Oil demand is shriveling as the trade war between the U.S. and China trips up the global economy. Estimates for March and April are pointing to year-on-year declines in regions that account for almost half of global oil demand, according to Morgan Stanley. Indicators including the profit from making plastics have been sinking while refining margins in Europe recently hit multiyear lows.
Hundreds of barges are stalled on the Mississippi River, clogging the main circulatory system for a farm-belt economy battered by a relentless, record-setting string of snow, rainstorms and flooding. Railways and highways have been closed as well, keeping needed supplies from farmers and others, and limiting the crops sent to market. For Chris Boerm, who manages transportation for Archer-Daniels-Midland Co., one of the nation's largest agricultural commodities dealers, the weather is an unyielding, ever-changing challenge.
President Donald Trump said his administration reinstituted a ban against most transgender people serving in the military because some of them take prescription medicine, claiming erroneously that the armed services prohibit drug use. Trump was asked why he implemented the ban, which took effect in March, during an interview with ITV's "Good Morning Britain" broadcast earlier on Wednesday.
The growing threat of an all-out global trade war means Americans may have to fork out more cash at lunchtime. Firehouse Subs will likely bump sandwich prices by 10 cents because of tariffs on to-go packaging it gets from China. The cost is amplified by the fact that about 60% of the company's orders are for takeout or delivery, according to Don Fox, chief executive officer of the 1,100-store chain. "It's a critical item for us," Fox said in an interview.
There has never been a spring planting season like this one. Rivers topped their banks. Levees were breached. Fields filled with water and mud. And it kept raining. It was raining when U.S. farmers, a year into being squeezed out of the world's largest soybean market by the trade war with China, were supposed to start putting down crops. It was raining when President Donald Trump risked starting a feud with Mexico, the biggest buyer of U.S. corn, by threatening to slap tariffs on its exports.
The gloves are off in the Democratic presidential campaign, as Joe Biden's main competitors shed the collegiality of the race's early stages to try to knock the former vice president off his front-runner's perch. Biden was nowhere near San Francisco this weekend for the first major gathering of Democratic hopefuls.
Reliance is a black Angus bull with a long, fluid stride. He has confidence when he walks. It's one of the qualities that led cattlemen to bid up the prized animal to $150,000 during a recent bull sale at Woodhill Farms in Viroqua, Wisconsin.
Upset with a smaller-than-anticipated tax refund this year? The IRS has a remedy for that. The Internal Revenue Service is redesigning the key tax withholding form, the W-4, which tells employers how much to take out of your paycheck. The form is critical for filers to calculating withholding that wasn't updated to reflect the new facets of the 2017 tax overhaul.
Oil industry foes are preparing to go to court to fight the Environmental Protection Agency regulation issued Friday that allows year-round sales of higher-ethanol E15 gasoline nationwide. The agency's final rule offers ethanol producers and corn farmers the promise of greater market access and demand -- but the coming legal battle will be the true test of that potential.
In brandishing U.S. tariffs on Mexican imports, a surprise move that sent global financial markets into a tizzy Friday, President Donald Trump is taking aim at yet another ally and key trading partner. The two nation's economies have been mutually supportive for more than two decades, helped by the North American Free Trade Agreement in 1994, according to a March report from the Congressional Research Service, an analytical arm of the U.S. legislature. The result is an intertwining of interests through trade in goods and supply chains, especially in the auto industry.