 10 with a ribbon-cutting ceremony. And XPO has been increasing its operations over time. ...more
