Business
Here we bring you business news affecting both our economy and our daily lives. ___________________________________________________________________________________________
Trump says US and India agree to trade deal to lower tariffs
Ashley Carnahan / FOXBusiness
President Donald Trump said Monday that the United States and India have agreed to a trade deal that would lower tariffs, following a phone call with Indian Prime Minister Narendra Modi.
In a post on his Truth Social platform, Trump said the agreement would reduce U.S. tariffs on Indian goods from 25% to 18% and that India would move to eliminate its tariffs and non-tariff barriers on American products.
“The Prime Minister also committed to ‘BUY AMERICAN,’ at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products. Our amazing relationship with India will be even stronger going forward,” the president wrote. “Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most.”
Trump said the two leaders also discussed broader geopolitical issues, including the war between Russia and Ukraine. Read more, and see video here.
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Fed holds interest rates steady, pausing rate cuts amid economic uncertainty
Eric Revell / FOXBusiness
The Federal Reserve on Wednesday announced it will leave interest rates unchanged, breaking a streak of three straight rate cuts amid uncertainty over the labor market and inflation.
Fed policymakers voted to leave the benchmark federal funds rate unchanged at its current range of 3.5% to 3.75%. The move follows three successive 25 basis point rate cuts in September, October and December to close out last year.
Economic data showing a slowdown in the labor market along with inflation continuing to run hotter than the Fed’s 2% target prompted policymakers to put rate cuts on pause, after they were deeply divided over the decision to cut in December.
The Federal Open Market Committee (FOMC) voted 10-2 in favor of leaving rates unchanged, with dissents by Fed Governors Stephen Miran and Christopher Waller, who were in favor of 25 basis point cuts. Read more, see charts, and video here.
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Heating bills expected to spike for American households nationwide this winter
Eric Revell – FOXBusiness
As millions of Americans deal with the fallout of winter storms and brace for upcoming inclement weather, households are also confronting higher heating bills this winter.
Heating prices are expected to be 9.2% higher for consumers in the 2025-26 winter than they were a year ago, according to a report released last week by the National Energy Assistance Directors Association (NEADA).
Households are expected to spend $995 on heating this winter, which represents an increase of 9.2% or $84 from last winter, according to the NEADA’s analysis.
Those cost increases for consumers are driven mainly by surging prices for electricity and natural gas. Electricity costs are expected to rise 12.2%, or $133, this winter while natural gas prices are projected to be up 8.4%, or $54.
Heating oil costs are expected to be little changed, up 0.4% or $6, while NEADA estimates…Read more here.
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Nike plans to cut hundreds of jobs amid automation push
Eric Revell / FOXBusiness
Nike is planning to cut nearly 800 jobs amid an automation push at the footwear and apparel giant’s distribution centers.
The company is cutting 775 jobs that will primarily impact jobs at the retailer’s distribution centers in Tennessee and Mississippi as the company looks to automate more of its supply chain. The news was first reported by CNBC, citing people familiar with the matter.
“To power our Win Now actions, we’re taking steps to strengthen and streamline our operations so we can move faster, operate with greater discipline, and better serve athletes and consumers,” a Nike spokesperson told FOX Business.
“We are sharpening our supply chain footprint, accelerating the use of advanced technology and automation, and investing in the skills our teams need for the future. Our actions to consolidate our operations primarily impact our U.S. distribution operations,” the company said.
“These actions are designed to reduce complexity, improve flexibility, and build a more responsive, resilient, responsible, and efficient operation and to support our path back to long…Read more and see video here.
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