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Economy

Illinoisans are sick of new taxes; reject payroll tax

By Matt Paprocki
May 09, 2025 11:37 am - As new tariffs threaten to push up prices, Illinois’ punishing tax climate already is stretching many residents’ and businesses’ budgets.
As US and China begin trade talks in Geneva, Trump's tariff hammer looks less mighty than he hoped

By SEUNG MIN KIM
May 09, 2025 6:51 am - The way President Donald Trump sees it, beating China in a trade war should be easy. Somebody forgot to tell China. So far, the Chinese have refused to fold under the pressure of Trump’s massive tariffs. Instead, they have retaliated with triple-digit tariffs of their own.
US applications for jobless benefits fall last week despite elevated uncertainty over Trump tariffs

By MATT OTT
May 08, 2025 8:25 am - The number of Americans applying for unemployment benefits fell last week despite heightened uncertainty about how President Donald Trump’s tariffs will impact the U.S. and global economies.
Trump agrees to cut tariffs on UK autos, steel and aluminum in a planned trade deal with Britain

By ZEKE MILLER and JILL LAWLESS
May 08, 2025 8:19 am - President Donald Trump has agreed to cut tariffs on U.K. autos, steel and aluminum in a planned trade deal with Britain, which would buy more American beef and streamline its customs process for goods from the United States.
State revenue projections improve even as economic uncertainty grows

By BEN SZALINSKI
May 06, 2025 5:29 pm - The General Assembly’s independent forecasting commission has improved revenue projections for the upcoming fiscal year despite growing economic volatility.
US trade deficit hits record high as businesses, consumers try to get ahead of Trump tariffs

By WYATTE GRANTHAM-PHILIPS
May 06, 2025 3:33 pm - The U.S. trade deficit soared to a record $140.5 billion in March as consumers and businesses alike tried to get ahead of President Donald Trump's latest and most sweeping tariffs — with federal data showing an enormous stockpiling of pharmaceutical products. The deficit — which measures the gap between the value of goods and services the U.S. sells abroad against what it buys — has roughly doubled over the last year.
Federal Reserve likely to defy Trump, keep rates unchanged this week

By CHRISTOPHER RUGABER
May 05, 2025 8:08 am - The Federal Reserve will likely keep its key short-term interest rate unchanged on Wednesday, despite weeks of harsh criticism and demands from President Donald Trump that the Fed reduce borrowing costs.
‘Nowhere to turn’: Small businesses dependent on imports from China are feeling more desperate

By Mae Anderson
May 03, 2025 1:32 pm - The Trump administration raised tariffs on goods from China to 145% in early April. Since then, small business owners who depend on imports from China to survive have become increasingly desperate as they eye dwindling inventory and skyrocketing invoices.
Tips for handling your finances in a time of economic uncertainty

By ADRIANA MORGA
May 03, 2025 1:16 pm - Financial markets are volatile. Consumer confidence is at its lowest level in five years. Economists say recession risks are rising. If you're worried about how economic uncertainty might affect you, here are some expert recommendations:
Wall Street loses ground, breaking a 9-day winning streak, and crude oil prices tumble

By DAMIAN J. TROISE and ALEX VEIGA
May 02, 2025 11:30 am - Wall Street extended its gains to a ninth straight day Friday, marking the stock market's longest winning streak since 2004 and reclaiming the ground it lost since President Donald Trump escalated his trade war in early April.

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