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[ad_1] New York CNN  —  Copper is at the core of the American economy. It’s in the wires of our pervasive electronics, in the walls of homes and in the engines of cars. Experts say President Donald Trump’s plan for tariffs on the red metal could stymy the goal of boosting American manufacturing while potentially igniting inflation. Trump’s July 8 announcement of a 50% tariff on copper imports beginning August 1 sent prices surging 13% in one day, up to a record high of $5.69 per pound. It was the biggest single-day increase in copper prices on record going back…

[ad_1] It’s hard to move apparel manufacturing West because no one wants to sit in front of a sewing machine for hours, Reebok’s founder said.Joe Foster, a 90-year-old Reebok veteran who cofounded the footwear and clothing brand in 1958 in the UK, spoke on a Yahoo Finance’s Opening Bid podcast interview, released Monday.When asked how tough it was for companies like Nike, Adidas, and Reebok to move production out of Asia, Foster said that’s “virtually impossible” to accomplish on a short timeline.”If you want millions, as we wanted, millions of products, you’ve got to go somewhere where you’ve got a…

[ad_1] A version of this story appeared in the CNN Business Nightcap newsletter. To get it in your inbox, sign up for free here. New York CNN  —  This past April, when President Donald Trump started flirting with the notion of firing Federal Reserve Chair Jerome Powell, stocks and the dollar tumbled because investors worried that even talking about such a move crossed a red line. You can’t even joke about that, the Wall Street intellectuals told us — the central bank’s independence is simply too important. Powell himself said it was not permitted under the law, and a choir…

[ad_1] New York CNN  —  President Donald Trump’s signature tax and spending legislation is providing short-term clarity for Wall Street — but fueling concerns about the long-term health of the US economy, investors say. The “One Big Beautiful Bill,” which Trump signed into law on July 4, is a positive for investors because of the certainty it provides for markets. But the bill is set to worsen the nation’s debt burden over time, according to forecasts, which could put the government’s finances and the economy on shakier grounds. For Wall Street, the legislation is not expected to spur growth or…

[ad_1] Hong Kong CNN  —  China has put export restrictions on technologies critical for producing electric vehicle batteries, in a move to consolidate its dominance in the sector that has contributed to the country’s lead in the global EV race. Several technologies used to manufacture EV batteries and process lithium, a critical mineral for batteries, were added to the government’s export control list. Inclusion on the list means transferring the technologies overseas – such as through trade, investment, or technological cooperation – will require a government-issued license, according to a statement by the country’s Commerce Ministry. The new controls mirror…

[ad_1] Global central banks face a dilemma over whether to embrace stablecoins or promote alternatives to the new technology, as the US’s aggressive backing of privately issued tokens thrusts the fast-growing sector into the financial mainstream.This week, politicians in Washington are advancing legislation to ban the Federal Reserve from issuing a digital currency and provide a regulatory framework for privately issued stablecoins. For the Trump administration, such tokens, which are mostly backed by dollar assets, offer a vehicle to project the strength of the greenback globally. But the Bank for International Settlements, the umbrella body for central banks, last month…

[ad_1] CNN  —  President Donald Trump announced what could be refreshing news to some Americans on Wednesday: thanks to him, Coke is changing its American recipe. “I have been speaking to Coca-Cola about using REAL Cane Sugar in Coke in the United States, and they have agreed to do so. I’d like to thank all of those in authority at Coca-Cola,” Trump said in a post to social media. “This will be a very good move by them — You’ll see. It’s just better!” A spokesperson for The Coca-Cola Company did not confirm the change, but told CNN in a…

[ad_1] Prices have not gone up as much as expected for consumers, but this might not last for long.The latest Federal Reserve Board Beige Book, a publication that provides general information about the current state of the economy, mentioned tariffs 75 times and warns of price hikes as tariffs become more entrenched.Across all 12 Federal Reserve districts, businesses told the Federal Reserve that tariffs have increased their costs either modestly or pronouncedly. Many manufacturers reported being surcharged by their suppliers, especially for raw materials used in manufacturing and construction.While many businesses said they passed along costs to consumers through price…

[ad_1] Zohran Mamdani had no deck, but plenty of pitch when he met with New York City’s tech community on Wednesday night.At an invite-only fireside chat with venture capitalist Kevin Ryan, the New York City Democratic mayoral candidate tried to sell a room of tech workers and startup investors on his vision for a city that works for the working class.And he mostly avoided the controversy surrounding his views on Israel and tax hikes for the city’s millionaires and billionaires, according to multiple people who attended the event.Fresh off a primary win powered by the blunt message that New York…

[ad_1] Hong Kong CNN  —  US President Donald Trump is trying again to end the war in Ukraine – not by targeting Russia, but by hitting the countries that buy Russia’s oil. Top of that list? China and India, two of the world’s most important economies. The US could slap those countries with economic penalties, Trump said, if Russia doesn’t agree to make peace within a 50-day limit. That could roil not just two of Asia’s biggest markets but, by extension, the entire world, as India and China scramble to shore up supplies and find different oil sources – to…