AP Business SummaryBrief at 8:18 a.m. EST

From avocados to autos, Trump tariffs on Canada and Mexico could hit close to home

WASHINGTON (AP) — The 25% tax that President Donald Trump plans to slap as soon as Saturday on imports from Canada and Mexico could drive up the price of everything from gasoline to pickup trucks to the guacamole dip that features so prominently at American Super Bowl parties. The tariffs would also invite retaliation. Doug Ford, the premier of Ontario, has already vowed to counterpunch by pulling American alcohol off store shelves in the Canadian province. Trump’s tariffs  threaten to blow up the trade agreement he himself negotiated with America’s two neighbors in his first term.

From avocados to autos, Trump tariffs on Canada and Mexico could hit close to home

The 25% tax that President Donald Trump plans to slap as soon as Saturday on imports from Canada and Mexico could drive up the price of everything from gasoline to pickup trucks to the guacamole dip that features so prominently at American Super Bowl parties. The tariffs would also invite retaliation. Doug Ford, the premier of Ontario, has already vowed to counterpunch by pulling American alcohol off store shelves in the Canadian province. Trump’s tariffs  threaten to blow up the trade agreement he himself negotiated with America’s two neighbors in his first term.

5 years after Britain left the EU, the full impact of Brexit is still emerging

LONDON (AP) — Friday marks five years since Britain left the European Union at 11 p.m. on Jan. 31, 2020. People and businesses are still wrestling with the economic, social and cultural aftershocks of a decision that divided the country. For businesses, Brexit has meant new red tape, costs and delays to trading with the 27 EU countries. Brexit supporters argue that short-term pain will be offset by Britain’s new freedom to strike trade deals around the world, though so far they have had only a minor impact. British Prime Minister Keir Starmer has promised to “reset” relations with the EU after years of acrimony. But rejoining the bloc remains a distant prospect.

Apple’s iPhone sales during the holiday season slipped despite a highly anticipated AI rollout

SAN FRANCISCO (AP) — Apple on Thursday disclosed its iPhone sales dipped slightly during the holiday-season quarter, signaling a sluggish start to the trendsetting company’s effort to catch up to the rest of Big Tech in the race to bring artificial intelligence to the masses. The iPhone’s roughly 1% drop in revenue from the previous year’s October-December period wasn’t entirely unexpected, given the first software update enabling the device’s AI features didn’t arrive until just before Halloween, and the technology still isn’t available in many markets outside the U.S. Despite the iPhone’s weakening sales, Apple’s stock price climbed in extended trading after Apple CEO Tim Cook made a series of encouraging remarks about the future.

Stock market today: Global stocks mostly higher after Wall Street tech gains

HONG KONG (AP) — World markets are mostly higher following gains on Wall Street driven by Tesla, IBM and Meta Platforms after strong profit reports. European markets opened higher after the European Central Bank cut a quarter-point interest rate to 2.75% on Thursday. Japan’s core inflation rate rose to 2.5%, paving the way for further interest rate hikes. The Kospi in South Korea fell as trading resumed on Friday after the holidays. Shares of SK Hynix, a major supplier to Nvidia Corp., plummeted by 9.9%. The S&P 500 climbed 0.5% Thursday. The Dow Jones Industrial Average rose 0.4%, and the Nasdaq composite added 0.3%. Microsoft kept indexes in check after reporting weaker growth than expected in its cloud-computing business.

U.S. economy grows solid 2.3% in October-December on eve of Trump return to White House, 2.8% in ’24

WASHINGTON (AP) — The American economy ended 2024 on a solid note with consumer spending continuing to drive growth. The Commerce Department reported Thursday that gross domestic product — the economy’s output of goods and services — expanded at a 2.3% annual rate from October through December. For the full year, the economy grew a healthy 2.8%, compared to 2.9% in 2023.

Trump says tariffs on Canada and Mexico coming Saturday, and he’s deciding whether to tax their oil

WASHINGTON (AP) — President Donald Trump says his 25% tariffs on Canada and Mexico are coming on Saturday. Trump also said he’ll “probably” decide on Thursday night whether to include oil from those countries as part of his import taxes. Trump says his decision will be based on whether the price of oil charged by the two trading partners is fair, although the basis of his threatened tariffs pertains to stopping illegal immigration and the smuggling of chemicals used for fentanyl.

Exxon Mobil’s strong fourth quarter fueled by rising production in the Permian, Guyana

Exxon Mobil’s fourth-quarter adjusted profit managed to beat Wall Street’s expectations, as the oil and gas company increased production in Permian and Guyana. The Spring, Texas-based company earned $7.61 billion, or $1.72 per share, for the three months ended Dec. 31. It earned $7.63 billion, or $1.91 per share, in the prior-year period. Removing certain items, earnings were $1.67 per share.

EU warns Pakistan that duty-free exporter status depends on progress in human rights, media freedom

ISLAMABAD (AP) — The European Union has warned Pakistan that its status as a duty-free exporter to the bloc will continue to depend on the progress the country makes in addressing concerns about civil and labor rights and freedom of speech. Friday’s warning came as EU special representative for human rights Olof Skoog wrapped up a weeklong visit to Islamabad. Pakistan’s exports to Europe have doubled since 2014 when it was awarded the status of duty-free exporter under the EU’s Generalized Scheme of Preferences Plus or GSP+ incentives for developing countries.

Big Oil wants a lot from Trump. It has an ally in Doug Burgum, the president’s Interior pick

BISMARCK, N.D. (AP) — Emails obtained by The Associated Press reveal Doug Burgum as North Dakota governor catered to the whims of oil and gas executives while leveraging those connections to expand his political profile. Now that Burgum has been chosen to be President Donald Trump’s secretary of the Interior Department, those relationships are drawing a closer look. Many of the oil and gas companies Burgum developed a rapport with are certain to want things from him following his Senate confirmation Thursday. A spokesman says the Republican routinely “met with job creators and leaders who generated opportunities for the people of North Dakota.”

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