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CNN  —  President Donald Trump’s sweeping tariffs — both those he has threatened and those he has already enacted — have led many economists and American consumers to predict that the US economy could enter a recession while also pushing up inflation. But a federal court’s ruling late Wednesday that found Trump exceeded his authority to impose many tariffs could significantly disrupt the president’s trade agenda — and potentially even nullify tariffs that are already in effect. The White House immediately appealed the ruling. And it remains to be seen whether the tariffs being challenged can remain in effect during…

Washington CNN  —  President Donald Trump on Thursday met with Federal Reserve Chair Jerome Powell for the first time in his second term, according to a statement from the central bank. The meeting, which comes after months of unrelenting attacks from Trump against the Fed chief, took place at the White House and was at Trump’s request. “Chair Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook,” the Fed said in its statement. Trump has described Powell as…

In the escalating standoff between Harvard University and the White House, trade schools could come out on top.As part of a broader crackdown at the nation’s wealthiest and most elite Ivy League schools, President Donald Trump recently signaled that he would divert funds from Harvard to financially support vocational training.”I am considering taking THREE BILLION DOLLARS of Grant Money away from a very antisemitic Harvard, and giving it to TRADE SCHOOLS all across our land,” Trump posted on Monday on Truth Social.It’s unclear how the president’s plan might work, and there would be many obstacles associated with redirecting federal funding. But the…

Washington CNN  —  The US economy shrank slightly less in the beginning of the year than previously reported, new data shows, but it was still the first quarterly decline since 2022, in a sign of how President Donald Trump’s chaotic and aggressive tariff regime is affecting American consumers and businesses. Gross domestic product, which captures all the goods and services produced in the economy, registered an annualized rate of -0.2% in the first quarter, according to the Commerce Department’s second estimate released Thursday. An initial estimate showed that GDP fell 0.3%. Trump’s tariffs have prompted American companies and consumers to…

NEW DELHI: Cricket legend Virat Kohli was announced on Wednesday as the newest investor in the World Bowling League. The Indian superstar joins the Los Angeles Dodgers’ Mookie Betts as high-profile partners in the venture. Like Betts, announced in March as the owner of the WBL’s Team OMG, Kohli has been bowling since childhood. “I started bowling when I was 11 years old, spinning the ball by 12,” Kohli shared. “It is evident how popular the sport is while being underappreciated as a business proposition.” Kohli, 36, is the world’s third-most followed athlete on Instagram behind only soccer icons Ronaldo…

BIRMINGHAM: Jamie Smith will open the batting for England in Thursday’s ODI against West Indies here at Edgbaston, captain Harry Brook confirmed on Wednesday ahead of the three-match series. “He’s got the strength to do so — the technique to be able to face the swinging ball,” said Brook, who takes charge of his first match since replacing Jos Buttler as captain. Smith, who will open alongside Ben Duckett, batted at three during England’s disappointing ICC Champions Trophy campaign, averaging a meagre eight with a top score of 15. He comes in at seven for the Test team. “Baz [head…

Nitat Termmee | Moment | Getty ImagesHow to tell if you have qualified business incomeThe QBI deduction applies to so-called pass-through businesses, which report profits or losses on individual tax returns.This includes partnerships and S-corporations, along with some trusts and estates. Sole proprietors, such as freelance, contract and gig economy workers, also qualify.For 2025, the tax break starts to phaseout when taxable income reaches $197,300 for single filers and $394,600 for married taxpayers filing jointly. The deduction can be reduced or eliminated completely, depending on your earnings and type of business (more on that below).For tax year 2022, the most…

LAHORE: Pakistan displayed their clinical best as a team performance saw them thrash Bangladesh by 37 runs in the opening fixture of the three-match Twenty20 International series here at the Gaddafi Stadium on Wednesday. Captain Salman Ali Agha led by example with the bat as Pakistan posted 201-7 before pacer Hasan Ali (5-30) impressed on his international return with a five-wicket haul to help the hosts bundle Bangladesh out for 164. Vice-captain Shadab Khan, meanwhile, put up an all-round show. Salman had spoken of playing a brand of cricket that was “fearless but not careless” on the eve of the…

Washington CNN  —  Economists and top policymakers at the Federal Reserve see a growing risk of America’s job market weakening because of President Donald Trump’s erratic trade war, according to minutes from the central bank’s latest policy released Wednesday. “The labor market was expected to weaken substantially,” the minutes said, adding that Fed economists at the May 6-7 meeting also revised up their projections for inflation this year and lowered their expectations for economic growth. Fed policymakers also fretted over whether the labor market’s resilience could persist, especially if Trump continues with his haphazard on-again, off-again tariff regime. “Participants assessed…

CNN  —  Wall Street has been riding a historic roller coaster the past few months due to President Donald Trump’s on-again, off-again tariff threats. Now, investors are learning to take his words with a grain of salt — and a bit of salsa, too. That’s because there’s a new type of trade taking hold: TACO, short for Trump Always Chickens Out. In other words, don’t fret too much about Trump’s latest tariff threat and go on a selling spree, because eventually he’ll back down and a relief rally will ensue. Trump said he first learned of the term, coined by…