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China threatens to retaliate against Trump tariffs
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China threatens to retaliate against Trump tariffs

By Danielle Wallace  | Fox Business Beijing is threatening to retaliate against the United States as President Donald Trump's 10% tariffs on China are expected to take effect Tuesday.  The White House announced on Saturday that the Trump administration is implementing a 25% additional tariff on imports from Canada and Mexico and a 10% additional tariff on imports from China, in a move intended to hold the three countries "accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into our country."  Namely with Beijing, the White House said Chinese officials "have failed to take the actions necessary to stem the flow of precursor chemicals to known criminal cartels and shut down money laundering by transnational c...
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Costco board members donated heavily to Democrats in 2024 election cycle
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Costco board members donated heavily to Democrats in 2024 election cycle

By David Spector  | Fox Business Costco's chairman of the board donated hundreds of thousands of dollars to Democrats in the last election cycle, and multiple other board members heavily donated to Democrats as well, according to data from the Federal Elections Commission.  The grocery wholesaler is grappling with a public backlash after the board overwhelmingly came out in favor of the company's controversial DEI policies.  Chairman of the Board Hamilton E. James gave $100,000 to the Harris Action Fund in May 2023. Hamilton, who was formerly with the Blackstone Group, donated $150,000 to the Harris Victory Fund in October 2024, FEC data reveals.  READ THE FULL STORY AT FOX BUSINESS
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Trump proposes abolishment of federal income tax, bringing U.S. back to ‘richest period’ in history
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Trump proposes abolishment of federal income tax, bringing U.S. back to ‘richest period’ in history

By Kristen Altus  | Fox Business Pitching a monumental and potentially controversial proposal to his Republican allies, President Donald Trump is seemingly floating the idea of scrapping federal income taxes altogether. "We had no income tax. The income tax came in…1913. As I said in my speech last week, instead of taxing our citizens to enrich foreign nations, we should be tariffing and taxing foreign nations to enrich our citizens," Trump said during his conference address in Doral, Florida, on Monday. "It's time for the United States to return to the system that made us richer and more powerful than ever before," he added. "You know, the United States in 1870 to 1913, all tariffs. And that was the richest period in the history of the United States, relatively speaking." READ...
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The DeepSeek AI chatbot burst onto the scene: are fears about it overblown?
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The DeepSeek AI chatbot burst onto the scene: are fears about it overblown?

By Eric Revell | Fox Business Marc Andreessen, co-founder and general partner of venture capital firm Andreessen Horowitz, wrote in a post on X that "Deepseek R1 is AI's Sputnik moment," in reference to the Soviet Union's early lead over the U.S. in the Cold War era Space Race. Anthropic co-founder Jack Clark wrote in his "Import AI" newsletter, "R1 is significant because it broadly matches OpenAI's o1 model on a range of reasoning tasks and challenges the notion that Western AI companies hold a significant lead over Chinese ones." While some tech sector figures and investors in the AI space see DeepSeek's advancements as signaling the arrival of a new phase of AI competition, others are less convinced that it poses a broad challenge to the U.S. tech industry. READ THE FULL STO...
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Trump plans 10% tariffs on Chinese imports on Feb. 1
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Trump plans 10% tariffs on Chinese imports on Feb. 1

By Greg Norman  | Fox Business President Donald Trump announced he is planning a 10 percent tariff on Chinese imports on Feb. 1 over the country’s role in fentanyl trafficking.  "We're talking about a tariff of 10% on China, based on the fact that they're sending fentanyl to Mexico and Canada," Trump told reporters at the White House on Tuesday. "Probably February 1st is the date we're looking at."  When asked about a conversation he had with Chinese President Xi Jinping ahead of his inauguration this week, Trump added that "We didn't talk too much about tariffs other than he knows where I stand."  READ THE FULL STORY AT FOX BUSINESS
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Trump announces largest artificial intelligence infrastructure project ‘in history’
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Trump announces largest artificial intelligence infrastructure project ‘in history’

By Breck Dumas  | Fox Business President Donald Trump unveiled a massive artificial intelligence (AI) infrastructure project from the private sector on the first full day of his second term in office on Tuesday. During a speech at the White House, Trump announced that Softbank, OpenAI and Oracle have joined forces for a project called Stargate, to build data centers in the U.S. for powering AI.  The CEOs of all three tech firms – OpenAI's Sam Altman, Oracle's Larry Ellison, and Softbank's Masayoshi Son – joined Trump from the Roosevelt Room at the White House for the announcement. READ THE FULL STORY AT FOX BUSINESS
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Costco Teamsters vote to authorize strike
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Costco Teamsters vote to authorize strike

By Pilar Arias  | Fox Business Eighteen thousand Costco Teamsters are preparing to strike if a "fair contract offer" is not presented by the end of the month. Eighty-five percent of Costco Teamsters across the U.S. voted in favor of authorizing the strike, according to a Sunday press release. Tensions had been building throughout the week, as Teamsters put up several Costco-related posts on its social media. "From day one, we’ve told Costco that our members won’t work a day past January 31 without a historic, industry-leading agreement," Teamsters General President Sean M. O’Brien said in a statement.  READ THE FULL STORY AT FOX BUSINESS
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Senator praises Trump’s energy ‘dream team’ nominees, Wright and Burgum
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Senator praises Trump’s energy ‘dream team’ nominees, Wright and Burgum

By Breck Dumas | Fox Business Freshman Sen. Jim Justice began his first week on the job warning that America faces a "crisis" unless the country addresses its energy policies – and fast. But he expressed confidence in two of the nominees President-elect Trump has selected to tackle the issue. The Republican from West Virginia, who was sworn in several days later than other senators in order to complete his term as governor of the state, sits on the upper chamber's Energy & Natural Resources Committee, which held confirmation hearings for Trump's picks to lead the Department of Energy and the Department of the Interior this week. Trump's nominee for energy secretary, Liberty Energy CEO Chris Wright, and the president-elect's pick for interior secretary, North Dakota Gov. Doug B...
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Kohl’s is closing 27 stores in 15 states, including Arapahoe Crossing location in Aurora
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Kohl’s is closing 27 stores in 15 states, including Arapahoe Crossing location in Aurora

By Aislinn Murphy  | Fox Business Twenty-seven "underperforming" Kohl’s stores are set to shutter this spring. The locations, named late last week by Kohl’s, will permanently close their doors by April, according to the Wisconsin-based retailer. "While Kohl’s continues to believe in the health and strength of its profitable store base, these specific locations were underperforming stores," Kohl’s said.  READ THE FULL STORY AT FOX BUSINESS
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California fires: Insurance companies dropping coverage and fleeing the state due to decades-old law
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California fires: Insurance companies dropping coverage and fleeing the state due to decades-old law

By Breck Dumas  | Fox Business California's insurance crisis is expected to get even worse after the devastating wildfires raging in the state, and experts say a decades-old law plays a significant role in why insurance companies have fled the state in recent years. In 1988, California voters passed Proposition 103, which gave the state's Department of Insurance the power to approve rates or even roll them back. So, insurance companies that want to raise rates have to go through a regulatory process that can take months or even years, hindering their ability to adequately adjust rates to cover their losses and assess risk.  "Prop 103 is essentially price controls," said Steven Greenhut, western region director for the R Street Institute in Sacramento. "It puts the kibosh on t...
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