Ticker: Government withdraws subpoenas of 3 reporters

The day’s business news at a glance

The government has withdrawn subpoenas that would have compelled three New York Times reporters to testify about their sources for articles about President Donald Trump's Qatari-gifted Air Force One jet.

The withdrawals in U.S. District Court followed a remarkable back and forth between a visibly irritated Judge Arun Subramanian and government attorneys. They come at a time when the Trump administration is vigorously going after news organizations whose reporting and coverage it doesn't like -- and also trying to crack down on leaks inside the government.

Carney: Canada is ready to respond to new tariffs

Canadian Prime Minister Mark Carney says Canada will continue to negotiate a new trade deal with the U.S., but the country is willing to respond should new threatened tariffs come into effect.

Carney wouldn't say what actions his government might take but said "everything is on the table" if an agreement can't be reached and the tariffs kick in. The new tariffs, announced by Trump on Monday, are scheduled to come into effect Aug. 19.

Ford to partner with Chinese automaker

Ford and Chinese automotive company Geely Auto announced plans on Thursday to jointly manufacture low- and zero-emission vehicles at Ford's Valencia, Spain factory.

The partnership is a bid to reignite Ford's offerings for the European auto market as the legacy carmaker seeks to compete with the likes of fast-moving Chinese companies that are rapidly dominating auto sales across the globe. It comes amid challenges for the American electric vehicle market and increasing global geopolitical tensions driven by U.S. tariff policy.

Trump expands pledge to protect consumers

President Donald Trump is having governors and electricity companies join a pledge aimed at shielding U.S. consumers from higher utility bills because data centers. This move highlights the controversy surrounding AI development before the November midterm elections.

Trump initially announced the pledge with tech companies in March, but voters remain concerned about affordability and competition for resources. A recent analysis shows increased electricity demand could raise utility bills by 15% to 40% by 2030. Opposition to data centers has become bipartisan. Some governors have taken steps to address these concerns.

EU hits Google with $1B fine over its app store

The European Union has fined Google $1 billion for breaking digital antitrust regulations. The EU says Google set up its search engine and Google Play to favor its own services over competitors. This is part of Brussels' ongoing efforts to regulate big tech companies.

Google recently lost an appeal against a $4.5 billion antitrust fine related to its Android operating system. The European Commission says it's acting to protect consumer interests. Google has criticized the fine, claiming it harms European businesses and consumers. The EU continues to enforce digital regulations despite potential backlash from the U.S.

Average US mortgage climbs to 6.58%

The average long-term U.S. mortgage rate climbed this week to its highest level in nearly 12 months, pushing up borrowing costs for prospective homebuyers at a time when rising oil prices are already squeezing household budgets.

Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed rate mortgage rate rose to 6.58% from 6.55% last week. One year ago, the average rate was 6.74%. Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also rose this week.