Money

By Elisabeth Buchwald and Nathaniel Meyersohn, CNN New York (CNN) — “Cheap goods” sold on Temu and Shein aren’t as cheap as they were 24 hours ago. On Friday, the two companies raised prices on many goods in advance of new tariffs set to take effect next week. The companies had informed shoppers of the

By Jeanne Sahadi, CNN (CNN) — No one wants to be audited by the IRS. And, in fact, very few US taxpayers have been in recent years. Less than 1% of all returns filed between 2013 and 2021 had been audited as of the end of fiscal year 2023, according to IRS data. More specifically,

By Bryan Mena, CNN Washington (CNN) — Americans are still dreading a recession and rising inflation, even after President Donald Trump paused his massive tariff hike on dozens of countries. Consumer sentiment plunged 8% in April from the prior month, to a final reading of 52.2, the University of Michigan said in its latest survey

By David Goldman, CNN (CNN) — President Donald Trump said high tariffs could be here to stay and he’d declare “total victory” if import taxes were as high as 50% a year from now, according to an interview with Time released Friday. Trump has placed historic tariffs on a wide variety of imports, including a

By John Liu and Nectar Gan, CNN Hong Kong (CNN) — China appears to have quietly rolled back retaliatory tariffs of 125% on some semiconductors made in the US, according to details provided to CNN on Friday by three import agencies in the southern technology hub of Shenzhen, as Beijing tries to soften the blow

By Liam Reilly and Kit Maher, CNN (CNN) — President Donald Trump on Thursday said he will meet with Jeffrey Goldberg, the Atlantic editor-in-chief who, in late March, was accidentally added to a Signal group chat that involved classified information and several top Trump officials. Trump said via Truth Social that he will sit for

By Jordan Valinsky, CNN New York (CNN) — Peter Cancro, the founder and CEO of Jersey Mike’s Subs, is stepping back from the leadership position following an $8 billion sale that made him a multibillionaire. The fast-growing sub chain announced Thursday that Cancro will be replaced by Charlie Morrison, the former CEO of Wingstop, beginning

By David Goldman, CNN (CNN) — Citadel CEO Ken Griffin, a billionaire supporter of President Donald Trump and a megadonor to Republican candidates, had some unusually harsh words for the president about his trade war: It’s hurting America’s standing in the world and eroding the nation’s brand. “The United States was more than just a

By Jordan Valinsky, CNN New York (CNN) — Chicken has quickly become the fast-food menu item of choice for American consumers, putting McDonald’s in a tough spot. Chicken revenue at McDonald’s fell behind the explosive sales at Raising Cane’s, Wingstop and other chicken-centric chains, as well as new entrants like Taco Bell, which all sell

By John Towfighi, CNN New York (CNN) — US stocks soared Wednesday, but the S&P 500 is still trying to climb out of slump instigated by President Donald Trump’s trade war. After hitting a record high in February, the S&P 500 dropped into correction in March as Trump unveiled his plan for tariffs. The benchmark

By Juliana Liu and Nectar Gan, CNN Hong Kong (CNN) — US President Donald Trump has delighted global investors with the possibility of a reduction in tariffs on Chinese imports. But his apparent willingness to de-escalate America’s trade war with the world’s second-biggest economy has been brushed off by government officials in China and ridiculed

By David Goldman, CNN (CNN) — President Donald Trump said Wednesday that he could re-impose “reciprocal” tariffs on some countries in as soon as two or three weeks, a potentially significant re-escalation of the global trade war that has already raised fears of a US and global recession. “In the end, I think what’s going

By David Goldman, CNN (CNN) — President Donald Trump said Wednesday that Federal Reserve Chair Jerome Powell has kept interest rates too high and that he might call the central bank chief. “I haven’t called him. I might call him,” Trump said in an Oval Office executive action signing ceremony Wednesday evening. “I believe he’s