President Trump on Wednesday announced 25% tariffs on autos and auto parts that are not produced in the U.S., effective April 2.
Why it matters: The auto industry has always loomed as one of the biggest potential casualties of the administration's trade policies, and these levies threaten to put new pressure on consumers as prices inevitably rise.
Saturday is the final day for two dozen closing Kohl's stores located in 15 states, according to store webpages.
The big picture: The Menomonee Falls, Wisconsin-based retailer operates about 1,150 stores nationwide and the closures account for less than 3% of its locations.
The Social Security Administration on Wednesday said it would postpone controversial changes to phone service and partially relax new rules on identity verification.
Why it matters: Advocates and current and former officials have said the changes could break an already strained system and leave the most vulnerable populations without their benefits.
GameStop's stock surged this morning after the retailer announced plans to invest in bitcoin... then sunk after the bell when it put the plan in motion.
The big picture: One of the OG meme stocks, the company is trying to tap into a community of true believers in the future of crypto.
Catch up quick: GameStop said yesterday that "its board unanimously approved an update to its investment policy to add Bitcoin as a treasury reserve asset."
Its stock jumped by more than 15% this morning.
Yes, but: To acquire bitcoin, the company said it could use cash or invest proceeds from future debt and equity issuances.
U.K.-based media predictions firm Galactic announced a partnership with the Sports Illustrated brand to launch SI Predict.
The intrigue: SI Predict is "a new prediction platform that deepens fan engagement by allowing them to interact directly with lifestyle moments adjacent to live sports events," according to Galactic.
Users will be able to trade contracts on "the outcomes of trends and themes around major global sporting events" but not on the outcomes of the games themselves.
The big picture: A growing number of companies are dipping their toes in sports prediction markets amid a national regulatory vacuum on sports betting.
Nearly half a million Americans will be affected by President Trump's order that will cease Social Security payments by paper check.
Why it matters: The switch risks disrupting the financial lives of some of the most vulnerable Americans, at a time when Social Security is cutting back services to help them.
Hyundai Motor Group has found success in the United States by giving car buyers exactly what they want: desirable features packaged in a good deal.
The Korean automaker displayed the same salesmanship in its dealings this week with President Trump.
Why it matters: Hyundai's headline-grabbing announcement of a $21 billion U.S. investment — most of which was already underway — was all Trump needed to show that his global tariff threats were working.
Electric taxi companyRevel is rapidly expanding its public fast-charging network, focusing on cities where rideshare fleets face looming deadlines to switch to all-electric power.
Why it matters: The biggest concern of EV rideshare drivers is finding a place to quickly recharge, since many don't have access to charging at home.
Government spending cuts, an obsession with more efficient government and an economic growth scare: Those are the dynamics on both sides of the Atlantic.
Why it matters: The U.K.'s top economic official announced deep public spending cuts to account for the huge global shifts, including a surge in borrowing costs, since the initial plans were unveiled just last fall.
The NBA's private equity ownership rules may be tested by the record-breaking Boston Celtics sale, in a way that could have repercussions for future transactions.
The big picture: Bill Chisholm, the club's presumptive new control owner, has committed less money to the two-part deal than has Sixth Street Partners, according to three sources.
Underdog, a Brooklyn-based fantasy sports and sports betting app, tells Axios that it raised $70 million in Series C funding at a $1.23 billion valuation from Spark Capital. It's the first close of a round that could total more than $100 million.
Why it matters: Underdog co-founder and CEOJeremy Levine sold prior startups to both DraftKings and the parent company of FanDuel, but recently told employees that he has no intention of "finishing third again."
Wall Street bonuses surged 32% last year, as the country's top financial firms paid out a record $47.5 billion to their most successful employees, New York's comptroller said Wednesday.
Why it matters: After a sharp post-COVID rebound, there's a good chance this might have been the top.
Senators had a lot of questions Tuesday for Frank Bisignano, the president's nominee for Social Security commissioner — but hovering over it all was the specter of Elon Musk'sDepartment of Government Efficiency.
Why it matters: Social Security might be one of the few federal agencies targeted by Musk that is viewed as essential on both sides of the aisle, but it is facing a moment of DOGE-driven disruption that advocates and former officials warn could break the system.
The speculation floodgates flung open in the minutes following Boeing's win of the U.S. Air Force Next Generation Air Dominance fighter contract.
Why it matters: The F-47, as it's now known, is highly secretive. President Trump said he couldn't disclose the per-tail cost because it would reveal "some of the technology and some of the size of the plane."
"America's enemies will never see it coming," he added.
States could lose thousands of jobs and billions of dollars in economic output under potential Medicaid and food aid cuts, a new estimate finds.
Why it matters: Millions of Americans rely on federal financial assistance — money that gets spent at doctors' offices, grocery stores and so on, supporting jobs and economic activity.
The economic vibes have taken a decisive turn for the worse over the last several weeks. The big question now is whether actual activity will follow.
The big picture: This week has brought yet another round of "soft" indicators that show slumping confidence in what lies ahead for the economy, amid a fast-changing policy landscape.
The big picture: Newsmax's Greg Kelly asked Trump during their interview whether there would be a "compensation fund" for the roughly 1,500 defendants he issued a sweeping pardon for and the president confirmed "there's talk about that."
So much for the Trump bump: An index that measures small business owners' confidence fell nearly 7 points in the first quarter, erasing last year's post-election surge.
Why it matters: The index, published by the U.S. Chamber of Commerce on Wednesday, is a sign of just how much tariff worries are weighing on the business world right now.
